- Adjusted Net Income of $25.7 Million, $1.03 per
Share
- Reported Net Income of $29.2 Million, $1.17 per
Share
- Significantly Increasing Full-Year Earnings
Framework
Atlas Air Worldwide Holdings, Inc. (Nasdaq:AAWW) today announced
adjusted net income attributable to common stockholders of $25.7
million, or $1.03 per diluted share, for the three months ended
March 31, 2015, compared with $11.3 million, or $0.45 per diluted
share, for the three months ended March 31, 2014.
On a reported basis, net income attributable to common
stockholders in the first quarter of 2015 totaled $29.2 million, or
$1.17 per diluted share, compared with $7.9 million, or $0.32 per
diluted share, in the year-ago quarter.
Free cash flow of $80.2 million in the first quarter compared
with $36.9 million in the first quarter of 2014.
"We are off to a very good start in 2015 and look forward to a
strong year," said William J. Flynn, President and Chief Executive
Officer. "As a result, we now expect our full-year results to
increase significantly compared with 2014.
"Earnings in the first quarter reflected our diverse business
mix, the ongoing demand for our industry-leading aircraft and
aviation operating services, and the continuing, broad-based
improvement of the global airfreight market. Results in the quarter
were also driven by the scale and scope of our Charter segment,
which was well-positioned to capitalize on demand for airfreight in
the transpacific region and other trade lanes as well as
better-than-expected military cargo and passenger demand."
First-Quarter Results
ACMI segment results benefited from an increase in block hours
in the first quarter, driven by the start-up of three additional
767 CMI aircraft and improvements in ACMI aircraft utilization.
These were offset by a reduction in revenue per block hour,
reflecting the impact of higher revenue per block hour in 2014
resulting from customers that flew below their contractual minimums
as well as an increase in CMI flying in 2015.
In Charter, significantly higher segment revenues and
contribution reflected improvements in commercial and military air
cargo and passenger demand, increased aircraft utilization, and a
reduction in heavy-maintenance expense. Commercial air cargo demand
during the quarter was enhanced by congestion issues at ports on
the U.S. west coast.
In Dry Leasing, revenue and profitability grew as we realized
revenue from maintenance payments related to the scheduled return
of a 737-800 passenger aircraft in February 2015.
Reported earnings for the first quarter of 2015 included an
effective income tax rate of 19.4%, which reflected an income tax
benefit of $4.0 million related to beneficial tax planning
regarding the treatment of extraterritorial income from the leasing
of certain of our aircraft.
Reported results also included a pretax loss of $1.2 million on
the disposal of aircraft and engine parts, partly offset by pretax
adjustments of $0.6 million to special charges.
Cash and Short-Term Investments
At March 31, 2015, our cash, cash equivalents, short-term
investments and restricted cash totaled $374.7 million, compared
with $330.7 million at December 31, 2014.
The change in position reflected cash provided by operating
activities partially offset by cash used for investing and
financing activities.
Net cash used for investing activities during the first quarter
of 2015 primarily related to capital expenditures and purchase
deposits and delivery payments for flight equipment, partially
offset by proceeds from disposal of aircraft.
Net cash used for financing activities primarily reflected
payments on debt obligations.
Outlook
We anticipate significant growth in adjusted fully diluted
earnings per share in 2015.
As the commercial airfreight market has grown, our business
initiatives and investments have positioned Atlas to be a prime
beneficiary.
We are encouraged by our strong first-quarter performance, and
we continue to have a favorable view about the prospects for the
overall airfreight environment and the demand for our aircraft and
services.
Industry forecasts indicate that global airfreight demand will
grow approximately 4% to 5% in 2015, outpacing projected growth in
global trade. In addition, we expect that our block-hour volumes
this year will increase 5% to 10% compared with 2014, with more
than 70% of the total in ACMI and the balance in Charter. At the
same time, recent military demand is holding up well compared with
2014 levels.
We are seeing good airfreight demand in the second quarter of
2015. On a sequential basis, we expect earnings per share in the
second quarter of 2015 to be slightly better than our first-quarter
2015 adjusted earnings.
We also anticipate sequential increases in our third- and
fourth-quarter earnings per share. Visibility into second-half
airfreight market demand and yields remains limited at this point,
so we will update our expectations about the second half as the
year progresses.
Taking our current framework and expected first-half 2015
earnings strength into account, we expect approximately 55% of our
earnings to occur in the second half.
