Interesting points from the call:

Growth of revenue 13% over 2011 3Q.

10% Adjusted net income increase over 2011 3Q.

Good growth but not as much as forecasted.

Atlas has been increasing their cash position
-for rainy day worst case market scenarios
-to better position themselves for growth when an opportunity presents itself i.e. acquisitions of aircraft or competitors.

Atlas is increasing debt because of new aircraft purchases (747-8)
- goal is to balance increase in debt with increased earnings
- earnings are rising even faster than debt which leads to a better leverage position.

Global cargo demand is improving but not as fast as originally expected.

Military cargo demand is falling. This has a bit of a negative impact on Atlas, but a more significant impact on competitors using 747-200s.

Military contracts are a cost plus payout. Atlas 747-400s and 747-8s are in demand in the global charter market whereas there is little to no demand for the competitors 747-200s which will have to be parked.

As of October 1st, U.S. military will no longer charter 747-200s.

There are 42 747-200s worldwide in use that Atlas believes will be parked rather rapidly.

There are 11 747-400F's that are parked worldwide and are available for lease or purchase (CEO could list all of them and their former operators from memory).

There are 4-6 747BCF's that are parked worldwide and are available for lease. Atlas stated that these aircraft were not desirable as they have more maintenance due to their age, burn more fuel, and can carry less payload.