Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading
global provider of outsourced aircraft and aviation operating
services, today announced earnings of $1.07 per diluted share for
the third quarter of 2011.
Earnings in the third quarter were driven by our core, long-term
ACMI business, complemented by increased AMC Charter demand,
including our new military passenger service.
Results during the quarter benefited from the global scale of
our time-definite operations, with growing airfreight demand in the
Middle East, Africa and South America, which are key markets for
our customers. Our strong ACMI segment results reflected a
reallocation of 747-400 freighter capacity from Commercial Charter
to meet increased ACMI customer demand in 2011.
“Over the last several years, we have transformed our business
and we believe that our modern, efficient fleet, business mix and
solid balance sheet will allow us to continue to do well in all
economic conditions,” said William J. Flynn, President and Chief
Executive Officer.
“While the weak global economy has affected the airfreight
market and our business during the third quarter, we expect
substantial improvement in our fourth-quarter results driven by
increased customer utilization of our ACMI aircraft; introduction
of our 747-8F aircraft into service; increased Commercial Charter
demand; substantially lower maintenance expense; and continued
productivity improvement and cost controls.”
We now expect full-year earnings in excess of $4.30 per diluted
share in 2011, reflecting the continuing strong performance of our
core, long-term ACMI business offset by softer charter market
conditions; further Boeing 747-8F delivery delays;
lower-than-anticipated Boeing Dreamlifter flying affecting the
Company’s CMI operations; and additional start-up expenses for new
growth initiatives.
Softer demand out of Asia during the third quarter resulted in
reduced opportunities for return-leg commercial charters following
one-way AMC missions. Combined with lower yields on commercial
charters out of Asia, we anticipate reduced full-year contribution
from Commercial Charter in 2011.
Performance in our Commercial Charter business in South America
remains strong, and overall performance in Commercial Charter in
the fourth quarter of 2011 is expected to improve from our third
quarter results, reflecting higher demand and lower maintenance
expense.
We took delivery of our first 747-8F aircraft on November 2,
2011, and currently expect to receive two more later this year,
reflecting an aggregate additional delay of nearly two months in
deliveries by Boeing.
As a result of adjustments in Boeing’s 787 production program,
we expect the contribution in 2011 from CMI flying of Dreamlifter
aircraft for Boeing to be reduced accordingly.
AMC passenger operations, 767 CMI flying for DHL, new 747-8F
capacity and other growth initiatives will drive increased Company
revenues and earnings and improved business mix in 2011 and
beyond.
Third-Quarter and Nine-Month Results
Net income attributable to common stockholders for the three
months ended September 30, 2011 totaled $28.2 million, or $1.07 per
diluted share, on revenues of $362.9 million and pretax earnings of
$45.8 million.
2010 third-quarter net income attributable to common
stockholders was $33.8 million, or $1.29 per diluted share, on
revenues of $326.7 million and pretax earnings of $55.2
million.
For the nine months ended September 30, 2011, net income
attributable to common stockholders totaled $62.6 million, or $2.37
per diluted share, on revenues of $1.01 billion and pretax earnings
of $101.9 million.
In 2010, our nine-month net income attributable to common
stockholders totaled $100.3 million, or $3.85 per diluted share, on
revenues of $978.1 million and pretax earnings of $170.8 million.
Net income attributable to common stockholders for the first nine
months 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 movement of M-ATVs for the U.S. military.
Outlook
“We received our first 747-8 freighter yesterday. Our new
747-8Fs reinforce our market-leading position in outsourced
aircraft and aviation operating services, and we believe they will
drive substantial growth and profitability of our business,” Mr.
Flynn noted.
“We have placed our first five 747-8Fs. These placements extend
long-standing relationships with two of our premier customers,
British Airways and Panalpina, and we look forward to placing
additional 747-8 and 747-400 freighters.”
By year-end 2012, our cargo operations are expected to include
seven 747-8Fs (with two additional aircraft to be delivered in the
first half of 2013) and 24 747-400 freighters. We also expect to
have two passenger 747-400s and three passenger 767-300s providing
charter service to the U.S. military and other customers.
In addition, we anticipate that we will operate at least 11
customer-owned aircraft in our CMI (crew, maintenance and
insurance) operations. These operations include four 747 Large
Cargo Freighters (Dreamlifters) for Boeing, five 767 freighters for
DHL Express, and two 747-400 passenger aircraft for SonAir.
