World Air Holdings 4th quarter net income surges 830%
Bucking the trend of poor profitability among U.S. airlines, World Air Holdings Inc., parent company of World Airways, reported Thursday an 830.8 percent increase fourth-quarter net earnings at $8.1 million. The figure compares to $869,000 posted in the same quarter 2003.
Operating income for the fourth quarter rose 20.1 percent to $8.5 million. Revenue improved 6.4 percent to $130.1 million.
The fourth quarter results represent the eighth consecutive profitable quarter, World said.
For the full fiscal year, World’s net earnings were $25.5 million, up 67 percent on the $15.3 million reported in 2003. Operating income climbed 41.7 percent to $40.2 million. Revenue rose 6.1 percent to $503.9 million.
“Our 2004 operating margin increased significantly over the last year, due to vigilant cost management, the renegotiation of aircraft leases to achieve more favorable rates, and continued high levels of military passenger flying,” said Randy Martinez, World’s president and chief executive officer.
World also said Thursday it intends to file an application with NASDAQ for National Market System (NMS) listing. World Air Holdings stock has traded on the NASDAQ SmallCap Market since 1998.
World stock closed down 1.7 percent at $7.71 on the NASDAQ Stock Exchange on Thursday evening.