Atlas Air Worldwide Holdings, Inc. Reports Post-Emergence Earnings; Post-Emergence Net Income Totals $22.7 Million, $1.11 Per Diluted Share.PURCHASE, N.Y. -- Atlas Air Atlas Air is an American cargo airline based in Purchase, New York, United States. It operates scheduled freight flights on an ACMI contract basis for some of the world's leading airlines, flying to 101 cities in 46 countries. Worldwide Holdings, Inc. (AAWW AAWW Asian American Writers' Workshop AAWW Alpaca Association of Western Washington AAWW Anti-Air Warfare Warship ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AAWWV.PK), a leading provider of global air cargo air cargo: see aviation. services, today reported operating results for the five-month period ended December December: see month. 31, 2004 that followed its emergence from bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection and for the seven-month period ended July July: see month. 27, 2004 that preceded its emergence. AAWW emerged from Chapter 11 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party on July 27, 2004. The Company expects to file its 2004 annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its quarterly reports on Form 10-Q Form 10-Q See 10-Q. for the periods ending March 31, June June: see month. 30 and September September: see month. 30, 2004, respectively, in June 2005. Results for the post-emergence period July 28, 2004 through December 31, 2004 included: --Operating revenues of $679 million; --Operating income of $67 million; --Net income of $23 million, or $1.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share; --EBITDAR (before post-petition costs) of $157 million; --EBITDA (before post-petition costs) of $97 million. Commenting on AAWW's post-emergence performance, President and Chief Executive Officer Jeffrey H. Erickson Erickson can refer to several persons:
"The anticipated improvement in our operating profitability is now a fact. The significant increase in our earnings following our emergence from Chapter 11 is a function of the financial and operational restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). that we initiated in 2003 and continued in 2004. Those actions put us in better position to take advantage of the general improvement in demand for global air cargo services that occurred in 2004 and that has continued into 2005. "Our performance also reflects the hard work and determination of our employees, who have helped us to move the Company in a new and exciting direction. We know that we must continue to strengthen our business and improve our processes, but we are ready to meet these challenges and to expand our leadership role in the air cargo industry." Conference Call Management will host a conference call to discuss the Company's 2004 financial and operating results and certain 2005 guidance at 11 A.M. Eastern Daylight Time on Monday Monday: see week. , May 23, 2005. Interested parties are invited to listen to the call live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.atlasair.com or www.earnings.com. For those unable to listen to the live call, a replay will be available on the above Web sites for 90 days following the call. A replay will also be available through May 30, 2005 by dialing (800) 405-2236 (domestic) and (303) 590-3000 (international) and using Pass Code 11030809. Successor Company Versus Predecessor Company In conjunction with its emergence from bankruptcy, AAWW applied the provisions of fresh-start accounting effective as of July 27, 2004, at which time a new reporting entity was deemed to be created. Fresh-start accounting requires that the Company revalue its assets and liabilities to estimated fair values at July 27, 2004 in a manner similar to that which would occur if the Company were to apply purchase accounting. Significant adjustments included a downward revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of its owned aircraft fleet and the recording of additional intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. (principally related to Atlas' ACMI ACMI Aircraft, Crew, Maintenance and Insurance (wet lease) ACMI Art & Creative Materials Institute ACMI Air Combat Maneuvering Instrumentation ACMI American College of Medical Informatics ACMI Australian Center for the Moving Image customer contracts). In addition, fair-value adjustments were recorded in respect of the Company's debt and lease agreements. As a result, reported historical financial statements of the Company for periods prior to July 28, 2004 (the "Predecessor" company) are not comparable with those for periods after July 27, 2004 (the "Successor" company). The combining of Predecessor and Successor company results for 2004, therefore, is not appropriate, and comparisons of results and per-share data to prior years are not included in this press release. As referenced within this press release, results of operations for the period January January: see month. 1, 2004 through July 27, 2004 and for the full year ended December 31, 2003 refer to the Predecessor company. 