Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading
global provider of outsourced aircraft and aviation operating
services, today announced earnings of $0.90 per diluted share for
the second quarter of 2011.
“Results in the second quarter were driven by our core ACMI
business and the global scale and scope of our customer offerings,”
said William J. Flynn, President and Chief Executive Officer.
“Our core business is solid, and we continue to expect strong
earnings in 2011. We anticipate further sequential improvement in
our third- and fourth-quarter results, driven by increased customer
utilization of our ACMI aircraft, introduction of our 747-8F
aircraft into service in the fourth quarter, substantially lower
maintenance expense, enhanced utilization of the two 747-400BCF
aircraft that entered our fleet during the course of the second
quarter, increased military passenger service, and continued
productivity improvement and cost controls.”
Atlas Air Worldwide’s full-year guidance of $5.00 per diluted
share in 2011 reflects continuing strong core business performance
and the impact of $0.35 per diluted share for Boeing 747-8F
delivery delays, Boeing Dreamlifter schedule adjustments affecting
the Company's CMI operations, and start-up expenses for B767 AMC
passenger operations and other new initiatives that are expected to
commence in 2012.
Based on a proposed revised schedule from Boeing that the
Company is reviewing, Atlas Air Worldwide expects to take delivery
of its first 747-8F aircraft in October 2011 and to receive two
more in November. Reflecting an aggregate delay of five months of
service in the fourth quarter, Atlas Air Worldwide has revised its
expected contribution from 747-8F aircraft in the quarter to $0.16
per diluted share from $0.36.
As a result of adjustments in Boeing’s 787 production program,
the Company expects its after-tax contribution in 2011 from CMI
flying of Dreamlifter aircraft for Boeing to be reduced by $0.05
per diluted share.
AMC B767 passenger operations and other initiatives are expected
to be additional drivers of increased Company revenues and earnings
and improved business mix in 2012 and beyond. In preparation for
the launch of these initiatives, the Company expects to incur
start-up costs of approximately $0.10 per diluted share in
2011.
Second-Quarter and Half-Year Results
Net income attributable to common stockholders for the three
months ended June 30, 2011 totaled $23.8 million, or $0.90 per
diluted share, on revenues of $349.6 million and pretax earnings of
$39.4 million.
Earnings for the second quarter compared with 2010
second-quarter net income attributable to common stockholders of
$32.7 million, or $1.25 per diluted share, on revenues of $356.2
million and pretax earnings of $61.7 million. Adjusted for accruals
for legal settlements and a gain on disposal of aircraft, net
income attributable to common stockholders in the second quarter of
2010 totaled $47.5 million, or $1.82 per diluted share. Both net
income and adjusted net income attributable to common stockholders
for the second quarter of 2010 included incremental revenues of
$10.3 million and after-tax earnings of $6.5 million, or $0.25 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.
For the six months ended June 30, 2011, net income attributable
to common stockholders totaled $34.4 million, or $1.30 per diluted
share, on revenues of $647.2 million and pretax earnings of $56.1
million.
In 2010, Atlas Air Worldwide’s six-month net income attributable
to common stockholders totaled $66.4 million, or $2.56 per diluted
share, on revenues of $651.4 million and pretax earnings of $115.6
million. Adjusted for accruals and gains for legal settlements and
a gain on disposal of aircraft, net income attributable to common
stockholders in the first six months of 2010 totaled $75.0 million,
or $2.89 per diluted share. Both net income and adjusted net income
attributable to common stockholders for the first half of 2010
included incremental revenues of $28.8 million and after-tax
earnings of $18.0 million, or $0.69 per diluted share, related to
the delivery of M-ATVs to the U.S. military in Afghanistan.
Outlook
“During the past several years,” Mr. Flynn noted, “we have
aggressively managed and modernized our existing fleet, transformed
our business model, driven improved operating efficiencies, and
initiated a growth strategy that leverages our core competencies,
capitalizes on new organizational capabilities such as our CMI
operations and passenger-charter service, while maintaining a
strong balance sheet.
