ATLAS AIR REPORTS SECOND-QUARTER NET LOSS

ATLAS AIR REPORTS SECOND-QUARTER NET LOSS

   Atlas Air Worldwide Holdings, Inc. has reported second quarter loss of $49 million, including one-time charges of $49.3 million for restructuring, impairment and account reserve charges.

   Atlas Air's second quarter performance “reflects the very difficult air freight environment the industry currently faces,” said Richard Shuyler, chief executive officer.

   Total operating revenues for the second quarter declined 22 percent to $149 million. Operating expenses in the quarter increased to $87.5 million, reflecting the charges of $78.2 million and higher rental expenses.

   For the year to date, total operating revenues decreased by 8 percent from the first half of 2000, to $329.3 million.

   Looking forward, Shuyler said, “We have reduced capacity, undertaken crew member and staff reductions and implemented significant cost efficiency programs, which we estimate will result in annualized savings of approximately $50 million once fully implemented.”

   Atlas Air Worldwide Holdings, based in Purchase, N.Y., is the holding company for Atlas Air Inc., which charters freighters– including aircraft, crew, maintenance and insurance — to international airlines.