As previously disclosed, we are planning to retire our five
remaining older-generation 747-200 cargo aircraft by mid-2012, with
modern, more-efficient 747-400F aircraft providing continuing
service in our AMC and Commercial Charter operations.
Mr. Flynn concluded: “Our 747-8F aircraft will drive volumes and
profitability in our core ACMI business, as we have previously
indicated. At the same time, we continue to expect that volumes in
our military passenger business, including our new B767 operations,
will grow to more than 10,000 block hours in 2012 from about 1,200
block hours this year and none in 2010.
“Given 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 are very well-positioned to drive 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 third-quarter 2011 financial and operating results at
11:00 a.m. Eastern Time on Thursday, November 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 third-quarter call)
or at the following Web address:
http://www.media-server.com/m/p/q8i2867f.
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 November 10 by dialing (855) 859-2056
(domestic) and (404) 537-3406 (international) and using Access Code
21740718#.
3Q11 Performance versus 3Q10
Operating revenues of $362.9 million in the third quarter of
2011 were $36.2 million, or 11%, higher than the year-earlier
period, primarily reflecting increases in volumes and revenue per
block hour in our long-term, core ACMI business and AMC Charter
operations, partially offset by a reduction in Commercial Charter
volumes.
Total block hours increased 6% (35,183 block hours versus
33,277) compared with the third quarter of 2010, while average
operating aircraft, excluding Dry Leasing aircraft, increased 8%
(31.4 compared with 29.2). Average utilization of operating
aircraft, excluding Dry Leasing aircraft, totaled approximately
12.2 hours per aircraft per day during the quarter compared with
12.4 in the third quarter of 2010.
In ACMI, revenues of $163.4 million increased $18.7 million, or
13%, driven by an increase in block-hour volumes (26,426 versus
24,251) and average ACMI revenue per block hour ($6,184 versus
$5,966). Higher block-hour volumes compared with the third 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 Dreamlifter flights
for Boeing in July 2010. Reflecting the improvement in block-hour
volumes, ACMI customers flew 4.5% above contractual minimums during
the quarter. The increase in revenue per block hour during the
third quarter primarily reflected contractual rate increases in
existing customer contracts and higher rates on new contracts.
For the quarter, an average of 21.6 aircraft (19.9 Boeing
747-400s, 0.1 Boeing 747-200, and 1.6 CMI aircraft) supported our
ACMI operations, compared with an average of 19.0 aircraft (17.6
Boeing 747-400s and 1.4 CMI aircraft) in the third quarter of
2010.
AMC Charter revenues of $122.6 million increased $50.1 million,
or 69%, in the latest quarter, due to increases in block hours and
revenue per block hour. Block-hour volumes increased 35% (5,033
block hours versus 3,729) compared with the third quarter of 2010,
primarily due to an increase in AMC cargo demand and 467 block
hours for AMC passenger missions, which we began to fly in the
second quarter of 2011. Block-hour rates increased 25% ($24,355
versus $19,444), reflecting an increase in the average “pegged”
fuel price paid by the U.S. military ($3.97 per gallon versus
$2.68) and higher rates paid on 747-400 aircraft utilized during
the quarter.
An average of 6.3 aircraft (2.8 Boeing 747-400s and 3.5 Boeing
747-200s) supported our AMC Charter operations during the quarter,
compared with an average of 4.3 aircraft (0.6 Boeing 747-400s and
3.7 Boeing 747-200s) in the third quarter of 2010.
In Commercial Charter, revenues of $70.4 million were $33.7
million, or 32%, lower than the third quarter of 2010. Revenues
were driven by a reduction in block-hour volumes (3,358 versus
5,090) partially offset by an increase in block-hour rates ($20,951
versus $20,441). Block-hour volumes primarily reflected the
redeployment of 747-400 aircraft to long-term ACMI flying to meet
increased ACMI customer demand. In addition, softer demand out of
Asia resulted in a reduction in opportunities for return-leg
commercial charters following one-way AMC missions. Block-hour
rates primarily reflected the recovery of increased aircraft fuel
costs in South American markets during the quarter, partially
offset by lower yields on commercial charters out of Asia.
For the quarter, an average of 3.5 aircraft (2.1 Boeing 747-400s
and 1.4 Boeing 747-200s) supported our Commercial Charter
operations, compared with an average of 5.9 aircraft (3.7 Boeing
747-400s and 2.2 Boeing 747-200s) in the third quarter of 2010.
