World Air delays filing 2005 annual report
World Air Holdings, parent company of World Airways and North American Airlines, said Wednesday it will delay filing its 2005 annual report with the Securities and Exchange Commission. The filing was due today.
The company did not file for the 15-day extension available under Rule 12b-25, as it did not believe the work required to file the Form 10-K could be completed within that time.
“The company intends to file the Form 10-K as soon as practicable,” said World Air, adding that its April 2005 acquisition of North American Airlines was the reason for the delay.
Previous delays in reporting its quarterly financial results led to the Nasdaq stock exchange threatening to expel World Air.
World Air said that based on preliminary unaudited results, it expects its operating income for 2005 to be about $59 million to $63 million, compared to $40.3 million in 2004. Operating revenues for the year are expected to be $770 million to $775 million, an improvement over the $503.9 million posted in 2004. The company attributed the increases to the inclusion of North American Airlines’ results.