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World Airways announces financial results

Peachtree City’s World Airways, Inc. reported its financial results and highlights for the quarter ending June 30, 2004.

•Operating revenues for the quarter totaled $115.1 million.

•Operating income for the second quarter was $4.4 million, exceeding the July 27 guidance range of $3.3 to $3.5 million.

This was due to credits for aircraft insurance recoveries related to repair costs that had been previously expensed, and a reduction in the reserves associated with costs of exiting the company’s former office space in Herndon,Virginia.

• Quarterly net earnings were $2.6 million, or $0.22 per basic and $0.13 per diluted share.

• For the first six months of 2004, the company reported operating income of $18.0 million, a 16 percent increase compared to the same period last year.

Randy Martinez, president and chief executive officer, noted, “We are very pleased to report our sixth consecutive profitable quarter. Our results came in very close to our expectations, and this is even more significant in light of the number of one-time and unusual expenses we recorded during the quarter.

“We’ve also made significant progress in strengthening our balance sheet, continuing to reduce our liabilities and increase shareholders’ equity from $1.3 million at the end of the first quarter to $6.4 million at the end of the second quarter.”

He added, “We are moving aggressively with our plans to increase our commercial business, while continuing to focus on reducing unit costs.”