Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a
leading global provider of outsourced aircraft and aviation
operating services, today announced earnings for the first quarter
of 2011 and reaffirmed guidance for full-year earnings in excess of
$5.30 per share.
Net income attributable to common stockholders for the three
months ended March 31, 2011, totaled $10.5 million, or $0.40 per
diluted share, on revenues of $297.6 million and pretax earnings of
$16.7 million.
Results for the first quarter of 2011 included $0.44 per diluted
share of higher maintenance expense compared with the first quarter
of 2010. In addition, results for the first quarter of 2011
included start-up expenses of $0.06 per diluted share for
747-400BCF and military passenger business opportunities, which
will contribute to revenues and earnings commencing in the second
quarter of 2011.
Maintenance expenditures in the first quarter were in line with
anticipated first-quarter expenditures included in the Company’s
earlier full-year 2011 earnings guidance. The Company normally
incurs the bulk of its maintenance expenditures in the first half
of the year, and maintenance expense in the first quarter of 2011
was at more typical seasonal levels than maintenance expense in the
first quarter of 2010, which was lower than normal. Full-year 2011
maintenance expense is expected to be consistent with full-year
2010 maintenance expense of approximately $174.0 million.
Earnings for the first quarter compared with 2010 first-quarter
net income attributable to common stockholders of $33.8 million, or
$1.30 per share, on revenues of $295.2 million and pretax earnings
of $53.9 million. Adjusted net income attributable to common
stockholders in the first quarter of 2010 totaled $27.5 million, or
$1.06 per diluted share. Both net income and adjusted net income
attributable to common stockholders for the first quarter of 2010
included incremental revenues of $18.5 million and after-tax
earnings of $11.5 million, or $0.45 per diluted share, related to
the delivery of mine-resistant, ambush-protected, all-terrain
vehicles (M-ATVs) to the U.S. military in Afghanistan on
premium-rate, 747-400 freighter aircraft.
AAWW’s guidance for the year is based on a continuing
improvement in airfreight demand in general and, more specifically,
demand for our fuel-efficient, wide-body freighter aircraft;
quarter-to-quarter improvement in the Company’s 2011 interim
results, reflecting traditional seasonal patterns in airfreight
demand as well as an expected seasonal weighting of heavy aircraft
maintenance expense towards the first half of 2011; the development
of new business opportunities, including the deployment of
additional 747-400BCF capacity during the second quarter and the
start-up of passenger charter service for the U.S. military; and
continued execution of the Company’s business model.
“We expect earnings in 2011 and beyond to continue to benefit
from our premium assets, the global scale and scope of our customer
offerings and from the commercial and operating transformations
that we are implementing,” said William J. Flynn, President and
Chief Executive Officer of AAWW.
“We’re fully utilizing our fleet of highly reliable and
efficient 747-400 aircraft, maximizing the capabilities of our
older Classic 747 aircraft through military and commercial charter
operations, and consistently delivering value-added operating
solutions and additional services to our customers. We are also
leveraging our scale and experience to further expand our service
offerings, such as through our CMI service for Boeing and SonAir
and our recently announced expansion into passenger charter service
for the U.S. military. These growth initiatives will generate
substantial incremental revenues, earnings growth and enhanced
value for our shareholders.
“Airfreight volumes continue to grow from record levels in 2010,
and market demand for our high-payload, fuel-efficient 747-400
aircraft remains strong. As planned, we expanded our express
network ACMI service for DHL Express to eight aircraft from six in
late March, and now have 20 of our 24 747-400 freighters in
ACMI.”
AAWW’s first-quarter 2011 results were positively affected by
revenue and volume growth in the Company’s core ACMI business,
including the ongoing ramp-up of its complementary,
non-asset-intensive CMI service. Increases in Commercial Charter
revenues and volumes reflected strength in the Company’s South
American charter business. These factors contrasted with an
anticipated moderation in AMC Charter revenues and volumes, which
were especially strong in the first quarter of 2010 due to the
delivery of M-ATVs for the U.S. military.