“Our 747-8F aircraft will drive volumes and profitability in our
core ACMI business. At the same time, volumes in our military
passenger business, including our new B767 operations, are expected
to grow to more than 10,000 block hours in 2012 from less than
1,000 block hours this year and none in 2010.
“With the combination of our innovative customer solutions, our
ability to capitalize on changing market demand, our strategic
growth initiatives, and our effectiveness in executing our business
model, we look forward to driving our revenues and earnings to
higher sustained levels over the next several years and
beyond.”
Conference Call
Management will host a conference call to discuss Atlas Air
Worldwide’s second-quarter 2011 financial and operating results at
11:00 a.m. Eastern Time on Tuesday, August 2, 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 second-quarter
call) or at the following Web address:
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=67423&eventID=4161723.
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 August 9 by dialing (855) 859-2056
(domestic) and (404) 537-3406 (international) and using Access Code
86049965#.
2Q11 Performance versus 2Q10
Operating revenues of $349.6 million in the second quarter of
2011 were $6.6 million, or 2%, lower than the year-earlier period,
primarily reflecting a reduction in Commercial Charter volumes and
revenue per block hour that was substantially offset by an increase
in volumes and revenue per block hour in Atlas Air Worldwide’s
long-term, core ACMI business.
Total block hours increased 7% (34,541 block hours versus
32,207) compared with the second quarter of 2010, while average
operating aircraft, excluding Dry Leasing aircraft, increased 12%
(31.3 compared with 27.9). Average utilization of operating
aircraft, excluding Dry Leasing aircraft, totaled approximately
12.1 hours per aircraft per day during the quarter compared with
12.7 in the second quarter of 2010.
In ACMI, revenues of $160.4 million increased $33.6 million, or
27%, driven by an increase in block-hour volumes (26,188 versus
21,733) and average ACMI revenue per block hour ($6,127 versus
$5,836). Higher block-hour volumes compared with the second quarter
of 2010 largely reflected the addition of a second aircraft for
Panalpina in October 2010 and two incremental aircraft for DHL in
March 2011. In addition, the Company began CMI passenger service
for SonAir in May 2010 and CMI Dreamlifter flights for Boeing in
July 2010. Reflecting the improvement in block-hour volumes, ACMI
customers flew 4.6% above contractual minimums during the quarter.
The increase in revenue per block hour during the second quarter
primarily reflected contractual rate increases in existing
contracts and higher rates on new customer contracts.
For the quarter, an average of 22.1 aircraft (20.3 Boeing
747-400s, 0.1 Boeing 747-200, and 1.7 CMI aircraft) supported the
Company’s ACMI operations, compared with an average of 16.8
aircraft (16.4 Boeing 747-400s, zero Boeing 747-200s, and 0.4 CMI
aircraft) in the second quarter of 2010.
AMC Charter revenues of $112.5 million increased $3.2 million,
or 3%, in the latest quarter, due to an increase in revenue per
block hour that was partially offset by a decrease in block hours.
Block-hour rates increased 7% ($22,842 versus $21,437), reflecting
an increase in the average “pegged” fuel price paid by the U.S.
military ($3.66 per gallon versus $2.68) that was partly offset by
the premium earned on M-ATV missions to Afghanistan flown on the
Company’s 747-400 freighter aircraft in 2010. Block-hour volumes
declined 3% (4,924 block hours versus 5,095) compared with the
second quarter of 2010, primarily due to a reduction in AMC demand
related to U.S. military activity in Afghanistan.
An average of 6.0 aircraft (1.7 Boeing 747-400s and 4.3 Boeing
747-200s) supported the Company’s AMC Charter operations during the
quarter, compared with an average of 5.8 aircraft (1.9 Boeing
747-400s and 3.9 Boeing 747-200s) in the second quarter of
2010.
In Commercial Charter, revenues of $71.1 million were $43.8
million, or 38%, lower than the second quarter of 2010. Revenues
were driven by a reduction in block-hour volumes (3,213 versus
5,125) and a slight reduction in block-hour rates ($22,119 versus
$22,405). Block-hour volumes primarily reflected the redeployment
of 747-400 aircraft to long-term ACMI flying to meet increased ACMI
customer demand in 2011, as well as a reduction in one-way AMC
missions and resulting opportunities to utilize return legs for
commercial charters. Block-hour rates reflected improved yields in
South America, while yields in Asian markets remained above
historical averages but were constrained by the return of aircraft
capacity to the market.
