Air Transport Services Group, Inc. (Nasdaq: ATSG), the leading provider
of medium wide-body aircraft leasing, and air cargo transportation and
related services, today reported consolidated financial results for the
quarter ended March 31, 2014, and announced new, multi-year dry-leases
of Boeing 767 freighter aircraft and an amendment to its credit
agreement with a consortium of banks.
For the first quarter of 2014:
-
Revenues were $143.6 million, flat with a year ago. Increases in
revenues from aircraft leasing and other business activities offset
lower revenues from airline operations.
-
Earnings from continuing operations of $6.5 million, or $0.10 per
share, were lower than earnings of $8.5 million, or $0.13 per share a
year ago. A $4.1 million increase in depreciation and amortization
expense stemming from the addition of more modern aircraft to ATSG’s
fleet, offset decreases in other operating expenses.
-
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization, also adjusted for the effect of derivative transactions)
was $38.8 million, up 4 percent from $37.3 million in the prior-year
quarter. Adjusted EBITDA is a non-GAAP financial measure, defined and
reconciled to comparable GAAP results in separate tables at the end of
this release.
-
Today, ATSG executed a favorable amendment to its primary credit
agreement which extends the term of the agreement until May 6, 2019,
reduces interest rate pricing, adds a $50 million accordion feature,
and improves its ability to execute stock repurchases and pay
dividends to shareholders.
Separately, ATSG announced the following new-business agreements today:
-
Dry-leases for two Boeing 767-200 freighters to Cargojet, a Canadian
airline, for terms of up to three years beginning in the second and
third quarters this year. These aircraft are in addition to the two
767-200 freighters Cargojet currently leases from CAM.
-
Dry-leases for two Boeing 767-300 freighters to Amerijet, a Florida
based airline, under six-year terms beginning in the third quarter
this year. Amerijet currently leases three 767-200 freighters from CAM.
Joe Hete, President and Chief Executive Officer of ATSG, said, “This new
business with two long-standing ATSG customers demonstrates their
confidence in the value of mid-size freighters as vital components of
efficient regional air-cargo networks, and in our bundled services
offerings, which facilitate rapid implementation and scale efficiencies.
These dry lease deployments evidence the strengthening demand for
mid-size lift that we spoke of last quarter, and bolster our confidence
that we can deliver at or above the upper range of our EBITDA guidance
for 2014, based on improving performance, particularly in the second
half of the year.”
Segment Results
CAM (Aircraft Leasing)
CAM
|
|
|
|
|
First Quarter
|
($ in thousands)
|
|
|
|
|
2014
|
|
|
2013
|
Revenues
|
|
|
|
|
$
|
|
40,635
|
|
|
$
|
|
38,969
|
Pre-Tax Earnings
|
|
|
|
|
14,440
|
|
|
16,873
|
|
|
|
|
|
|
|
|
|
Significant Developments:
-
Higher revenues were the result of four more CAM-owned aircraft in- or
available for service as of March 31, including four 757 combis
(combined passenger and main-deck cargo aircraft), two 767 freighters
and one 757 freighter, less three retired DC-8 combis. Lower pre-tax
earnings from leasing operations reflect higher depreciation on the
newer added aircraft.
-
At March 31, CAM owned 51 Boeing cargo aircraft in service condition
including 20 leased to external customers and 30 leased to CAM’s
airline affiliates, and one unassigned. A table reflecting cargo
aircraft in service is included at the end of this release.
-
CAM’s seventh owned 767-300 freighter became available for service
during the first quarter, along with its fourth 757 combi. ATSG no
longer has any aircraft in modification or awaiting conversion.
-
In addition to the two 767-300s that Amerijet has agreed to lease from
CAM, it also agreed to 18-month lease extensions through 2019 for two
of the three 767-200s it currently leases, and the right to terminate
early the dry lease of the third leased 767-200 when the 767-300s are
fully deployed. One of CAM's airline affiliates is operating one
767-200 freighter in Amerijet's network under an interim ACMI
agreement.
-
When fully implemented later this year, the new arrangements with
Amerijet and Cargojet will increase the number of CAM aircraft leased
to external customers from 20 at March 31 to 23, principally via
reductions in the number of aircraft leased to its airline affiliates.
