Freighters Prepped for Fully Deployed Fourth Quarter
Air Transport Services Group, Inc. (Nasdaq: ATSG), the leading provider
of medium wide-body aircraft leasing, air cargo transportation and
related services, today reported consolidated financial results for the
quarter ended September 30, 2015.
Results for the third quarter of 2015, compared with the third quarter
of 2014, are as follows:
-
Revenues increased three percent to $142.3 million, including a six
percent increase in freighter aircraft leasing revenues. Excluding
revenues from reimbursements, third-quarter 2015 revenues increased 6
percent.
-
Both pre-tax and net earnings from continuing operations decreased 34
percent, reflecting the revenue and expense effects of aircraft
transitioning between contracts and scheduled maintenance activities
during the third quarter. Net earnings from continuing operations were
$6.3 million, or $0.10 per share for the quarter, down from $9.6
million, or $0.15 per share in the third quarter of 2014.
-
Operating loss carryforwards for U.S. federal income tax purposes
offset much of the company’s federal tax liabilities. ATSG does not
expect to pay significant federal income taxes until 2017 or later.
-
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization, also adjusted for the effect of derivative transactions)
was $43.7 million, down two percent from a year ago. Adjusted EBITDA
is a non-GAAP financial measure, defined and reconciled to comparable
GAAP results in separate tables at the end of this release.
Joe Hete, President and Chief Executive Officer of ATSG, said, “We
advised you in August that the third quarter would be a transitional
time for us, with intensive preparations to ready aircraft and services
for new assignments in the fourth quarter. We deployed three Boeing 767
cargo aircraft under new arrangements during the third quarter, and will
deploy eight others, five of those under dry lease arrangements, in the
fourth quarter.
"We also signed commitments during the third quarter to invest in a new
joint venture that will provide air express services in China and other
points in Asia, starting in mid-2016 after pending regulatory approvals.
That airline, United Star Express, will serve rapidly growing e-commerce
markets from an operating base in Tianjin. We expect to be a source of
leased aircraft to United Star Express as it expands over the next
several years."
Through nine months, ATSG earned $25.8 million, or $0.40 per share
diluted from continuing operations in 2015, up two percent from the same
period in 2014. Revenues increased 1 percent to $437.7 million, and
increased 4 percent excluding revenues from reimbursements. Adjusted
EBITDA for the first nine months of 2015 was $141.4 million, up 10
percent.
Capital spending for the first nine months of 2015 was $111.0 million,
compared with $90.9 million in the same 2014 period. ATSG purchased
three 767-300 aircraft this year, one more than in 2014. ATSG plans to
purchase one more 767-300 in November to modify and deploy with an
existing customer in 2016 under an eight-year dry lease. ATSG projects
capital expenditures for 2015 of approximately $165 million.
Share repurchases, which began in May, have totaled $8.4 million to
date. That includes $4.3 million during the third quarter.
Segment Results
CAM (Aircraft Leasing)
CAM
|
|
|
|
Third Quarter
|
|
Nine Months
|
($ in thousands)
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
$
|
42,574
|
|
|
$
|
40,226
|
|
|
$
|
131,060
|
|
|
$
|
121,451
|
Pre-Tax Earnings
|
|
|
|
$
|
13,482
|
|
|
$
|
13,574
|
|
|
$
|
42,361
|
|
|
$
|
38,681
|
Significant Developments:
-
CAM’s third-quarter revenues from external customers increased $3.4
million versus a year ago. Pre-tax earnings reflect the benefit of
those additional revenues, offset by higher depreciation for aircraft
placed in service since September 2014, and by costs for aircraft
transitioning between customer arrangements.
-
In the fourth quarter, CAM expects to deploy three 767 freighters
under new leases to DHL: two 767-300s under eight-year leases, and one
767-200 leased through March 2019. Two 767-200s are expected to go to
West Atlantic in Europe under multi-year dry leases.
