ATLAS AIR EARNINGS CONTINUE TO GROW

ATLAS AIR EARNINGS CONTINUE TO GROW

   Atlas Air Worldwide Holdings Inc., the holding company for wet-lease freighter charterer Atlas Air Inc., reported first quarter net income of $14.4 million, up 20 percent from the year-earlier period.

   The first-quarter results included a one-time net of tax charge of $1.6 million. Operating revenues for the quarter increased 8 percent to a record $180.3 million. Pre-tax income rose 9 percent to $21.2 million.

   “First quarter results represent our 13th consecutive earnings record for a quarterly period, with new records set in every category — revenues, block hours, as well as pre-tax and net income,” said Richard Shuyler, chief executive officer of Atlas Air Worldwide Holdings Inc.

   Shuyler said projections for the rest of 2001 will be difficult. “International volumes, while still stronger than domestic shipments, clearly are reflecting the pressures of the current economic slowdown. Little, if any, flying is occurring in excess of our guaranteed levels, and we have decided to cease flying for one customer as a result of their uncertain financial condition … It will be a challenge to match last year's results if the current negative economic and market conditions persist,' he said.

   In an eventful quarter, Atlas saw the death of Michael A. Chowdry, chairman, president and CEO of Atlas Air, in a January plane crash. Atlas formed the current holding company structure in February at, at the same time, announced the filing of a shelf registration statement for up to $600 million in debt securities and pass-through certificates.

   Earlier this month, the airline announced a contract to provide a B747-200 freighter, crew, maintenance and insurance to Marinair Holland, and acquired a 49-percent interest in U.K.-based cargo airline Global Supply Systems Ltd.