ATLAS AIR RECEIVES COMPENTSATION FROM DOT

ATLAS AIR RECEIVES COMPENTSATION FROM DOT

   Atlas Air Inc. has received $10.1 million from the U.S. Department of Transportation as its first installment of financial compensation under the Air Transportation Safety and System Stabilization Act.

   The company also indicated that its third-quarter results will be impacted by the events of Sept. 11 terror attacks, and the subsequent shutdown of operations by the DOT. The compensation from the DOT will be reflected in fourth-quarter figures.

   “Like everyone in the aviation industry, we suffered losses resulting from the terrorist acts,” said Richard Shuyler, chief executive officer. “The closure of the U.S. aviation system in the aftermath of those tragic events resulted in a significant loss of revenue for Atlas, without any real corresponding reduction in expenses. As a result, we anticipate incurring a loss in the third quarter.”

   Based in Purchase, N.Y., Atlas Air Worldwide Holdings Inc. is the holding company of Atlas Air Inc., the airlines that charters freighters to international airlines, including aircraft, crew, maintenance and insurance.