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ATSG's Adjusted Pre-Tax Earnings Up 34 Percent

Stocks in this article: ATSG

Adjusted Pre-tax Earnings is defined as Earnings from Continuing Operations Before Income Taxes less amounts related to the Severance and Retention agreement with DHL, plus net derivative losses, plus the write-off related to the termination of certain credit agreements in conjunction with the refinancing of the Company's debt, plus asset impairment charges. Adjusted Pre-tax earnings from Continuing Operations is a non-GAAP financial measure and should not be considered as alternatives to Earnings from Continuing Operations Before Income Taxes or any other performance measure derived in accordance with GAAP.

           
 

AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES

UNAUDITED ADJUSTED EARNINGS FROM CONTINUING OPERATIONS BEFORE INTEREST, TAXES,DEPRECIATION AND AMORTIZATIONNON-GAAP RECONCILIATION 

(In thousands)

 

 

Three Months Ended Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
 
Earnings (Loss) from Continuing Operations Before
Income Taxes $ (6,666 ) $ 16,670 $ 17,581 $ 43,352
Interest Income (29 ) (83 ) (128 ) (241 )
Interest Expense 3,304 4,641 10,944 14,424
Depreciation and Amortization 22,616   22,758   68,865   65,310  
EBITDA from Continuing Operations $ 19,225 $ 43,986 $ 97,262 $ 122,845
Add Asset impairment charges 27,144 27,144
Add Net loss on derivative instruments 1,881 5,437
Add Write-off of unamortized debt issuance costs 2,886
Less DHL Severance and Retention activities (3,549 )
       
Adjusted EBITDA from Continuing Operations $ 48,250   $ 43,986   $ 132,729   $ 119,296  
 

EBITDA and Adjusted EBITDA from Continuing Operations are non-GAAP financial measures and should not be considered as alternatives to Earnings from Continuing Operations Before Income Taxes or any other performance measure derived in accordance with GAAP.

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