World Airways Announces 2003 First Quarter Results
Wednesday April 30, 4:30 pm ET
* Net Income of $6.6 Million Represents 34 Percent Increase
* Quarterly Revenue Up 40.4 Percent
PEACHTREE CITY, Ga., April 30 /PRNewswire-FirstCall/ -- World Airways, Inc. (Nasdaq: WLDAC - News) today announced financial results for the quarter ended March 31, 2003.
FINANCIAL RESULTS
Revenues for the quarter ended March 31, 2003, increased 40.4% to $123.6 million from $88.0 million in the first quarter of 2002. The revenue increase in the 2003 first quarter was due principally to an increase in both military passenger and cargo business with the U.S. Air Force's Air Mobility Command (USAF). Total block hours increased 38.6%, to 12,056 in the first quarter of 2003 compared to 8,701 for the same period of 2002.
Net earnings for the 2003 first quarter were $6.6 million, or $0.60 per basic share and $0.47 per diluted share, compared to net earnings of $4.9 million, or $0.45 per basic share and $0.37 per diluted share, for the 2002 first quarter. Per share results were computed on the basis of 11.1 and 15.8 million weighted average shares outstanding for the first quarter of 2003, and 10.9 and 15.5 million weighted average shares for the same quarter of 2002, respectively.
