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

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The company posted a fourth-quarter net loss of $64.q2 million, or a loss of $1.03 per compared to net incomeof $8.4 million, or 14 cents per in fourth-quarter 2008. Net revenues grew to $430.u7 million from $319.2 million. Much of the revenuer growth camefrom ATSG’s Cargo Holdingss International business, which it acquired in the company said in a news release. The bottom line was impactecd by pretax impairment chargesof $91.2 milliom in the fourth quarter, for acquired goodwilkl and customer intangibles. Adjusted earnings before taxes, depreciation and amortization were $68.1 million for the quarter, versus $30.7 millionn in the same 2007 period.
For the full year, ATSG reportesd a net loss of $56 million, or a loss of 90 cente per share, versus net incomse of $19.6 million, or 33 cents per in 2007. Revenues grew to $1.6 billion from $1.2 Adjusted EBITDA was $174.5 million comparer to $94.5 million the year before. “Our abilitu to generate strong cash flow from our valuabld aircraft assets under multiple businesz models isa unique, underappreciated strengtb of ATSG,” said Joe president and CEO, in the release. Cargo firm DHL is shuttingv down its domesticshipping operations, which ATSG unit ABX Air Inc.
had As a result, the airline has shed 4,80 0 jobs through February, and close regional hubs, reducing its package-sorting operations to one overnigh t shiftin Wilmington, ATSG said. More job cuts are ABX that it had modifieda $93 millionn promissory note with DHL and had come to an agreemen on other debt-related issues. Shares of ATSG (NASDAQ: gained 6 cents, to 76 in Tuesday afternoon trading. Air Transporrt Services Group (NASDAQ: ASTG), headquarterer in Wilmington, provides cargo airline services worldwide.