ATLAS AIR SEES RECORD EARNINGS

ATLAS AIR SEES RECORD EARNINGS

   Atlas Air Inc. reported record fourth-quarter net income of $23.7 million, up 31 percent from the year-earlier period.

   Revenues for the quarter rose 37 percent to $198.8 million and operating income rose to $61.5 million, from $47.1 million. Both were also records for the company, which wet-leases freighters.

   “Not only did we set records for block hours, revenue and earnings, but we did so in an environment in which reduced traffic or volumes, and especially higher fuel costs have impacted much of the rest of the airline and air freight industry,” said Richard Shuyler, executive vice president of the Golden, Colo.-based company.

   For the year, net income was $61.3 million, including a one-time extraordinary first-quarter charge, compared to $46.2 million in 1998. Revenues rose 51 percent to $637.1 million and operating income increased 38 percent to $187.5 million.

   Shuyler said Atlas should build upon its success in 2000, pointing to expected double-digit growth in the Asian air cargo market. The airline, which plans to take delivery of three new 747-400s this year, has already booked about 95 percent of its projected blow hour production for the entire year, he said.