Atlas Air Worldwide Announces Expansion Into Military Passenger Charter Service
April 29 2011 - 12:59PM
Business Wire
Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a
leading global provider of air cargo assets and outsourced aviation
operating services and solutions, today announced that its Atlas
Air, Inc. unit has been approved by the U.S. Department of Defense
to begin providing passenger charter service for U.S. military
personnel, complementing the company’s long-time position as a
premier supplier of military cargo charter solutions. The new
service is expected to start in May.
Atlas Air passenger aircraft at George
Bush Intercontinental Airport (IAH), Houston, Texas. (Photo:
Business Wire)
Atlas Air will begin operating the passenger charter service for
the Defense Department’s Air Mobility Command (AMC) using a Boeing
747-400 passenger aircraft acquired under an operating lease.
“AMC passenger service is an exciting expansion of our
business,” said William J. Flynn, President and Chief Executive
Officer of Atlas Air Worldwide. “Our entry into passenger service
for the U.S. military leverages the experience of our long-standing
service in AMC cargo operations, our knowledge of the areas of
activity and our success in providing premium, private-charter,
passenger CMI operations for SonAir. These created a low-risk,
low-cost entry opportunity for us.”
Mr. Flynn added, “We expect modest levels of military-passenger
flying in 2011, which will increase in 2012. We anticipate a
moderate earnings impact this year considering the hours of
activity and the start-up costs we have incurred since January.
Each hour we fly is an hour of growth for us and is part of our
strategy to mitigate any reduction in AMC cargo demand.
“As a large percentage of flying is entitlement driven, we will
size our fleet and operations to meet anticipated demand. Since
approximately 95% of U.S. troops move via commercial air carriers,
there should be a good level of sustained passenger demand. We
foresee meaningful earnings growth from AMC passenger operations in
2012 and beyond.”
About Atlas Air Worldwide Holdings, Inc.:
AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan
Aviation Leasing (Titan), and is the majority shareholder of Polar
Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW
operates the world’s largest fleet of Boeing 747 freighter
aircraft.
Atlas, Titan and Polar offer a range of air cargo assets and
outsourced aviation operating services and solutions that include
ACMI service – in which customers receive an aircraft, crew,
maintenance and insurance on a long-term basis; CMI service, for
customers that provide their own aircraft; express network and
scheduled air cargo service; military charters; commercial cargo
charters; and dry leasing of aircraft and engines.
AAWW’s press releases, SEC filings and other information may be
accessed through the Company’s home page, www.atlasair.com.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6703360&lang=en
Atlas Air Worldwide (NASDAQ:AAWW)
Historical Stock Chart
From Jul 2024 to Aug 2024
Atlas Air Worldwide (NASDAQ:AAWW)
Historical Stock Chart
From Aug 2023 to Aug 2024