DRAFT – FOR REVIEW AND COMMENT ONLY

Atlas Air

Description

Atlas Air Worldwide Holdings, Inc. Consolidated Statements of Operations (in thousands, except per share data) Successor Predecessor For the Period For the July 28, 2004 Period through Jan 1, 2004 For the December 31, through July Year Ended 2004 27, 2004 December 31, 2003 Operating Revenues Scheduled service $296,823 $343,605 $524,018 ACMI lease contracts 182,322 194,332 305,475 AMC charter 126,235 156,260 430,287 Charter service 53,325 15,812 86,592 Other revenue 20,589 25,358 37,279 Total operating revenues 679,294 735,367 1,383,651 Operating Expenses Aircraft fuel 176,009 175,103 326,022 Salaries, wages & benefits 91,463 120,609 194,390 Maintenance, materials and repairs 102,682 133,336 197,629 Aircraft rent 60,151 81,886 183,329 Ground handling 40,815 53,558 86,612 Landing fees and other rent 37,960 53,039 91,995 Depreciation and amortization 25,457 33,510 60,138 Travel 25,741 29,549 59,223 Pre-petition and post-emergence costs and related professional fees 4,106 11,545 44,382 Other 47,935 65,931 145,860 Total operating expenses 612,319 758,066 1,389,580 Operating income (loss) 66,975 (22,699) (5,929) Non-operating Expenses Interest income (917) (572) (3,724) Interest expense (excluding post-petition contractual interest of ...

Informations

• Publié par: Iprie
• Nombre de lectures: 19
• Langue: English

Extrait

Atlas Air Worldw de Holdings, Inc.

i

Consolidated Statements of Operations

(in thousands, except per share data)

Successor

Predecessor

For the Period

July 28, 2004

through

December 31,

2004

For the

Period

Jan 1, 2004

through July

27, 2004

For the

Year Ended

December 31, 2003

Operating Revenues

Scheduled service

$296,823

$343,605

$524,018

ACMI lease contracts

182,322

194,332

305,475

AMC charter

126,235

156,260

430,287

Charter service

53,325

15,812

86,592

Other revenue

20,589

25,358

37,279

Total operating revenues

679,294

735,367

1,383,651

Operating Expenses

Aircraft fuel

176,009

175,103

326,022

Salaries, wages & benefits

91,463

120,609

194,390

Maintenance, materials and repairs

102,682

133,336

197,629

Aircraft rent

60,151

81,886

183,329

Ground handling

40,815

53,558

86,612

Landing fees and other rent

37,960

53,039

91,995

Depreciation and amortization

25,457

33,510

60,138

Travel

25,741

29,549

59,223

Pre-petition and post-emergence costs and

related professional fees

4,106

11,545

44,382

Other

47,935

65,931

145,860

Total operating expenses

612,319

758,066

1,389,580

Operating income (loss)

66,975

(22,699)

(5,929)

Non-operating Expenses

Interest income

(917)

(572)

(3,724)

Interest expense (excluding post-petition

contractual interest of $20,956 for the

period January 31, 2004 through July 27,

2004)

30,582

50,222

97,328

Other, net

(3,504)

1,434

1,457

Reorganization items, net

-

(112,513)

-

Total non-operating expenses (income)

26,161

(61,429)

95,061

Income (loss) before income taxes

40,814

38,730

(100,990)

Income taxes

18,104

10,484

-

Net income (loss)

$22,710

$28,246

$(100,990)

Income (loss) per share:

Basic

$

1.12

$

0.74

$

(2.63)

Diluted

$

1.11

$

0.74

$

(2.63)

Weighted average shares

:

Basic

20,210

38,378

38,360

Diluted

20,526

38,378

38,360

3

Atlas Air Worldwide Holdings, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

Successor

Predecessor

As of December 31,

2004

2003

Assets

Current Assets

Cash and cash equivalents

$

133,917

$

93,297

Restricted funds held in trust

20,889

-

Accounts receivable, net of allowance of $11,252 and $24,304, respectively

141,012

159,393

Prepaid maintenance

71,363

86,876

Deferred taxes

11,339

8,508

Prepaid expenses and other current assets, net of accumulated

amortization of zero and $28,689, respectively

16,703

41,274

Total current assets

395,223

389,348

Other Assets

Property and equipment, net

609,754

795,094

Deposits and other assets

33,779

59,760

Lease contracts and intangible assets, net

103,440

42,238

Prepaid aircraft rent

-

114,167

Total Assets

$ 1,142,196

$ 1,400,607

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities

Accounts payable

$

18,024

$

35,530

Accrued liabilities

169,024

176,817

Current portion of long-term debt

36,084

964,557

Total current liabilities

223,132

1,176,904

Other Liabilities

Long-term debt

602,985

-

Deferred gains, net

-

170,363

Accrued maintenance

-

62,119

Deferred tax liability

28,258

8,508

Other liabilities

9,859

10,995

Total other liabilities

641,102

251,985

Commitments and Contingencies

Stockholders’ Equity (Deficit)

Preferred stock, $1 par value; 10,000,000 shares authorized;

no shares issued

-

-

New Common stock, $0.01 par value; 50,000,000 shares authorized; 3,607,934

shares issued and outstanding

36

-

Old Common Stock, $0.01 par value; 50,000,000 shares authorized;

38,377,504 shares issued and outstanding

-

384

Treasury stock, at cost; zero and 1,050 shares, respectively

-

(4)

Additional paid-in-capital

48,337

306,303

Common stock to be issued to creditors

216,069

-

Deferred compensation

(9,190)

-

Retained earnings (accumulated deficit)

22,710

(334,965)

Total Stockholders’ Equity (Deficit)

277,962

(28,282)

Total Liabilities and Stockholders’ Equity (Deficit)

$ 1,142,196

$ 1,400,607

4

Atlas Air Worldwide Holdings, Inc.