Operating Expenses
Operating expenses in the third quarter of 2011 totaled $319.4
million, an increase of $47.6 million, or 18%, compared with the
same quarter in 2010, largely reflecting increases in aircraft
fuel, labor expense, aircraft maintenance, travel and aircraft
rent.
Aircraft fuel expense of $103.7 million increased $29.4 million,
or 40%, compared with the third quarter of 2010. Higher fuel
prices, reflecting a 48% increase in the AMC Charter pegged fuel
price and a 38% increase in Commercial Charter fuel prices ($3.20
per gallon versus $2.32), added approximately $33.3 million to fuel
expense, while lower fuel consumption, primarily driven by a 30%
decline in Commercial Charter fuel gallons consumed (12,414 versus
17,786), offset $3.8 million of the fuel price impact.
Labor expense of $61.9 million during the quarter increased $5.7
million, or 10%, primarily due to the increase in total block hours
flown.
Maintenance expense of $47.8 million increased $3.0 million, or
7%, during the quarter, primarily due to increases in heavy
airframe check expense (approximately $3.1 million) and in line and
other non-heavy maintenance expense (approximately $2.7 million),
partly offset by a reduction in engine overhaul expense
(approximately $2.8 million).
Heavy maintenance activity during the quarter included two 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 and two 747-400
D Checks in the third quarter of 2010. In addition, there were four
engine overhauls during the period compared with seven in the third
quarter of 2010.
Aircraft rent of $41.1 million during the quarter was $2.3
million, or 6%, higher than in the third quarter of 2010 due to the
leasing of additional aircraft and spare engines in 2011.
Travel expense of $11.3 million increased $2.3 million, or 26%,
primarily due to the impact of higher airfares and increased
block-hour volumes on the cost of international travel. In
addition, increased ground staff travel related to on-boarding new
aircraft and maintenance activities.
Other operating expenses totaled $25.0 million during the
quarter, an increase of $2.3 million, or 10%, versus the third
quarter of 2010, primarily due to commissions related to increased
AMC Charter revenue and contract services for flight attendants and
passenger catering.
Net Interest and Other Non-Operating Expenses
Net interest income totaled $2.2 million during the quarter, an
improvement of $1.9 million compared with the third quarter of
2010, primarily reflecting an increase in capitalized interest.
Income Taxes
Third-quarter results included an income tax expense of $17.5
million compared with an income tax expense of $21.2 million in the
third quarter of 2010, resulting in an effective income tax rate of
38.1% versus a rate of 38.4%.
Our 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, Restricted Cash and Short-Term
Investments
At September 30, 2011, our cash, cash equivalents, restricted
cash and short-term investments totaled $545.5 million, compared
with $595.1 million at December 31, 2010.
Excluding restricted cash, 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 third quarter of 2011, we acquired a second 767-300ER
passenger aircraft and two 747-400 passenger aircraft that will be
deployed primarily in our military charter service. A third 747-400
passenger aircraft currently on short-term lease to us will be
returned to the lessor when the lease expires at year-end.
On September 30, we borrowed $120.3 million under a 12-year term
loan. The proceeds, which were classified as restricted cash on our
balance sheet on September 30, were subsequently applied to the
acquisition of our first 747-8 freighter in November.
Outstanding Debt
At September 30, 2011, our balance sheet debt totaled $524.0
million, including the impact of $53.2 million of unamortized
discount.
The face value of our debt at September 30, 2011 totaled $577.2
million, compared with $544.2 million on December 31, 2010.
EBITDAR and EBITDA
EBITDAR, as adjusted for gains on asset sales, totaled $94.4
million in the third quarter of 2011 compared with $101.9 million
in the third quarter of 2010. For the first nine months of 2010,
EBITDAR, as adjusted for gains on asset sales and net accrual for
legal settlements, totaled $245.2 million compared with $320.2
million in 2010.
EBITDA, as adjusted for gains on asset sales, totaled $53.3
million in the latest reporting period compared with $63.1 million
in the third quarter of 2010. EBITDA, as adjusted for gains on
asset sales and net accrual for legal settlements, for the first
nine months of 2010 was $124.2 million compared with $205.1 million
for the prior-year period.
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 our business performance. 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 U.S. GAAP.
