World Air Holdings Files Form 8-K With Audited 2004 Results for North American Airlines
20 Octobre 2005 - 1:29PM
PR Newswire (US)
Investor Call Scheduled for 9 a.m. Thursday, Oct. 20, 2005
PEACHTREE CITY, Ga., Oct. 20 /PRNewswire-FirstCall/ -- World Air
Holdings, Inc. (NASDAQ:WLDAE), parent company of World Airways and
North American Airlines, today filed a Form 8-K/A with re-audited
2004 financial results for North American, which was acquired on
April 27, 2005. Total revenues for 2004 were $212.9 million
compared to the estimate of $213.4 million, as stated during the
May 5 investor conference call, with military revenues for 2004 of
$92.0 million versus the $88.9 million previously stated. The
difference is due primarily to adjustments for end-of- period
cutoffs, the timing of credits due to customers, and billing
errors. Operating income for 2004 was approximately $770,000,
compared to the $500,000 estimate provided during the May 5 call.
The higher-than-estimated operating income was the result of
several positive factors: reimbursement of qualifying heavy
maintenance reserves paid to lessors, recognition of insurance
proceeds for aircraft damage, reversal of a write-off of funds
embargoed by the civil courts in the Dominican Republic and
depreciation adjusted to a straight-line basis. Those factors were
partially offset by increases in expenses resulting from properly
accounting for aircraft lease costs on a straight-line basis and
recognizing federal excise tax penalties due to late filings or
non-filing of excise tax returns. "North American's 2004 re-audited
financial results are positive and reinforce the rationale for this
acquisition," said Randy Martinez, World Air Holdings chief
executive officer. "We're pleased to complete this important
process and focus on continuing the success of both of our
airlines." Increased military demand at World Airways and North
American led to the company's issuance of improved guidance for the
third quarter of 2005. On Sept. 29, 2005, World Air Holdings
announced that it expected third-quarter revenues to be in the
range of $215 to $225 million, with military revenues of $145 to
$155 million, and operating income between $22 and $24 million. The
company now expects results to be in the lower end of the guidance
range. The company also announced that the Nasdaq Listing
Qualifications Panel has granted an appeal hearing on Nov. 3, 2005,
regarding non-compliance notifications issued on Sept. 27 and Sept.
28, citing the delay in filing the 8-K/A and the lack of a
completed review by the company's independent auditor of the
company's 2005 second-quarter financial statements. INVESTOR
CONFERENCE CALL Oct. 20, 2005, at 9 a.m. EDT Phone: 866-436-5160,
Conference ID number 1666933 A conference call will begin at 9 a.m.
EDT on Oct. 20, 2005. Investors and media can access the conference
by calling 866-436-5160, ID # 1666933, prior to the 9 a.m. start
time. The investor call will be available live via the World Wide
Web at http://www.worldairholdings.com/investor. The on-line replay
will be available until Nov. 3, 2005, at the same site shortly
after the Webcast is complete. The broadcast also will be available
at http://www.streetevents.com/. About North American Airlines
North American Airlines is a U.S.-certificated air carrier offering
air transportation services throughout the world for the U.S.
military and commercial customers. North American Airlines focuses
on "niche" markets, where high product quality and excellent
passenger service provide value to its customers. Founded in 1989,
North American operates a fleet of eight 767 and 757 passenger
aircraft in charter and limited scheduled service. For information,
visit http://www.northamericanair.com/. About World Air Holdings,
Inc. World Air Holdings has three wholly owned subsidiaries, World
Airways, Inc., North American Airlines, Inc., and World Risk
Solutions, Ltd. World Airways is a charter passenger and cargo
airline founded in 1948, North American is a charter passenger
airline founded in 1989, and World Risk Solutions is an insurance
subsidiary established in 2004. ["Safe Harbor" statement under the
Private Securities Litigation Reform Act of 1995: This release
contains forward looking statements that are subject to risks and
uncertainties including, but not limited to, the impact of
competition in the market for air transportation services, the
cyclical nature of the air carrier business, reliance on key
marketing relationships, fluctuations in operating results and
other risks detailed from time to time in the company's periodic
reports filed with the SEC (reports are available from the company
upon request). These various risks and uncertainties may cause the
company's actual results to differ materially from those expressed
in any of the forward looking statements made by, or on behalf of
the company in this release.] North American Airlines, Inc.
SELECTED FINANCIAL DATA (IN THOUSANDS, EXCEPT FOR BLOCK HOUR
RESULTS) (unaudited) RESTATED YEAR ENDED DECEMBER 31, 2004
OPERATING REVENUES Total operating revenues 212,926 OPERATING
EXPENSES Flight operations 73,030 Maintenance 25,899 Aircraft rent
and insurance 33,148 Fuel 48,013 Flight operations subcontracted to
other carriers 915 Commissions 6,775 Depreciation and amortization
431 Sales, general and administrative 23,945 Total operating
expenses 212,156 OPERATING INCOME $770 BLOCK HOUR RESULTS BLOCK
HOURS 27,145 OPER REVENUE PER BLOCK HOUR $7,844 OPER EXPENSE PER
BLOCK HOUR 7,816 Operating Spread Per Block Hour $28 (1) The
selected financial data provided above was derived from the Form
8K/A and provides a summary only. The Form 8K/A should be read in
its entirety. DATASOURCE: World Air Holdings, Inc. CONTACT: Steve
Forsyth for World Air Holdings, Inc., +1-770-632-8322; or
Investors: Karen Vahouny of Qorvis Communications, +1-703-744-7809
Web site: http://www.worldairways.com/
http://www.northamericanair.com/
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