Atlas Air revenue down 45.3% in 2Q2009

Atlas Air revenue down 45.3% - financial highlights:

• Three months ended 30-Jun-2009:
  • Revenue: USD240.0 million, -45.3% year-on-year;
    • ACMI: USD122.4 million, +60.6%;
    • AMC charter: USD78.0 million, -30.2%;
    • Commercial charter: USD35.6 million, +46.0%;
    • Dry leasing: USD1.0 million, -92.2%;
    • Scheduled service*: n/a, compared to a revenue of USD213.4 million in the previous corresponding period;
  • Operating costs: USD214.5 million, -49.6%;
    • Labour: USD52.3 million, -0.9%;
    • Fuel: USD39.3 million, -81.0%;
  • Operating profit: USD25.5 million, +91.8%;
  • Net profit: USD11.3 million, +640.5%;
• Six months ended 30-Jun-2009:
  • Revenue: USD484.5 million, -40.3%;
    • ACMI: USD237.5 million, +54.0%;
    • AMC charter: USD158.6 million, -22.9%;
    • Commercial charter: USD60.6 million, +14.7%;
    • Dry leasing: USD11.8 million, -54.7%;
    • Scheduled service*: n/a, compared to a revenue of USD372.9 million in the previous corresponding period;
  • Operating costs: USD415.3 million, -48.4%;
    • Labour: USD105.0 million, -6.0%;
    • Fuel: USD81.4 million, -76.8%;
  • Operating profit: USD69.2 million, +851.1%;
  • Net profit: USD34.7 million, compared to a loss of USD3.8 million in the previous corresponding period.
• *Due to the deconsolidation of Polar from Atlas Air Worldwide Holdings and the consolidation of GSS, revenues generated by aircraft supporting Polar and GSS have been included in ACMI operations, since 27-Oct-2008 and 08-Apr-2009, respectively.

Atlas Air: "While global airfreight traffic in the past few months is showing some signs of incremental improvement, there is still an imbalance between traffic and capacity that has put pressure on airfreight yields. It appears that business inventories have been reduced, but they also appear to remain relatively high in comparison to final sales, and the timing of the eventual recovery in business and end-user consumption is still uncertain. We continue to expect solid full-year earnings growth in 2009. We have improved our earnings visibility and our risk profile, and we are generating strong performance deep into a difficult cycle," William Flynn, President and CEO. Source: Atlas Air, 05-Aug-2009.