2004 Post-Emergence Results (July 28 through December 31, 2004); Highlights Versus Plan Post-emergence revenues for the five-month period totaled approximately $679 million, $153 million (or 29%) ahead of Plan. (All references to "Plan" in this press release are to the 2004 Business Plan set forth in AAWW's Second Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Disclosure Statement filed with the Securities and Exchange Commission on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. on July 26, 2004.) Each of AAWW's four main operating segments contributed to the topline outperformance: ACMI Lease Contracts (+$43 million), Scheduled Service (+$21 million), Military (AMC (Advanced Mezzanine Card) See AdvancedTCA. ) Charters (+$61 million), and Commercial Charters (+$21 million). The revenue improvements were a function of increased block-hour activity in the ACMI (+ 27%) and AMC segments (+70%) and improved yields in all segments, including a 24% improvement in Scheduled Service RATM RATM Rage Against The Machine (band) (revenue per available ton mile 1. (Railroads) A unit of measurement of the freight transportation performed by a railroad during a given period, usually a year, the total of which consists of the sum of the products obtained by multiplying the aggregate weight of each shipment in tons during the given ) versus Plan. Average aircraft utilization Average numbers of hours during each 24-hour period that an aircraft is actually in flight. also improved compared with Plan, with total block-hour activity increasing approximately 15% while the average number of operating aircraft was up only about 6%. Other revenues, which primarily reflect income from dry leased aircraft, increased approximately $7 million, or 49%, versus Plan. The improvement in Other Revenue was primarily due to revenues related to AAWW's dry leasing activities. The Plan reflected certain dry lease revenue as an offset to aircraft rent expense, which has now been recorded in Other Revenue. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. measured $612 million, $158 million (or 35%) higher than Plan. Approximately 44% ($69 million) of the increase in total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. was due to increased fuel expense, and about 21% ($33 million) related to maintenance costs. The increase in fuel expense reflected a 7% increase in fuel consumption compared with Plan and an average fuel price that was 54% higher than planned. Maintenance costs were higher due to increased maintenance activity, including one additional 747-200 D check and additional engine overhauls. The $9 million unfavorable variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in Other operating expense stemmed stemmed adj. 1. Having the stems removed. 2. Provided with a stem or a specific type of stem. Often used in combination: stemmed goblets; long-stemmed roses. principally from a $4 million increase in audit fees, including the cost of the Company's compliance efforts with Sarbanes-Oxley requirements, and increased freight and postage POSTAGE. The money charged by law for carrying letters, packets and documents by mail. By act of congress of March 3, 1851, Minot's Statute at Large, U. S. 587, it is enacted as follows: 2.-Sec. 1. expense associated with higher levels of maintenance activity. Total ownership expense, including aircraft rent, depreciation and amortization (D&A) and interest expense totaled $116 million for the period, which represented an increase of $23 million versus Plan. Aircraft rent expense and interest expense each increased by $7 million compared with Plan, while total D&A increased by $9 million. Total ownership expense varied from Plan principally due to the impact of fresh-start accounting and the inclusion on the balance sheet of certain capital leases that had previously been accounted for as operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. . Three aircraft that the Plan assumed would remain as operating leases in the post-petition period were subsequently accounted for as capital leases. This change in treatment reduced aircraft rent expense by $4 million, increased interest expense by $1 million, and increased depreciation by $2 million. The Plan also assumed that five aircraft would be dry leased and that the revenue from three of these aircraft would be an offset to rent expense. In fact, AAWW dry leased only four aircraft, and the revenue from one of these was accounted for as Other operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. rather than as an offset to rent expense. The net effect of these changes was a $10 million increase in rent expense. The fifth aircraft was deployed into a higher-yielding opportunity. Fresh-start accounting resulted in increased interest expense of approximately $6 million due to the amortization of discounts resulting from fair-value accounting. No changes in debt valuation were included in the Plan; consequently, it did not reflect the corresponding higher book interest expense that resulted from such amortization. These accounting adjustments have had no effect on the aggregate cash debt service obligations (principal plus interest) owed by AAWW. In addition, a nearly $8 million negative variance to depreciation and amortization of intangible assets resulted from market-value adjustments to aircraft assets, as well as adjustments to the value of rotable parts inventory Noun 1. parts inventory - an inventory of replacement parts inventory, stock list - a detailed list of all the items in stock . Operating expenses included $4 million of post-petition costs and related professional fees compared with $2 million in the Plan. Partly as a result, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $67 million was $4 million lower than Plan. AAWW's net income totaled approximately $23 million (after tax expense of $18 million) compared with Plan net income of almost $30 million (after Plan tax expense of $18 million). The effective tax rate was higher than Plan principally due to professional fees and other non-deductible expenses related to the restructuring. With respect to non-GAAP measures frequently used by AAWW's management to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. its results, post-emergence 2004 EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) (earnings before interest, taxes, depreciation, amortization, aircraft rent expense, and post petition costs and related professional fees) totaled almost $157 million compared with Plan EBITDAR of approximately $143 million. In addition, post-emergence EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation, amortization and