For the quarter, an average of 3.2 aircraft (1.7 Boeing 747-400s
and 1.5 Boeing 747-200s) supported the Company’s Commercial Charter
operations, compared with an average of 5.3 aircraft (3.6 Boeing
747-400s and 1.7 Boeing 747-200s) in the second quarter of
2010.
Operating Expenses
Operating expenses in the second quarter of 2011 totaled $312.0
million, an increase of $19.1 million, or 7%, compared with the
same quarter in 2010, largely reflecting increases in aircraft
fuel, aircraft maintenance, aircraft rent and travel, partly offset
by a net accrual for legal settlements in 2010.
Aircraft fuel expense of $100.4 million increased $16.8 million,
or 20%, compared with the second quarter of 2010. Higher fuel
prices, reflecting a 48% increase in Commercial Charter fuel prices
($3.48 per gallon versus $2.35) and a 37% increase in the AMC
Charter pegged fuel price, added approximately $30.2 million to
fuel expense, while lower fuel consumption, primarily driven by a
33% decline in Commercial Charter fuel gallons consumed (11,913
versus 17,653), offset $13.4 million of the fuel price impact.
Maintenance expense of $46.9 million increased $7.3 million, or
18%, during the quarter, primarily due to increases in line and
other non-heavy maintenance expense (approximately $4.9 million)
and heavy airframe check expense (approximately $3.2 million),
partly offset by a reduction in engine overhaul expense ($0.8
million).
Heavy maintenance activity during the quarter included three C
Checks and one D Check on 747-400 aircraft and two C Checks on
747-200 aircraft, compared with one 747-400 C Check, one 747-400 D
Check, and one 747-200 C Check in the second quarter of 2010. In
addition, there were three engine overhauls during the period
compared with five in the second quarter of 2010.
Aircraft rent of $41.6 million during the quarter was $3.4
million, or 9%, higher than in the second quarter of 2010 due to
the leasing of additional aircraft and spare engines in 2011.
Travel expense of $9.9 million increased $2.1 million, or 27%,
primarily due to the increased cost of international travel and
increased ground staff travel related to on-boarding new aircraft
and maintenance activities.
Other operating expenses totaled $24.8 million during the
quarter, a decrease of $13.4 million, or 35%, versus the second
quarter of 2010, primarily due to a $16.2 million net accrual for
legal settlements in 2010.
Net Interest and Other Non-Operating Expenses
Net interest income totaled $1.4 million during the quarter, an
improvement of $2.8 million compared with the second quarter of
2010, primarily reflecting an increase in capitalized interest.
Income Taxes
Second-quarter results included an income tax expense of $14.9
million compared with an income tax expense of $28.9 million in the
second quarter of 2010, resulting in an effective income tax rate
of 37.9% versus a rate of 46.9%.
The change in the effective rate from 2010 to 2011 was primarily
due to nondeductible litigation settlements in 2010. Atlas Air
Worldwide’s effective income tax rates differ from the U.S. federal
statutory rate primarily due to the income tax impact of global
operations, U.S. state income taxes, and the non-deductibility of
certain items for tax purposes.
Cash, Cash Equivalents and Short-Term Investments
At June 30, 2011, Atlas Air Worldwide’s cash, cash equivalents
and short-term investments totaled $469.8 million, compared with
$595.1 million at December 31, 2010.
The change in cash, cash equivalents and short-term investments
was primarily driven by an increase in capital expenditures and
payments of debt, partially offset by cash provided by operating
activities.
During the second quarter of 2011, Atlas Air Worldwide acquired
a 767-300ER passenger aircraft that will be deployed in military
charter service. The Company also acquired two 737-800 passenger
aircraft for its Titan dry-leasing business. Both Titan aircraft
are dry leased to customers on a long-term basis. In addition, the
Company repaid $46.9 million of pre-delivery payment borrowings
related to future 747-8F aircraft deliveries.