First-quarter yields in the Commercial Charter segment, which
accounted for about 10% of AAWW’s first-quarter block hours, were
strong but were constrained by an increase in capacity and by a
slow recovery in manufacturing activity in China following the
Lunar New Year holiday. In addition, the market was unable to
quickly and fully absorb the dramatic rise in aviation fuel prices
that began midway through the quarter. Commercial Charter yields
remain strong, however, and continued to improve during the month
of April.
Outlook
“We continue to expect strong earnings in 2011, with fully
diluted earnings in excess of $5.30 per share,” said Mr. Flynn.
“We anticipate steadily improving results throughout the year.
Our guidance continues to assume that we will receive and place
into service three 747-8Fs from Boeing in the beginning of the
fourth quarter of 2011. To date, we do not have a final delivery
schedule agreement with Boeing.”
To address customer demand and bridge its capacity needs, AAWW
is deploying two 747-400 Boeing Converted Freighters acquired on
operating leases in its military and commercial charter businesses
in the second quarter. These aircraft supplement an existing
747-400BCF that provides very profitable charter service in South
America and an additional 747-400F that provides maintenance
coverage for AAWW’s fleet. The Company also continues to deploy six
747 Classics in its military and commercial charter operations.
Mr. Flynn added: “Cargo demand in our AMC Charter business in
2011 is now expected to approach 18,000 block hours, up from
approximately 17,000 block hours previously forecast. Complementing
our leading position in military cargo charters, we have received
approval to commence flying passenger charters for the U.S.
military.
“We expect to initiate this exciting expansion of our business
this month, using a leased 747-400 passenger aircraft. Entry into
passenger service for the military leverages our significant
experience in serving the AMC and the experience and success of our
passenger CMI service for SonAir. Levels of flying and earnings
from this new service will start gradually in 2011, reflecting
start-up timing and costs this year, but will expand in 2012 and
beyond. Each hour we fly is an hour of growth for us, and is part
of our strategy to mitigate any future moderation in military cargo
demand.
“In addition to our strong earnings outlook for 2011, our
strategic initiatives for further transformative revenue and
earnings growth are on track, with a balance sheet that is
well-positioned to fund that growth.
“As we grow our fleet with next-generation 747-8 freighters;
further ramp up our CMI service for SonAir, Boeing and other
potential new customers; expand the range of our military charters;
and capitalize on our core competencies and market leadership in
other ways, we expect to drive our revenues and earnings to levels
significantly higher than those we expect to achieve in 2011.”
Conference Call
Management will host a conference call to discuss AAWW’s
first-quarter 2011 financial and operating results at 11:00 a.m.
Eastern Time on Tuesday, May 3, 2011.
Interested parties are invited to listen to the call live over
the Internet at www.atlasair.com (click on “Investor Information”,
click on “Presentations” and on the link to the first-quarter call)
or at the following Web address:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=67423&eventID=3991902.
Slides supplementing management’s presentation may be downloaded
from the “Presentations” section of AAWW’s Web site prior to the
conference call.
For those unable to listen to the live call, a replay will be
available on the above Web sites following the call. A replay will
also be available through May 10 by dialing (800) 642-1687
(domestic) and (706) 645-9291 (international) and using Access Code
63098527#.
1Q11 Performance Versus 1Q10
Operating revenues of $297.6 million in the first quarter of
2011 increased $2.4 million, or 1%, compared with the first quarter
of 2010. Significant growth in AAWW’s core, long-term ACMI business
and an increase in Commercial Charter revenues were largely offset
by a reduction in AMC Charter revenues, which were exceptionally
strong in the first quarter of 2010. AMC Charter revenues in the
first quarter of 2010 included incremental revenues of $18.5
million related to the premium-rate flying of M-ATVs, which
negatively impacted AAWW’s first-quarter 2011, revenue growth rate
by 6.7 percentage points.
Total block hours increased 12% (31,210 block hours versus
27,843) compared with the first quarter of 2010. Average operating
aircraft, excluding Dry Leasing aircraft, rose 6% (29.5 compared
with 27.8). Average utilization of operating aircraft, excluding
Dry Leasing aircraft, totaled approximately 11.8 hours per aircraft
per day during the quarter, up 6% compared with 11.1 hours in the
first quarter of 2010, due to a substantial increase in block hours
by ACMI (including CMI) customers compared with the first quarter
of 2009.
