Printer Friendly

WORLD AIRWAYS' FOURTH QUARTER FLYING LEVELS UP 40 PERCENT

 HERNDON, Va., Jan. 5 /PRNewswire/ -- WorldCorp (NYSE: WOA) announced today the fourth quarter flying levels for World Airways, an air transport company currently wholly owned by WorldCorp. The company said that for the three-month period ended Dec. 31, 1993, block hours flown totaled 5,778, representing a 40 percent increase over the 4,141 hours reported for the same period last year. Average daily utilization of World's aircraft was 7.5 hours, compared to 6.4 hours in 1992's fourth quarter, and revenues per block hour flown were $7,547 compared to $8,658.
 WorldCorp CEO and President T. Coleman Andrews III said: "Although flying levels for the full year 1993 were low, we're encouraged by the increase in performance in the fourth quarter. We believe this positive quarter-to-quarter comparison is the beginning of a trend that we expect will continue for the entirety of 1994." Andrews said the company's 1994 full-year target is to fly in excess of 33,000 block hours compared to 23,462 total block hours in 1993 and 22,263 in 1992.
 WorldCorp owns majority positions in companies that operate in two business areas: air transportation (through World Airways) and interactive information and transaction processing (through US Order and its affiliated companies). The company has previously announced that it intends to sell approximately 25 percent of the equity in World Airways to Malaysian Helicopter Services Bhd.
 WORLD AIRWAYS UTILIZATION
 Fourth Quarter 1993 Fourth Quarter 1992
 Total Block Hours (BH)
 DC10 Operations 5,778 4,141
 Avg. BH/Day 7.5 6.4
 Available Aircraft 8.4 7.0
 -0- 1/5/94
 /CONTACT: A. Scott Andrews, chief financial officer of WorldCorp, 703-834-9291/
 (WOA)


CO: WorldCorp; World Airways ST: Virginia IN: AIR SU:

DC-DS -- DC001 -- 9202 01/05/94 08:51 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1994
Words:296
Previous Article:EPS, BUYPASS, MAC AND NYCE SETTLE NETWORK ACCESS DISPUTE
Next Article:KMART CORPORATION ANNOUNCES FORMATION OF THE BORDERS-WALDENBOOKS GROUP
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters