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Atlas Air Worldwide Holdings, Inc. Files 2004 Form 10-K Annual Report

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Atlas Air Worldwide Holdings, Inc. Files 2004 Form 10-K Annual Report

Thursday, June 30, 2005 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWWV.PK), a leading provider of global air cargo services, has filed its Form 10-K Annual Report for 2004 with the Securities and Exchange Commission.

“The annual report that we filed with the SEC today,” said Jeffrey H. Erickson, President and Chief Executive Officer of AAWW, “demonstrates our substantial progress during the past two years in restructuring our business.

“Our results in the fourth quarter of 2004 demonstrate our ability to grow the Company and strengthen our position in the air cargo industry.

“We will continue to optimize capacity allocations among our air cargo service types, focus on cost controls and productivity enhancements, and implement a strategic fleet renewal program. This will position us to capitalize on the favorable supply-demand characteristics in the air cargo market.”

SELECTED 2004 FINANCIAL INFORMATION

 

 

 

 

 

Predecessor

 

Successor

2004

First Quarter

 

Second Quarter

 

For the Period July 1, 2004 Through

July 27, 2004

 

For the Period July 28, 2004 Through

Sept. 30, 2004

 

Fourth Quarter

 

 

 

 

 

 

 

 

 

 

Total Operating Revenues

$ 297,454

$ 338,308

 

$  99,605

$ 250,571

$ 428,723

Operating Income (Loss)

(21,862)

    8,204

 

   (9,041)

      4,506

     62,469

Net Income (Loss)

$(58,580)

$(51,428)

$138,254

$  (4,352)

$   27,062

 

 

Income (Loss) Per Share:

 

Basic

$ (1.53)

 

$ (1.34)

$ 3.60

$ (0.22)

$ 1.34

Diluted

$ (1.53)

 

$ (1.34)

$ 3.60

$ (0.22)

$ 1.32

 

 

 

 

 

 

 

 

 

 

Results for the periods following AAWW's emergence from Chapter 11 bankruptcy proceedings on July 27, 2004 reflect the provisions of fresh-start accounting, which became effective on that date. Readers of the AAWW's financial statements are cautioned that the Company's reported historical financial statements for periods prior to July 28, 2004 are not comparable with those for periods after July 27, 2004.

AAWW's Form 10-K Annual Report for 2004 may be accessed by clicking on the link to “SEC Filings” in the “Investor Relations” section of the Company's Web site at www.atlasair.com.

AAWW expects to file its Form 10-Q Quarterly Reports for the periods ending March 31, June 30, and September 30, 2004 with the SEC during the week of July 5, 2005.

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About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Polar Air Cargo, Inc. (Polar), which together operate the world's largest fleet of Boeing 747 freighter aircraft.

Atlas is the world's leading provider of ACMI (aircraft, crew, maintenance and insurance) freighter aircraft to major airlines around the globe. Polar is among the world's leading providers of airport-to-airport freight carriage. Polar operates a global, scheduled-service network and serves major trade lanes of the world.

Through both of its principal subsidiaries, AAWW also provides commercial and military charter services.

AAWW's press releases, SEC filings and other information can 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 widebody 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 remedy weaknesses in our 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; the market acceptance of AAWW's new common stock; and other risks and uncertainties set forth from time to time in AAWW's reports to the United States Securities and Exchange Commission. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed.

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