-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QRwKeC4I23V7zDpteiDZGvzEwRtNCFfPNBUCP+QbPqoBei+ofPZhj6etx6nrUvqG aPQF71L8bt1FHgMzZEuD6g== 0000898904-03-000019.txt : 20030429 0000898904-03-000019.hdr.sgml : 20030429 20030429123015 ACCESSION NUMBER: 0000898904-03-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATA HOLDINGS CORP CENTRAL INDEX KEY: 0000898904 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 351617970 STATE OF INCORPORATION: IN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21642 FILM NUMBER: 03668527 BUSINESS ADDRESS: STREET 1: 7337 W WASHINGTON ST CITY: INDIANAPOLIS STATE: IN ZIP: 46231 BUSINESS PHONE: 3172474000 FORMER COMPANY: FORMER CONFORMED NAME: AMTRAN INC DATE OF NAME CHANGE: 19930318 8-K 1 atah8k429.txt ATA HOLDINGS CORP. 8K - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 - -------------------------------------------------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934 - -------------------------------------------------------------------------------- Date of Report (Date of earliest event reported): April 29, 2003 ATA Holdings Corp. (Exact name of registrant as specified in its charter) - -------------------------------------------------------------------------------- Indiana 000-21642 35-1617970 (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification Number) - -------------------------------------------------------------------------------- 7337 West Washington Street Indianapolis, Indiana 46231 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (317) 247-4000 N/A (Former name or former address, if changes since last report) - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS Attached hereto, and incorporated herein by reference in its entirety, as Exhibit 99.1 is a copy of a press release announcing the first quarter earnings for ATA Holdings Corp. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) Exhibits. 99.1 Press Release dated April 29, 2003. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATA Holdings Corp. Date: April 29, 2003 By: /s/ David M. Wing ------------- Name: David M. Wing Title: Executive Vice President & CFO EXHIBIT INDEX Exhibit No. Description of the Exhibit 99.1 Press Release dated April 29, 2003 ATA Holdings Corp. Reports First Quarter Operating Profit and Net Loss INDIANAPOLIS, April 29, 2003--ATA Holdings Corp. (NASDAQ: ATAH), parent company of ATA Airlines, Inc., today reported a first quarter operating profit of $1.5 million and a loss to common shareholders of $11.4 million, or $0.97 per share (basic and diluted). This compares with an operating profit of $10.1 million and income available to common shareholders of $1.5 million, or $0.12 per share (diluted) in the first quarter of 2002. ATA ended the 2003 quarter with $160.6 million in unrestricted cash. "In the first quarter, ATA began to realize the economic benefits of the action plan we developed last year to return our Company to profitability in spite of continued weakness in unit revenues. I am very encouraged by the operating profit, which clearly signals we are moving in the right direction. Our aircraft and crews are being more efficiently utilized and our non-fuel unit operating expenses have been reduced significantly. Plus, we have strengthened our brand recognition as a result of enrolling almost 200,000 passengers in our frequent flyer program. Despite this progress, we are still reporting a net loss today and, as I have said in two previous earnings releases, this is unacceptable. We still have work to do before we can report the financial results that will ensure our future," said George Mikelsons, Chairman, CEO and President. "The scheduled service revenue environment in the first quarter continued to be very challenging, due to the impact of Operation Iraqi Freedom, the movement of the Easter holiday to the second quarter, and our aggressive capacity growth. Scheduled service revenue per available seat mile (RASM) was down 7.8 percent. Even as our unit revenues fell, fuel prices were rising 41.6 percent--costing the Company an incremental $17.1 million based on price, net of $5.3 million in charter and scheduled service fuel escalation. Mitigating these two issues was our ability to more than double our flying for the military. Our military revenue (excluding fuel reimbursement) was up 109.2 percent as we provided increased airlift for the U.S. Military," said