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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Air Transport Services Group Inc | NASDAQ:ATSG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.46 | 11.02% | 14.71 | 14.33 | 15.05 | 15.84 | 14.47 | 15.84 | 1,312,754 | 22:00:18 |
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Delaware
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26-1631624
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page
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PART I. FINANCIAL INFORMATION
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|||
Item 1.
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Item 2
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Item 3
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Item 4
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PART II. OTHER INFORMATION
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Item 1
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Item 1A
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Item 2
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Item 5
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Item 6
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Three Months Ended
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Six Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2016
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2015
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2016
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2015
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||||||||
REVENUES
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$
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176,549
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$
|
148,353
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$
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353,934
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$
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295,378
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OPERATING EXPENSES
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||||||||
Salaries, wages and benefits
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53,647
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42,036
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106,066
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85,715
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||||
Depreciation and amortization
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33,132
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31,400
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65,666
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60,393
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||||
Maintenance, materials and repairs
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26,390
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23,993
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53,733
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46,686
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||||
Fuel
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17,168
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12,275
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33,799
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23,053
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Contracted ground and aviation services
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8,931
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3,599
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19,799
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6,537
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||||
Travel
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4,678
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4,342
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9,486
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8,765
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||||
Rent
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2,579
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2,447
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5,206
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6,654
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||||
Landing and ramp
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2,652
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2,166
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6,303
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4,874
