World Air Holdings’ second quarter profits up 62.9%

World Air Holdings’ second quarter profits up 62.9%    World Air Holdings Inc., parent company of World Airways and North American Airlines, Monday reported second quarter net earnings of $4.2 million, up 62.9 percent over the $2.6 million net profit posted in the same quarter last year.
   World Air included North American’s financial results from April 28, the day following its acquisition, to June 30. The comparable second quarter 2004 results do not include those of North American’s.
   Operating income for the second quarter soared 87 percent to $8.2 million, from $4.4 million in the year earlier period. Revenue was up 50 percent to $172.6 million from $115 million in the same quarter 2004.
   World Airways has passenger and cargo contracts with the U.S. military. Military revenues for World Airways were $104.3 million for the second quarter, up from $87.8 million for the year-earlier quarter.
   World Air Holdings’ fuel cost jumped 96.2 percent to $32.1 million from $16.4 million.
   “Fluctuations in the fuel price did not have a significant profit impact for World Airways in the second quarter of 2005 because the company’s contracts with its customers covered 97 percent of fuel purchased and limited the exposure to increases in fuel prices,” World Air Holdings said.
   For the year-to-date World Air Holdings reported net income of $14.1 million, up 34.9 percent from $10.4 million after six months last year. First half operating income was up 41 percent to $25.4 million, compared to $18 million in the same period last year. Revenue rose 36 percent to $332.1 million from $244.6 million.