Given the higher flying levels that we anticipate, we now expect
that aircraft maintenance expense in 2015 should total
approximately $190 million. In addition, depreciation should be
approximately $125 million. We also anticipate an effective income
tax rate of approximately 28% to 30%. Core capital expenditures,
excluding aircraft and engine purchases, are expected to total
approximately $40 to $45 million, mainly for spare parts for our
fleet.
Mr. Flynn added: "We are confident about the outlook for 2015,
and we are well-prepared to leverage our competencies and market
leadership this year and beyond.
"Our fleet is modern and efficient. We provide innovative,
value-added services. We operate a diversified, resilient business
model. Our financial structure is solid. And we are focused on
seizing strategic opportunities, executing on initiatives, and
shaping a powerful future."
Conference Call
Management will host a conference call to discuss Atlas Air
Worldwide's first-quarter 2015 financial and operating results at
11:00 a.m. Eastern Time on Thursday, April 30, 2015.
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://edge.media-server.com/m/p/d6kjfyqg
For those unable to listen to the live call, a replay will be
archived on the above websites following the call. A replay will
also be available through May 6 by dialing (855) 859-2056 (U.S.
Toll Free) or (404) 537-3406 (from outside the U.S.) and using
Access Code 23719054#.
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; Adjusted Diluted EPS; and Free Cash Flow,
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 a leading global provider of outsourced
aircraft and aviation operating services. It is the parent company
of Atlas Air, Inc. (Atlas) and Titan Aviation Holdings, Inc.
(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 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; 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 most recent Annual
Report on Form 10-K and subsequent reports on Form 10-Q filed by
Atlas Air Worldwide with the Securities and Exchange Commission.
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 2015 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 |
|
March 31, 2015 |
March 31, 2014 |
Operating Revenue |
|
|
ACMI |
$ 189,047 |
$ 198,141 |
Charter |
220,138 |
177,373 |
Dry Leasing |
31,919 |
24,676 |
Other |
3,741 |
3,173 |
Total Operating Revenue |
$ 444,845 |
$ 403,363 |
Operating Expenses |
|
|
Salaries, wages and
benefits |
88,773 |
72,855 |
Aircraft fuel |
78,115 |
81,744 |
Maintenance, materials and
repairs |
58,832 |
59,046 |
Aircraft rent |
34,261 |
35,410 |
Depreciation and
amortization |
32,030 |
28,155 |
Navigation fees, landing fees
and other rent |
23,503 |
27,126 |
Travel |
20,813 |
17,282 |
Passenger and ground handling
services |
19,963 |
19,371 |
Loss on disposal of
aircraft |
1,209 |
― |
Special charge |
(568) |
8,029 |
Other |
30,944 |
26,215 |
Total Operating Expenses |
387,875 |
375,233 |
Operating Income |
56,970 |
28,130 |
Non-operating Expenses /
(Income) |
|
|
Interest income |
(4,488) |
(4,727) |
Interest expense |
24,548 |
26,452 |
Capitalized interest |
(26) |
(312) |
Other expense, net |
675 |
152 |
Total Non-operating
Expense |
20,709 |
21,565 |
Income before income taxes |
36,261 |
6,565 |
Income tax expense |
7,029 |
2,539 |
Net Income |
29,232 |
4,026 |
Less: Net income (loss)
attributable to noncontrolling interests |
― |
(3,918) |
Net Income Attributable to Common
Stockholders |
$ 29,232 |
$ 7,944 |
|
|
|
Earnings per share: |
|
|
Basic |
$ 1.18 |
$ 0.32 |
|
|
|
Diluted |
$ 1.17 |
$ 0.32 |
|
|
|
Weighted average
shares: |
|
|
Basic |
24,876 |
25,096 |
|
|
|
Diluted |
25,070 |
25,151 |
|
Atlas Air Worldwide
Holdings, Inc. |
Consolidated Balance
Sheets |
(in thousands, except share
data) |
(Unaudited) |
|
|
March 31, 2015 |
December 31,
2014 |
Assets |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$ 336,406 |
$ 298,601 |
Short-term investments |
