-----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, Bk6w//ULPtNL/75/A9ZDVPytgV7YLI6fwtXSUXFgIf2LKn/ZGSKSByZLrAdiTgVN MBoPMAqqb0bYklkHRCl4oQ== 0000898904-04-000025.txt : 20040507 0000898904-04-000025.hdr.sgml : 20040507 20040507115155 ACCESSION NUMBER: 0000898904-04-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040507 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040507 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: 04787612 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 atah8k050704.txt ATAH 8-K - -------------------------------------------------------------------------------- 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): May 7, 2004 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 first quarter results for 2004. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) Exhibits. 99.1 Press Release dated May 7, 2004. 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: May 7, 2004 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 May 7, 2004 [ATA LOGO] NEWS RELEASE Investor Relations Contacts: David M. Wing, Chief Financial Officer (317) 282-7087 Roxanne Butler,Investor Relations Specialist (877) 834-0606 investor.relations@iflyata.com Media Contact: Angela Thomas (317) 282-7518 media.inquiries@iflyata.com ATA Holdings Corp. Reports First Quarter Results INDIANAPOLIS, May 7, 2004--ATA Holdings Corp. (NASDAQ: ATAH), parent company of ATA Airlines, Inc., today reported a first quarter loss to common shareholders of $64.7 million, or $5.47 per share (basic and diluted). This compares with a loss to common shareholders of $11.4 million, or $0.97 per share (basic and diluted) in the first quarter of 2003. "We are deeply disappointed to report a loss in the first quarter," said George Mikelsons, Chairman, CEO and President. "This loss was due to a one time non-operating charge resulting from accounting rules concerning our bond exchange, a price and capacity war in east-west markets during the first quarter, as well as high fuel prices. However, improvements made to ATA's product, efficiency and cost structure in 2003 have created a strong airline, and we have made changes to our routes and schedule that should improve earnings going forward. As a result, in April, we estimate our unit revenue to be up about 6.3 percent year-over-year." "Looking forward, we have announced our interest in a 100-seat aircraft. ATA currently has the greatest average number of seats per aircraft of any U.S. airline, and this fact has limited our ability to offer our value product to shorter-haul or medium-sized markets. International markets also often lack a low-cost alternative. By acquiring a fleet of smaller aircraft, we can add more domestic markets, and offer additional frequency in existing ones. Then ATA's larger gauge aircraft can offer service to transoceanic markets." "While we are proud that ATA maintains its status as having one of the lowest cost structures in the industry, challenges such as higher fuel prices and additional maintenance costs as our aircraft mature are forcing us to continuously review every element of cost that we can control, said Dave Wing, Executive Vice President and CFO. "We have asked our cockpit and cabin crews to assist the Company in these difficult times by postponing pay increases scheduled for 2004 and 2005. Our debt and lease restructuring--completed in January--significantly reduces ATA's future cash obligations in 2004 and gives the company an opportunity to improve its liquidity." First Quarter Financial and Operating Results: For the first quarter in 2004, consolidated operating revenues increased 3.7 percent to $387.3 million as compared to 2003. Scheduled service revenues increased 13.2 percent to $277.2 million, and charter service revenues decreased 18.4 percent to $91.7 million of which $80.7 million was for military flights. Total operating expenses increased 10.1 percent to $409.7 million. The Company's cost per available seat mile (CASM) increased by 4.3 percent to 7.34 cents in the first quarter of 2004 compared to 7.04 cents during