Tag Archives: 29253

Atlas Air and QANTAS extend their ACMI agreement

Atlas Air Worldwide Holdings, Inc. (New York) today said that its Atlas Air, Inc. unit (New York) and QANTAS Airways Ltd. (Sydney) have extended their long-standing ACMI (aircraft, crew, maintenance and insurance) relationship.

Under the terms of the agreement, Atlas Air will continue to operate two Boeing 747-400 freighters in ACMI service for QANTAS on trans-Pacific routes linking Australia and Asia with the United States.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 747-47UF N492MC (msn 29253) departs from Anchorage, Alaska after a cargo and fuel stop. The freighter also carries small QANTAS Airways sub-titles.

Atlas Air: AG Slide Show

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Atlas Air to fly for Astral Aviation

Atlas Air Worldwide Holdings, Inc. today announced that its Atlas Air, Inc. (New York) unit has entered into a contract with Astral Aviation Limited (Nairobi), a Kenya-based cargo airline, to provide Boeing 747-400 Freighter service.

The contract is for one aircraft under an ACMI (Aircraft, Crew, Maintenance and Insurance) agreement, with service expected to begin in the next few weeks. This is the first 747-400F in Astral Aviation’s global network, and it will provide all-cargo operations between Europe and Africa.

Astral Aviation operates in partnership with UK-based ANA Airline Management Limited. ANA specializes in the development and operation of all-cargo aircraft across a wide range of scheduled routes as well as providing air charter capacity on a worldwide basis to the various airlines it works in partnership with. ANA was founded in 1985 and has offices throughout Europe, Africa and North America.

Copyright Photo: Tony Storck/AirlinersGallery.com. Atlas Air’s Boeing 747-47UF N492MC (msn 29253) climbs beautifully away from Anchorage International Airport.

Atlas Air: AG Slide Show

 

Atlas Air Worldwide Holdings reports 4Q adjusted net income is up 23% to $48.7 million, 2012 net income rose 17% to $127.0 million

Atlas Air Worldwide Holdings, Inc. (Atlas Air and Polar Air Cargo) (New York) today announced a 23% increase in adjusted net income attributable to common stockholders for the fourth quarter of 2012, with adjusted net income rising to $48.7 million, or $1.83 per diluted share. For the full year, adjusted net income attributable to common stockholders rose 17% to $127.0 million, or $4.78 per share.

On a reported basis, net income attributable to common stockholders totaled $52.4 million, or $1.97 per diluted share, in the fourth quarter, and $129.9 million, or $4.89 per diluted share, for the year.

Adjusted earnings exclude net gains in the fourth quarter and for the full year that primarily reflected an insurance gain of $0.15 per diluted share related to flood damage at an aircraft parts warehouse during Superstorm Sandy.

Revenues grew 17% to $452.8 million in the fourth quarter and 18% to $1.65 billion for the year. Free cash flow for 2012 totaled $208.5 million.

Fourth-Quarter Results

Revenue and profitability growth in our core ACMI business during the fourth quarter were driven by our new 747-8Fs, which began to enter service late in the fourth quarter of 2011. Volume growth was primarily due to the continued ramp up of CMI flying for Boeing and DHL Express. ACMI results during the period benefited from higher rates per block hour and lower maintenance expense for our 747-8Fs, partially offset by the redeployment of 747-400 aircraft to other business segments. ACMI customers flew 4.3% above contractual minimums during the quarter.

In AMC Charter, strong growth in our passenger service and rate premiums earned on flying more efficient 747-400 cargo aircraft in the fourth quarter of 2012 compared with less efficient 747-200 aircraft in 2011 partially offset a 48% reduction in cargo block hours and a reduction in the number of one-way AMC missions.

In Commercial Charter, increased revenues and volumes reflected the deployment of 747-400 cargo aircraft in lieu of retired 747-200s, the deployment of an additional 747-400 cargo aircraft to support increased demand in South America, and 747-400 aircraft from ACMI during remarketing periods. Commercial Charter results were affected by a reduction in yields driven by softer charter-market conditions compared with the fourth quarter of 2011, and a reduction in return legs due to fewer one-way AMC Charter missions.