In ACMI, revenues of $146.0 million increased $33.6 million, or
30%, driven by an increase in block-hour volumes (23,699 versus
19,421) and average ACMI revenue per block hour ($6,162 versus
$5,788). Higher block-hour volumes compared with the first quarter
of 2010 largely reflected the startup of AMCI flying for TNT in
September 2010, the addition of a second aircraft for Panalpina in
October 2010, CMI passenger service for SonAir in May 2010, and CMI
Dreamlifter flights for Boeing in July 2010. The increase in
revenue per block hour during the quarter primarily reflected
contractual rate increases in existing contracts and higher rates
on new customer contracts.
For the quarter, an average of 21.0 aircraft (19.1 747-400s, 0.3
747-200, and 1.6 CMI aircraft) directly supported the Company’s
ACMI operations, compared with an average of 16.8 aircraft (16.7
747-400s, 0.1 747-200, and zero CMI aircraft) in the first quarter
of 2010.
AMC Charter revenues of $81.2 million decreased $40.4 million,
or 33%, in the latest quarter, reflecting lower block-hour volumes
and block-hour rates. Block-hour volumes declined 25% (4,130 versus
5,498) compared with the first quarter of 2010, which included a
significant number of missions in support of the delivery of M-ATVs
to the U.S. military in Afghanistan. Block-hour rates declined 11%
($19,655 versus $22,114), primarily due to the premium earned on
M-ATV missions flown on 747-400 freighter aircraft during the first
quarter of 2010, partially offset by an increase in the average
“pegged” fuel price paid by the U.S. military ($2.95 per gallon
versus $2.68).
An average of 4.9 aircraft (0.9 747-400 and 4.0 747-200s)
supported the Company’s AMC Charter operations during the quarter,
compared with an average of 7.6 aircraft (3.1 747-400s and 4.5
747-200s) in the first quarter of 2010.
In Commercial Charter, revenues of $65.5 million increased $8.9
million, or 16%, during the quarter. Revenues were driven by an
increase in block-hour volumes (3,165 versus 2,816) and an increase
in block-hour rates ($20,706 versus $20,118). Higher block-hour
volumes primarily reflected increased demand for 747-400 charter
service to and from South America. Higher block-hour rates
reflected improved yields in South America, primarily driven by the
increase in demand and by the recovery of aircraft fuel costs
during the quarter. Yields in Asian markets remained above average
during the first quarter, but were constrained by a slow recovery
of manufacturing activity following the Lunar New Year, a return of
aircraft capacity to the market, and the market’s inability to
absorb an increase in fuel prices during the period.
For the quarter, an average of 3.6 aircraft (2.0 747-400s and
1.6 747-200s) supported the Company’s Commercial Charter
operations, compared with an average of 3.4 aircraft (2.2 747-400s
and 1.2 747-200s) in the first quarter of 2010.
Operating Expenses
Operating expenses in the first quarter of 2011 totaled $281.1
million, an increase of $34.0 million, or 14%, compared with the
same quarter in 2010, largely reflecting increases in aircraft
maintenance and aircraft fuel.
Maintenance expense of $50.1 million increased $18.5 million, or
58%, compared with the first quarter of 2010, primarily due to
increases in engine overhaul activity ($9.8 million), line and
other non-heavy maintenance (approximately $5.5 million), and
heavy-airframe check expense (approximately $3.1 million).
Heavy maintenance activity during the quarter included one
747-400 C Check and three 747-400 D Checks compared with five
747-400 C Checks, one 747-400 D Check, and one 747-200 C Check in
the first quarter of 2010. In addition, there were seven engine
overhaul events (five related to 747-400 aircraft and two related
to 747-200 aircraft) compared with three (related to 747-400
aircraft) in the year-ago first quarter.
Aircraft fuel expense of $74.2 million increased $9.6 million,
or 15%, compared with the first quarter of 2010. Higher fuel
prices, primarily reflecting a 37% increase in Commercial Charter
fuel prices ($3.06 per gallon versus $2.23), added approximately
$12.1 million to fuel expense, while lower fuel consumption,
primarily driven by a 17% decline in AMC Charter fuel gallons
consumed (13,365 versus 16,079), offset $2.5 million of the fuel
price impact.