ACMI Services
ACMI Services
|
|
|
|
|
First Quarter
|
($ in thousands)
|
|
|
|
|
2014
|
|
|
2013
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Airline services
|
|
|
|
|
$
|
|
87,507
|
|
|
|
$
|
|
94,892
|
|
Reimbursables
|
|
|
|
|
21,089
|
|
|
|
18,159
|
|
Total ACMI Services Revenues
|
|
|
|
|
108,596
|
|
|
|
113,051
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax Loss
|
|
|
|
|
(7,046
|
)
|
|
|
(5,404
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Significant Developments:
-
First-quarter airline services revenues decreased $7.4 million to
$87.5 million, compared with the first quarter last year. Segment
pre-tax loss increased to $7.0 million from $5.4 million. Reductions
in non-U.S. operations, including those for DHL in the Mideast, along
with continued carrying costs associated with underutilized aircraft,
were principal factors. Revenues from domestic airline operations for
DHL increased.
-
In the first quarter, the last of four 757 combis entered service for
the U.S. military, completing the modernization of that fleet. The 757
combis have more passenger capacity and greater fuel efficiency than
the DC-8 combis they replaced.
-
During the first quarter, DHL ended ACMI agreements with Air Transport
International (ATI) for three 767 freighters that had supported DHL's
Mideast network. Results from three other freighters deployed by
ATSG's airlines offset a portion of the loss of the Mideast business.
-
ACMI block hours decreased 3 percent during the first quarter,
compared to the prior-year period.
-
As noted above, CAM's additional placements of freighter aircraft
under dry leases to third parties will reduce the number of aircraft
leased to ATSG's airlines, including three of five underutilized
freighters leased to those airlines as of March 31.
Other Activities
Other Activities
|
|
|
|
|
First Quarter
|
($ in thousands)
|
|
|
|
|
2014
|
|
|
2013
|
Revenues
|
|
|
|
|
$
|
|
26,808
|
|
|
$
|
|
26,254
|
Pre-Tax Earnings
|
|
|
|
|
3,017
|
|
|
2,181
|
|
|
|
|
|
|
|
|
|
-
Pre-tax earnings in the first quarter were driven by higher revenues
from the Company's aircraft maintenance and postal operations. The
aircraft maintenance business, Aircraft Maintenance and Engineering
Services (AMES) is preparing to serve more third-party customers after
its new hangar opens in Wilmington in June of this year.
Credit Agreement Amendment
Today, ATSG executed an amendment
to its senior secured credit facility which includes a term loan of
$127.5 million, and access to a revolving credit facility of up to $275
million, of which the Company has drawn $188.0 million. Key features of
the amendment include:
-
Extended the maturity of the term loan and revolving credit facility
from July 2017 to May 6, 2019.
-
Reduced EBITDA-based pricing by approximately 25 basis points.
-
An accordion feature which would allow ATSG to expand the revolver
capacity from $275 million to $325 million, subject to lenders'
consent.
-
Allows for stock buybacks and dividends when the debt-to-EBITDA ratio
is below 2.5 times after giving effect of the buyback or dividend (the
previous requirement was under 2.0 times).
Outlook
In March, ATSG projected that its Adjusted EBITDA
for 2014 would be in a range of $165 to $170 million, excluding any
results from deployments of under-utilized aircraft. Based on today's
new-business announcements, virtually all of which commence in the
second half of the year, ATSG has greater confidence that its Adjusted
EBITDA for 2014 from all sources will meet or exceed the upper end of
that guidance range, assuming improving base-business progress in 2014.
Hete said, “Uncertainties that discouraged major investments in
air-cargo networks for many months appear to have eased, and we are
seeing broad interest in our aircraft beyond the agreements we have
announced today. Cargojet and Amerijet have signed for four of our six
under-utilized freighters, and discussions with others give us a good
chance to be fully deployed by the end of this year.
“The growing EBITDA we project, and reductions in our obligations for
capital expenditures and pension funding, will significantly improve our
cash flow this year. Our recent success at placing additional aircraft
under multi-year customer arrangements, and continued interest in those
still available for deployment, gives us confidence that we will make
even greater cash flow gains as the year progresses. With a strong
balance sheet and cash flow, we are poised to invest where it can
generate the most attractive shareholder returns.”