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||||
Insurance
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1,087
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546
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2,236
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1,804
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||||
Other operating expenses
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10,484
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5,755
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20,488
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13,574
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||||
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160,748
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128,559
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322,782
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258,055
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OPERATING INCOME
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15,801
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19,794
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31,152
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37,323
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OTHER INCOME (EXPENSE)
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||||||||
Interest income
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37
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24
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61
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46
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Net gain on financial instruments
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5,558
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264
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5,030
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251
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||||
Interest expense
|
(2,633
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)
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(2,839
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)
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(5,332
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)
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(5,904
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)
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||||
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2,962
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(2,551
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)
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(241
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)
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(5,607
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)
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||||
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||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
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18,763
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17,243
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30,911
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31,716
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INCOME TAX EXPENSE
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(7,235
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)
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(6,673
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)
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(11,212
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)
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(12,251
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)
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EARNINGS FROM CONTINUING OPERATIONS
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11,528
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10,570
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19,699
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19,465
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EARNINGS FROM DISCONTINUED OPERATIONS, NET OF TAXES
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47
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214
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94
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428
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NET EARNINGS
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$
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11,575
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$
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10,784
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$
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19,793
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$
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19,893
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BASIC EARNINGS PER SHARE
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Continuing operations
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$
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0.18
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$
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0.16
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$
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0.31
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$
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0.30
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Discontinued operations
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—
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0.01
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—
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0.01
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TOTAL BASIC EARNINGS PER SHARE
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$
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0.18
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$
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0.17
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$
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0.31
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$
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0.31
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DILUTED EARNINGS PER SHARE
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Continuing operations
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$
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0.12
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$
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0.16
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$
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0.25
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$
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0.30
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Discontinued operations
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—
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—
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—
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—
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TOTAL DILUTED EARNINGS PER SHARE
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$
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0.12
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$
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0.16
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$
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0.25
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$
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0.30
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||||||||
WEIGHTED AVERAGE SHARES
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||||||||
Basic
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63,267
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64,541
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63,452
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64,498
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Diluted
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66,763
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65,471
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65,910
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65,404
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Three Months Ended
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Six Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2016
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2015
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2016
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2015
|
||||||||
NET EARNINGS
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$
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11,575
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$
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10,784
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$
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19,793
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$