-
At September 30, 2015, CAM owned 54 Boeing cargo aircraft in
serviceable condition, and two 767-300 aircraft undergoing freighter
modification for fourth-quarter lease deployments to DHL. A table
reflecting cargo aircraft in service is included at the end of this
release.
ACMI Services
ACMI Services
|
|
|
|
Third Quarter
|
|
Nine Months
|
($ in thousands)
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
Airline services
|
|
|
|
$
|
93,632
|
|
|
$
|
92,237
|
|
|
$
|
289,224
|
|
|
$
|
292,042
|
|
Reimbursables
|
|
|
|
$
|
6,286
|
|
|
$
|
10,616
|
|
|
$
|
20,054
|
|
|
$
|
30,711
|
|
Total ACMI Services Revenues
|
|
|
|
$
|
99,918
|
|
|
$
|
102,853
|
|
|
$
|
309,278
|
|
|
$
|
322,753
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax Earnings (Loss)
|
|
|
|
$
|
(4,914
|
)
|
|
$
|
(126
|
)
|
|
$
|
(6,359
|
)
|
|
$
|
(6,863
|
)
|
Significant Developments:
-
Third-quarter revenues from airline services increased two percent,
even as our airlines operated five fewer aircraft than the prior-year
quarter as we allocated more aircraft to external leasing customers.
Aircraft utilization improved for non-DHL customers as CMI operations
for DHL declined.
-
Pre-tax profitability for the airlines declined for the quarter
because of increased scheduled maintenance services, expenses to
prepare express-network services for new customers, and a reduction in
military flying due to an out-of-service runway in Greenland.
-
One CAM-owned freighter leased to ATSG’s airlines was underutilized
during the quarter. All are expected to be serving customers during
the fourth-quarter peak holiday season.
Other Activities
Other Activities
|
|
|
|
|
Third Quarter
|
|
Nine Months
|
($ in thousands)
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
$
|
38,398
|
|
|
$
|
42,055
|
|
|
$
|
106,183
|
|
|
$
|
105,356
|
Pre-Tax Earnings
|
|
|
|
|
$
|
2,077
|
|
|
$
|
2,010
|
|
|
$
|
6,993
|
|
|
$
|
9,135
|
Significant Developments:
-
While aggregate revenues declined, revenues from external customers
for our other businesses increased 29 percent, with increases in
revenues from both aircraft maintenance and postal-center management
services. Pre-tax earnings were up slightly, as maintenance-service
margins were affected by preparations to support a new contract with
Delta Air Lines.
Outlook
ATSG continues to project that its Adjusted EBITDA from Continuing
Operations for 2015 will be in a range of $190 to 195 million. Final
results for the year will reflect ATSG’s ability to deploy and operate
aircraft quickly and efficiently for peak season, and to support new and
existing customers with additional logistical and technical services.
Hete said, "The market for ATSG's scale and expertise as an innovative
source of comprehensive solutions for regional air networks is expanding
rapidly. That's evidenced in part by our new airline joint venture in
China, United Star Express, which will focus on e-commerce opportunities
in Asia starting in mid-2016. Through this new China venture and others,
we will demonstrate our innovation, flexibility and speed to deliver
competitive advantages to e-commerce operators. We look forward to
allocating significantly more aircraft and operating resources toward
these new opportunities in 2016.”
Conference Call
ATSG will host a conference call on Nov. 6, 2015, at 10:00 a.m. Eastern
time to review its financial results for the third quarter of 2015.
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 41077146. The call will
also be webcast live (listen-only mode) via www.atsginc.com.
A replay of the conference call will be available by phone on Nov. 6,
2015, beginning at 2:00 p.m. and continuing through Nov. 13, 2015, at
(888) 843-7419 (international callers (630) 652-3042); use pass code 41077146#.
