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Old 08-10-2017, 05:22 AM   #1  
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Default ATSG profits off the back of ATI/ABX

ATSG Growth Continues As Midsize Freighter Leasing Expands

WILMINGTON, OH August 7, 2017 - Air Transport Services Group, Inc. (ATSG), the leading provider of medium wide-body aircraft leasing, air cargo transportation and related services, today reported consolidated financial results for the quarter ended June 30, 2017.

Compared with amounts for the second quarter of 2016 (except as noted):

Revenues increased $77 million, or 43 percent, to $253.2 million. Excluding revenues from reimbursable airline expenses, revenues increased $60 million, or 37 percent. ATSG's airline services operations, and maintenance and logistics businesses, recorded double-digit revenue increases.
GAAP Earnings from Continuing Operations were a loss of $53.9 million or $0.91 per share diluted and included charges totaling $67.8 million for the warrants granted last year in connection with operating and lease agreements with Amazon Fulfillment Services, Inc. The value of the warrants increased sharply during the quarter in conjunction with a 36 percent increase in the traded price of ATSG stock since March 31, 2017, resulting in a significant mark-to-market loss for the quarter. Earnings from Continuing Operations were a positive $11.5 million, or $0.12 per share diluted a year earlier.
Adjusted Earnings from Continuing Operations, which exclude non-cash warrant-related items, were $13.9 million, up 64 percent. Adjusted Earnings Per Share from Continuing Operations were $0.21, up eight cents per share. These Adjusted Earnings and other adjusted amounts referenced below are non-GAAP financial measures, and are reconciled to comparable GAAP results in tables in this release. Adjustments include both dollar-amount and share count items.
GAAP Pre-tax Earnings from Continuing Operations were a negative $48.4 million, versus a positive $18.8 million a year ago. Adjusted Pre-tax Earnings, which exclude warrant effects along with additional non-cash items, increased 39 percent to $22.7 million.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization, as defined and adjusted in a table later in this release) increased 23 percent to $64.2 million.
Capital expenditures in the first half of 2017 were $144.3 million, versus $125.1 million in the first half of 2016.
Share repurchases were $11.2 million for the first half. This includes 380,637 shares ATSG repurchased in June as part of an underwritten secondary offering by an affiliate of Red Mountain Capital Partners.

Joe Hete, President and Chief Executive Officer of ATSG, said, In addition to the outstanding financial results we are reporting today, Im pleased to say that we are scheduled to deliver the twentieth leased Boeing 767 freighter to Amazon later this week, 17 months after we formalized our relationship in March 2016. Our total leased-aircraft portfolio has grown by eight 767s as of June 30, compared to the same date a year ago. Excluding the two 767-300s required to complete Amazon's twenty-aircraft order, our current purchase and conversion commitments will yield twelve additional 767-300s extending through the first half of next year. We currently have signed leases or are finalizing others for nine of the twelve aircraft. The remaining three aircraft are under discussion with multiple parties."

ATSG's results for the first half of 2017 included a revenue increase of 39 percent to $491.1 million, and GAAP Earnings from Continuing Operations of negative $44.1 million, or a $0.75 loss per share. First-half Adjusted Earnings From Continuing Operations were $25.1 million, up 48 percent from a year ago. On a per-share adjusted basis, ATSG earned $0.38 per share, up from $0.26 in the first half of 2016.




C'mon you legacy guys have got to get this. These people are basically stealing from us with these wages and and you keep blocking 30 early and turning up 99% reliability. This is money that SHOULD be going to us and our families!

On time, slow taxi, as filed, max power for safety etc etc
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Old 08-10-2017, 05:52 AM   #2  
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Midnight .....your legacy guys have no balls. They are lucky to even be flying! It's a win win for plantation owner JH.
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Old 08-10-2017, 05:55 PM   #3  
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1) The "Legacy" segment has really never been aggressive on negotiations. In fact, we've never been anywhere near as aggressive as say ABX. We usually watch from the sideline with astonishment as they get what they want. Meanwhile our management tells us daily that they are gonna shut down or furlough. Obviously thats a load of horse #### as they park next to us and make twice as much. The ABX playbook looks like the 1939 invasion of Poland our has pictures of care bears, stars and unicorns (which you can color if you want).

2) People here, even legacy are starting wake up. The problem is lack of experience on dealing with a gorilla on our back. Believe me, we all want rid of it. We do however have a mentor now. There is A LOT of energy stored up waiting to be released. PLUS! Guys are coming to the sickening revelation that mediation will take years at a pay rate that is far below standard. Its a HUGE reality check. Can we strike, no, not yet. Are there other ways to apply pressure? You bet. Can they really be discussed in a forum like this, nope.

3) Union Elections are here and there was even an email put out about it today.


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Old 08-11-2017, 03:52 AM   #4  
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CTR.......my error....you are the one legacy guy with balls!
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Old 08-11-2017, 11:32 AM   #5  
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CTR.......my error....you are the one legacy guy with balls!

LoL, you'll get me line checked saying that

Oh no we have others... Union and company lawyers have "documented" proof of that.


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Old 08-11-2017, 11:47 AM   #6  
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Poor Soapy and JV are going to crap themselves knowing that we are conspiring together. Things didn't blow up like they had wished after the "flight attendant" issue. Hey are you guys still getting "safe rooms" from the company?
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Old 08-11-2017, 01:20 PM   #7  
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Originally Posted by CTRCommander View Post

Can we strike, no, not yet. Are there other ways to apply pressure? You bet. Can they really be discussed in a forum like this, nope.



Everyone expects something out of Teamsters around cyber Monday. I must say that if you can train the ATSG lapdog (ATI) to bite, or for petes sake attack, that will be impressive.
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Old 08-11-2017, 01:55 PM   #8  
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Hey are you guys still getting "safe rooms" from the company?

Eh, due to cutbacks we are down to snuggle bears. Strangely mine was sent to me with a shaved butt and an ATSG tattoo, smells weird too.



Quote:
I must say that if you can train the ATSG lapdog (ATI) to bite, or for petes sake attack, that will be impressive.

Oh, you'd be surprised what you can teach an old dog. Especially when they see their bowl is smaller than everyone else's.




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