Other operating expenses totaled $22.8 million during the
quarter, an increase of $3.5 million, or 18%. The increase was
primarily due to an increase in freight expense related to the
movement of spare parts and engines utilized on 747-200 aircraft in
lieu of incurring more costly repairs, as well as contract services
for flight attendants.
Net Interest and Other Non-Operating Expenses
Net interest income totaled $0.2 million during the quarter, an
improvement of $3.3 million compared with the first quarter of
2010, primarily reflecting higher levels of interest income and
capitalized interest.
Interest income during the quarter benefited from the Company’s
long-term investments in Pass-through Trust Certificates that
relate to Enhanced Equipment Trust Certificates, or EETCs, issued
by the Company to finance 12 of the Company’s 747-400 freighter
aircraft.
Other expense (income), net decreased $8.9 million, primarily
due to an $8.8 million litigation settlement received during the
first quarter of 2010.
Income Taxes
First-quarter results included an income tax expense of $6.2
million compared with an income tax expense of $20.3 million in the
first quarter of 2010, resulting in an effective income tax rate of
37.3% versus 37.6%.
The effective income tax rates for the first quarters of 2011
and 2010 differed from the statutory rate primarily due to tax
matters related to foreign operations, state income taxes, and the
non-deductibility of certain items for tax purposes.
Cash and Cash Equivalents
At March 31, 2011, AAWW’s cash, cash equivalents and short-term
investments totaled $584.4 million, compared with $595.1 million at
December 31, 2010.
Outstanding Debt
At March 31, 2011, AAWW’s balance sheet debt totaled $475.4
million, including the impact of $55.8 million of unamortized
discount.
The face value of AAWW’s debt obligations at March 31, 2011,
totaled $531.2 million, compared with $544.2 million on December
31, 2010.
EBITDAR and EBITDA
EBITDAR, as adjusted for gains on aircraft sales, totaled $63.1
million in the first quarter of 2011 compared with $94.1 million in
the first quarter of 2010.
EBITDA, as adjusted for gains on aircraft sales, totaled $24.7
million in the latest reporting period compared with $56.0 million
in the first quarter of 2010.
About Non-GAAP Financial Measures
To supplement our financial statements presented in accordance
with U.S. GAAP, we present certain non-GAAP financial measures to
assist in the evaluation of the performance of our business. These
non-GAAP measures include EBITDAR, as adjusted; EBITDA, as
adjusted; Direct Contribution; Adjusted Net Income Attributable to
Common Stockholders; and Adjusted Diluted EPS, which exclude
certain items. These non-GAAP measures may not be comparable to
similarly titled measures used by other companies and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with GAAP.
We use these non-GAAP financial measures in assessing the
performance of our ongoing operations and in planning and
forecasting future periods. We believe that these adjusted measures
provide meaningful information to assist investors and analysts in
understanding our financial results and assessing our prospects for
future performance.
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 outsourced aircraft and
aviation operating services that include ACMI service – in which
customers receive an aircraft, crew, maintenance and insurance on a
long-term lease 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 can be
accessed through the Company’s home page, www.atlasair.com.
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995
that reflect AAWW’s current views with respect to certain current
and future events and financial performance. Such forward-looking
statements are and will be, as the case may be, subject to many
risks, uncertainties and factors relating to the operations and
business environments of AAWW and its subsidiaries (collectively,
the “companies”) that may cause the actual results of the companies
to be materially different from any future results, express or
implied, in such forward-looking statements.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited
to, the following: the ability of the companies to operate pursuant
to the terms of their financing facilities; the ability of the
companies to obtain and maintain normal terms with vendors and
service providers; the companies’ ability to maintain contracts
that are critical to their operations; the ability of the companies
to fund and execute their business plan; the ability of the
companies to attract, motivate and/or retain key executives and
associates; the ability of the companies to attract and retain
customers; the continued availability of our wide-body aircraft;
demand for cargo services in the markets in which the companies
operate; economic conditions; the effects of any hostilities or act
of war (in the Middle East or elsewhere) or any terrorist attack;
labor costs and relations; financing costs; the cost and
availability of war risk insurance; our ability to maintain
adequate internal controls over financial reporting; aviation fuel
costs; security-related costs; competitive pressures on pricing
(especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government
legislation and regulation; consumer perceptions of the companies’
products and services; anticipated and future litigation; and other
risks and uncertainties set forth from time to time in AAWW’s
reports to the United States Securities and Exchange
Commission.