Conference Call
ATSG will host a conference call on May 7,
2014, at 9:00 a.m. Eastern time to review its financial results for the
first quarter of 2014. Participants should dial 888-895-5479 and
international participants should dial 847-619-6250 ten minutes before
the scheduled start of the call and ask for conference pass code 37157156.
The call will also be webcast live (listen-only mode) via www.atsginc.com
and www.earnings.com
for individual investors, and via www.streetevents.com
for institutional investors.
A replay of the conference call will be available by phone on May 7,
2014, beginning at 2:00 p.m. and continuing through March 14, 2014, at
(888) 843-7419 (international callers 630-652-3042); use pass code 37157156#.
The webcast replay will remain available via www.atsginc.com
and www.earnings.com
for 30 days.
About ATSG
ATSG is a leading provider of aircraft leasing
and air cargo transportation and related services to domestic and
foreign air carriers and other companies that outsource their air cargo
lift requirements. ATSG, through its leasing and airline subsidiaries,
is the world's largest owner and operator of converted Boeing 767
freighter aircraft. Through its principal subsidiaries, including two
airlines with separate and distinct U.S. FAA Part 121 Air Carrier
certificates, ATSG provides aircraft leasing, air cargo lift, aircraft
maintenance services and airport ground services. ATSG's subsidiaries
include ABX Air, Inc.; Airborne Global Solutions, Inc.; Air Transport
International, Inc.; Cargo Aircraft Management, Inc.; and Airborne
Maintenance and Engineering Services, Inc. For more information, please
see www.atsginc.com.
Except for historical information contained herein, the matters
discussed in this release contain forward-looking statements that
involve risks and uncertainties. There are a number of important factors
that could cause Air Transport Services Group's ("ATSG's") actual
results to differ materially from those indicated by such
forward-looking statements. These factors include, but are not limited
to, changes in market demand for our assets and services, the number and
timing of deployments of our aircraft, our operating airlines' ability
to maintain on-time service and control costs, and other factors that
are contained from time to time in ATSG's filings with the U.S.
Securities and Exchange Commission, including its Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. Readers should carefully review
this release and should not place undue reliance on ATSG's
forward-looking statements. These forward-looking statements were based
on information, plans and estimates as of the date of this release. ATSG
undertakes no obligation to update any forward-looking statements to
reflect changes in underlying assumptions or factors, new information,
future events or other changes.
|
|
|
|
|
|
|
|
|
|
|
|
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
REVENUES
|
|
|
|
|
$
|
143,593
|
|
|
|
$
|
143,279
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
|
|
|
43,065
|
|
|
|
43,309
|
|
Fuel
|
|
|
|
|
12,260
|
|
|
|
14,361
|
|
Maintenance, materials and repairs
|
|
|
|
|
24,879
|
|
|
|
22,134
|
|
Depreciation and amortization
|
|
|
|
|
24,979
|
|
|
|
20,920
|
|
Rent
|
|
|
|
|
7,310
|
|
|
|
6,779
|
|
Travel
|
|
|
|
|
4,573
|
|
|
|
4,727
|
|
Landing and ramp
|
|
|
|
|
2,738
|
|
|
|
4,065
|
|
Insurance
|
|
|
|
|
1,205
|
|
|
|
1,511
|
|
Other operating expenses
|
|
|
|
|
8,748
|
|
|
|
9,060
|
|
|
|
|
|
|
129,757
|
|
|
|
126,866
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
|
13,836
|
|
|
|
16,413
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
19
|
|
|
|
21
|
|