the same time a year ago. System-wide revenue passenger miles (RPMs) increased 5.9 percent to 3.57 billion, and available seat miles (ASMs) increased 5.6 percent to 5.58 billion compared with 2003. Consolidated revenue per available seat mile (RASM) was 6.94 cents in the first quarter of 2004, down 1.8 percent compared with 2003. For ATA's scheduled service, RPMs increased 14.7 percent to 3.08 billion, ASMs increased 19.5 percent to 4.60 billion, and passenger load factor decreased 2.8 points to 67.0 percent compared with 2003. Scheduled service yield declined 1.3 percent to 9.00 cents and RASM decreased 5.2 percent to 6.03 cents. Summary of Recent Events: o ATA's Anniversary Travel Awards Program reached a milestone of more than 617,000 registered members as of last week. Customer acceptance of ATA's frequent flyer program has exceeded all expectations. o ATA Airlines announced scheduled service operated by ATA Connection between Chicago-Midway and Fort Wayne, Indiana beginning in June with four daily flights. o ATA announced the introduction of a new advertising campaign that further reinforces the theme of being "Honestly Different" by introducing a new campaign titled, "Go Easy, Go ATA." o As part of its growing initiative to make travel easier and more convenient, ATA announced plans to offer daily, nonstop service from St. Petersburg-Clearwater International Airport to New York-LaGuardia beginning May 1, 2004. o Beginning June 1, 2004, ATA will double its service between Indianapolis and Chicago-Midway from eight to 16 round-trips, Monday through Friday. o In an aggressive move to meet the needs of today's business traveler, ATA announced a new Business Class initiative that will be available system-wide by the fourth quarter of 2004. o ATA Holdings Corp. announced at the end of January the successful completion of its aircraft lease and unsecured debt restructuring. o ATA Holdings Corp. announced that William F. O'Donnell has been promoted to the position of Senior Vice President of Human Resources. ATA Holdings Corp.'s first quarter earnings conference call will be webcast live today at 1 p.m. Eastern 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 yesterday with additional information on its fleet plan and other statistics. To obtain this federal filing, please go to: http://www.sec.gov. Now celebrating its 31st year of operations, ATA is the nation's 10th largest passenger carrier based on revenue passenger miles. ATA has the youngest, most fuel-efficient fleet among the major carriers, featuring the new Boeing 737-800 and 757-300 aircraft. The airline operates significant scheduled service from Chicago-Midway, Hawaii, Indianapolis, New York and San Francisco to over 40 business and vacation destinations. To learn more about the Company, visit our web site 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, 2004 2003 (Unaudited) (Unaudited) Change Operating revenues: Scheduled service $277,167 $244,768 13.2% Charter service Commercial charter 10,968 26,112 (58.0%) Military charter 80,722 86,195 (6.3%) Total charter service 91,690 112,307 (18.4%) Ground package 4,895 5,211 (6.1%) Other 13,581 11,343 19.7% Total operating revenues 387,333 373,629 3.7% Operating expenses: Salaries, wages and benefits 107,668 94,278 14.2% Fuel and oil 82,290 75,092 9.6% Aircraft rentals 59,545 55,269 7.7% Handling, landing and navigation fees 33,355 30,057 11.0% Aircraft maintenance, materials and repairs 19,902 13,479 47.7% Crew and other employee travel 17,017 14,987 13.5% Depreciation and amortization 13,631 15,193 (10.3%) Other selling expenses 12,544 11,757 6.7% Passenger services 11,336 10,249 10.6% Advertising 9,827 10,275 (4.4%) Commissions 6,820 6,026 13.2% Facilities and other rentals 6,384 5,824 9.6% Insurance 5,498 7,335 (25.0%) Ground package cost 4,063 4,204 (3.4%) Other 19,804 18,084 9.5% Total operating expenses 409,684 372,109 10.1% Operating income (loss) (22,351) 1,520 (1570.5%) Other income (expense): Interest income 543 806 (32.6%) Interest expense (14,989) (12,682) 18.2% Loss on extinguishment of debt (27,314) - (100.0%) Other (233) (636) (63.4%) Other expense (41,993) (12,512) 235.6% Loss before income taxes (64,344) (10,992) 485.4% Income taxes - - 0.0% Net loss (64,344) (10,992) 485.4% Preferred stock dividends (375) (375) 0.0% Loss available to common shareholders $(64,719) $(11,367) 469.4% Basic earnings per common share: Average shares outstanding 11,822,770 11,764,753 0.5% Net loss per share $(5.47) $(0.97) 463.9% Diluted earnings per common share: Average shares outstanding 11,822,770 11,764,753 0.5% Net loss per share $(5.47) $(0.97) 463.9%