Dave Wing, Executive Vice President and CFO. "Strong demand for our military product helped us increase fleet-wide utilization by 14.6 percent. Increased utilization of our aircraft and crews, as well as a commitment by our employees to reduce costs in many areas allowed us to reduce our consolidated cost per available seat mile (CASM) by 5.4 percent to 7.04 cents. Based on our cost-control achievements to date, we have set our full-year CASM target to be below seven cents," said Wing. Total operating revenues for the first quarter of 2003 were $373.6 million, a 13.0 percent increase compared with 2002. Scheduled service revenues increased 17.5 percent to $244.8 million. Total charter service revenues increased 16.0 percent to $112.3 million. Total operating expenses increased 16.1 percent to $372.1 million. First Quarter Operating Results: System-wide revenue passenger miles (RPMs) increased 11.2 percent to 3.37 billion, and available seat miles (ASMs) increased 22.7 percent to 5.28 billion compared with 2002. Consolidated RASM was 7.07 cents in the first quarter of 2003, down 7.9 percent compared with 2002. For ATA's scheduled service, RPMs increased 23.0 percent to 2.68 billion, ASMs increased 27.3 percent to 3.85 billion, and passenger load factor decreased 2.5 points to 69.8 percent compared with 2002. Scheduled service yield declined 4.4 percent to 9.12 cents and RASM decreased 7.8 percent to 6.36 cents. Summary of Recent Events: o ATA Holdings Corp. appointed David M. Wing as new Executive Vice President and Chief Financial Officer. o The Company changed the name of its principal subsidiary to ATA Airlines, Inc. o ATA Airlines, Inc. announced new daily non-stop service from Chicago-Midway to Pittsburgh beginning June 1 and increased frequencies of flights to New York-LaGuardia from Chicago-Midway and Indianapolis--both beginning May 1. o ATA launched new service and more frequencies from San Francisco to Cancun, Indianapolis and St. Petersburg/Tampa. o The Federal Aviation Administration approved ATA Airlines, Inc. as the first commercial airline to operate in Chicago-Midway with lower visibility limits, using advanced aircraft technologies. o ATA's Anniversary Travel Awards Program reached a milestone of almost 200,000 registered members as of last week. Customer acceptance of ATA's frequent flyer program has exceeded all expectations. o The Company's new, flexible travel policy allows customers to make changes to previously booked travel itineraries in the event of a "Code Red" alert or military conflict. ATA Holdings Corp.'s first quarter earnings conference call will be webcast live today at 11:00 a.m. Eastern Standard Time at www.ata.com on ATA's investor relations web page and will remain archived on the website for future reference. The Company also filed an 8-K on today with additional information on the fleet plan and other statistics. To obtain this federal filing, please go to: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000898904. Now celebrating its 30th year of operation, ATA is the nation's 10th largest passenger carrier based on revenue passenger miles. ATA operates significant scheduled service from Chicago-Midway and Indianapolis to more than 40 business and vacation destinations. To learn more about the Company, visit the website at www.ata.com. Caution Concerning Forward-Looking Statements: This communication contains certain "forward-looking statements". These statements are based on ATA Holdings Corp.'s management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. More detailed information about those factors is set forth in filings made by ATA Holdings Corp. with the SEC. Except to the extent required under the federal securities laws, ATA Holdings Corp. is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
