ABX reports strong revenue growth
ABX Holdings Inc. reported first quarter profit of $3.8 million compared to $4.3 million in the same 2007 period.
Revenue for the period increased to $382.1 million, from $288.1 million, driven both by its acquired airline and air services businesses and its expanded charter fleet of Boeing 767 freighters.
ABX Holdings acquired the businesses of Cargo Holdings International at the end of last year. CHI's principle businesses are two independently certificated airlines, Air Transport International (ATI) and Capital Cargo International Airlines (CCIA), and a leasing company, Cargo Aircraft Management (CAM). Collectively, the CHI businesses contributed about $75.4 million, or 80 percent of the year-over-year increase in ABX Holdings' first-quarter consolidated revenues.
Growth in ABX Air's businesses, principally its air charter
operations, provided the remainder of the revenue gain. The CHI businesses also contributed about $1.7 million in net earnings during the quarter, net of acquisition-related interest expense.
Joe Hete, president and chief executive officer of ABX Holdings, said the results 'reflect across-the-board growth in each of our operating segments, and substantial growth in our charter segment, plus substantial operating cash flows stemming from our increasing fleet of modern, fuel efficient widebody freighter aircraft.
'While we remain strongly supportive of our principal customer DHL, and expect to remain a key provider of services to its U.S. network, these results also show that we are making great strides toward our goal of diversifying into new markets, via new, profitable air transportation related businesses,' he said.
ABX reports strong revenue growth
