ATLAS AIR’s LOSSES WIDEN IN FIRST QUARTER

ATLAS AIRÆS LOSSES WIDEN IN FIRST QUARTER    Atlas Air Worldwide Holdings Inc., the parent company of Atlas Air Inc. and Polar Air Cargo, reported a first-quarter net loss of $6.7 million, compared to a net loss of $1.6 million in the year-earlier period.
   Operating income was $7.7 million, compared to $15.4 million for the first quarter of 2001. Revenue for the quarter, including those of Polar Air Cargo, which ASWH bought late last year, rose 37 percent to $246.2 million.
   'The first half of the year is traditionally the weaker season for the cargo market,' said Richard Shuyler, chief executive officer. 'In 2002, it is being exacerbated by the continuing severe economic stress that the cargo industry has been under for the past 12 months.'
   Nonetheless, Shuyler said the softness in Atlas Air's traditional strong charter revenues have offset charter markets, particularly ongoing demand from the U.S. military.
   At Polar Air Cargo, 'the combination of substantial military activity, and its restructured operations and costs under AAWH, has resulted in the achievement of profitability at this new subsidiary,' Shuyler said.
   AAWH is negotiating with Boeing regarding four B747-400 aircraft Atlas Air has on order. Delivery of one of the four aircraft has been deferred to last 2003, and the delivery schedules for the remaining aircraft are being revised, Shuyler said. 'We are also finalizing negotiations with Boeing regarding full lease financing for the 2002 schedule aircraft.'
   Atlas Air Inc. offers freighter services with its fleet of B747 aircraft, including charter contracts that include aircraft, crew, maintenance and insurance. Polar Air Cargo's fleet of B747 freighters specialize in time-definite airport-to-airport scheduled airfreight service.