Air Transport Services Group, Inc. (NASDAQ:ATSG) today reported financial results as follows for the first quarter of 2012:
|Summary GAAP Results (detailed financial statements at end of this release)|
|Quarter Ended March 31,|
|(in millions, except per-share amounts)||2012||2011||$ Change|
|Pre-tax Earnings from Continuing Operations||$||10.7||$||4.6||6.1|
|Net Earnings from Continuing Operations||$||6.7||$||2.9||3.8|
|Earnings Per Share from Continuing Operations||$||0.10||$||0.04||0.06|
|Adjusted (non-GAAP) Results *|
|Revenues excluding Reimbursed Expenses||$||128.7||$||130.9||(2.2||)|
|Adjusted Pre-tax Earnings from Continuing Operations||$||10.3||$||11.4||(1.1||)|
|Adjusted EBITDA from Continuing Operations||$||34.1||$||37.8||(3.7||)|
* A table defining and reconciling adjusted results to comparable GAAP measures is provided at the end of this release.
“Our earnings for the first quarter are in line with the pace we had outlined in our fourth-quarter conference call in March,” Joe Hete, President and CEO of ATSG, said. “In addition to the higher pension and restructuring costs we projected, we faced delays in obtaining customer commitments to new aircraft operating agreements. The good news is that many of our customers, and DHL in particular, are growing, and have plans to deploy more of our freighter aircraft into both domestic as well as new, non-U.S. markets throughout the course of the year.”
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