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19,893
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OTHER COMPREHENSIVE INCOME (LOSS):
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||||||||
Defined Benefit Pension
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2,146
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1,142
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4,292
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|
2,284
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|
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Defined Benefit Post-Retirement
|
9
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(40
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)
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18
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|
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(80
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)
|
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Gains and Losses on Derivatives
|
—
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2
|
|
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—
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(4
|
)
|
||||
Foreign Currency Translation
|
53
|
|
|
144
|
|
|
310
|
|
|
(296
|
)
|
||||
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||||||||
TOTAL COMPREHENSIVE INCOME, net of tax
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$
|
13,783
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$
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12,032
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$
|
24,413
|
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$
|
21,797
|
|
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
25,242
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$
|
17,697
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Accounts receivable, net of allowance of $293 in 2016 and $415 in 2015
|
51,510
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|
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57,986
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|
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Inventory
|
14,713
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|
|
12,963
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|
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Prepaid supplies and other
|
12,167
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|
|
12,660
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TOTAL CURRENT ASSETS
|
103,632
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|
|
101,306
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Property and equipment, net
|
934,219
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|
875,401
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Other assets
|
75,240
|
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|
26,285
|
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Goodwill and intangibles
|
38,589
|
|
|
38,729
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|
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TOTAL ASSETS
|
$
|
1,151,680
|
|
|
$
|
1,041,721
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
40,755
|
|
|
$
|
44,417
|
|
Accrued salaries, wages and benefits
|
24,254
|
|
|
27,454
|
|
||
Accrued expenses
|
8,858
|
|
|
8,107
|
|
||
Current portion of debt obligations
|
41,637
|
|
|
33,740
|
|
||
Unearned revenue
|
12,081
|
|
|
12,963
|
|
||
TOTAL CURRENT LIABILITIES
|
127,585
|
|
|
126,681
|
|
||
Long term debt
|
323,461
|
|
|
283,918
|
|
||
Post-retirement obligations
|
104,316
|
|
|
108,194
|
|
||
Other liabilities
|
61,777
|
|
|
61,913
|
|
||
Stock warrants
|
57,128
|
|
|
—
|
|
||
Deferred income taxes
|
109,358
|
|
|
96,858
|
|
||
TOTAL LIABILITIES
|
783,625
|
|
|
677,564
|
|
||
Commitments and contingencies (Notes B and G)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Preferred stock, 20,000,000 shares authorized, including 75,000 Series A Junior Participating Preferred Stock
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01 per share; 85,000,000 shares authorized; 63,513,853 and 64,077,140 shares issued and outstanding in 2016 and 2015, respectively
|
635
|
|
|
641
|
|
||
Additional paid-in capital
|
497,750
|
|
|
518,259
|
|
||
Accumulated deficit
|
(35,938
|
)
|
|
(55,731
|
)
|
||
Accumulated other comprehensive loss
|
(94,392
|
)
|
|
(99,012
|
)
|
||
TOTAL STOCKHOLDERS’ EQUITY
|
368,055
|
|
|
364,157
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,151,680
|
|
|
$
|
1,041,721
|
|
|
|
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2016
|
|
2015