For additional information, we refer you to the risk factors set
forth under the heading “Risk Factors” in the Annual Report on Form
10-K filed by AAWW with the Securities and Exchange Commission on
February 14, 2011. Other factors and assumptions not identified
above may also affect the forward-looking statements, and these
other factors and assumptions may also cause actual results to
differ materially from those discussed.
Except as stated in this release, AAWW is not providing guidance
or estimates regarding its anticipated business and financial
performance for 2011 or thereafter.
AAWW assumes no obligation to update such statements contained
in this release to reflect actual results, changes in assumptions
or changes in other factors affecting such estimates other than as
required by law.
Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Operations (in thousands,
except per share data) (Unaudited) For the
Three Months Ended March 31, 2011
March 31, 2010 Operating Revenue ACMI $
146,035 $ 112,403 AMC Charter 81,176 121,584 Commercial Charter
65,536 56,653 Dry Leasing 1,543 1,378 Other 3,316
3,214 Total Operating Revenue $ 297,606 $
295,232
Operating Expenses Aircraft fuel
74,167 64,590 Salaries, wages and benefits 61,764 61,362
Maintenance, materials and repairs 50,069 31,617 Aircraft rent
38,354 38,150 Landing fees and other rent 11,340 11,709
Depreciation and amortization 8,330 9,079 Travel 9,122 7,615 Ground
handling and airport fees 5,302 4,923 Gain on disposal of aircraft
(120 ) (1,222 ) Other 22,787 19,278
Total Operating Expenses 281,115 247,101
Operating Income 16,491 48,131
Non-operating Expenses / (Income) Interest
income (5,115 ) (3,906 ) Interest expense 10,296 10,070 Capitalized
interest (5,417 ) (3,089 ) Other (income) expense, net 41
(8,835 ) Total Non-operating Income (195 )
(5,760 ) Income before income taxes 16,686 53,891
Income tax expense 6,224 20,280
Net Income 10,462 33,611 Less: Net loss attributable to
noncontrolling interests (54 ) (174 )
Net Income
Attributable to Common Stockholders $ 10,516 $
33,785
Earnings per share: Basic $ 0.40
$ 1.32 Diluted $ 0.40 $ 1.30
Weighted average shares: Basic 26,041
25,583 Diluted 26,289 25,892
Atlas Air Worldwide Holdings, Inc.
Direct Contribution (in thousands) (Unaudited)
For the Three Months Ended March 31,
2011 March 31, 2010
Operating Revenue: ACMI $ 146,035 $ 112,403 AMC Charter
81,176 121,584 Commercial Charter 65,536 56,653 Dry Leasing 1,543
1,378 Other 3,316 3,214
Total
Operating Revenue $ 297,606
$ 295,232
Direct Contribution: ACMI $ 22,271 $ 21,395
AMC Charter 14,199 40,610 Commercial Charter 9,040 13,680 Dry
Leasing 828 872
Total Direct
Contribution for Reportable Segments 46,338
76,557 Add back (subtract): Unallocated income
and expenses (29,772 ) (23,888 ) Gain on sale of aircraft
120 1,222
Income before Income Taxes
16,686 53,891 Add back
(subtract): Interest income (5,115 ) (3,906 ) Interest expense
10,296 10,070 Capitalized interest (5,417 ) (3,089 ) Other (Income)
Expense, net 41 (8,835 )
Operating
Income $ 16,491 $ 48,131
AAWW uses an economic performance metric, Direct Contribution,
to show the profitability of each of its segments after allocation
of direct ownership costs. AAWW currently has the following
reportable segments: ACMI, AMC Charter, Commercial Charter, and Dry
Leasing. Each segment has different operating and economic
characteristics, which are separately reviewed by senior
management.
