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ATSG Reports Results For Third Quarter 2012

Adjusted Pre-tax Earnings is defined as Earnings from Continuing Operations Before Income Taxes plus derivative losses, less derivative gains, plus the write-off related to the termination of certain credit agreements in conjunction with the refinancing of the Company's debt. Management uses Adjusted Pre-tax Earnings from Continuing Operations to assess the performance of its operating results among periods. Adjusted Pre-tax earnings from Continuing Operations is a non-GAAP financial measure and should not be considered an alternative 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 AMORTIZATION

NON-GAAP RECONCILIATION

(In thousands)

 
  Three Months Ended     Nine Months Ended
September 30,   September 30,
2012   2011 2012   2011
 
Earnings (Loss) from Continuing Operations Before Income Taxes $ 18,959 $ (6,666 ) $ 47,873 $ 17,581
Interest Income (38 ) (29 ) (104 ) (128 )
Interest Expense 3,668 3,304 10,886 10,944
Depreciation and Amortization 21,057   22,616   62,871   68,865  
EBITDA from Continuing Operations $ 43,646 $ 19,225 $ 121,526 $ 97,262
Add Asset impairment charges 27,144 27,144
Less Net (Gain) Loss on derivative instruments 2,886
Add Write-off of unamortized debt issuance costs (294 ) 1,881 (956 ) 5,437
       
Adjusted EBITDA from Continuing Operations $ 43,352   $ 48,250   $ 120,570   $ 132,729  
 

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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