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Atlas Air Worldwide Holdings, Inc. Reports Preliminary February System Statistics and Traffic Results

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Atlas Air Worldwide Holdings, Inc. Reports Preliminary February System Statistics and Traffic Results

Thursday, March 31, 2005 --   February Block Hours Down 4.7%; Year-To-Date Hours Up 9.8%

Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWWV.PK), a leading provider of global air cargo services, today reported preliminary system statistics and traffic results for February 2005 and for the two-month period ended February 28, 2005.

February results reflect a 28-day month in 2005 compared with a 29-day month in 2004. February and year-to-date results in 2005 and 2004 also reflect the impact of the Chinese New Year holidays, which commenced in February in 2005 and in January in 2004.

Total block-hour activity during February declined 4.7% compared with the same month in 2004, while the average number of aircraft operated increased 0.5%.

Block hours operated in the ACMI segment increased 16.9% year over year, while Military Charter segment hours increased 23.3% and Commercial Charter segment hours rose 123.2%. Within the Scheduled Service business segment, traffic (as measured by revenue ton miles “RTM's”) decreased 39.6% year over year, while capacity (as measured by available ton miles “ATM's”) decreased 42.7% year over year, resulting in an increased load factor of 64.4% in February compared with 61.2% in February 2004.

During February, AAWW operated an average of 39.0 widebody 747 aircraft compared with an average of 38.8 in February 2004.

Total block-hour activity for the two months ended February 28, 2005, increased 9.8% versus the two months ended February 29, 2004, but the average number of aircraft operated declined 0.5%.

Block hours operated in the ACMI segment rose 38.0% during the first two months of 2005, while Military Charter segment hours increased 50.0% and Commercial Charter segment hours grew 102.8%. Within the Scheduled Service business segment, traffic decreased 31.2% (in RTM terms) versus the two months ended February 29, 2004, and capacity (in ATM's) decreased 36.7%, resulting in an increased load factor of 62.1% for the 2005 period compared with 57.1% for the 2004 period.

For the two months ended February 28, 2005, AAWW operated an average of 39.2 widebody 747 aircraft versus an average of 39.4 aircraft in the first two months of 2004.

The preliminary system statistics and traffic results that follow do not constitute financial statements, were not prepared in accordance with generally accepted accounting principles, and do not contain all of the disclosures required by generally accepted accounting principles or by the Securities Exchange Act of 1934, as amended, or any other prescribed form or format. AAWW cautions readers not to place undue reliance upon the information contained in these statistics and results, which may be adjusted from time to time.

These statistics and results, which have not been audited, may not be indicative of AAWW's financial statements in reports that would be required to be filed pursuant to the Securities Exchange Act of 1934, as amended.

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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.

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 ability of the companies to continue as going concerns; 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; financing costs; the cost and availability of war risk insurance; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); 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.

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