Interest expense
|
|
|
|
|
(3,823
|
)
|
|
|
(3,132
|
)
|
Net gain on derivative instruments
|
|
|
|
|
299
|
|
|
|
290
|
|
|
|
|
|
|
(3,505
|
)
|
|
|
(2,821
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
|
|
|
10,331
|
|
|
|
13,592
|
|
INCOME TAX EXPENSE
|
|
|
|
|
(3,809
|
)
|
|
|
(5,091
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS
|
|
|
|
|
6,522
|
|
|
|
8,501
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
|
|
|
211
|
|
|
|
(1
|
)
|
NET EARNINGS
|
|
|
|
|
$
|
6,733
|
|
|
|
$
|
8,500
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.13
|
|
Discontinued operations
|
|
|
|
|
—
|
|
|
|
—
|
|
NET EARNINGS PER SHARE
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.13
|
|
Discontinued operations
|
|
|
|
|
—
|
|
|
|
—
|
|
NET EARNINGS PER SHARE
|
|
|
|
|
$
|
0.10
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
64,148
|
|
|
|
63,810
|
|
Diluted
|
|
|
|
|
65,141
|
|
|
|
64,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
27,102
|
|
|
|
$
|
31,699
|
|
Accounts receivable, net of allowance of $698 in 2014 and $717 in
2013
|
|
|
|
|
50,827
|
|
|
|
52,247
|
|
Inventory
|
|
|
|
|
10,608
|
|
|
|
9,050
|
|
Prepaid supplies and other
|
|
|
|
|
12,754
|
|
|
|
9,730
|
|
Deferred income taxes
|
|
|
|
|
13,957
|
|
|
|
13,957
|
|
Aircraft and engines held for sale
|
|
|
|
|
2,487
|
|
|
|
2,995
|
|
TOTAL CURRENT ASSETS
|
|
|
|
|
117,735
|
|
|
|
119,678
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
817,441
|
|
|
|
838,172
|
|
Other assets
|
|
|
|
|
36,761
|
|
|
|
21,143
|
|
Pension assets, net of obligations
|
|
|
|
|
16,887
|
|
|
|
14,855
|
|
Intangibles
|
|
|
|
|
4,826
|
|
|
|
4,896
|
|
Goodwill
|
|
|
|
|
34,395
|
|
|
|
34,395
|
|
TOTAL ASSETS
|
|
|
|
|
$
|
1,028,045
|
|
|
|
$
|
1,033,139
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
30,361
|
|
|
|
$
|
34,818
|
|
Accrued salaries, wages and benefits
|
|
|
|
|
23,400
|
|
|
|
23,163
|
|
Accrued expenses
|
|
|
|
|
9,497
|
|
|
|
9,695
|
|
Current portion of debt obligations
|
|
|
|
|
23,873
|
|
|
|
23,721
|
|
Unearned revenue
|
|
|
|
|
8,887
|
|
|
|
8,733
|
|
TOTAL CURRENT LIABILITIES
|
|
|
|
|
96,018
|
|
|
|
100,130
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt
|
|
|
|
|
350,718
|
|
|
|
360,794
|
|
Post-retirement obligations
|
|
|
|
|
30,207
|
|
|
|
30,638
|
|
Other liabilities
|
|
|
|
|
62,243
|
|
|
|
62,740
|
|
Deferred income taxes
|
|
|
|
|
113,273
|
|
|
|
109,869
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, 20,000,000 shares authorized, including 75,000
Series A Junior Participating Preferred Stock
|
|
|
|
|
—
|
|
|
|
—
|
|
Common stock, par value $0.01 per share; 75,000,000 shares
authorized; 64,850,537 and 64,618,305 shares issued and outstanding
in 2014 and 2013, respectively
|
|
|
|
|
649
|
|
|
|
646
|
|
Additional paid-in capital
|
|
|
|
|
525,347
|
|
|
|
524,953
|
|
Accumulated deficit
|
|
|
|
|
(120,080
|
)
|
|
|
(126,813
|
)
|
Accumulated other comprehensive loss
|
|
|
|
|
(30,330
|
)
|
|
|
(29,818
|
)
|
TOTAL STOCKHOLDERS’ EQUITY
|
|
|
|
|
375,586
|
|
|
|
368,968
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
$
|
1,028,045
|
|
|
|
$
|
1,033,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
PRE-TAX EARNINGS AND ADJUSTED PRE-TAX EARNINGS SUMMARY
FROM CONTINUING OPERATIONS
NON-GAAP RECONCILIATION
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
CAM
|
|
|
|
|
$
|
40,635
|
|
|
|
$
|
38,969
|
|
ACMI Services
|
|
|
|
|
|
|
|
|
|
|
Airline services
|
|
|
|
|
87,507
|
|
|
|
94,892
|
|
Reimbursables
|
|
|
|
|
21,089
|
|
|
|
18,159
|
|
Total ACMI Services
|
|
|
|
|
108,596
|
|
|
|
113,051
|
|
Other Activities
|
|
|
|
|
26,808
|
|
|
|
26,254
|
|
Total Revenues
|
|
|
|
|
176,039
|
|
|
|
178,274