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net earnings from continuing operations
|
$
|
19,699
|
|
|
$
|
19,465
|
|
Net earnings from discontinued operations
|
94
|
|
|
428
|
|
||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
66,600
|
|
|
60,393
|
|
||
Pension and post-retirement
|
6,764
|
|
|
3,460
|
|
||
Deferred income taxes
|
10,969
|
|
|
11,940
|
|
||
Amortization of stock-based compensation
|
1,575
|
|
|
1,645
|
|
||
Amortization of DHL promissory note
|
—
|
|
|
(1,550
|
)
|
||
Net loss on financial instruments
|
(5,030
|
)
|
|
(251
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
6,376
|
|
|
6,977
|
|
||
Inventory and prepaid supplies
|
(1,560
|
)
|
|
1,082
|
|
||
Accounts payable
|
(2,552
|
)
|
|
2,738
|
|
||
Unearned revenue
|
(3,141
|
)
|
|
2,354
|
|
||
Accrued expenses, salaries, wages, benefits and other liabilities
|
(638
|
)
|
|
(5,963
|
)
|
||
Pension and post-retirement assets
|
(3,881
|
)
|
|
(5,948
|
)
|
||
Other
|
2,018
|
|
|
430
|
|
||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
97,293
|
|
|
97,200
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(125,076
|
)
|
|
(76,308
|
)
|
||
Proceeds from property and equipment
|
—
|
|
|
1,030
|
|
||
NET CASH (USED IN) INVESTING ACTIVITIES
|
(125,076
|
)
|
|
(75,278
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on long term obligations
|
(12,623
|
)
|
|
(47,091
|
)
|
||
Proceeds from borrowings
|
60,000
|
|
|
20,000
|
|
||
Withholding taxes paid for conversion of employee stock awards
|
(1,231
|
)
|
|
(614
|
)
|
||
Purchase of common stock
|
(10,818
|
)
|
|
(2,595
|
)
|
||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
35,328
|
|
|
(30,300
|
)
|
||
|
|
|
|
||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
7,545
|
|
|
(8,378
|
)
|
||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
17,697
|
|
|
30,560
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
25,242
|
|
|
$
|
22,182
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
$
|
5,104
|
|
|
$
|
5,646
|
|
Federal alternative minimum and state income taxes paid
|
$
|
464
|
|
|
$
|
501
|
|
SUPPLEMENTAL NON-CASH INFORMATION:
|
|
|
|
||||
Debt extinguished
|
$
|
—
|
|
|
$
|
1,550
|
|
Accrued capital expenditures
|
$
|
5,923
|
|
|
$
|
3,618
|
|
|
|
CAM
|
||
Carrying value as of December 31, 2015
|
|
$
|
34,395
|
|
Carrying value as of June 30, 2016
|
|
$
|
34,395
|
|
|
|
Customer
|
|
Airline
|
|
|
||||||
|
|
Relationships
|
|
Certificates
|
|
Total
|
||||||
|
|
ACMI Services
|
|
|
||||||||
Carrying value as of December 31, 2015
|
|
$
|
1,334
|
|
|
$
|
3,000
|
|
|
$
|
4,334
|
|
Amortization
|
|
(140
|
)
|
|
—
|
|
|
(140
|
)
|
|||
Carrying value as of June 30, 2016
|
|
$
|
1,194
|
|
|
$
|
3,000
|
|
|
$
|
4,194
|
|
|
|
Lease
|
||
|
|
Incentive
|
||
Carrying value as of December 31, 2015
|
|
$
|
—
|
|
Warrants granted March 2016 (see Note B)
|
|
37,586
|
|
|
Amortization
|
|
—
|
|
|
Carrying value as of March 31, 2016
|
|
37,586
|
|
|
Warrants granted May 2016 (see Note B)
|
|
13,758
|
|
|
Amortization
|
|
(934
|
)
|
|
Carrying value as of June 30, 2016
|
|
$
|
50,410
|
|
As of June 30, 2016
|
Fair Value Measurement Using
|
|
Total
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents—money market
|
$
|
—
|
|
|
$
|
12,932
|
|
|
$
|
—
|
|
|
$
|
12,932
|
|
Total Assets
|
$
|
—
|
|
|
$
|
12,932
|
|
|
$
|
—
|
|
|
$
|
12,932
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
—
|
|
|
$
|
(815
|
)
|
|
$
|
—
|
|
|
$
|
(815
|
)
|
Stock warrants (see note B)
|
$
|
—
|
|
|
$
|
(57,128
|
)
|
|
$
|
—
|
|
|
$
|
(57,128
|
)
|
Total Liabilities
|
$
|
—
|
|
|
$
|
(57,943
|
)
|
|
$
|
—
|
|
|
$
|
(57,943
|
)
|
As of December 31, 2015
|
Fair Value Measurement Using
|
|
Total
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents—money market
|
$
|
—
|
|
|
$
|
8,711
|
|
|
$
|
—
|
|
|
$
|
8,711
|
|
Total Assets
|
$
|
—
|
|
|
$
|
8,711
|
|
|
$
|
—
|
|
|
$
|
8,711
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
—
|
|
|
$
|
(499
|
)
|
|
$
|
—
|
|
|
$
|
(499
|
)
|
Total Liabilities
|
$
|
—
|
|
|
$
|
(499
|
)
|
|
$
|
—
|
|
|
$
|
(499
|
)
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Flight equipment
|
$
|
1,415,283
|
|
|
$
|
1,372,099
|
|
Ground equipment
|
37,923
|
|
|
36,593
|
|
||
Leasehold improvements, facilities and office equipment
|
26,347
|
|
|
25,327
|
|
||
Aircraft modifications and projects in progress
|
122,615
|
|
|
52,717
|
|
||
|
1,602,168
|
|
|
1,486,736
|
|
||
Accumulated depreciation
|
(667,949
|
)
|
|
(611,335
|
)
|
||
Property and equipment, net
|
$
|
934,219
|
|
|
$
|
875,401
|
|
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Unsubordinated term loan
|
$
|
93,067
|
|
|
$
|
100,708
|
|
Revolving credit facility