ATA HOLDINGS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Cents per ASM
Three Months Ended March 31, 2004 2003 (Unaudited) (Unaudited) Change Total operating revenues 6.94 7.07 (1.8%) Operating expenses: Salaries, wages and benefits 1.93 1.78 8.4% Fuel and oil 1.47 1.42 3.5% Aircraft rentals 1.07 1.05 1.9% Handling, landing and navigation fees 0.60 0.57 5.3% Aircraft maintenance, materials and repairs 0.36 0.26 38.5% Crew and other employee travel 0.30 0.28 7.1% Depreciation and amortization 0.24 0.29 (17.2%) Other selling expenses 0.22 0.22 0.0% Passenger services 0.20 0.19 5.3% Advertising 0.18 0.19 (5.3%) Commissions 0.12 0.11 9.1% Facilities and other rentals 0.11 0.11 0.0% Insurance 0.10 0.14 (28.6%) Ground package cost 0.07 0.08 (12.5%) Other 0.37 0.35 5.7% Total operating expenses 7.34 7.04 4.3% Operating income (loss) (0.40) 0.03 (1433.3%)
ATA HOLDINGS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, December 31, 2004 2003 (Unaudited) Cash and cash equivalents $132,231 $160,644 Total current assets 346,204 348,399 Property and equipment, net 245,401 253,482 Other assets 270,357 268,106 Total assets 861,962 869,987 Short-term debt and current maturities of long-term debt 54,397 51,645 Total current liabilities 371,360 334,492 Long-term debt, less current maturities 445,346 443,051 Other liabilities 133,682 107,214 Redeemable preferred stock 50,000 56,330 Convertible redeemable preferred stock 30,000 32,907 Shareholders' deficit (168,426) (104,007) Total liabilities and shareholders' deficit $861,962 $869,987
ATA HOLDINGS CORP. AND SUBSIDIARIES OPERATING STATISTICS Three Months Ended March 31, 2004 2003 Change Revenue Passenger Miles (RPMs) (000s) System-wide 3,570,942 3,370,698 5.9% Scheduled Service - Jet 3,033,432 2,638,430 15.0% Scheduled Service - Commuter 46,505 46,051 1.0% Scheduled Service - Total 3,079,937 2,684,481 14.7% Charter Service 491,005 686,217 (28.4%) Available Seat Miles (ASMs) (000s) System-wide 5,582,822 5,284,710 5.6% Scheduled Service - Jet 4,518,994 3,769,925 19.9% Scheduled Service - Commuter 78,015 76,407 2.1% Scheduled Service - Total 4,597,009 3,846,332 19.5% Charter Service 985,813 1,438,378 (31.5%) Unit Revenue and Unit Costs Scheduled Service Revenue per Available Seat Mile (RASM) (cents) 6.03 6.36 (5.2%) Charter Service Revenue per Available Seat Mile (RASM) (cents) 9.30 7.81 19.1% Scheduled Service Revenue per Revenue Passenger Mile (Yield) (cents) 9.00 9.12 (1.3%) Operating Expenses Per ASM (cents) 7.34 7.04 4.3% Non-fuel Operating Expenses Per ASM (cents) 5.87 5.62 4.4% Other Statistics Scheduled Service Passenger Load Factor - Jet 67.1% 70.0% (2.9 pts) Scheduled Service Passenger Load Factor - Commuter 59.6% 60.3% (0.7 pts) Total Scheduled Service Passenger Load Factor 67.0% 69.8% (2.8 pts) System-wide Revenue Passengers Carried 2,824,963 2,639,812 7.0% Average Daily Narrow-body Jet Utilization (hours) 11.72 10.77 8.8% Average Daily Wide-body Jet Utilization (hours) 9.31 7.63 22.0% System-wide Average Passenger Trip Length (miles) 1,264 1,277 (1.0%) Average into-plane fuel price per gallon $1.12 $1.09 2.8% Gallons of Fuel Consumed (000s) 73,155 69,020 6.0% Aircraft in fleet - Jet (as of end of the period) 65 64 1.6% Aircraft in fleet - Commuter (as of end of the period) 17 17 0.0% Full-time Equivalent Employees (as of end of the period) 7,655 7,156 7.0%
Notes: Numbers in operating statistics may not sum due to rounding. Sub service numbers now appear under charter statistics. ### -----END PRIVACY-ENHANCED MESSAGE-----