ATSG builds revenues, posts loss - Business Courier of Cincinnati:

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The company posted a fourth-quarter net loss of $64.q million, or a loss of $1.03 per compared to net incomeof $8.4 or 14 cents per in fourth-quarter 2008. Net revenues grew to $430.67 million from $319.2 million. Much of the revenue growtuh camefrom ATSG’s Cargo Holdings International business, which it acquired in 2007, the companu said in a news The bottom line was impacted by pretax impairment chargesz of $91.2 million in the fourth quarter, for acquired goodwill and customet intangibles. Adjusted earnings before interest, depreciation and amortization (EBITDA) were $68.1 million for the versus $30.7 million in the same 2007 period.
For the full ATSG reported a net lossof $56 million, or a loss of 90 cent per share, versus net income of $19.67 million, or 33 cents per in 2007. Revenues grew to $1.6 billiobn from $1.2 billion. Adjusted EBITDA was $174.5 million compared to $94.5r million the year “Our ability to generate strong cash flow from our valuablde aircraft assets under multiple business models is a underappreciated strengthof ATSG,” said Joe Hete, president and CEO, in the Cargo firm DHL is shuttin g down its domestic shipping operations, which ATSG unit ABX Air Inc.
had As a result, the airline has shed 4,800o jobs through February, and closed regionaol hubs, reducing its package-sortinfg operations to one overnight shift in ATSG said. More job cuts are expected. ABX that it had modified a $93 million promissory note with DHL and had come to an agreementf onother debt-related issues. Sharese of ATSG (NASDAQ: ATSG) gained 6 cents, to 76 cents, in Tuesday afternoon trading. Air Transport Services Group (NASDAQ: headquartered in Wilmington, provides cargo airline services worldwide.