FORT WORTH, Texas, Nov. 24 /PRNewswire/ -- Worldwide Flight Services, Inc.
announced today that its operating income (income before interest, taxes and
other non-operating items) for the third quarter of 1999 was $3.1 million,
compared to $2.4 million in the third quarter of 1998. On a pro-forma basis,
as if its Miami Aircraft Support and Aerolink acquisitions had been owned for
the entire quarter, Worldwide Flight Services' operating income for the 1999
quarter was $3.7 million.
Revenues in the third quarter of 1999 totaled $71.7 million, compared to
$58.4 million in the third quarter of 1998. Pro-forma revenues for the 1999
quarters were $80.4 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
were $5.7 million in third quarter 1999, versus $4.0 million in the
corresponding quarter a year earlier. Pro-forma EBITDA was $6.7 million for
the 1999 quarter.
According to Worldwide Flight Services, the effects of Hurricane Floyd in
the third quarter of 1999 reduced earnings by an estimated $200,000. The
company also had a one-time charge of $400,000 to its self-insured health plan
reserve in the quarter, following a change in accounting estimates. Excluding
these two non-recurring events, pro-forma EBITDA would have been $7.3 million.
Worldwide Flight Services is a global leader in comprehensive, quality
ground services for the aviation industry. The company provides a wide range
of services on behalf of 300 airlines, air carriers and airport authorities in
92 locations around the world. These include cargo, passenger and ramp
handling, as well as technical assistance such as jetbridge maintenance,
fueling and management services.
Worldwide Flight Services 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 is available on the company's web site
at: http://www.wwflightservices.com.
SOURCE Worldwide Flight Services, Inc.
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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:
Scott Letier, CFO, 817-665-3340, or Karla
Mauser, Marketing, 817-665-3290, both of Worldwide Flight
Services, Inc.
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