First quarter 2012 results for ATSG included revenues of $145.4m, down 29.6% compared to the first quarter in 2011, Pre-tax Earnings from Continuing Operations was $10.7m, up 6.1% compared to 2011, while net earnings from continuing operations was $6.7m, up 3.8% compared to 2011.
Cargo Aircraft Management (CAM) earned $16.8m, up 25% for the first quarter compared with the year-earlier period. Revenues increased 18% to $37.9m compared to 2011, as CAM deployed nine more freighter aircraft it owns, including four more leased to external customers. At the end of March 2012, CAM owned 51 aircraft that were available for service, of which 21 were in service under long term dry leases with external customers. All of CAM’s externally leased Boeing 767 freighters have lease expiration dates after 2014. The average remaining lease term is approximately five years.
