Mon, May 02, 2011
Strategic Growth Initiative Expected To Begin Operations In
May
Atlas Air Worldwide Holdings said Friday that its Atlas Air,
Inc. unit has been approved by the U.S. Department of Defense to
begin providing passenger charter service for U.S. military
personnel, complementing the company’s long-time position as
a premier supplier of military cargo charter solutions. The new
service is expected to start in May.
“AMC passenger service is an exciting expansion of our
business,” said William J. Flynn, President and Chief
Executive Officer of Atlas Air Worldwide. “Our entry into
passenger service for the U.S. military leverages the experience of
our long-standing service in AMC cargo operations, our knowledge of
the areas of activity and our success in providing premium,
private-charter, passenger CMI operations for SonAir. These created
a low-risk, low-cost entry opportunity for us.”
Mr. Flynn added, “We expect modest levels of
military-passenger flying in 2011, which will increase in 2012. We
anticipate a moderate earnings impact this year considering the
hours of activity and the start-up costs we have incurred since
January. Each hour we fly is an hour of growth for us and is part
of our strategy to mitigate any reduction in AMC cargo demand.
“As a large percentage of flying is entitlement driven, we
will size our fleet and operations to meet anticipated demand.
Since approximately 95% of U.S. troops move via commercial air
carriers, there should be a good level of sustained passenger
demand. We foresee meaningful earnings growth from AMC passenger
operations in 2012 and beyond.”
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