post-petition costs and related professional fees) increased to about $97 million versus Plan EBITDA of approximately $90 million. Cash and Cash Equivalents Cash and cash equivalents totaled about $134 million at December 31, 2004, an improvement of $41 million over both the 2004 Plan of $93 million and the December 31, 2003 balance of $93 million. In the third quarter of 2004, AAWW fully repaid its outstanding DIP (Debtor-in-Possession) loan borrowings of $18 million from cash on hand. Also in the third quarter, AAWW transferred $20 million from cash on hand into the Polar Creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence Trust, a segregated interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid account established for the benefit of allowed general unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. claims against the Company's wholly owned Polar Air Cargo Polar Air Cargo is an American cargo airline based in Purchase, New York, USA. It operates scheduled all-cargo services to Asia, Europe, Australia, New Zealand and the Americas. Its main base is John F. , Inc. subsidiary, as required by AAWW's Plan of Reorganization. Balances currently in the Polar Creditor Trust are not included in, and have not been treated as, cash and cash equivalents by AAWW. Forecast cash balances in the 2004 Plan did not contemplate the $20 million funding of the Polar Creditor Trust. The Plan also reflected that AAWW would draw on a new exit credit facility to replenish re·plen·ish v. re·plen·ished, re·plen·ish·ing, re·plen·ish·es v.tr. 1. To fill or make complete again; add a new stock or supply to: replenish the larder. 2. the cash used for repayment of the $18 million DIP facility, which did not occur. About Non-GAAP Financial Measures To supplement AAWW's financial statements presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , AAWW presents certain non-GAAP financial measures to assist in the evaluation of the performance of its business. These non-GAAP measures include EBITDAR and EBITDA, each excluding pre-petition and post-petition costs and related professional fees. AAWW's management uses these non-GAAP financial measures in assessing the performance of the Company's ongoing operations and liquidity and in planning and forecasting future periods. About Atlas Air Worldwide Holdings, Inc.: AAWW is the parent company of Atlas Air, Inc. (Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. ) and Polar Air Cargo, Inc. (Polar), which together operate the world's largest fleet of Boeing (language) BOEING - An early system on the IBM 1130. [Listed in CACM 2(5):16, May 1959]. 747 freighter aircraft. Atlas is the world's leading provider of ACMI (aircraft, crew, maintenance and insurance) freighter aircraft to major airlines around the globe. Polar is among the world's leading providers of airport-to-airport freight carriage carriage, wheeled vehicle, in modern usage restricted to passenger vehicles that are drawn or pushed, especially by animals. Carriages date from the Bronze Age; early forms included the two-wheeled cart and four-wheeled wagon for transporting goods. . Polar operates a global, scheduled-service network and serves major trade lanes of the world. Through both of its principal subsidiaries, AAWW also provides commercial and military charter services. AAWW's press releases, SEC filings and other information can be accessed through the Company's home page, www.atlasair.com. This release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that reflect AAWW's current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the operations and business environments of AAWW and its subsidiaries (collectively, the "companies") that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements. Factors that could cause actual results to differ materially from those forward-looking statements with respect to other matters include, but are not limited to, the following: the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies' ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. retain key executives and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; economic conditions; the effects of any hostilities hos·til·i·ty n. pl. hos·til·i·ties 1. The state of being hostile; antagonism or enmity. See Synonyms at enmity. 2. a. A hostile act. b. hostilities Acts of war; overt warfare. or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to remedy weaknesses in our internal controls over financial reporting; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; weather conditions; government legislation and regulation; consumer perceptions of the companies' products and services; pending and future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; the market acceptance of AAWW's new common stock; and other risks and uncertainties set forth from time to time in AAWW's reports to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. For additional information, we refer you to the risk factors set forth under the heading "Risk Factors" in the Current Report on Form 8-K filed by AAWW with the Securities and Exchange Commission on February February: see month. 10, 2005 and in the Plan, which is set forth in the Current Report on Form 8-K filed by AAWW with the Securities and Exchange Commission on July 26, 2004. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed. The information contained in this release relates to AAWW's business and financial performance in 2004. This information should not be construed as indicative of AAWW's expected financial performance in 2005. AAWW is not providing guidance or estimates in this press release regarding its anticipated business and financial performance in 2005. AAWW assumes no obligation to update the statements contained in this release to reflect future results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.