|
240,000
|
|
|
180,000
|
|
||
Aircraft loans
|
32,031
|
|
|
36,950
|
|
||
Total long term obligations
|
365,098
|
|
|
317,658
|
|
||
Less: current portion
|
(41,637
|
)
|
|
(33,865
|
)
|
||
Total long term obligations, net
|
$
|
323,461
|
|
|
$
|
283,793
|
|
Airline
|
Labor Agreement Unit
|
Percentage of
the Company’s
Employees
|
ABX
|
International Brotherhood of Teamsters
|
8.9%
|
ATI
|
Air Line Pilots Association
|
6.6%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
|
Pension Plans
|
|
Post-Retirement Healthcare Plan
|
|
Pension Plans
|
|
Post-Retirement Healthcare Plan
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
44
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
62
|
|
|
88
|
|
||
Interest cost
|
8,968
|
|
|
8,646
|
|
|
42
|
|
|
48
|
|
|
17,936
|
|
|
17,292
|
|
|
84
|
|
|
96
|
|
||||||||
Expected return on plan assets
|
(10,264
|
)
|
|
(11,020
|
)
|
|
—
|
|
|
—
|
|
|
(20,528
|
)
|
|
(22,040
|
)
|
|
—
|
|
|
—
|
|
||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(136
|
)
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
(272
|
)
|
||||||||
Amortization of net (gain) loss
|
3,368
|
|
|
1,793
|
|
|
40
|
|
|
73
|
|
|
6,736
|
|
|
3,586
|
|
|
80
|
|
|
146
|
|
||||||||
Net periodic benefit cost (gain)
|
$
|
2,072
|
|
|
$
|
(581
|
)
|
|
$
|
87
|
|
|
$
|
29
|
|
|
$
|
4,144
|
|
|
$
|
(1,162
|
)
|
|
$
|
174
|
|
|
$
|
58
|
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
|||||||||
Expiration Date
|
Stated
Interest
Rate
|
|
Notional
Amount
|
|
Market
Value
(Liability)
|
|
Notional
Amount
|
|
Market
Value
(Liability)
|
|||||
May 9, 2016
|
2.020
|
%
|
|
—
|
|
|
—
|
|
|
50,625
|
|
|
(247
|
)
|
June 30, 2017
|
1.183
|
%
|
|
46,875
|
|
|
(298
|
)
|
|
50,625
|
|
|
(252
|
)
|
May 5, 2021
|
1.090
|
%
|
|
46,875
|
|
|
(517
|
)
|
|
—
|
|
|
—
|
|
|
|
Defined Benefit Pension
|
|
Defined Benefit Post-Retirement
|
|
Gains and Losses on Derivative
|
|
Foreign Currency Translation
|
|
Total
|
|||||
Balance as of March 31, 2015
|
|
(80,049
|
)
|
|
(670
|
)
|
|
(2
|
)
|
|
(1,499
|
)
|
|
(82,220
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
224
|
|
|
224
|
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Actuarial costs (reclassified to salaries, wages and benefits)
|
|
1,793
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
1,866
|
|
Negative prior service cost (reclassified to salaries, wages and benefits)
|
|
—
|
|
|
(136
|
)
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
Hedging gain (reclassified to interest expense)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
Income Tax (Expense) or Benefit
|
|
(651
|
)
|
|
23
|
|
|
43
|
|
|
(80
|
)
|
|
(665
|
)
|
Other comprehensive income (loss), net of tax
|
|
1,142
|
|
|
(40
|
)
|
|
2
|
|
|
144
|
|
|
1,248
|
|
Balance as of June 30, 2015
|
|
(78,907
|
)
|
|
(710
|
)
|
|
—
|
|
|
(1,355
|
)
|
|
(80,972
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of December 31, 2014
|
|
(81,191
|
)
|
|
(630
|
)
|
|
4
|
|
|
(1,059
|
)
|
|
(82,876
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(453
|
)
|
|
(453
|
)
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Actuarial costs (reclassified to salaries, wages and benefits)
|
|
3,586
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
3,732
|
|
Negative prior service cost (reclassified to salaries, wages and benefits)
|
|
—
|
|
|
(272
|
)
|
|
—
|
|
|
—
|
|
|
(272
|
)
|
Hedging gain (reclassified to interest expense)
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
—
|
|
|
(50
|
)
|
Income Tax (Expense) or Benefit
|
|
(1,302
|
)
|
|
46
|
|
|
46
|
|
|
157
|
|
|
(1,053
|
)
|
Other comprehensive income (loss), net of tax
|
|
2,284
|
|
|
(80
|
)
|
|
(4
|
)
|
|
(296
|
)
|
|
1,904
|
|
Balance as of June 30, 2015
|
|
(78,907
|
)
|
|
(710
|
)
|
|
—
|
|
|
(1,355
|
)
|
|
(80,972
|
)
|
|
|
Defined Benefit Pension
|
|
Defined Benefit Post-Retirement
|
|
Gains and Losses on Derivative
|
|
Foreign Currency Translation
|
|
Total
|
|||||
Balance as of March 31, 2016
|
|
(95,156
|
)
|
|
(306
|
)
|
|
—
|
|
|
(1,138
|
)
|
|
(96,600
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
80
|
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Actuarial costs (reclassified to salaries, wages and benefits)
|
|
3,368
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
3,408
|
|
Negative prior service cost (reclassified to salaries, wages and benefits)
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
Income Tax (Expense) or Benefit
|
|
(1,222
|
)
|
|
(5
|
)
|
|
—
|
|
|
(27
|
)
|
|
(1,254
|
)
|
Other comprehensive income (loss), net of tax
|
|
2,146
|
|
|
9
|
|
|
—
|
|
|
53
|
|
|
2,208
|
|
Balance as of June 30, 2016
|
|
(93,010
|
)
|
|
(297
|
)
|
|
