World Air Holdings finally reports 2005 results; profits up 24%

World Air Holdings finally reports 2005 results; profits up 24%    World Air Holdings Inc., parent company of World Airways and North American Airlines, Friday reported its delayed 2005 results, which showed a 24 percent jump in net income to $31.6 million, compared to $25.6 million posted in 2004.
   Operating income was up 41 percent to $56.6 million, compared to $40.3 million in the same period last year. Revenue rose 56 percent to $783.9 million from $501.7 million.
   “This was an outstanding year for World Air Holdings financially, as World Airways continued to grow while we integrated our newest subsidiary, North American Airlines,” said Randy Martinez, World Air Holdings’ chief executive officer.
   World Air Holdings has appealed the Nasdaq Stock Exchange’s decision in May to delist the company following a series of delayed financial reports which it attributed to the acquisition of North American Airlines.
   “Completing the 2005 Form 10-K was a major step in getting the company back on track for timely SEC filings. The major issues have been resolved, and the extent of our efforts in preparing and filing the 2005 Form 10-K should allow us to file our 2006 first quarter 10-Q and subsequent reports on a timely basis,” Martinez said.