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ATSG's Fourth Quarter Pretax Earnings From Continuing Operations Increases 17 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.





(In thousands)

  Three Months Ended   Year Ended
December 31,   December 31,
2011   2010 2011   2010

Earnings from Continuing Operations Before Income Taxes

$ 23,279 $ 19,965 $ 40,860 $ 63,317
Interest Income (51 ) (75 ) (179 ) (316 )
Interest Expense 3,237 4,251 14,181 18,675
Depreciation and Amortization 22,198   22,284   91,063   87,594  
EBITDA from Continuing Operations $ 48,663 $ 46,425 $ 145,925 $ 169,270
Add Asset impairment charges 27,144
Less Net (Gain) Loss on derivative instruments (556 ) 4,881
Add Write-off of unamortized debt issuance costs 2,886
Less DHL Severance and Retention activities (3,549 )
Adjusted EBITDA from Continuing Operations $ 48,107   $ 46,425   $ 180,836   $ 165,721  

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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