—
|
|
|
(1,085
|
)
|
|
(94,392
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of December 31, 2015
|
|
(97,302
|
)
|
|
(315
|
)
|
|
—
|
|
|
(1,395
|
)
|
|
(99,012
|
)
|
Other comprehensive income (loss) before reclassifications:
|
|
|
|
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
472
|
|
|
472
|
|
Amounts reclassified from accumulated other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|||||
Actuarial costs (reclassified to salaries, wages and benefits)
|
|
6,736
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
6,816
|
|
Negative prior service cost (reclassified to salaries, wages and benefits)
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
Income Tax (Expense) or Benefit
|
|
(2,444
|
)
|
|
(10
|
)
|
|
—
|
|
|
(162
|
)
|
|
(2,616
|
)
|
Other comprehensive income (loss), net of tax
|
|
4,292
|
|
|
18
|
|
|
—
|
|
|
310
|
|
|
4,620
|
|
Balance as of June 30, 2016
|
|
(93,010
|
)
|
|
(297
|
)
|
|
—
|
|
|
(1,085
|
)
|
|
(94,392
|
)
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2016
|
|
June 30, 2015
|
||||||||||
|
Number of
Awards
|
|
Weighted
average
grant-date
fair value
|
|
Number of
Awards
|
|
Weighted
average
grant-date
fair value
|
||||||
Outstanding at beginning of period
|
1,157,659
|
|
|
$
|
7.52
|
|
|
1,406,550
|
|
|
$
|
6.21
|
|
Granted
|
294,060
|
|
|
15.43
|
|
|
390,200
|
|
|
9.61
|
|
||
Converted
|
(160,500
|
)
|
|
7.20
|
|
|
(263,791
|
)
|
|
6.42
|
|
||
Expired
|
—
|
|
|
—
|
|
|
(1,600
|
)
|
|
10.11
|
|
||
Forfeited
|
(9,200
|
)
|
|
10.23
|
|
|
—
|
|
|
—
|
|
||
Outstanding at end of period
|
1,282,019
|
|
|
$
|
9.36
|
|
|
1,531,359
|
|
|
$
|
7.04
|
|
Vested
|
338,919
|
|
|
$
|
6.12
|
|
|
329,059
|
|
|
$
|
5.61
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations - basic
|
$
|
11,528
|
|
|
$
|
10,570
|
|
|
$
|
19,699
|
|
|
$
|
19,465
|
|
Gain from stock warrants, net of tax
|
(3,664
|
)
|
|
—
|
|
|
(3,405
|
)
|
|
—
|
|
||||
Earnings from continuing operations - diluted
|
$
|
7,864
|
|
|
$
|
10,570
|
|
|
$
|
16,294
|
|
|
$
|
19,465
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding - basic
|
63,267
|
|
|
64,541
|
|
|
63,452
|
|
|
64,498
|
|
||||
Common equivalent shares:
|
|
|
|
|
|
|
|
||||||||
Effect of stock-based compensation awards
|
861
|
|
|
930
|
|
|
835
|
|
|
906
|
|
||||
Effect of stock warrants
|
2,635
|
|
|
—
|
|
|
1,623
|
|
|
—
|
|
||||
Weighted-average shares outstanding - diluted
|
66,763
|
|
|
65,471
|
|
|
65,910
|
|
|
65,404
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share from continuing operations
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
Diluted earnings per share from continuing operations
|
$
|
0.12
|
|
|
$
|
0.16
|
|
|
$
|
0.25
|
|
|
$
|
0.30
|
|
|
Three Months Ending
|
|
Six Months Ending
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Total revenues:
|
|
|
|
|
|
|
|
||||||||
CAM
|
$
|
47,439
|
|
|
$
|
45,632
|
|
|
$
|
99,165
|
|
|
$
|
88,486
|
|
ACMI Services
|
114,145
|
|
|
103,892
|
|
|
229,101
|
|
|
209,360
|
|
||||
All other
|
57,253
|
|
|
32,179
|
|
|
112,264
|
|
|
67,785
|
|
||||
Eliminate inter-segment revenues
|
(42,288
|
)
|
|
(33,350
|
)
|
|
(86,596
|
)
|
|
(70,253
|
)
|
||||
Total
|
$
|
176,549
|
|
|
$
|
148,353
|
|
|
$
|
353,934
|
|
|
$
|
295,378
|
|
Customer revenues:
|
|
|
|
|
|
|
|
||||||||
CAM
|
$
|
29,387
|
|
|
$
|
24,660
|
|
|
$
|
58,148
|
|
|
$
|
44,541
|
|
ACMI Services
|
114,145
|
|
|
103,892
|
|
|
229,101
|
|
|
209,360
|
|
||||
All other
|
33,017
|
|
|
19,801
|
|
|
66,685
|
|
|
41,477
|
|
||||
Total
|
$
|
176,549
|
|
|
$
|
148,353
|
|
|
$
|
353,934
|
|
|
$
|
295,378
|
|
Depreciation and amortization expense:
|
|
|
|
|
|
|
|
||||||||
CAM
|
$
|
22,607
|
|
|
$
|
22,356
|
|
|
$
|
45,337
|
|
|
$
|
43,266
|
|
ACMI Services
|
10,228
|
|
|
9,027
|
|
|
19,772
|
|
|
17,118
|
|
||||
All other
|
297
|
|
|
17
|
|
|
557
|
|
|
9
|
|
||||
Total
|
$
|
33,132
|
|
|
$
|
31,400
|
|
|
$
|
65,666
|
|
|
$
|
60,393
|
|
Segment earnings (loss):
|
|
|
|
|
|
|
|
||||||||
CAM
|
$
|
16,229
|
|
|
$
|
14,441
|
|
|
$
|
35,739
|
|
|
$
|
28,879
|
|
ACMI Services
|
(7,130
|
)
|
|
1,126
|
|
|
(17,486
|
)
|
|
(1,445
|
)
|
||||
All other
|
4,130
|
|
|
1,840
|
|
|
7,998
|
|
|
4,916
|
|
||||
Net unallocated interest expense
|
(24
|
)
|
|
(428
|
)
|
|
(370
|
)
|
|
(885
|
)
|
||||
Net gain (loss) on financial instruments
|
5,558
|
|
|
264
|
|
|
5,030
|
|
|
251
|
|
||||
Pre-tax earnings from continuing operations
|
$
|
18,763
|
|
|
$
|
17,243
|
|
|
$
|
30,911
|
|
|
$
|
31,716
|
|
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Assets:
|
|
|
|
||||
CAM
|
$
|
906,849
|
|
|
$
|
804,776
|
|
ACMI Services
|
158,183
|
|
|
154,852
|
|
||
All other
|
86,648
|
|
|
82,093
|
|
||
Total
|
$
|
