Kitty Hawk (AMEX:KHK)
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Kitty Hawk, Inc. (AMEX: KHK), the parent company of Kitty Hawk Cargo,
Inc., Kitty Hawk Ground, Inc. and Kitty Hawk Aircargo, Inc., today
announced that it is exploring its strategic alternatives to enhance
long term prospects. Alternatives may include, but are not limited to,
raising capital, altering operations, selling assets of the Company,
selling divisions of the Company or selling the entire Company. The
Company has engaged Raymond James & Associates, Inc. to assist it in
evaluating its strategic alternatives. Going forward, the Board of
Directors will work with the management team and its advisors to explore
and evaluate the Company’s strategic
alternatives and determine the course of action it believes is in the
best interests of its stockholders.
The Company cautions that the exploration of any strategic alternative
may not result in any transaction. The Company does not intend to
disclose any developments in its exploration of its strategic
alternatives and undertakes no obligation to do so until the Board of
Directors has made a final decision regarding a specific alternative and
such decision results in a transaction.
About Kitty Hawk, Inc.
www.kittyhawkcompanies.com
A recognized leader in customer service, Kitty Hawk is the premier
provider of guaranteed, mission-critical, overnight air, second-morning
air and expedited ground freight transportation with door to door
delivery options to major business centers, international freight
gateways and surrounding communities throughout North America,
including: Alaska; Hawaii; Toronto and Vancouver, Canada; and Puerto
Rico. Kitty Hawk’s scheduled freight network
and award-winning guaranteed overnight air or expedited ground products
are ideal for heavy-weight (over 150 lbs.) high-value or high-security
freight, special goods with unique dimensions, perishables, animals
and/or other shipments requiring special handling.
With more than 30 years experience in the aviation and air freight
industries, Kitty Hawk plays a key connecting role in the global supply
chain. Kitty Hawk serves the logistics needs of more than 1,000 freight
forwarders, integrated carriers, domestic and international airlines and
logistics companies with its extensive integrated air and ground
network, fleet of reliable Boeing 737-300SF and 727-200 cargo aircraft,
as well as a 240,000 square-foot cargo warehouse, U.S. Customs clearance
and sort facility at its Fort Wayne, Indiana hub.
Kitty Hawk launched its coast-to-coast and border-to-border expedited
ground network in late 2005 and, through its wholly-owned subsidiary,
Kitty Hawk Ground, acquired the majority of the assets of Air Container
Transport (ACT), the dominant expedited airport-to-airport freight
trucking company operating primarily along the West Coast, from
southwestern Canada to San Diego.
Statement under the Private Securities Litigation Reform Act:
This report may contain forward-looking statements that are intended to
be subject to the safe harbor protection provided by Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These statements relate to future events or future financial and
operating performance and involve known and unknown risks and
uncertainties that may cause actual results or performance to be
materially different from those indicated by any forward-looking
statements. In some cases, you can identify forward-looking statements
by terminology such as “forecast,”
“may,” “will,”
“could,” “should,”
“expect,” “intends,”
“plan,” “believe,”
“potential” or
other similar words indicating future events or contingencies. Some of
the things that could cause actual results to differ from expectations
are: economic conditions; the impact of high fuel prices; our inability
to successfully implement and operate our expanded scheduled
airport-to-airport expedited ground freight network; failure of key
suppliers and vendors to perform; our inability to attract sufficient
customers at economical prices for our air network or ground network;
unforeseen increases in liquidity and working capital requirements
related to our air and ground network; potential competitive responses
from other operators of nationwide airport-to-airport ground freight
networks; the continued impact of terrorist attacks, global instability
and potential U.S. military involvement; the Company’s
significant lease obligations and indebtedness; the competitive
environment and other trends in the Company’s
industry; changes in laws and regulations; changes in the Company’s
operating costs including fuel; changes in the Company’s
business plans; interest rates and the availability of financing;
limitations upon financial and operating flexibility due to the terms of
our revolving facility; liability and other claims asserted against the
Company; labor disputes; the Company’s
ability to attract and retain qualified personnel; and inflation. For a
discussion of these and other risk factors, see the Company’s
most recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission. All of the
forward-looking statements are qualified in their entirety by reference
to the risk factors discussed therein. These risk factors may not be
exhaustive. The Company operates in a continually changing business
environment, and new risk factors emerge from time to time. Management
cannot predict such new risk factors, nor can it assess the impact, if
any, of such new risk factors on the Company’s
business or events described in any forward-looking statements. The
Company disclaims any obligation to publicly update or revise any
forward-looking statements after the date of this release to conform
them to actual results.