Fourth-quarter results in each segment were affected by increased crew costs, with AMC Charter and Commercial Charter incurring other volume-driven operating expenses and higher aircraft ownership costs related to the deployment of 747-400 aircraft in lieu of 747-200 aircraft.

Unallocated income and expenses during the quarter reflected a pretax insurance gain of $6.3 million (equivalent to $0.15 per fully diluted share on an after-tax basis) related to flood damage incurred at an aircraft parts warehouse during Superstorm Sandy.

Income Taxes

Adjusted and reported earnings for the fourth quarter of 2012 included an effective income tax rate of 35.9%, reflecting an adjustment to reserves related to U.S. federal income tax benefits claimed in prior periods that totaled $0.06 per fully diluted share.

Adjusted and reported earnings for the full year of 2012 included an effective income tax rate of 36.8%, relating to the adjustment to U.S. federal income tax reserves and the settlement of income tax examinations in Hong Kong that totaled $0.09 per fully diluted share.

Cash, Cash Equivalents and Short-Term Investments

At December 31, 2012, our cash, cash equivalents and short-term investments totaled $419.9 million, compared with $195.2 million at December 31, 2011.

The growth in cash, cash equivalents and short-term investments in 2012 was primarily driven by an increase in cash provided by operating and financing activities, partially offset by an increase in cash used for investing activities.

Net cash used for investing activities in 2012 primarily related to the purchase of four 747-8F aircraft for our ACMI operations, a third 767-300ER passenger aircraft for our AMC Charter operations, and a 737-300 cargo aircraft for our Dry Leasing business.

Net cash provided by financing activities primarily reflected proceeds from the issuance of debt in connection with the delivery of the four 747-8Fs. These proceeds were partially offset by payments on debt obligations and debt issuance costs. Both the proceeds from our issuance of debt and the payments on our debt obligations reflect the refinancing of a total of $571 million of floating-rate term loans with fixed-rate notes issued in the capital markets.

Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas Air) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar Air Cargo). Through Atlas and Polar, Atlas Air Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.

Top Copyright Photo: Michael B. Ing. Boeing 747-47UF N492MC (msn 29253) climbs away from Bangkok while operating for QANTAS Airways.

Atlas Air: AG Slide Show

Polar Air Cargo: AG Slide Show

Bottom Copyright Photo: Michael B. Ing. Boeing 747-47UF N416MC (msn 32838) of Polar Air Cargo in DHL colors climbs away from Los Angeles International Airport.

Atlas Air flies first Boeing 747-400F into the new Dubai World Central-Al Maktoum International Airport

Atlas Air Worldwide Holdings, Inc. (AAWW) (New York) confirmed the successful operation on October 14 of the first scheduled freighter service into the new Dubai World Central (DWC)-Al Maktoum International Airport on behalf of its long-standing ACMI customer, Panalpina Group.

Atlas Air’s Boeing 747-400 freighter flight initiates a new controlled air freight service by Panalpina. The service will include two weekly flights into Dubai as part of a round-the-world rotation connecting Luxembourg, Dubai, South Africa, Hong Kong, North America and Latin America.

In addition, a second Atlas Air 747-400 freighter is helping Panalpina inaugurate new express service between Huntsville, AL, and São Paulo, Brazil, enhancing connections between Asia, North America and Latin America.

Copyright Photo: Tony Storck.

Atlas Air to fly a second Boeing 747-400F for Panalpina

Atlas Air Worldwide Holdings, Inc. (New York) has confirmed an agreement to place a second Boeing 747-400 freighter with Panalpina Air and Ocean Ltd.

The multi-year agreement, under which Atlas Air (New York-JFK) will provide ACMI (aircraft, crew, maintenance and insurance) services to freight forwarder Panalpina which was announced on the 20th anniversary of Panalpina’s “Dixie Jet” freighter service connecting Huntsville, AL, with Europe, which is also operated by a Boeing 747-400 Freighter leased from Atlas Air.

The second aircraft, to be based at Panalpina’s European hub in Luxembourg, will operate services from Asia and Africa to Europe; Europe to Africa, the Middle East and Asia; and from Asia to the United States. It is set to begin operating in early October.

Copyright Photo: Tony Storck. A beautiful portrait of Atlas Air’s Boeing 747-47UF N492MC (msn 29253) climbing majestically away from scenic Anchorage.