23,287 |
17,802 |
Restricted cash |
15,028 |
14,281 |
Accounts receivable, net of
allowance of $1,168 and $1,658, respectively |
149,360 |
162,092 |
Prepaid maintenance |
26,339 |
20,806 |
Deferred taxes |
40,923 |
40,923 |
Prepaid expenses and other
current assets |
32,546 |
51,599 |
Total current assets |
623,889 |
606,104 |
Property and Equipment |
|
|
Flight equipment |
3,472,230 |
3,448,791 |
Ground equipment |
52,976 |
51,418 |
Less: accumulated
depreciation |
(373,442) |
(348,036) |
Purchase deposits for flight
equipment |
17,541 |
20,054 |
Property and equipment,
net |
3,169,305 |
3,172,227 |
Other Assets |
|
|
Long-term investments and
accrued interest |
114,863 |
120,478 |
Deposits and other assets |
72,561 |
80,258 |
Intangible assets, net |
65,157 |
67,410 |
Total Assets |
$ 4,045,775 |
$ 4,046,477 |
Liabilities and Equity |
|
|
Current Liabilities |
|
|
Accounts payable |
$ 39,737 |
$ 42,864 |
Accrued liabilities |
264,705 |
251,594 |
Current portion of long-term
debt |
180,661 |
181,202 |
Total current liabilities |
485,103 |
475,660 |
Other Liabilities |
|
|
Long-term debt |
1,690,184 |
1,736,739 |
Deferred taxes |
357,934 |
350,868 |
Other liabilities |
65,927 |
65,415 |
Total other liabilities |
2,114,045 |
2,153,022 |
Commitments and
contingencies |
|
|
Equity |
|
|
Stockholders' Equity |
|
|
Preferred stock, $1 par value;
10,000,000 shares authorized; no shares issued |
― |
― |
Common stock, $0.01 par value;
50,000,000 shares authorized; 28,887,466 and 28,561,160 shares
issued, 25,002,862 and 24,807,718, shares outstanding (net of
treasury stock), as of March 31, 2015 and December 31, 2014,
respectively |
289 |
286 |
Additional paid-in-capital |
578,504 |
573,133 |
Treasury stock, at cost:
3,884,604 and 3,753,442 shares, respectively |
(151,440) |
(145,322) |
Accumulated other comprehensive
loss |
(9,228) |
(9,572) |
Retained earnings |
1,028,502 |
999,270 |
Total equity |
1,446,627 |
1,417,795 |
Total Liabilities and
Equity |
$ 4,045,775 |
$ 4,046,477 |
|
Atlas Air Worldwide
Holdings, Inc. |
Consolidated Statements
of Cash Flows |
(in thousands) |
(Unaudited) |
|
|
For the Three
Months Ended |
|
March 31, 2015 |
March 31, 2014 |
Operating Activities: |
|
|
Net Income |
$ 29,232 |
$ 4,026 |
Adjustments to reconcile Net Income to net
cash provided by operating activities: |
|
|
Depreciation and
amortization |
36,375 |
32,401 |
Accretion of debt securities
discount |
(1,902) |
(2,073) |
Provision for allowance for
doubtful accounts |
(174) |
83 |
Special charge, net of cash
payments |
(568) |
8,029 |
Loss on disposal of
aircraft |
1,209 |
― |
Deferred taxes |
7,029 |
2,554 |
Stock-based compensation
expense |
5,285 |
1,907 |
Changes in: |
|
|
Accounts receivable |
11,088 |
(14,585) |
Prepaid expenses and other
current assets |
(10,272) |
7,050 |
Deposits and other assets |
9,323 |
6,724 |
Accounts payable and accrued
liabilities |
4,023 |
(4,848) |
Net cash provided by operating
activities |
90,648 |
41,268 |
Investing Activities: |
|
|
Capital expenditures |
(10,385) |
(4,095) |
Purchase deposits and delivery
payments for flight equipment |
(14,925) |
(478,739) |
Changes in restricted cash |
(747) |
(6,046) |
Proceeds from short-term
investments |
1,202 |
783 |
Proceeds from disposal of
aircraft |
24,345 |
― |
Net cash used for investing activities |
(510) |
(488,097) |
Financing Activities: |
|
|
Proceeds from debt
issuance |
― |
572,552 |
Customer maintenance reserves
received |
4,129 |
4,176 |
Proceeds from stock option
exercises |
52 |
― |
Purchase of treasury stock |
(6,118) |
(2,420) |
Excess tax benefit from
stock-based compensation expense |
449 |
(982) |
Payment of debt issuance
costs |
― |
(16,974) |
Payments of debt |
(50,845) |
(151,687) |
Net cash provided by (used for) financing
activities |
(52,333) |
404,665 |
Net increase (decrease) in cash and cash
equivalents |
37,805 |
(42,164) |
Cash and cash equivalents at the beginning of
period |
298,601 |
