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TheStreet Open House

ATSG Reports Results For Second Quarter 2012

Air Transport Services Group, Inc. (NASDAQ:ATSG) today reported financial results as follows for the second quarter of 2012:

     
Summary GAAP Results          
  Quarter Ended June 30, Six Months Ended June 30,
(in millions, except per-share amounts)   2012   2011   Chg. 2012   2011   Chg.
Revenues $ 153.6   $ 193.1   $ (39.5 ) $ 299.1   $ 368.2 $ (69.1 )
Pre-tax Earnings from Continuing Operations $ 18.2 $ 19.7 $ (1.5 ) $ 28.9 $ 24.2 $ 4.7
Net Earnings from Continuing Operations $ 11.2 $ 12.3 $ (1.1 ) $ 17.9 $ 15.2 $ 2.7
Earnings Per Share from Continuing Operations   $ 0.17     $ 0.19     $ (0.02 ) $ 0.28     $ 0.24     $ 0.04  
Adjusted (non-GAAP) Results *                      
Revenues excluding Reimbursed Expenses $ 133.2 $ 143.4 $ (10.2 ) $ 261.8 $ 274.3 $ (12.5 )
Adjusted Pre-tax Earnings from Continuing Operations $ 18.0 $ 19.3 $ (1.3 ) $ 28.3 $ 30.7 $ (2.4 )
Adjusted EBITDA from Continuing Operations   $ 43.1     $ 46.7     $ (3.6 )     $ 77.2     $ 84.5     $ (7.3 )

* A table defining and reconciling adjusted results to comparable GAAP measures is provided at the end of this release.

"Our results for the second quarter are indicative of both our good internal progress toward reorganizing our ACMI Services operations, and the uncertain economic conditions that are causing some regional customers to prolong the commitment process," Joe Hete, President and CEO of ATSG, said. “While our business with global carriers like DHL continues to expand, regional market conditions are proving challenging to other customers. But we can still deploy our unique assets, complementary services, and leverage our strong balance sheet to adapt and grow as market conditions change because of our dominant global market share of mid-sized 767 freighters in a mix of long-term dry leases or shorter-term ACMI operating agreements."

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