Kitty Hawk (AMEX:KHK)
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From Jul 2019 to Jul 2024
Kitty Hawk, Inc. (AMEX:KHK) announced today that it has
entered into a new $20 million revolving line of credit with PNC Bank.
The new credit facility immediately expands the Company's credit
facility capacity to $20 million from $15 million under the Company's
former line of credit and provides for additional expansion in the
future. Similar to the Company's former line of credit, borrowings
under the new credit facility are subject to a borrowing base
calculation. The Company plans to use funds from the credit facility
to fund working capital and continue to build Kitty Hawk's
coast-to-coast expedited ground freight transportation network.
"This agreement represents a major milestone for Kitty Hawk," said
Robert W. Zoller, President and CEO. "PNC is a very well regarded
financial institution with significant experience in our industry.
Their commitment to Kitty Hawk illustrates their confidence in our
financial condition, progress, and strategic initiatives as well as
the Company's long-term potential as the only independent air and
ground freight transportation network in North America. Through the
new credit facility, PNC is providing Kitty Hawk increased flexibility
that will allow us to speed integration of our recently closed Asset
Purchase Agreement with Air Container Transport, Inc. (ACT). The new
credit facility creates a platform for other operational initiatives
that will compliment our ground and air businesses and we believe the
addition of this new facility, combined with our existing cash,
provides us with the financial resources required to complete
investment in our expedited ground freight transportation network, as
well as achieve profitability."
About Kitty Hawk, Inc. www.kittyhawkcompanies.com
As a recognized leader in customer service, Kitty Hawk is the
premier provider of guaranteed, mission-critical, scheduled overnight
air and expedited airport-to-airport ground freight transportation to
major business centers, international gateways and surrounding
communities throughout North America, including, Alaska, Hawaii,
Vancouver and Toronto, Canada, and San Juan, Puerto Rico.
With more than 30 years experience in the aviation and air freight
industries and our recent purchase of the majority of the assets of
Air Container Transport, Kitty Hawk plays a key connecting role in the
global supply chain. Kitty Hawk serves the logistics needs of more
than 700 freight forwarders, integrated carriers, logistics companies
and major airlines with its extensive integrated air and ground
network, fleet of Boeing 737-300SF and 727-200 cargo aircraft, six
regional air and ground hubs including a 239,000 square-foot cargo
warehouse, US Customs clearance and sort facility at its Fort Wayne,
Indiana hub.
In 2005, Kitty Hawk became the North American launch customer for
the fuel-efficient and environmentally-friendly Boeing 737-300SF
aircraft. In late 2005, Kitty Hawk launched a coast-to-coast expedited
ground network, including six regional hubs, serving major business
centers, international freight gateways and surrounding communities
throughout North America. In June, 2006, Kitty Hawk, Inc.'s operating
subsidiary, Kitty Hawk Ground, Inc., acquired the majority of the
assets of Air Container Transport, the premier airport-to-airport
expedited freight network on the West Coast.
Kitty Hawk's air and ground cargo networks, award-winning,
guaranteed overnight time-definite air service and dedicated
coast-to-coast ground operation are ideal for mission-critical,
heavy-weight shipments (over 150 lbs) or special goods with unique
dimensions, high security, high value, perishable, animal and other
important shipments.
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 ground network; our failure to close the acquisition of the
operating assets of Air Container Transport; our inability to
successfully operate and integrate the Air Container Transport
operations; failure of key suppliers and vendors to perform; our
inability to attract sufficient customers at economical prices for our
expanded ground network; unforeseen increases in liquidity and working
capital requirements related to our expanded ground network; potential
competitive responses from other operators of coast-to-coast less than
truckload 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; liability and other claims
asserted against the Company; labor disputes; the Company's ability to
attract and retain qualified personnel; inflation; and costs. For a
discussion of these and other risk factors, see Item 7 of the
Company's Annual Report on Form 10-K for the year ended December 31,
2005. 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 report to
conform them to actual results.