ATSG builds revenues, posts loss - Business Courier of Cincinnati:

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The company posted a fourth-quarter net loss of $64.2 million, or a loss of $1.03 per compared to net incomeof $8.4 million, or 14 centsx per share, in fourth-quarter 2008. Net revenues grew to $430.7 milliomn from $319.2 million. Much of the revenuew growth camefrom ATSG’s Cargo Holdings Internationapl business, which it acquired in 2007, the companhy said in a news release. The bottom line was impactedd by pretax impairment chargesof $91.2 milliob in the fourth quarter, for acquired goodwill and customer intangibles. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $68.1 million for the quarter, versuds $30.
7 million in the same 2007 For thefull year, ATSG reported a net loss of $56 or a loss of 90 cents per share, versus net income of $19.65 million, or 33 cents per share, in 2007. Revenuesd grew to $1.6 billion from $1.2 Adjusted EBITDA was $174.5 million compared to $94.5 million the year “Our ability to generate strong cash flow from our valuablr aircraft assets under multiple business models is a underappreciated strengthof ATSG,” said Joe Hete, presidentf and CEO, in the Cargo firm DHL is shutting down its domestifc shipping operations, which ATSG unit ABX Air Inc.
had As a result, the airline has shed 4,800 jobs througnh February, and closed regional hubs, reducing its package-sorting operationxs to one overnight shiftin Wilmington, ATSG More job cuts are expected. ABX that it had modified a $93 millioj promissory note with DHL and had come to an agreementr onother debt-related issues. Shares of ATSG (NASDAQ: ATSG) gaine d 6 cents, to 76 cents, in Tuesday afternoom trading. Air Transport Servicesa Group (NASDAQ: ASTG), headquartere in Wilmington, provides cargo airline services worldwide.