|Atlas Air Worldwide GEnx Engine Inspection Program|
Monday, September 17, 2012 -- Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today issued the following statement in response to inquiries about the General Electric GEnx-2B engines serving the company's Boeing 747-8 Freighter fleet:
Atlas Air Worldwide's industry leadership and our operations are based on a deep commitment to and a track record of safety, compliance and security.
Reflecting our commitment and track record, we have worked closely and continually with General Electric regarding the GEnx-2B engines serving our new Boeing 747-8 Freighters, five of which are currently in service and four of which remain to be delivered to us.
In conjunction with GE, we established a plan to inspect each of the engines serving our existing 747-8s and will work with GE to inspect the engines that will power our remaining 747-8 deliveries.
To date, the inspections have not uncovered any issues with our engines and have not resulted in any loss of flying time by our 747-8 Freighters.
We have also worked with GE to establish a plan to re-inspect each of our GEnx-2B engines at appropriate intervals.
Future periodic inspections of our GEnx engines are planned to be carried out during regularly scheduled maintenance checks on our 747-8 aircraft.
As a result, we do not expect re-inspections of our GEnx engines to disrupt our ability to continue to provide safe, value-added 747-8F service to our customers.
As always, reflecting our commitment to and our track record of safety, compliance and security leadership, we will fully comply with any and all directives issued by the Federal Aviation Administration and other regulators with respect to the operation of our aircraft.
About Atlas Air Worldwide:
Atlas Air Worldwide (AAWW) is the parent company of Atlas Air, Inc. (Atlas Air) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Atlas Air Worldwide also maintains a 49% interest in Global Supply Systems Limited (GSS). Through Atlas Air and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.
Atlas Air, Titan and Polar offer a range of outsourced aircraft and aviation operating services that include ACMI service - in which customers receive an aircraft, crew, maintenance and insurance on a long-term basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military cargo and passenger charters; commercial cargo and passenger 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 announcement 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 15, 2012, 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.
AAWW assumes no obligation to update such statements contained in this announcement to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.