Outstanding Debt
At June 30, 2011, Atlas Air Worldwide’s balance sheet debt
totaled $416.2 million, including the impact of $54.6 million of
unamortized discount.
The face value of Atlas Air Worldwide’s debt at June 30, 2011
totaled $470.8 million, compared with $544.2 million on December
31, 2010.
EBITDAR and EBITDA
EBITDAR, as adjusted for gains on asset sales, totaled $87.8
million in the second quarter of 2011 compared with $124.1 million
in the second quarter of 2010. For the first six months of 2010,
EBITDAR, as adjusted for gains on asset sales and net accrual for
legal settlements, totaled $150.8 million compared with $218.2
million in 2010.
EBITDA, as adjusted for gains on asset sales, totaled $46.2
million in the latest reporting period compared with $85.9 million
in the second quarter of 2010. EBITDA, as adjusted for gains on
asset sales and net accrual for legal settlements, for the first
six months of 2010 was $70.9 million compared with $141.9 million
for the prior-year period.
About Non-GAAP Financial Measures
To supplement Atlas Air Worldwide’s financial statements
presented in accordance with U.S. GAAP, Atlas Air Worldwide
presents 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.
Atlas Air Worldwide’s management uses these non-GAAP financial
measures in assessing the performance of the Company’s ongoing
operations and in planning and forecasting future periods. Atlas
Air Worldwide believes 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:
Atlas Air Worldwide 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, Atlas Air Worldwide 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 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.
Atlas Air Worldwide’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 Atlas Air Worldwide’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 Atlas Air Worldwide 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 Atlas Air
Worldwide’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 Atlas Air Worldwide 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, Atlas Air Worldwide is not
providing guidance or estimates regarding its anticipated business
and financial performance for 2011 or thereafter.
Atlas Air Worldwide 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 For the Six Months
Ended June 30, 2011 June 30, 2010
June 30, 2011 June 30, 2010
Operating Revenue ACMI $ 160,442 $ 126,829 $ 306,477 $
239,232 AMC charter 112,473 109,224 193,649 230,808 Commercial
charter 71,067 114,828 136,603 171,481 Dry leasing 2,134 1,849
3,677 3,227 Other 3,458 3,451 6,775
6,665 Total Operating Revenue $ 349,574 $ 356,181 $ 647,181 $
651,413
Operating Expenses Aircraft fuel 100,358 83,525
174,525 148,115 Salaries, wages and benefits 61,498 60,071 123,262
121,433 Maintenance, materials and repairs 46,860 39,603 96,929
71,220 Aircraft rent 41,567 38,183 79,921 76,333 Landing fees and
other rent 12,603 12,778 23,943 24,487 Depreciation and
amortization 8,775 8,567 17,105 17,646 Travel 9,922 7,798 19,044
15,413 Ground handling and airport fees 5,803 6,299 11,105 11,222
Gain on disposal of aircraft (181) (2,158) (301) (3,380) Other
24,750 38,197 47,537 57,475 Total
Operating Expenses 311,955 292,863 593,070
539,964 Operating Income 37,619 63,318
54,111 111,449
Non-operating Expenses / (Income)
Interest income (5,080) (5,224) (10,196) (9,130) Interest expense
9,912 10,150 20,208 20,220 Capitalized interest (6,185) (3,517)
(11,602) (6,606) Other (income) expense, net (406)
213 (364) (8,622) Total Non-operating
Expenses/(Income) (1,759) 1,622 (1,954) (4,138) Income before
income taxes 39,378 61,696 56,065 115,587 Income tax expense
14,907 28,920 21,131 49,200
Net Income
24,471 32,776 34,934 66,387 Less: Net income (loss) attributable to
noncontrolling interests 624 115 570
(59)
Net Income Attributable to Common Stockholders $
23,847 $ 32,661 $ 34,364 $ 66,446
Earnings per share: Basic
$ 0.91 $ 1.27 $ 1.31 $ 2.59
Diluted
$ 0.90 $ 1.25 $ 1.30 $ 2.56
Weighted average shares:
Basic
26,269 25,767 26,155 25,676
Diluted
26,491 26,077 26,397 25,985
Atlas Air Worldwide Holdings,
Inc.
