KITTY HAWK SEES 3RD-QUARTER INCOME SOAR

KITTY HAWK SEES 3RD-QUARTER INCOME SOAR

   Kitty Hawk Inc. said its third-quarter income jumped 219 percent to
$8.08 million on revenue of $183.35 million, up 7 percent.
   The Dallas-based air freight carrier and aircraft leasing company
reported operating income of $14.68 million, up 1.8 percent from the
year-earlier quarter.
   Kitty Hawk’s air-freight carrier unit, which provides air freight
service to third parties under ACMI, or "wet-lease" agreements, saw
third-quarter revenue fall 24 percent to $62.4 million. January-September revenue declined
18 percent, due to Kitty Hawk eliminating a passenger charter operation in late 1998 and
the transfer of a 747 aircraft from the air freight carrier unit to Kitty Hawk’s scheduled
service operation.
   The company’s air logistics unit saw third-quarter revenue rise 12
percent to $52.1 million and year-to-date revenue climb 30 percent to
$123.2 million.
   The scheduled freight unit posted revues of $59.7 million, a 36-percent
increase over the previous year. Year-to-date revenue rose 32 percent to $$120.5 million.
   Kitty Hawk’s year-to-date net earnings rose 91.8 percent to $4.93
million, on revenue of $489.85 million.