World Air Holdings posts $7.5 million 2nd quarter loss

World Air Holdings posts $7.5 million 2nd quarter loss    World Air Holdings Inc., parent company of World Airways and North American Airlines, Tuesday reported its delayed second quarter results, which included a net loss of $7.5 million, compared to $5.5 million net income in the same quarter 2005.
   The company posted a second quarter operating loss of $12.95 million, compared to an operating income of $10.8 million last year. Consolidated revenue rose 2.8 percent to $176.7 million from $171.9 million.
   World Air said the decreases were “principally due to the decline in military revenue as well as increased maintenance expenses to comply with airworthiness directives for airframes and MD-11 engines.”
   Earlier in the year the NASDAQ Stock Exchange delisted World Air following a series of delayed financial reports. The company is seeking to have its common stock relisted on NASDAQ or listed on another stock exchange.
   “We are now in position to return to filing timely financial results,” said Randy Martinez, World Air Holdings’ chief executive officer. “We also are entering a busy second half, and have already experienced an increase in activity since the end of the second quarter.”
   World Air forecast third quarter revenue to be in the range of $230 to $235 million, resulting in operating income of $8 to $10 million.