Direct Contribution consists of income (loss) before taxes,
excluding special charges, special nonrecurring items, gains on the
sale of aircraft, and unallocated fixed costs.
Direct costs include crew costs, maintenance costs, fuel, ground
operations, sales costs, aircraft rent, interest expense related to
aircraft debt and aircraft depreciation.
Unallocated fixed costs are administrative costs including
operations administration, finance, human resources, information
technology, non-aircraft depreciation, and other non-operating
costs.
Atlas Air Worldwide Holdings, Inc. Reconciliation
to Non-GAAP Measures (in thousands) (Unaudited)
For the Three Months Ended March 31, 2011
March 31, 2010 Income before income
taxes $ 16,686 $ 53,891 Gain on disposal of aircraft
(120 ) (1,222 )
Pretax income before gain on
disposal of aircraft 16,566 52,669 Interest (income)
expense, net (236 ) 3,075 Other non-operating expenses 41
(8,835 )
Operating income before
non-operating items and gain on disposal of aircraft 16,371
46,909 Depreciation and amortization 8,330
9,079
EBITDA, as adjusted* 24,701
55,988 Aircraft rent 38,354 38,150
EBITDAR, as adjusted* $ 63,055
$ 94,138
* EBITDA, as adjusted: Earnings before interest, taxes,
depreciation, amortization, gain on disposal of assets, and gain on
litigation settlements received, as applicable.
* EBITDAR, as adjusted: Earnings before interest, taxes,
depreciation, amortization, aircraft rent expense, gain on disposal
of assets, and gain on litigation settlements received, as
applicable.
Atlas Air Worldwide Holdings, Inc. Reconciliation
to Non-GAAP Measures (in thousands) (Unaudited)
For the Three Months Ended March 31, 2011
March 31, 2010 Percent
Change Net Income Attributable to Common
Stockholders $ 10,516 $ 33,785 (68.9 %) After-tax impact from:
Litigation settlement received - (5,513 ) Gain on disposal of
aircraft (76 ) (770 )
Adjusted Net Income
Attributable to Common Stockholders $ 10,440 $ 27,502
(62.0 %)
Diluted EPS $ 0.40 $ 1.30 (69.2 %)
After-tax impact from: Litigation settlement received - (0.21 )
Gain on disposal of aircraft - (0.03 )
Adjusted Diluted EPS $ 0.40 $ 1.06 (62.3 %)
Atlas Air Worldwide
Holdings, Inc. Operating Statistics and Traffic Results
(in thousands) (Unaudited)
For the Three Months Ended
March 31, Percent 2011 2010
Change Fleet (average during the period) ACMI
21.0 16.8 25.0 % AMC Charter 4.9 7.6 (35.5 %) Commercial Charter
3.6 3.4 5.9 % Dry Leasing 1.0 0.2 NM Operating Aircraft 30.5
28.0 8.9 % Out of Service (1) 0.9 0.2 350.0 %
Block Hours ACMI 23,699 19,421 22.0 % AMC Charter 4,130
5,498 (24.9 %) Commercial Charter 3,165 2,816 12.4 % Non revenue
216 108 100.0 % Total Block Hours 31,210 27,843 12.1 %
Revenue Per Block Hour ACMI $ 6,162 $ 5,788 6.5 % AMC
Charter 19,655 22,114 (11.1 %) Commercial Charter 20,706 20,118 2.9
%
Average Utilization (block hours per day) ACMI 12.5
12.8
(2.3
%) AMC Charter 9.4 8.0
17.5
% Commercial Charter 9.8 9.2
6.5
% All Operating Aircraft (2) 11.8 11.1 6.3 %
Fuel
AMC Average fuel cost per gallon $ 2.95 $ 2.68 10.1 % Fuel
gallons consumed (000s) 13,365 16,079 (16.9 %)
Commercial
Charter Average fuel cost per gallon $ 3.06 $ 2.23 37.2 % Fuel
gallons consumed (000s) 11,336 9,620 17.8 %
(1) Out-of-service aircraft were temporarily parked during the
period and are completely unencumbered. Permanently parked
aircraft, all of which are also completely unencumbered, are not
included in the operating statistics above.
(2) Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
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