FORT WORTH, Texas, March 28 /PRNewswire/ -- Worldwide Flight Services,
Inc., one of the world's leading independent aviation services provider, today
reported financial results for the three and nine months ended
December 31, 1999, which also is the Company's calendar year end. Worldwide
Flight Services was acquired from AMR Corporation on March 31, 1999.
For the three months ended December 31, 1999, revenues were $85.3 million,
up 40.9 percent from revenues of $60.5 million for last year's comparable
quarter. Operating income for the three months ended December 31, 1999 was
$1.6 million compared to $2.1 million for the same quarter of 1998. The
revenues and operating income for the quarter ended December 31, 1999, include
the results of its subsidiaries, Miami Aircraft Support, Inc. and Aerolink
International, Inc. that were acquired on August 12, 1999 and August 23, 1999,
respectively.
For the nine months ended December 31, 1999, revenues on a combined basis
were $216.9 million, up 25.4 percent from revenues of $173.0 million for the
same period of 1998. Operating income for the nine months ended
December 31, 1999 was $7.6 million as compared to $5.9 million for the
comparable period in 1998. The 1999 results include those of Miami Aircraft
Support and Aerolink since their dates of acquisition.
Pro forma revenues and operating income for the twelve months ended
December 31, 1999 were $322.9 million and $10.4 million, respectively compared
to the pro forma revenues and operating incomes of approximately
$297.8 million and $8.7 million, for the year ended December 31, 1998.
EBITDA, defined as operating income from continuing operations plus
depreciation and amortization was $6.2 million for the three months ended
December 31, 1999 as compared to $3.7 million for the comparable period in
1998. Pro forma EBITDA for the twelve months ended December 31, 1999, was
$26.1 million as compared to EBITDA of $23.7 million for the same period in
1998.
"Revenues were on track with our expectations, but operating income was
impacted by one time, non recurring costs, primarily associated with our
evolution into a fully independent company," said Peter A. Pappas, Chairman
and Chief Executive Officer. "Excluding the impact of these costs, operating
income would have been approximately $1.0 million higher.
"With many of the transitional costs associated with our change to
independence mainly behind us, we are focusing our attention on the full
integration of our two acquisitions, Miami Aircraft Support and Aerolink.
This should allow us to reduce costs through cross utilization of our assets
at airports, where we have joint operations, and reduce redundant costs in the
field and at headquarters," added Mr. Pappas. "Our new marketing and sales
group is focusing on attracting new business which will provide additional
revenue improvements for the company in calendar 2000. We look forward to
continuing to strengthen our position as one of the world's largest
independent aviation service providers through internal growth and
acquisitions."
Certain statements in this release contain "forward-looking" information
that involves risk and uncertainty. Actual future results and trends may
differ materially depending on a variety of factors, including revenue levels,
payroll costs, competitive pressures, debt levels, loss of significant
customers, and other factors, all of which are difficult to predict and many
of which are beyond the control of the Company. Additional information
regarding these factors is contained in the Company's Registration Statement
on Form S-4 filed with the Securities and Exchange Commission.
Worldwide Flight Services, Inc. is a global leader in comprehensive,
quality ground services for the aviation industry. The company provides a
wide range of services on behalf of more than 300 airlines, air carriers and
airport authorities in 92 key locations around the world. These services
include cargo, passenger and ramp handling, as well as technical assistance
such as jet bridge maintenance, fueling, deicing and other management
services.
Worldwide Flight Services, Inc. was acquired on March 31, 1999 by a
private equity investment fund managed by Castle Harlan, Inc., a New York
based merchant bank.
Additional information about Worldwide Flight Services, Inc. can be
accessed via the Internet at http://www.wwflightservices.com.
Worldwide Flight Services,
Condensed Consolidated Statement of Operations
(In thousands)
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 (A) 1999 1998 (A)
Revenues $85,291 60,546 $216,870 $172,994
Expenses:
Salaries, wages and benefits 55,358 40,983 141,161 117,085
Materials, supplies and
services 9,307 7,404 25,278 21,198
Equipment and facilities rental 5,038 3,571 13,529 9,820
Depreciation and amortization 4,636 1,510 9,112 4,485
Other miscellaneous expenses 9,383 4,937 20,163 14,512
Total operating expenses 83,722 58,405 209,243 167,100
Operating income from
continuing operations 1,569 2,141 7,627 5,894
Interest (expense) income, net (4,867) 490 (9,950) 1,597
Other income (expense), net (152) 360 (337) 580
Income (loss) from continuing
operations before income taxes
and extraordinary loss $(3,450) $2,991 $(2,660) $ 8,071
EBITDA (B) $ 6,205 $3,651 $16,739 $10,379
Worldwide Flight Services, Inc.
Unaudited pro forma consolidated results
Twelve Months Ended
December 31,
1999 1998
Unaudited Unaudited
Revenues $322,870 $297,774
Total operating expenses 312,427 $289,111
Operating income 10,443 8,663
Depreciation and amortization 15,614 $14,998
EBITDA (B) $ 26,057 $23,661
(A) The months ended December 31, 1998 represent only the results of the
Company under the ownership of its predecessor parent.
(B) Defined as Operating income from continuing operations plus
depreciation and amortization.
SOURCE Worldwide Flight Services, Inc.
 back to top
Related links:
http://www.wwflightservices.com
Company News On-Call:
http://www.prnewswire.com/comp/132179.html or fax,
800-758-5804, ext. 132179
CONTACT:
Peter A. Pappas, Chairman and Chief Executive
Officer of Worldwide Flight Services, Inc., 817-665-3234
|
