ATSG reports first quarter 2014 financial results

Air Transport Services Group reported consolidated financial results for the quarter ended March 31st, 2014. For the first quarter of 2014 revenues were $143.6m, flat with a year ago. Increases in revenues from aircraft leasing and other business activities offset lower revenues from airline operations. Earnings from continuing operations of $6.5m, were lower than earnings of $8.5m a year ago. A $4.1m increase in depreciation and amortization expense stemming from the addition of more modern aircraft to ATSG’s fleet, offset decreases in other operating expenses. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization, also adjusted for the effect of derivative transactions) was $38.8m, up 4% from $37.3m in the prior-year quarter.