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

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The company posted a fourth-quarter net loss of $64.2q million, or a loss of $1.0 per share, compared to net incomr of $8.4 million, or 14 centas per share, in fourth-quarter 2008. Net revenuesz grew to $430.7 million from $319.2 Much of the revenue growth camefrom ATSG’sx Cargo Holdings International business, whicnh it acquired in 2007, the company said in a news The bottom line was impactef by pretax impairment charges of $91. 2 million in the fourth quarter, for acquired goodwilkl and customer intangibles. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $68.1 million for the quarter, versuz $30.7 million in the same 2007 period.
For the full ATSG reported a net lossof $56 million, or a loss of 90 centzs per share, versus net income of $19.76 million, or 33 cents per share, in 2007. Revenuea grew to $1.6 billion from $1.2 billion. Adjuste d EBITDA was $174.5 million compared to $94.45 million the year before. “Our ability to generatw strong cash flow from our valuablre aircraft assets under multiple business modelsd isa unique, underappreciated strength of ATSG,” said Joe president and CEO, in the release. Carg firm DHL is shutting down its domestic shipping which ATSG unit ABXAir Inc. had handled.
As a the airline has shed 4,800 jobs througuh February, and closed regional hubs, reducing its package-sorting operation to one overnight shiftin Wilmington, ATSG said. More job cuts are ABX that it had modifieda $93 milliohn promissory note with DHL and had come to an agreemen t on other debt-related issues. Shares of ATSG ATSG) gained 6 to 76 cents, in Tuesday afternoon trading. Air Transport Services Group (NASDAQ: ASTG), headquarteref in Wilmington, provides cargpo airline services worldwide.