Atlas Air Worldwide Holdings, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Successor Predecessor
------------- --------------------------
For the
For the Period
Period July January 1,
28, 2004 2004 For the
through through Year Ended
December 31, July 27, December 31,
2004 2004 2003
------------- ------------ -------------
Operating Revenues
Scheduled service $296,823 $343,605 $524,018
Charter service 53,325 15,812 86,592
ACMI lease contracts 182,322 194,332 305,475
AMC charter 126,235 156,260 430,287
Other revenue 20,589 25,358 37,279
------------- ------------ -------------
Total operating revenues 679,294 735,367 1,383,651
Operating Expenses
Salaries, wages & benefits 91,463 120,609 194,390
Maintenance, materials and
repairs 102,683 133,336 197,629
Aircraft fuel 176,009 175,103 326,022
Aircraft rent 60,151 81,886 183,329
Ground handling 40,815 53,558 86,612
Landing fees and other rent 37,960 53,039 91,995
Depreciation and amortization 25,457 33,510 60,138
Travel 25,741 29,549 59,223
Pre-and post-petition costs
and related professional
fees 4,106 11,545 44,382
Other 47,935 65,931 145,860
------------- ------------ -------------
Total operating expenses 612,319 758,066 1,389,580
------------- ------------ -------------
Operating income (loss) 66,975 (22,699) (5,929)
Non-operating Expenses
Interest income (917) (572) (3,872)
Interest expense (excluding
post-petition contractual
interest of $20,956 for the
period January 31, 2004
through July 27, 2004) 30,582 50,222 97,476
Other, net (3,504) 1,434 1,457
Reorganization items, net - (112,513) -
------------- ------------ -------------
Total non-operating expenses
(income) 26,161 (61,429) 95,061
------------- ------------ -------------
Income (loss) before income
taxes 40,814 38,730 (100,990)
Income tax expense 18,104 10,484 -
------------- ------------ -------------
Net income (loss) $22,710 $28,246 $(100,990)
============= ============ =============
Income (loss) per share:
Basic $1.12 $0.74 $(2.63)
============= ============ =============
Diluted $1.11 $0.74 $(2.63)
============= ============ =============
Weighted average shares:
Basic 20,210 38,378 38,360
Diluted 20,526 38,378 38,360
Operating Statistics The table below sets forth selected operating data for the years ended December 31, 2004 and 2003, for the 2004 Plan, and for the Successor Period versus Plan.