|
|
Eliminate internal revenues
|
|
|
|
|
(32,446
|
)
|
|
|
(34,995
|
)
|
Customer Revenues
|
|
|
|
|
$
|
143,593
|
|
|
|
$
|
143,279
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax Earnings from Continuing Operations
|
|
|
|
|
CAM, inclusive of interest expense
|
|
|
|
|
14,440
|
|
|
|
16,873
|
|
ACMI Services
|
|
|
|
|
(7,046
|
)
|
|
|
(5,404
|
)
|
Other Activities
|
|
|
|
|
3,017
|
|
|
|
2,181
|
|
Net, unallocated interest expense
|
|
|
|
|
(379
|
)
|
|
|
(348
|
)
|
Net gain on derivative instruments
|
|
|
|
|
299
|
|
|
|
290
|
|
Total Pre-tax Earnings
|
|
|
|
|
$
|
10,331
|
|
|
|
$
|
13,592
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Pre-tax Earnings
|
|
|
|
|
Less net gain on derivative instruments
|
|
|
|
|
(299
|
)
|
|
|
(290
|
)
|
Adjusted Pre-tax Earnings
|
|
|
|
|
$
|
10,032
|
|
|
|
$
|
13,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Pre-tax Earnings is defined as Earnings from Continuing
Operations Before Income Taxes less derivative gains. 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
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing Operations Before Income Taxes
|
|
|
|
|
$
|
10,331
|
|
|
|
$
|
13,592
|
|
Interest Income
|
|
|
|
|
(19
|
)
|
|
|
(21
|
)
|
Interest Expense
|
|
|
|
|
3,823
|
|
|
|
3,132
|
|
Depreciation and Amortization
|
|
|
|
|
24,979
|
|
|
|
20,920
|
|
EBITDA from Continuing Operations
|
|
|
|
|
$
|
39,114
|
|
|
|
$
|
37,623
|
|
Less net gain on derivative instruments
|
|
|
|
|
(299
|
)
|
|
|
(290
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from Continuing Operations
|
|
|
|
|
$
|
38,815
|
|
|
|
$
|
37,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
EBITDA from Continuing Operations is defined as Earnings from Continuing
Operations Before Income Taxes plus net interest expense, depreciation,
and amortization expense. Adjusted EBITDA from Continuing Operations is
defined as EBITDA from Continuing Operations less derivative gains.
Management uses EBITDA from Continuing Operations as an indicator of the
cash-generating performance of the operations of the Company. Management
uses Adjusted EBITDA from Continuing Operations to assess the
performance of its operating results among periods. EBITDA and Adjusted
EBITDA from Continuing Operations should not be considered in isolation
or as a substitute for analysis of the Company's results as reported
under GAAP, or as an alternative measure of liquidity.
|
|
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
IN-SERVICE CARGO AIRCRAFT FLEET
|
|
Aircraft Types
|
|
|
|
|
|
December 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
2014 Projected
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Total
|
|
Owned
|
|
Lease
|
|
|
Total
|
|
Owned
|
|
Lease
|
|
|
Total
|
|
Owned
|
|
Lease
|
B767-200
|
|
|
|
|
40
|
|
36
|
|
4
|
|
|
40
|
|
36
|
|
4
|
|
|
40
|
|
36
|
|
4
|
B767-300
|
|
|
|
|
8
|
|
6
|
|
2
|
|
|
9
|
|
7
|
|
2
|
|
|
9
|
|
7
|
|
2
|
B757-200
|
|
|
|
|
4
|
|
4
|
|
—
|
|
|
4
|
|
4
|
|
—
|
|
|
4
|
|
4
|
|
—
|
B757 Combi
|
|
|
|
|
3
|
|
3
|
|
—
|
|
|
4
|
|
4
|
|
—
|
|
|
4
|
|
4
|
|
—
|
Total Aircraft In-Service
|
|
|
|
|
55
|
|
49
|
|
6
|
|
|
57
|
|
51
|
|
6
|
|
|
57
|
|
51
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned Aircraft In Serviceable Condition
|
|
|
|
|
|
December 31,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
2014 Projected
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATSG airlines
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
24-28
|
|
|
External customers
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
20
|
|
|
|
|
|
|
23-27
|
|
|
Unassigned
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright Business Wire 2014