Direct Contribution
(in thousands)
(Unaudited)
For the Three Months Ended For the Six Months
Ended June 30, 2011 June 30, 2010
June 30, 2011 June 30, 2010
Operating Revenue: ACMI $ 160,442 $ 126,829 $ 306,477 $
239,232 AMC Charter 112,473 109,224 193,649 230,808 Commercial
Charter 71,067 114,828 136,603 171,481 Dry Leasing 2,134 1,849
3,677 3,227 Other 3,458 3,451 6,775
6,665
Total Operating Revenue $ 349,574
$
356,181
$ 647,181
$ 651,413
Direct
Contribution: ACMI $ 36,795 $ 30,894 $ 59,066 $ 52,288 AMC
Charter 19,743 35,666 33,942 76,277 Commercial Charter 8,590 38,487
17,630 52,167 Dry Leasing 1,185 1,255 2,013
2,127
Total Direct Contribution
forReportable Segments
66,313 106,302 112,651 182,859 Unallocated income and
expenses (27,116) (46,764) (56,887) (70,652) Gain on sale of
aircraft 181 2,158 301 3,380
Income
before Income Taxes 39,378 61,696 56,065
115,587 Interest income (5,080) (5,224) (10,196)
(9,130) Interest expense 9,912 10,150 20,208 20,220
Capitalized interest
(6,185) (3,517) (11,602) (6,606) Other (Income) Expense, net
(406)
213
(364)
(8,622)
Operating Income $ 37,619
63,318 54,111 111,449
Atlas Air Worldwide uses an economic
performance metric, Direct Contribution, to show the profitability
of each of itssegments after allocation of direct ownership costs.
Atlas Air Worldwide currently has the following reportable
segments:ACMI, AMC Charter, Commercial Charter, and Dry Leasing.
Each segment has different operating and economiccharacteristics,
which are separately reviewed by senior management.
Direct Contribution consists of income
(loss) before taxes, excluding special charges, nonrecurring items,
gains on the saleof aircraft, and unallocated fixed costs.
Direct costs include crew costs,
maintenance costs, fuel, ground operations, sales costs, aircraft
rent, interest expenserelated to aircraft debt and aircraft
depreciation.
Unallocated income and expenses include
corporate overhead, non-aircraft depreciation, interest income,
foreignexchange gains and losses, other revenue and other
non-operating costs, including one-time items.
Atlas Air Worldwide Holdings,
Inc.
Reconciliation to Non-GAAP
Measures
(in thousands)
(Unaudited)
For the Three Months Ended
For the Six Months Ended June 30, 2011 June 30,
2010 June 30, 2011 June 30, 2010 Income
before income taxes $ 39,378 $ 61,696 $ 56,065 $ 115,587 Net
accrual for legal settlements - 16,200 - 16,200 Gain on disposal of
aircraft (181) (2,158) (301) (3,380)
Pretax income before net
accrualfor legal settlements and gain ondisposal of
aircraft
39,197 75,738 55,764 128,407 Interest expense, net (1,353)
1,409 (1,590) 4,484 Other non-operating expenses (406)
213 (364) (8,622)
Operating income before
non-operating items, net accrual forlegal settlements
and gain ondisposal of aircraft
37,438 77,360 53,810 124,269 Depreciation and amortization
8,775 8,567 17,105 17,646
EBITDA, as adjusted* 46,213 85,927 70,915 141,915
Aircraft rent 41,567 38,183 79,921
76,333
EBITDAR, as adjusted* $ 87,780
$
124,110
$ 150,836
$ 218,248
* EBITDA, as adjusted: Earnings before
interest, taxes, depreciation, amortization, net accrual for legal
settlements, and gain ondisposal of assets, as applicable.
* EBITDAR, as adjusted: Earnings before
interest, taxes, depreciation, amortization, aircraft rent expense,
net accrual for anticipatedlegal settlements, and gain on disposal
of assets, as applicable.