Consolidated Statements of Cash Flows

(in thousands)

Successor

Predecessor

For the Period

July 28, 2004

through

December 31,

2004

For the

Period

January 1,

2004 through

July 27, 2004

For the Year

ended

December 31,

2003

Cash Flows from Operating Activities:

Net income (loss)

$

22,710

$

28,246

$

(100,990)

Adjustments to reconcile net income (loss) to net cash

provided (used) by operating activities:

Reorganization items, net

-

(156,722)

-

Depreciation and amortization

25,457

33,510

60,138

Accretion of debt discount

6,948

-

-

Amortization of operating lease discount

764

-

-

Provision for doubtful accounts

3,409

(2,329)

19,931

Amortization of debt issuance cost and lease

financing deferred gains

-

2,862

(17,574)

Recognition of compensation from restricted

stock units

1,536

-

410

Other, net

44

239

2,231

Changes in operating assets and liabilities:

Accounts receivable

(22,345)

36,794

45,705

Prepaids and other current assets

6,149

17,318

(35,228)

Deposits and other assets

(49)

9,351

(21,919)

Accounts payable and accrued liabilities

(16,179)

100,148

(26,198)

Net cash provided (used) by operating activities

28,557

69,417

(73,494)

Cash Flows from Investing Activities:

Capital expenditures, net

(11,755)

(16,441)

(8,495)

Proceeds from sale of property and equipment

-

-

10,000

Decrease (increase) in restricted funds held in trust

19,388

(40,153)

-

Maturity of investments

-

-

31,004

Net cash (used) provided by investing activities

7,633

(56,594)

32,509

Cash Flows from Financing Activities:

Proceeds from loan

-

18,000

-

Proceeds from sale of subscription shares

-

20,153

-

Issuance of common stock

-

-

240

Purchase of treasury stock

-

-

(217)

Payment of debt issuance costs

(1,256)

(2,640)

-

Payment on debt

(11,226)

(31,404)

(88,133)

Net cash used by financing activities

(12,482)

4,109

(88,110)

Net increase (decrease) in cash

23,688

16,932

(129,095)

Cash and cash equivalents at the beginning of period

110,229

93,297

222,392

Cash and cash equivalents at end of period

$

133,917

$

110,229

$

93,297

5

Operating Statistics – 2004

The table below sets forth selected operating data for the three-month periods ended March 31,

June 30, September 30, and December 31, 2004 and for the full year 2004.

For the Three

For the Three

For the Three

For the Three

For the 12

Months Ended

Months Ended

Months Ended

Months Ended

Months Ended

OPERATING STATISTICS

1

March 31, 2004

June 30, 2004

Sept. 30, 2004

Dec. 31, 2004

Dec. 31, 2004

Block Hours

Scheduled Service

13,910

14,374

13,765

13,063

55,111

AMC

4,537

6,237

6,198

5,404

22,376

ACMI

15,712

15,742

17,066

21,823

70,343

Commercial Charter

609

659

891

2,815

4,973

Non Revenue

301

290

328

257

1,176

Total Block Hours

35,069

37,302

38,248

43,362

153,979

Scheduled Service Traffic

RTM’s (000’s)

489,735

529,934

522,203

480,032

2,021,903

ATM’s (000’s)

815,225

846,374

808,220

753,123

3,222,942

Load Factor

60.07%

62.61%

64.61%

63.74%

62.73%

Operating Fleet

(average during the

period)

Aircraft count

38.9

36.7

36.7

38.7

37.7

Dry leased

2

4.0

4.0

4.0

4.0

4.0

Out of service

2

6.2

4.0

2.8

0.3

3.3

1

Totals may not add due to rounding.

2

Dry leased and out-of-service aircraft are not included in the operating fleet aircraft count average.

6

Operating Statistics – 2003

The table below sets forth selected operating data for the three-month periods ended March 31,

June 30, September 30, and December 31, 2003 and for the full year 2003.

For the Three

For the Three

For the Three

For the Three

For the 12

Months Ended

Months Ended

Months Ended

Months Ended

Months Ended

OPERATING STATISTICS

1

March 31, 2003

June 30, 2003

Sept. 30, 2003

Dec. 31, 2003

Dec. 31, 2003

Block Hours

Scheduled Service

10,847

12,433

14,058

16,880

54,217

AMC

11,337

9,832

8,220

5,571

34,959

ACMI

12,755

13,217

13,858

18,706

58,536

Commercial Charter

1,915

1,287

1,264

3,491

7,956

Non Revenue / Other

1,899

501

253

365

3,020

Total Block Hours

38,753

37,270

37,653

45,013

158,688

Scheduled Service Traffic

RTM’s (000’s)

382,260

425,540

468,323

567,759

1,843,881

ATM’s (000’s)

645,921

749,000

850,349

1,007,967

3,253,236

Load Factor

59.18%

56.81%

55.07%

56.3 3%

56.68%

Operating Fleet

(average during the

period)

Aircraft count

44.4

44.8

45.7

45.0

45.0

Dry leased

2

4.3

3.3

3.3

4.0

3.7

Out of service

2

2.5

4.5

3.0

3.0

3.3

1

Totals may not add due to rounding.

2

Dry leased and out-of-service aircraft are not included in the operating fleet aircraft count average.

7