Our management uses these non-GAAP financial measures in
assessing the performance of the Company’s 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:
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
cargo and passenger charters; commercial cargo and passenger
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
Nine Months Ended September 30, 2011 September
30, 2010 September 30, 2011 September 30,
2010 Operating Revenue ACMI $ 163,406 $ 144,685 $
469,883 $ 383,917 AMC charter 122,581 72,506 316,230 303,314
Commercial charter 70,353 104,044 206,956 275,525 Dry leasing 3,065
2,157 6,742 5,384 Other 3,471 3,275 10,246
9,940 Total Operating Revenue $ 362,876 $ 326,667 $
1,010,057 $ 978,080
Operating Expenses Aircraft fuel 103,663
74,221 278,188 222,336 Salaries, wages and benefits 61,911 56,244
185,173 177,677 Maintenance, materials and repairs 47,770 44,747
144,699 115,967 Aircraft rent 41,055 38,764 120,976 115,097 Landing
fees and other rent 12,813 11,487 36,756 35,974 Travel 11,284 8,941
30,328 24,354 Depreciation and amortization 9,964 8,403 27,069
26,049 Ground handling and airport fees 6,036 6,423 17,141 17,645
Gain on disposal of aircraft (163) (161) (464) (3,541) Other
25,043 22,702 72,580 80,177 Total Operating
Expenses 319,376 271,771 912,446
811,735 Operating Income 43,500 54,896 97,611
166,345
Non-operating Expenses / (Income) Interest
income (5,004) (5,490) (15,200) (14,620) Interest expense 9,801
10,176 30,009 30,396 Capitalized interest (6,982) (4,401) (18,584)
(11,007) Other (income) expense, net (121) (614)
(485) (9,236)
Total Non-operating Income
(2,306) (329) (4,260) (4,467) Income before income taxes 45,806
55,225 101,871 170,812 Income tax expense 17,464
21,186 38,595 70,386
Net Income 28,342 34,039
63,276 100,426 Less: Net income attributable to noncontrolling
interests 136 235 706 176
Net Income
Attributable to Common Stockholders $ 28,206 $ 33,804 $
62,570 $ 100,250
Earnings per share: Basic $ 1.07 $ 1.31 $
2.39 $ 3.90 Diluted $ 1.07 $ 1.29 $ 2.37 $ 3.85
Weighted average
shares: Basic 26,291 25,855 26,201
25,736 Diluted 26,452 26,143 26,416
26,038
Atlas Air Worldwide Holdings,
Inc.
Direct Contribution
(in thousands)
(Unaudited)
For the Three Months Ended For the Nine
Months Ended September 30, 2011 September 30,
2010 September 30, 2011 September 30,
2010 Operating Revenue: ACMI $ 163,406 $ 144,685 $
469,883 $ 383,917 AMC Charter 122,581 72,506 316,230 303,314
Commercial Charter 70,353 104,044 206,956 275,525 Dry Leasing 3,065
2,157 6,742 5,384 Other 3,471 3,275 10,246
9,940
Total Operating Revenue $ 362,876
$ 326,667
$ 1,010,057
$ 978,080
Direct
Contribution: ACMI $ 38,924 $ 34,809 $ 97,990 $ 87,097 AMC
Charter 21,709 18,819 55,651 95,096 Commercial Charter 7,142 26,205
24,772 78,372 Dry Leasing 1,387 1,565 3,400
3,692
Total Direct Contribution for
Reportable Segments
69,162 81,398 181,813 264,257 Unallocated income and
expenses
(23,519)
(26,334) (80,406) (96,986) Gain on sale of aircraft 163
161 464 3,541
Income before Income
Taxes 45,806 55,225 101,871 170,812
Interest income (5,004) (5,490) (15,200) (14,620) Interest
expense 9,801 10,176 30,009 30,396 Capitalized interest (6,982)
(4,401) (18,584) (11,007) Other (Income) Expense, net (121)
(614) (485) (9,236)
Operating Income
$ 43,500 54,896 97,611 166,345
Atlas Air Worldwide uses an economic performance metric, Direct
Contribution, to show the profitability of each of its segments
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 economic characteristics, which are separately
reviewed by senior management.
Direct Contribution consists of income (loss) before taxes,
excluding special charges, 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 income and expenses include corporate overhead,
non-aircraft depreciation, interest income, foreign exchange 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 Nine Months
Ended September 30, 2011 September 30,
2010 September 30, 2011 September 30,
2010 Income before income taxes $ 45,806 $ 55,225
$ 101,871 $ 170,812 Net accrual for legal settlements - - - 16,200
Gain on disposal of aircraft (163) (161) (464)
(3,541)
Pretax income before net
accrual
for legal settlements and gain
on
disposal of aircraft
45,643 55,064 101,407 183,471 Interest expense, net (2,185)
285 (3,775) 4,769 Other non-operating expenses (121)
(614) (485) (9,236)
Operating income before non-
operating items, net accrual
for
legal settlements and gain on
disposal of aircraft
43,337 54,735 97,147 179,004 Depreciation and amortization
9,964 8,403 27,069 26,049
EBITDA, as adjusted* 53,301 63,138 124,216 205,053
Aircraft rent 41,055 38,764 120,976
115,097
EBITDAR, as adjusted* $ 94,356
$ 101,902
$ 245,192
$ 320,150
* EBITDA, as adjusted: Earnings before interest, taxes,
depreciation, amortization, net accrual for legal settlements, and
gain on disposal of assets, as applicable.
