Air Transport Services Group Inc. said it has arranged for a new, $325 million line of credit to provide capital for business growth, but expects to report a non-cash charge of $6.8 million, or 7 cents per share, against first-quarter earnings to terminate its current credit facility early.
Maintenance that kept some aircraft out of service reduced revenues and increased operating costs above budgeted levels, ATSG said. That will reduce earnings by 3 cents per share for the three months ended March 31, management said.
ATSG said it expects to report net earnings of 3 or 4 cents per share on May 10, prior to the market’s opening and its annual meeting of shareholders later that day. That would fall well short of the 16 cents per share earnings forecast by industry analysts surveyed by Yahoo! Finance.
The Wilmington-based company owns the freight airline ABX Air and provides aircraft leasing, air cargo transport and aircraft maintenance services. ATSG said it expects to place an additional nine Boeing 767 freighter airplanes into service this year, expanding its fleet of those aircraft to 39.
SunTrust, Regions Bank and JPMorgan Chase are the lead banks in the consortium providing ATSG’s new line of credit, management said. It will replace ATSG’s current line of credit that is to be terminated early
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Maintenance that kept some aircraft out of service reduced revenues and increased operating costs above budgeted levels, ATSG said. That will reduce earnings by 3 cents per share for the three months ended March 31, management said.
ATSG said it expects to report net earnings of 3 or 4 cents per share on May 10, prior to the market’s opening and its annual meeting of shareholders later that day. That would fall well short of the 16 cents per share earnings forecast by industry analysts surveyed by Yahoo! Finance.
The Wilmington-based company owns the freight airline ABX Air and provides aircraft leasing, air cargo transport and aircraft maintenance services. ATSG said it expects to place an additional nine Boeing 767 freighter airplanes into service this year, expanding its fleet of those aircraft to 39.
SunTrust, Regions Bank and JPMorgan Chase are the lead banks in the consortium providing ATSG’s new line of credit, management said. It will replace ATSG’s current line of credit that is to be terminated early
Read More
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