The webcast replay will remain available via www.atsginc.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
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
REVENUES
|
|
$
|
142,305
|
|
|
$
|
138,443
|
|
|
$
|
437,683
|
|
|
$
|
431,654
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
41,624
|
|
|
39,096
|
|
|
127,339
|
|
|
123,056
|
|
Depreciation and amortization
|
|
30,754
|
|
|
26,307
|
|
|
91,147
|
|
|
78,428
|
|
Maintenance, materials and repairs
|
|
24,655
|
|
|
17,082
|
|
|
71,341
|
|
|
65,129
|
|
Fuel
|
|
12,029
|
|
|
14,059
|
|
|
35,082
|
|
|
40,333
|
|
Rent
|
|
2,246
|
|
|
6,689
|
|
|
8,900
|
|
|
20,923
|
|
Travel
|
|
3,989
|
|
|
4,189
|
|
|
12,754
|
|
|
13,181
|
|
Landing and ramp
|
|
2,108
|
|
|
2,450
|
|
|
6,982
|
|
|
7,764
|
|
Insurance
|
|
832
|
|
|
1,109
|
|
|
2,636
|
|
|
3,887
|
|
Other operating expenses
|
|
11,151
|
|
|
9,175
|
|
|
31,262
|
|
|
28,713
|
|
|
|
129,388
|
|
|
120,156
|
|
|
387,443
|
|
|
381,414
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
12,917
|
|
|
18,287
|
|
|
50,240
|
|
|
50,240
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
Interest income
|
|
18
|
|
|
23
|
|
|
64
|
|
|
66
|
|
Interest expense
|
|
(2,684
|
)
|
|
(3,309
|
)
|
|
(8,588
|
)
|
|
(10,613
|
)
|
Net gain on derivative instruments
|
|
96
|
|
|
639
|
|
|
347
|
|
|
969
|
|
|
|
(2,570
|
)
|
|
(2,647
|
)
|
|
(8,177
|
)
|
|
(9,578
|
)
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
|
10,347
|
|
|
15,640
|
|
|
42,063
|
|
|
40,662
|
|
INCOME TAX EXPENSE
|
|
(4,000
|
)
|
|
(6,045
|
)
|
|
(16,251
|
)
|
|
(15,247
|
)
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS
|
|
6,347
|
|
|
9,595
|
|
|
25,812
|
|
|
25,415
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAX
|
|
214
|
|
|
312
|
|
|
642
|
|
|
734
|
|
NET EARNINGS
|
|
$
|
6,561
|
|
|
$
|
9,907
|
|
|
$
|
26,454
|
|
|
$
|
26,149
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
NET EARNINGS PER SHARE
|
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.41
|
|
|
$
|
0.41
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.40
|
|
|
$
|
0.39
|
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
NET EARNINGS PER SHARE
|
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE SHARES
|
|
|
|
|
|
|
|
|
Basic
|
|
64,239
|
|
|
64,286
|
|
|
64,411
|
|
|
64,240
|
|
Diluted
|
|
65,171
|
|
|
65,271
|
|
|
65,341
|
|
|
65,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIR TRANSPORT SERVICES GROUP, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands, except share data)
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
14,861
|
|
|
$
|
30,560
|
|
Accounts receivable, net of allowance of $360 in 2015 and $812 in
2014
|
|
39,160
|
|
|
43,513
|
|
Inventory
|
|
11,901
|
|
|
10,665
|
|
Prepaid supplies and other
|
|
13,552
|
|
|
12,613
|
|
Deferred income taxes
|
|
19,770
|
|
|
19,770
|
|
TOTAL CURRENT ASSETS
|
|
99,244
|
|
|
117,121
|
|
|
|
|
|
|
Property and equipment, net
|
|
868,897
|
|
|
847,268
|
|
Other assets
|
|
26,810
|
|
|
28,230
|