* EBITDAR, as adjusted: Earnings before interest, taxes,
depreciation, amortization, aircraft rent expense, net accrual for
anticipated legal 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
September 30,
2011
September 30,
2010
Percent
Change
Net Income Attributable to Common Stockholders $
28,206 $ 33,804 (16.6%) After-tax impact from: Gain on disposal of
aircraft (104) (101)
Adjusted Net Income
Attributable to Common Stockholders $ 28,102 $ 33,703 (16.6%)
Diluted EPS $ 1.07 $ 1.29 (17.1%) After-tax impact
from: Gain on disposal of aircraft - -
Adjusted Diluted EPS $ 1.07 $ 1.29 (17.1%)
For the
Nine Months Ended September 30, 2011
September 30, 2010 Percent Change Net
Income Attributable to Common Stockholders $ 62,570 $ 100,250
(37.6%)
After-tax impact from: Net accrual for legal
settlements - 16,200 Litigation settlement received - (5,513) Gain
on disposal of aircraft (296) (2,231)
Adjusted Net Income Attributable to Common Stockholders $
62,274 $ 108,706 (42.7%)
Diluted EPS $ 2.37 $ 3.85
(38.4%)
After-tax impact from: Net accrual for legal
settlements - 0.62 Litigation settlement received - (0.21) Gain on
disposal of aircraft (0.01) (0.09)
Adjusted
Diluted EPS $ 2.36 $ 4.17 (43.4%)
Atlas Air Worldwide Holdings,
Inc.
Operating Statistics and Traffic
Results
(in thousands)
(Unaudited)
For the Three Months Ended For the
Nine Months Ended September 30, Percent
September 30, Percent 2011 2010
Change 2011 2010 Change Fleet
(average during the period) ACMI 21.6 19.0 13.7% 21.6 17.5
23.4% AMC Charter 6.3 4.3 46.5% 5.7 5.9 (3.4%) Commercial Charter
3.5 5.9 (40.7%) 3.4 4.9 (30.6%) Dry Leasing 3.0 1.0 200.0% 2.0 0.7
185.7% Operating Aircraft 34.4 30.2 13.9% 32.7 29.0 12.8%
Out of Service (1) 0.5 - NM 0.5 0.2 150.0%
Block
Hours ACMI 26,426 24,251 9.0% 76,313 65,405 16.7% AMC Charter
5,033 3,729 35.0% 14,087 14,323 (1.6%) Commercial Charter 3,358
5,090 (34.0%) 9,736 13,032 (25.3%) Non revenue 366 207 76.8% 797
569 40.1% Total Block Hours 35,183 33,277 5.7% 100,933 93,329 8.1%
Revenue Per Block Hour ACMI $ 6,184 $ 5,966 3.7% $
6,157 $ 5,870 4.9% AMC Charter 24,355 19,444 25.3% 22,448 21,177
6.0% Commercial Charter 20,951 20,441 2.5% 21,257 21,142 0.5%
Average Utilization (block hours per day) ACMI 13.3
13.9 (4.3%) 12.9 13.7 (5.8%) AMC Charter 8.7 9.4 (7.4%) 9.1 8.9
2.2% Commercial Charter 10.4 9.4 10.6% 10.5 9.7 8.2% All Operating
Aircraft (2) 12.2 12.4 (1.6%) 12.0 12.1 (0.8%)
Fuel
AMC Average fuel cost per gallon $ 3.97 $ 2.68 48.1% $ 3.56
$ 2.68 32.8% Fuel gallons consumed (000s) 16,108 12,280 31.2%
45,571 44,030 3.5%
Commercial Charter Average fuel cost per
gallon $ 3.20 $ 2.32 37.9% $ 3.25 $
2.32
40.1% Fuel gallons consumed (000s) 12,414 17,786 (30.2%) 35,663
45,060 (20.9%)
(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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