Atlas Air Worldwide Holdings,
Inc.
Reconciliation to Non-GAAP
Measures
(in thousands)
(Unaudited)
For the Three Months Ended June 30, 2011
June 30, 2010
PercentChange
Net Income Attributable to Common Stockholders $
23,847 $ 32,661 (27.0%) After-tax impact from: Net accrual for
legal settlements - 16,200 Gain on disposal of aircraft
(115) (1,360)
Adjusted Net Income Attributable to
Common Stockholders $ 23,732 $ 47,501 (50.0%)
Diluted
EPS $ 0.90 $ 1.25 (28.0%) After-tax impact from: Net accrual
for legal settlements - 0.62 Gain on disposal of aircraft -
(0.05)
Adjusted Diluted EPS $ 0.90 $ 1.82
(50.6%)
For the Six Months Ended June 30, 2011
June 30, 2010
PercentChange
Net Income Attributable to Common Stockholders $
34,364 $ 66,446 (48.3%)
After-tax impact from: - - Net
accrual for legal settlements - 16,200 Litigation settlement
received - (5,513) Gain on disposal of aircraft (192)
(2,129) (91.0%)
Adjusted Net Income Attributable to Common
Stockholders $ 34,172 $ 75,004 (54.4%)
Diluted
EPS $ 1.30 $ 2.56 (49.2%)
After-tax impact from: Net
accrual for legal settlements - 0.63 Litigation settlement received
- (0.21) Gain on disposal of aircraft - (0.09)
Adjusted Diluted EPS $ 1.30 $ 2.89
(54.9%)
Atlas Air Worldwide Holdings,
Inc.
Operating Statistics and Traffic
Results
(in thousands)
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, Percent June 30, Percent
2011 2010 Change 2011 2010
Change
Fleet (average during
theperiod)
ACMI 22.1
16.8
31.5%
21.5
16.7
28.7%
AMC Charter 6.0 5.8 3.4% 5.4 6.7 (19.4%) Commercial Charter 3.2 5.3
(39.6%) 3.4 4.3 (20.9%) Dry Leasing 1.8 1.0 80.0% 1.4 0.6 133.3%
Operating Aircraft 33.1
28.9
14.5%
31.7
28.3
12.0%
Out of Service (1) 0.2 0.3 (33.3%) 0.5 0.3 66.7%
Block Hours ACMI 26,188 21,733 20.5% 49,887 41,154 21.2% AMC
Charter 4,924 5,095 (3.4%) 9,054 10,594 (14.5%) Commercial Charter
3,213 5,125 (37.3%) 6,378 7,941 (19.7%) Non revenue 216 254 (15.0%)
432 362 19.3% Total Block Hours 34,541 32,207 7.2% 65,751 60,051
9.5%
Revenue Per Block Hour ACMI $ 6,127 $ 5,836 5.0%
$ 6,143 $ 5,813 5.7% AMC Charter 22,842 21,437 6.6% 21,388 21,787
(1.8%) Commercial Charter 22,119 22,405 (1.3%) 21,418 21,594 (0.8%)
Average Utilization (blockhours
per day)
ACMI 13.0
14.2
(8.5%)
12.8
13.6
(5.9%)
AMC Charter 9.0 9.7 (7.2%) 9.3 8.7 6.9% Commercial Charter 11.0
10.6 3.8% 10.4 10.2 2.0% All Operating Aircraft (2) 12.1
12.7
(4.7%)
12.0
12.0
0.0%
Fuel AMC
Average fuel cost pergallon
$ 3.66 $ 2.68 36.6% $ 3.34 $
2.68
24.6%
Fuel gallons consumed(000s)
16,098 15,672 2.7% 29,463 31,750 (7.2%)
Commercial Charter
Average fuel cost pergallon
$ 3.48 $ 2.35 48.1% $ 3.27 $
2.31 41.6%
Fuel gallons consumed(000s)
11,913 17,653 (32.5%) 23,249 27,274 (14.8%)
(1) Out-of-service aircraft were
temporarily parked during the period and are completely
unencumbered. Permanently parkedaircraft, 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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