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Boeing Awards Atlas Air Long-Term Contract to Operate Dreamlifter Fleet in Support of 787 Dreamliner Program

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Boeing Awards Atlas Air Long-Term Contract to Operate Dreamlifter Fleet in Support of 787 Dreamliner Program

Thursday, March 4, 2010 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and outsourced aircraft operating services, announced today that Boeing (NYSE: BA) has selected Atlas Air to provide key supply-chain support for the production of Boeing's all-new commercial jetliner, the 787 Dreamliner.

Beginning toward the latter part of 2010, Atlas Air will operate Boeing's Dreamlifter fleet of four 747-400 aircraft that have been modified to transport major assemblies for the 787 Dreamliner from suppliers around the world to Boeing production facilities in the United States.

The parties have structured the nine-year agreement in a manner consistent with the outsourcing business model under which Atlas Air typically operates. Under that model, Atlas Air will receive contractually determined revenues for the operation of the Dreamlifter aircraft, with Boeing assuming responsibility for certain direct costs, including fuel. Under the CMI arrangement, Boeing will provide and maintain ownership of the aircraft assets.

“Atlas Air is very excited to partner with Boeing as it ushers in a new era in air travel with the first all-new jet airplane of the 21st century,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide Holdings, Inc. “We look forward to working closely with Boeing and to providing world-class Dreamlifter service.

“Our dynamic customer solutions and our ability to integrate with our customers' operations set us apart from other participants in the aircraft operating solutions market. We believe that our global scope and scale, high-quality service and reliability, cost-effective operations, and premium customer service create a compelling value proposition for our customers.”

Mr. Flynn added: “We are well positioned to execute on our growth initiatives and to drive future revenues and earnings. In addition to the expected start-ups of our new CMI service for Boeing in the second half of this year and for SonAir in the second quarter, we are focused on introducing our new Boeing 747-8 freighters into service in 2011 and on adjacent dry leasing opportunities in our Titan subsidiary.

“When fully implemented, we expect that the annual contribution per aircraft from our Dreamlifter service will meet or exceed the current average contribution that we achieve in our 747-400 ACMI service.”

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of air cargo services that include ACMI aircraft leasing - in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect AAWW's current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries (collectively, the “companies”) that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies' ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or retain key executives and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to maintain adequate internal controls over financial reporting; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; weather conditions; government legislation and regulation; consumer perceptions of the companies' products and services; pending and future litigation; and other risks and uncertainties set forth from time to time in AAWW's reports to the United States Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under the heading “Risk Factors” in the Annual Report on Form 10-K filed by AAWW with the Securities and Exchange Commission (SEC) on February 24, 2010, as amended or updated by subsequent reports filed with the SEC. Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.

Except as stated in this release, AAWW is not providing guidance or estimates regarding its anticipated business and financial performance for 2010 or thereafter.

AAWW assumes no obligation to update such statements contained in this release to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.

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For more information, please contact:
Dan Loh
E-mail: Dan.Loh@atlasair.com