321,816 |
Cash and cash equivalents at the end of
period |
$ 336,406 |
$ 279,652 |
|
|
|
Non-cash Investing and Financing
Activities: |
|
|
Acquisition of flight and
ground equipment included in accounts payable and accrued
liabilities |
$ ― |
$ 41,581 |
|
Atlas Air Worldwide
Holdings, Inc. |
Direct
Contribution |
(in thousands) |
(Unaudited) |
|
|
For the Three
Months Ended |
|
March 31, 2015 |
March 31, 2014 |
Operating Revenue: |
|
|
ACMI |
$ 189,047 |
$ 198,141 |
Charter |
220,138 |
177,373 |
Dry Leasing |
31,919 |
24,676 |
Other |
3,741 |
3,173 |
Total Operating Revenue |
$ 444,845 |
$ 403,363 |
|
|
|
Direct Contribution: |
|
|
ACMI |
$ 39,847 |
$ 45,564 |
Charter |
30,419 |
(4,117) |
Dry Leasing |
15,525 |
8,171 |
Total Direct Contribution for
Reportable Segments |
85,791 |
49,618 |
|
|
|
Add back (subtract): |
|
|
Unallocated income and expenses1 |
(48,889) |
(35,024) |
Special charge |
568 |
(8,029) |
Loss on sale of aircraft |
(1,209) |
― |
Income before Income
Taxes |
36,261 |
6,565 |
|
|
|
Add back (subtract): |
|
|
Interest income |
(4,488) |
(4,727) |
Interest expense |
24,548 |
26,452 |
Capitalized interest |
(26) |
(312) |
Other (income) expense, net |
675 |
152 |
Operating Income |
$ 56,970 |
$ 28,130 |
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, 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.
1 During the first quarter of 2015, we changed the methodology
for allocating certain unallocated expenses to our segments. Prior
period information has been adjusted to consistently reflect this
change.
Atlas Air Worldwide
Holdings, Inc. |
Reconciliation to
Non-GAAP Measures |
(in thousands, except per share
data) |
(Unaudited) |
|
|
For the Three
Months Ended |
|
March 31, 2015 |
March 31, 2014 |
Percent Change |
|
|
|
|
Net Income Attributable to Common
Stockholders |
$ 29,232 |
$ 7,944 |
268.0% |
After-tax impact from: |
|
|
|
ETI tax benefit |
(4,008) |
― |
|
Special charge1 |
(411) |
3,382 |
|
Loss on disposal of
aircraft |
884 |
― |
|
Adjusted Net Income Attributable to
Common Stockholders |
$ 25,697 |
$ 11,326 |
126.9% |
|
|
|
|
Diluted EPS |
$ 1.17 |
$ 0.32 |
265.6% |
After-tax impact from: |
|
|
|
ETI tax benefit |
(0.16) |
― |
|
Special charge1 |
(0.02) |
0.13 |
|
Loss on disposal of
aircraft |
0.04 |
― |
|
Adjusted Diluted EPS |
$ 1.03 |
$ 0.45 |
128.9% |
1 Included in Special charge in 2014 were employee termination
benefits, a loan reserve and tax adjustments related to GSS, and an
adjustment to lease termination costs for two 747-400BCFs.
Atlas Air Worldwide
Holdings, Inc. |
Reconciliation to
Non-GAAP Measures |
(in thousands, except per share
data) |
(Unaudited) |
|
|
For the Three
Months Ended |
|
March 31, 2015 |
March 31, 2014 |
|
|
|
Net Cash Provided by Operating
Activities |
$ 90,648 |
$ 41,268 |
Less: |
|
|
Capital expenditures |
10,385 |
4,095 |
Capitalized interest |
26 |
312 |
Free Cash Flow1 |
$ 80,237 |
$ 36,861 |
1 Free Cash Flow = Cash Flows from Operations minus Base Capital
Expenditures and Capitalized Interest.
Base Capital Expenditures excludes purchases of aircraft.
Atlas Air Worldwide
Holdings, Inc. |
Reconciliation to
Non-GAAP Measures |
(in thousands) |
(Unaudited) |
|
|
For the Three
Months Ended |
|
March 31, 2015 |
March 31, 2014 |
|
|
|
Income before income
taxes |
$ 36,261 |
$ 6,565 |
Special charge1 |
(568) |
8,029 |
Loss on disposal of aircraft |
1,209 |
― |
|
|
|
Adjusted pretax income |
36,902 |
14,594 |
|
|
|
Interest expense, net |
20,034 |
21,413 |
Other non-operating expenses |
675 |
152 |
|
|
|
Adjusted operating
income |
57,611 |
36,159 |
|
|
|
Depreciation and amortization |
32,030 |
28,155 |
|
|
|
EBITDA, as adjusted2 |
89,641 |
64,314 |
|
|
|
Aircraft rent |
34,261 |
35,410 |
|
|
|
EBITDAR, as adjusted3 |
$ 123,902 |
$ 99,724 |
1 Included in Special charge in 2014 were employee termination
benefits, a loan reserve and tax adjustments related to GSS, and an
adjustment to lease termination costs for two 747-400BCFs.