1,151,680
|
|
|
$
|
1,041,721
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||
|
ACMI
Services
|
|
CAM
|
|
Total
|
|
ACMI
Services |
|
CAM
|
|
Total
|
||||||
In-service aircraft
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aircraft owned
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Boeing 767-200
|
8
|
|
|
27
|
|
|
35
|
|
|
13
|
|
|
23
|
|
|
36
|
|
Boeing 767-300
|
4
|
|
|
8
|
|
|
12
|
|
|
4
|
|
|
7
|
|
|
11
|
|
Boeing 757-200
|
4
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Boeing 757-200 Combi
|
4
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
20
|
|
|
35
|
|
|
55
|
|
|
25
|
|
|
30
|
|
|
55
|
|
Operating lease
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Boeing 757-200
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Other aircraft
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Owned Boeing 767-200s staging for lease
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Owned Boeing 767-300 for freighter modification
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
Three Months Ending
|
|
Six Months Ending
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
CAM
|
|
|
|
|
|
|
|
||||||||
Aircraft leasing and related services
|
$
|
48,373
|
|
|
$
|
45,632
|
|
|
$
|
100,099
|
|
|
$
|
88,486
|
|
Lease amortization against revenue
|
(934
|
)
|
|
—
|
|
|
(934
|
)
|
|
—
|
|
||||
Total CAM
|
47,439
|
|
|
45,632
|
|
|
99,165
|
|
|
88,486
|
|
||||
ACMI Services
|
|
|
|
|
|
|
|
||||||||
Airline services
|
98,187
|
|
|
97,897
|
|
|
199,840
|
|
|
195,592
|
|
||||
Reimbursable
|
15,958
|
|
|
5,995
|
|
|
29,261
|
|
|
13,768
|
|
||||
Total ACMI Services
|
114,145
|
|
|
103,892
|
|
|
229,101
|
|
|
209,360
|
|
||||
Other Activities
|
57,253
|
|
|
32,179
|
|
|
112,264
|
|
|
67,785
|
|
||||
Total Revenues
|
218,837
|
|
|
181,703
|
|
|
440,530
|
|
|
365,631
|
|
||||
Eliminate internal revenues
|
(42,288
|
)
|
|
(33,350
|
)
|
|
(86,596
|
)
|
|
(70,253
|
)
|
||||
Customer Revenues
|
$
|
176,549
|
|
|
$
|
148,353
|
|
|
$
|
353,934
|
|
|
$
|
295,378
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Pre-Tax Earnings from Continuing Operations:
|
|
|
|
|
|
|
|
||||||||
CAM, inclusive of interest expense
|
$
|
16,229
|
|
|
$
|
14,441
|
|
|
$
|
35,739
|
|
|
$
|
28,879
|
|
ACMI Services
|
(7,130
|
)
|
|
1,126
|
|
|
(17,486
|
)
|
|
(1,445
|
)
|
||||
Other Activities
|
4,130
|
|
|
1,840
|
|
|
7,998
|
|
|
4,916
|
|
||||
Net unallocated interest expense
|
(24
|
)
|
|
(428
|
)
|
|
(370
|
)
|
|
(885
|
)
|
||||
Net gain on financial instrument re-measurements
|
5,558
|
|
|
264
|
|
|
5,030
|
|
|
251
|
|
||||
Pre-Tax Earnings from Continuing Operations
|
18,763
|
|
|
17,243
|
|
|
30,911
|
|
|
31,716
|
|
||||
Add non-service components of retiree benefit costs, net
|
2,203
|
|
|
(260
|
)
|
|
4,406
|
|
|
(520
|
)
|
||||
Add debt issuance costs from non-consolidating affiliate
|
—
|
|
|
—
|
|
|
1,229
|
|
|
—
|
|
||||
Add lease incentive amortization
|
934
|
|
|
—
|
|
|
934
|
|
|
—
|
|
||||
Less net gain on financial instruments
|
(5,558
|
)
|
|
(264
|
)
|
|
(5,030
|
)
|
|
(251
|
)
|
||||
Adjusted Pre-Tax Earnings from Continuing Operations
|
$
|
16,342
|
|
|
$
|
16,719
|
|
|
$
|
32,450
|
|
|
$
|
30,945
|
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
|
||||||
April 1, 2016 through April 30, 2016
|
|
257,429
|
|
|
$
|
14.82
|
|
|
257,429
|
|
|
$
|
32,762,012
|
|
May 1, 2016 through May 31, 2016
|
|
168,500
|
|
|
$
|
13.49
|
|
|
168,500
|
|
|
$
|
80,488,295
|
|
June 1, 2016 through June 30, 2016
|
|
124,400
|
|
|
$
|
13.26
|
|
|
124,400
|
|
|
$
|
78,838,271
|
|
Total for the quarter
|
|
550,329
|
|
|
$
|
14.06
|
|
|
550,329
|
|
|
$
|
78,838,271
|
|
Position
|
Threshold
|
Target
|
Maximum
|
Chief Executive Officer
|
11.5%
|
115%
|
160%
|
Chief Financial Officer; Chief Legal Officer; Chief Commercial Officer; Subsidiary President
|
6%
|
60%
|
100%
|
Vice President; Subsidiary Vice President
|
4.8%
|
48%
|
80%
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(1)
|
Incorporated by reference to the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2016.
|
|
|
|
|
AIR TRANSPORT SERVICES GROUP, INC.,
|
|
|
|
|
a Delaware Corporation
|
|
|
|
|
Registrant
|
|
|
|
|
|
|
|
|
|
/S/ JOSEPH C. HETE
|
|
|
|
|
Joseph C. Hete
|
|
|
|
|
Chief Executive Officer (Principal Executive Officer)
|
Date:
|
August 8, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
/S/ QUINT O. TURNER
|
|
|
|
|
Quint O. Turner
|
|
|
|
|
Chief Financial Officer (Principal Financial Officer
|
Date:
|
August 8, 2016
|
|
|
and Principal Accounting Officer)
|
1 Year Air Transport Services Chart |
1 Month Air Transport Services Chart |
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