ATA HOLDINGS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Dollars in thousands, except per share amounts Three Months Ended March 31, 2003 2002 (Unaudited) (Unaudited) Change Operating revenues: Scheduled service $244,768 $208,283 17.5% Charter service Commercial charter 26,112 57,369 -54.5% Military charter 86,195 39,477 118.3% Total charter service 112,307 96,846 16.0% Other 16,554 25,441 -34.9% Total operating revenues 373,629 330,570 13.0% Operating expenses: Salaries, wages and benefits 94,278 77,987 20.9% Fuel and oil 75,092 47,243 58.9% Aircraft rentals 55,269 39,454 40.1% Handling, landing and navigation fees 30,057 27,680 8.6% Depreciation and amortization 15,193 18,690 -18.7% Crew and other employee travel 14,987 13,870 8.1% Aircraft maintenance, materials and repairs 13,479 11,420 18.0% Other selling expenses 11,757 10,983 7.0% Passenger services 10,249 9,767 4.9% Insurance 7,335 7,735 -5.2% Commissions 6,026 9,123 -33.9% Other 38,387 46,560 -17.6% Total operating expenses 372,109 320,512 16.1% Operating income 1,520 10,058 -84.9% Other income (expense): Interest income 806 689 17.0% Interest expense (12,682) (8,238) 53.9% Other (636) 133 -578.2% Other expense (12,512) (7,416) 68.7% Income (loss) before income taxes (10,992) 2,642 -516.0% Income tax expense - 762 nm Net income (loss) (10,992) 1,880 -684.7% Preferred stock dividends (375) (375) nm Income (loss) available to common shareholders (11,367) 1,505 -855.3% Basic earnings per common share: Average shares outstanding 11,764,753 11,562,357 1.8% Net income (loss) per share (0.97) 0.13 -846.2% Diluted earnings per common share: Average shares outstanding 11,764,753 12,043,058 -2.3% Net income (loss) per share (0.97) 0.12 -908.3%
ATA HOLDINGS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Cents per ASM Three Months Ended March 31, 2003 2002 (Unaudited) (Unaudited) Change Total operating revenues 7.07 7.68 -7.9% Operating expenses: Salaries, wages and benefits 1.78 1.81 -1.7% Fuel and oil 1.42 1.10 29.1% Aircraft rentals 1.05 0.92 14.1% Handling, landing and navigation fees 0.57 0.64 -10.9% Depreciation and amortization 0.29 0.43 -32.6% Crew and other employee travel 0.28 0.32 -12.5% Aircraft maintenance, materials and repairs 0.26 0.26 0.0% Other selling expenses 0.22 0.26 -15.4% Passenger services 0.19 0.23 -17.4% Insurance 0.14 0.18 -22.2% Commissions 0.11 0.21 -47.6% Other 0.73 1.08 -32.4% Total operating expenses 7.04 7.44 -5.4% Operating income 0.03 0.24 -87.5%
ATA HOLDINGS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, Dec 31, 2003 2002 (Unaudited) Cash and cash equivalents $160,581 $200,160 Total current assets 362,520 393,752 Property and equipment, net 262,076 265,627 Other assets 237,786 188,757 Total assets 862,382 848,136 Short-term debt and current maturities of long-term debt 26,572 22,575 Total current liabilities 332,651 301,880 Long-term debt, less current maturities 482,809 486,853 Other liabilities 95,438 96,927 Redeemable preferred stock 82,860 82,485 Shareholders' deficit (131,376) (120,009) Total liabilities and shareholders' deficit $862,382 $848,136
ATA HOLDINGS CORP. AND SUBSIDIARIES OPERATING STATISTICS Three Months Ended March 31, Revenue Passenger Miles (RPMs) (000s) 2003 2002 Change System-wide 3,370,698 3,031,674 11.2% Scheduled Service - Jet 2,638,430 2,154,743 22.4% Scheduled Service - Commuter 46,051 28,612 60.9% Scheduled Service - Total 2,684,481 2,183,355 23.0% Charter Service 686,217 848,319 -19.1% Available Seat Miles (ASMs) (000s) System-wide 5,284,710 4,306,430 22.7% Scheduled Service - Jet 3,769,925 2,975,917 26.7% Scheduled Service - Commuter 76,407 44,603 71.3% Scheduled Service - Total 3,846,332 3,020,520 27.3% Charter Service 1,438,378 1,285,910 11.9% Unit Revenue and Unit Costs Scheduled Service Revenue per Available Seat Mile (RASM) (cents) 6.36 6.90 -7.8% Charter Service Revenue per Available Seat Mile (RASM) (cents) 7.81 7.53 3.7% Scheduled Service Revenue per Revenue Passenger Mile (Yield) (cents) 9.12 9.54 -4.4% Operating Expenses Per ASM (cents) 7.04 7.44 -5.4% Non-fuel Operating Expenses Per ASM (cents) 5.62 6.34 -11.4% Other Statistics Scheduled Service Passenger Load Factor - Jet 70.0% 72.4% -2.4 pts Scheduled Service Passenger Load Factor - Commuter 60.3% 64.1% -3.9 pts Total Scheduled Service Passenger Load Factor 69.8% 72.3% -2.5 pts System-wide Revenue Passengers Carried 2,639,812 2,422,015 9.0% Average Daily Narrow-body Jet Utilization 10.79 10.05 7.4% Average Daily Wide-body Jet Utilization 7.80 5.80 34.5% System-wide Average Passenger Trip Length (miles) 1,277 1,252 2.0% Average into-plane fuel price per gallon $1.09 $0.77 41.6% Gallons of Fuel Consumed (000s) 69,020 60,727 13.7% Aircraft in fleet - Jet 64 66 -3.0% Aircraft in fleet - Commuter 17 11 54.5% Full-time Equivalent Employees 7,156 6,811 5.1%
Notes: Numbers in operating statistics may not sum due to rounding. Sub service numbers now appear under charter statistics. ### -----END PRIVACY-ENHANCED MESSAGE-----