Successor
---------------------
For the Year Ended December, 31 For the period
July 28, 2004
through December 31,
OPERATING 2004 2004 2003 2004
STATISTICS Actual Plan Actual Actual Plan
------------------------------------------------ ---------- ----------
Block Hours
Scheduled Service 55,111 56,672 54,217 22,870 25,202
Commercial
Charter 4,973 6,559 7,957 3,515 3,073
AMC 22,376 13,200 34,959 9,576 5,642
ACMI 70,343 59,327 58,536 33,946 26,813
Non Revenue 1,176 784 3,019 487 391
------------------------------ ---------- ----------
Total Block Hours 153,979 136,547 158,688 70,393 61,121
============================== ========== ==========
Revenue Per Block
Hour
Commercial
Charter 13,902.5 10,400.1 10,882.7 15,171.6 10,401.4
AMC 12,625.0 11,532.5 12,308.3 13,182.1 11,549.1
ACMI 5,354.6 5,218.0 5,218.5 5,371.0 5,199.3
Scheduled Service
Traffic
RTM's (000's) 2,021,903 1,975,663 1,843,882 851,179 897,518
ATM's (000's) 3,222,942 3,456,850 3,253,236 1,327,633 1,526,386
Load Factor 62.73% 57.15% 56.68% 64.11% 58.80%
RATM $0.199 $0.172 $0.161 $0.224 $0.180
Yield $0.317 $0.301 $0.284 $0.349 $0.307
Average fuel cost
per gallon $1.25 $0.94 $0.98 $1.42 $0.92
Fuel gallons
consumed 280,304 261,673 333,747 124,173 115,981
Operating Fleet
(average during
the period)
Aircraft count(1) 37.7 36.3 45.0 38.0 36.0
(1)Operating Fleet excludes the following aircraft count that were
dry leased or out of service:
Dry Leased 4.0 4.9 3.7 4.0 5.0
Out of Service 3.3 4.1 3.3 1.2 0.0
Atlas Air Worldwide Holdings, Inc.
2004 Successor Actual Versus 2004 Successor Plan
(in thousands)
(Unaudited)
Successor
------------------------------
For the Period July 28,2004
through December 31, 2004
Actual Plan
--------------- --------------
Operating Revenues
Scheduled service $296,823 $275,464
Charter service 53,325 31,964
ACMI lease contracts 182,322 139,408
AMC charter 126,235 65,160
Other revenue 20,589 13,810
--------------- --------------
Total operating revenues 679,294 525,806
Operating Expenses
Salaries, wages & benefits 91,463 78,906
Maintenance, materials and repairs 102,683 69,862
Aircraft fuel 176,009 106,770
Aircraft rent 60,151 53,289
Ground handling 40,815 35,697
Landing fees and other rent 37,960 33,705
Depreciation and amortization 25,457 16,006
Travel 25,741 19,176
Post-petition costs and
related professional fees 4,106 2,232
Other 47,935 38,821
--------------- --------------
Total operating expenses 612,319 454,465
--------------- --------------
Operating income 66,975 71,341
Non-operating Expenses
Interest income (917) (241)
Interest expense 30,582 23,744
Other, net (3,504) -
--------------- --------------
Total non-operating expenses 26,161 23,503
--------------- --------------
Income before income taxes 40,814 47,838
Income tax expense 18,104 18,029
--------------- --------------
Net income $22,710 $29,809
=============== ==============
Atlas Air Worldwide Holdings, Inc.
Reconciliation to Non-GAAP Measures
2004 Successor Actual Versus 2004 Successor Plan and 2003
(in thousands)
(Unaudited)
Successor Predecessor
-------------------------- -------------
For the Period For the
July 28, 2004 Through Year Ended
December 31, 2004 Dec. 31,
-------------------------- -------------
Actual Plan 2003
-------------------------- -------------
Income (loss) before income
taxes $40,814 $47,838 $(100,990)
Pre- and post-petition costs
and related professional
fees 4,106 2,232 44,382
-------------------------- -------------
Income (loss) before income
taxes and before pre- and
post-petition costs and
related professional fees 44,920 50,070 (56,608)
Interest expense, net 29,665 23,503 93,604
Other, net (3,504) - 1,457
-------------------------- -------------
Operating income before pre-
and post-petition costs and
related professional fees 71,081 73,573 38,453
Depreciation and amortization 25,457 16,006 60,138
-------------------------- -------------
EBITDA 96,538 89,579 98,591
Aircraft Rent 60,151 53,289 183,329
-------------------------- -------------
EBITDAR 156,689 142,868 281,920
========================== =============
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