May 10, 2013
Air Transport Services Group’s first-quarter net income up 28%
Air Transport Services Group, a leading provider of aircraft leasing and air cargo transportation and related services, reported consolidated financial results for the quarter ended March 31, 2013. Revenues were $143.3m, a decrease of 1.5%. Total operating expenses were $126.9m, down 3.7%, including a $3.8m reduction in salaries, wages and benefits expense due in large part to reductions in airline related costs prior to the merger of Air Transport International and Capital Cargo International Airlines in March 2013. Pre-tax income was $13.6m, an increase of 26.5%. Net earnings from continuing operations increased 27.6% to $8.5m. Net earnings include a non-cash federal income tax provision. First-quarter Adjusted EBITDA was $37.3m, a 9.5% increase from $34.1m in the same period of the prior year. This non-GAAP financial measure is defined and reconciled to comparable GAAP results in a table at the end of this release. Capital expenditures totaled $59.4m for the quarter, including the purchase of two 757-200 combi aircraft.