2 Adjusted EBITDA: Earnings before interest, taxes,
depreciation, amortization, special charge, and loss on disposal of
aircraft, as applicable.
3 Adjusted EBITDAR: Earnings before interest, taxes,
depreciation, amortization, aircraft rent expense, special charge,
and loss on disposal of aircraft, as applicable.
Atlas Air Worldwide
Holdings, Inc. |
Operating Statistics
and Traffic Results |
(Unaudited) |
|
|
|
|
|
For the Three
Months Ended |
Increase/ |
|
March 31, 2015 |
March 31, 2014 |
(Decrease) |
|
|
|
|
Block Hours |
|
|
|
ACMI |
29,460 |
28,023 |
1,437 |
Charter |
|
|
|
Cargo |
8,268 |
5,899 |
2,369 |
Passenger |
3,221 |
2,715 |
506 |
Other |
331 |
236 |
95 |
Total Block Hours |
41,280 |
36,873 |
4,407 |
|
|
|
|
Revenue Per Block Hour |
|
|
|
ACMI |
$ 6,417 |
$ 7,071 |
$ (654) |
Charter |
$ 19,161 |
$ 20,591 |
$ (1,430) |
Cargo |
$ 19,258 |
$ 20,293 |
$ (1,035) |
Passenger |
$ 18,912 |
$ 21,239 |
$ (2,327) |
|
|
|
|
Average Utilization (block hours per
day) |
|
|
|
ACMI1 |
9.5 |
9.4 |
0.1 |
Charter |
|
|
|
Cargo |
10.0 |
7.7 |
2.3 |
Passenger |
7.2 |
6.0 |
1.2 |
All Operating Aircraft1,2 |
9.5 |
8.8 |
0.7 |
|
|
|
|
Fuel |
|
|
|
Charter |
|
|
|
Average fuel cost per
gallon |
$ 2.34 |
$ 3.23 |
$ (0.89) |
Fuel gallons consumed
(000s) |
33,312 |
25,299 |
8,013 |
1 ACMI and All Operating Aircraft averages in the first quarter
of 2015 reflect the impact of increases in the number of CMI
aircraft and amount of CMI flying compared with the first quarter
of 2014.
2 Average of All Operating Aircraft excludes Dry Leasing
aircraft, which do not contribute to block-hour volumes.
Atlas Air Worldwide
Holdings, Inc. |
Operating Statistics
and Traffic Results |
(Unaudited) |
|
|
|
|
|
For the Three
Months Ended |
Increase/ |
|
March 31,
2015 |
March 31, 2014 |
(Decrease) |
|
|
|
|
Segment Operating Fleet (average
aircraft equivalents during the period) |
|
|
|
ACMI1 |
|
|
|
747-8F Cargo |
8.6 |
8.7 |
(0.1) |
747-400 Cargo |
12.2 |
12.5 |
(0.3) |
747-400 Dreamlifter |
3.1 |
3.1 |
― |
767-300 Cargo |
2.0 |
2.0 |
― |
767-200 Cargo |
6.4 |
5.0 |
1.4 |
747-400 Passenger |
1.0 |
1.0 |
― |
767-200 Passenger |
1.0 |
1.0 |
― |
Total |
34.3 |
33.3 |
1.0 |
Charter |
|
|
|
747-8F Cargo |
0.3 |
0.2 |
0.1 |
747-400 Cargo |
8.9 |
8.3 |
0.6 |
747-400 Passenger |
2.0 |
2.0 |
― |
767-300 Passenger |
3.0 |
3.0 |
― |
Total |
14.2 |
13.5 |
0.7 |
Dry
Leasing |
|
|
|
777-200 Cargo |
6.0 |
5.8 |
0.2 |
757-200 Cargo |
1.0 |
1.0 |
― |
737-300 Cargo |
1.0 |
1.0 |
― |
737-800 Passenger |
1.6 |
2.0 |
(0.4) |
Total |
9.6 |
9.8 |
(0.2) |
Total Operating
Aircraft |
58.1 |
56.6 |
1.5 |
|
|
|
|
Out of Service2 |
1.0 |
1.0 |
― |
1 ACMI average fleet excludes spare aircraft provided by CMI
customers.
2 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.
CONTACT: Dan Loh (Investors) - (914) 701-8200
Bonnie Rodney (Media) - (914) 701-8580
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