|
Goodwill and acquired intangibles
|
|
38,799
|
|
|
39,010
|
|
TOTAL ASSETS
|
|
$
|
1,033,750
|
|
|
$
|
1,031,629
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
50,018
|
|
|
$
|
40,608
|
|
Accrued salaries, wages and benefits
|
|
25,229
|
|
|
25,633
|
|
Accrued expenses
|
|
7,872
|
|
|
8,201
|
|
Current portion of debt obligations
|
|
29,565
|
|
|
24,344
|
|
Unearned revenue
|
|
14,051
|
|
|
12,914
|
|
TOTAL CURRENT LIABILITIES
|
|
126,735
|
|
|
111,700
|
|
|
|
|
|
|
|
|
Long term debt
|
|
279,782
|
|
|
319,750
|
|
Post-retirement obligations
|
|
78,323
|
|
|
92,050
|
|
Other liabilities
|
|
56,950
|
|
|
57,647
|
|
Deferred income taxes
|
|
120,632
|
|
|
102,993
|
|
|
|
|
|
|
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; 64,519,363 and 64,854,950 shares issued and outstanding
in 2015 and 2014, respectively
|
|
645
|
|
|
649
|
|
Additional paid-in capital
|
|
521,107
|
|
|
526,669
|
|
Accumulated deficit
|
|
(70,499
|
)
|
|
(96,953
|
)
|
Accumulated other comprehensive loss
|
|
(79,925
|
)
|
|
(82,876
|
)
|
TOTAL STOCKHOLDERS’ EQUITY
|
|
371,328
|
|
|
347,489
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$
|
1,033,750
|
|
|
$
|
1,031,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
CAM
|
|
$
|
42,574
|
|
|
$
|
40,226
|
|
|
$
|
131,060
|
|
|
$
|
121,451
|
|
ACMI Services
|
|
|
|
|
|
|
|
|
Airline services
|
|
93,632
|
|
|
92,237
|
|
|
289,224
|
|
|
292,042
|
|
Reimbursables
|
|
6,286
|
|
|
10,616
|
|
|
20,054
|
|
|
30,711
|
|
Total ACMI Services
|
|
99,918
|
|
|
102,853
|
|
|
309,278
|
|
|
322,753
|
|
Other Activities
|
|
38,398
|
|
|
42,055
|
|
|
106,183
|
|
|
105,356
|
|
Total Revenues
|
|
180,890
|
|
|
185,134
|
|
|
546,521
|
|
|
549,560
|
|
Eliminate internal revenues
|
|
(38,585
|
)
|
|
(46,691
|
)
|
|
(108,838
|
)
|
|
(117,906
|
)
|
Customer Revenues
|
|
$
|
142,305
|
|
|
$
|
138,443
|
|
|
$
|
437,683
|
|
|
$
|
431,654
|
|
|
|
|
|
|
|
|
|
|
Pre-tax Earnings from Continuing Operations
|
|
|
|
|
|
|
CAM, inclusive of interest expense
|
|
13,482
|
|
|
13,574
|
|
|
42,361
|
|
|
38,681
|
|
ACMI Services
|
|
(4,914
|
)
|
|
(126
|
)
|
|
(6,359
|
)
|
|
(6,863
|
)
|
Other Activities
|
|
2,077
|
|
|
2,010
|
|
|
6,993
|
|
|
9,135
|
|
Net, unallocated interest expense
|
|
(394
|
)
|
|
(457
|
)
|
|
(1,279
|
)
|
|
(1,260
|
)
|
Net gain on derivative instruments
|
|
96
|
|
|
639
|
|
|
347
|
|
|
969
|
|
Total Pre-tax Earnings
|
|
$
|
10,347
|
|
|
$
|
15,640
|
|
|
$
|
42,063
|
|
|
$
|
40,662
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Pre-tax Earnings
|
|
|
|
|
|
|
Less net gain on derivative instruments
|
|
(96
|
)
|
|
(639
|
)
|
|
(347
|
)
|
|
(969
|
)
|
Adjusted Pre-tax Earnings
|
|
$
|
10,251
|
|
|
$
|
15,001
|
|
|
$
|
41,716
|
|
|
$
|
39,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Reimbursable revenues shown above include revenues related to fuel,
landing fees, navigation fees, aircraft rent and certain other operating
costs that are directly reimbursed to the airlines by their customers.
