air transport services group (ATSG) Snapshot

Air Transport Services Group, Inc. Presents at Cowen Securities 6th Annual Global Transportation Conference, Jun-11-2013 08:35 AM. Venue: InterContinental New York Barclay, New York, New York, United States.

The Annual General Meeting of Air Transport Services Group, Inc. was held on 10 May 2013. At the meeting the shareholders approved the proposal to amend the Certificate of Incorporation to declassify the Board of Directors and to provide for the annual election of directors beginning in 2014.

Air Transport Services Group, Inc. reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net earnings of $8.5 million or $0.13 basic and diluted earnings per share on revenue of $143.3 million compared to net earnings of $6.4 million or $0.10 basic and diluted earnings per share on revenue of $145.5 million for the corresponding period last year. Operating income was $16.4 million against $13.8 million for the same period last year. Earnings from continuing operations were $8.5 million or $0.13 per share compared to earnings from continuing operations of $6.7 million or $0.10 per share of prior year period. Adjusted pre-tax earnings were $13.3 million against $10.3 million of prior year period. Adjusted EBITDA from continuing operations was $37.3 million against $34.1 million of prior year period. Pretax earnings from the other business activities, were $2.2 million, up from the first quarter a year ago. Net cash flow provided by operating activities was $30.7 million, down from $43 million in the first quarter of 2012. Capital expenditures for the quarter were $59.4 million versus $46.8 million for the first 3 months of 2012. The company provided earnings guidance for 2013. For 2013, Adjusted EBITDA from continuing operations is expected to be in the range of $175 to $180 million, reflecting the deployment of ATSG's current fleet and related ACMI services and other activities. Capital expenditures for 2013, including two 757-200 combis purchased in January, are currently projected at $110 million, of which approximately $20 million is maintenance-related.