Effective April 1, 2015, the costs of engine and airframe maintenance
for all CAM-owned aircraft operated for DHL are the responsibility of
the airlines, including Boeing 767-200 maintenance costs previously
reimbursed directly by DHL. For all periods presented above, airline
service revenues include compensation for maintenance provided by the
airlines on aircraft operated for DHL. Reimbursables revenues declined
for the three and nine-month periods ending September 30, 2015 compared
to the corresponding periods of 2014 due to lower fuel prices and the
return of four DHL-owned Boeing 767-200 aircraft.
|
|
|
|
|
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,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Earnings from Continuing Operations Before Income Taxes
|
|
$
|
10,347
|
|
|
$
|
15,640
|
|
|
$
|
42,063
|
|
|
$
|
40,662
|
|
Interest Income
|
|
(18
|
)
|
|
(23
|
)
|
|
(64
|
)
|
|
(66
|
)
|
Interest Expense
|
|
2,684
|
|
|
3,309
|
|
|
8,588
|
|
|
10,613
|
|
Depreciation and Amortization
|
|
30,754
|
|
|
26,307
|
|
|
91,147
|
|
|
78,428
|
|
EBITDA from Continuing Operations
|
|
$
|
43,767
|
|
|
$
|
45,233
|
|
|
$
|
141,734
|
|
|
$
|
129,637
|
|
Less net gain on derivative instruments
|
|
(96
|
)
|
|
(639
|
)
|
|
(347
|
)
|
|
(969
|
)
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from Continuing Operations
|
|
$
|
43,671
|
|
|
$
|
44,594
|
|
|
$
|
141,387
|
|
|
$
|
128,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
September 30,
|
|
December 31,
|
|
|
2014
|
|
2015
|
|
2015 Projected
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Operating
|
|
|
|
|
|
Operating
|
|
|
Total
|
|
Owned
|
|
Lease
|
|
Total
|
|
Owned
|
|
Lease
|
|
Total
|
|
Owned
|
|
Lease
|
B767-200
|
|
38
|
|
36
|
|
2
|
|
36
|
|
36
|
|
—
|
|
36
|
|
36
|
|
—
|
B767-300
|
|
10
|
|
9
|
|
1
|
|
10
|
|
10
|
|
—
|
|
12
|
|
12
|
|
—
|
B757-200
|
|
4
|
|
4
|
|
—
|
|
5
|
|
4
|
|
1
|
|
5
|
|
4
|
|
1
|
B757 Combi
|
|
4
|
|
4
|
|
—
|
|
4
|
|
4
|
|
—
|
|
4
|
|
4
|
|
—
|
Total Aircraft
|
|
56
|
|
53
|
|
3
|
|
55
|
|
54
|
|
1
|
|
57
|
|
56
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned Aircraft In Serviceable Condition
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
2014
|
|
2015
|
|
2015 Projected
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry leased without CMI
|
|
|
|
11
|
|
|
|
|
|
11
|
|
|
|
|
|
14
|
|
|
Dry leased with CMI
|
|
|
|
13
|
|
|
|
|
|
16
|
|
|
|
|
|
18
|
|
|
ACMI/Charter
|
|
|
|
28
|
|
|
|
|
|
23
|
|
|
|
|
|
24
|
|
|
Staging/Unassigned
|
|
|
|
1
|
|
|
|
|
|
4
|
|
|
|
|
|
—
|
|
|
|
|
|
|
53
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undergoing freighter modification
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Cargo Aircraft Management (CAM) has acquired two Boeing
767-300 aircraft in passenger configuration (one in June, one in July)
that are undergoing conversion to freighter aircraft this year; CAM also
expects to complete the purchase of another Boeing 767-300 aircraft in
November.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006882/en/
Copyright Business Wire 2015