||+1 (203) 847-6000
||+1 (203) 847-9354
Click below for data links:
ESTABLISHED AND STARTED OPERATIONS IN 1999. TOOK OVER ASSETS AND ROUTES OF SOUTHERN AIR TRANSPORT (STT) WHICH WENT OUT OF BUSINESS. NOW A SUBSIDIARY OF OAK HILL CAPITAL PARTNERS. SCHEDULED & CHARTER, DOMESTIC & INTERNATIONAL, CARGO JET AIRPLANE SERVICES.
Cincinnati Northern Kentucky International Airprt (CVG)
Kentucky, United States of America
USA (United States of America) was established in 1776, it covers an area of 9,363,123 sq km, its population is 280 million, its capital city is Washington DC, and its official language is English.
JUNE 1999: 1 747-230F (CF6-50E2) (22669, N742SA), EX-LUFTHANSA CARGO (LUB). PLANS FOR +3 ORDERS (5/00) 747-200F'S.
SEPTEMBER 1999: 747-200F (JT9D-7Q) (22063) RETURNED TO FINOVA (GRB), LEASED TO MK AIRLINES (MKA).
OCTOBER 1999: 747-230SF (CF6-50E2) (22669), EX-LUFTHANSA CARGO (LUB), (AMECO) (BEJ) "D" MAINTENANCE CHECK.
MARCH 2000: OPERATES FOR LUFTHANSA CARGO (LUB) TO FRANKFURT.
2 ORDERS (JUNE 2000) 747-230F'S (22671; 22363), EX-LUFTHANSA CARGO (LUB).
JULY 2000: SOLD 1 747-230SF (22669) TO GECAS (GEH) AND LEASED BACK.
AUGUST 2000: 2 747-230SF'S (22363, N744SA; 22671, N743SA), EX-LUFTHANSA CARGO (LUB) DELIVERIES, AFTER "D" MAINTENANCE CHECK AT (AMECO) (BEJ), BEIJING.
OCTOBER 2000: 1 747-230F (CF6-50E3), WET-LEASED LONG TERM TO CATHAY PACIFIC (CAT).
APRIL 2001: PARENT COMPANY: DEVON PARTNERS (100%).
JUNE 2001: DEPARTMENT OF TRANSPORTATION (DOT) OK'S EXEMPTION FOR SCHEDULED CARGO SERVICE, MIAMI TO BARRANQUILLA, CALI, CARTAGENA, AND MEDELLIN.
JULY 2001: 2 747'S OPERATE FROM MIAMI TO CHILE, COLOMBIA, PERU, AND VENZUELA, ON BEHALF OF FORWARDER, LATIN AIR.
July 2002: 2001 = -$11.92 million (+$2.8 million).
September 2002: 747-230B (21590), ex-Lufthansa Cargo (LUB).
November 2002: Has filed Chapter 11, but is continuing operations with its 4 747-200F's.
January 2003: Suspended all operations.
February 2003: 4 747-230F'S (22363; 22382; 22669; 22671), sold to GECAS (GEF), leased 3 years to Air Atlanta Icelandic (AID). 1 747-228F (22678, N751SA), ex-Air France (AFA), CIT Aerospace (TCI) leased.
April 2003: Southern Air (SOF) is a USA carrier wet-leasing its 3 747 cargo airplanes.
Parent organization/shareholders: Devon Partners (100%).
August 2003: 2 747-206B's (276-22111, N746SA; 344-22550), ex-(KLM), LLC leased.
May 2004: Southern Air (SOF) is a USA carrier who wet-leases its 747F cargo airplanes.
Parent organization/shareholders: Randall Fiorenza (50%); Carmit Neff (25%); & James Neff (25%).
1 order (June 2004) 747-206B (21660), GECAS (GEF) leased.
November 2004: 747-206B (22379, PH-BUR), bought from (KLM).
December 2004: (http://www.southernairinc.com).
June 2005: It is currently under Chapter 11 protection.
January 2006: 747-228F (21787, N753SA), bought from Air France (AFA).
March 2006: DC-10-30 (46579, N221NW), ex-Northwest Airlines (NWA), bought from Republic Financial.
July 2006: 176 employees (including 96 Flight Crew (FC); & 20 Maintenance Technicians (MT)).
September 2006: 747-281F (23138, N758SA), bought from Nippon Cargo (NCA).
October 2006: 747-2F6B (21832, N534MC) & 747-230B (21221, N509MC), bought from Atlas Air (TLS).
March 2007: 747-228F (21576, N536MC), bought from Atlas Air (TLS).
June 2007: Southern Air (SOF) announced that it completed the purchase of its 9th and 10th 747-200Fs from Martinair (MTH) and Atlas Air (TLS) respectively, for use on its wet-lease and charter network. The acquisitions were internally financed, (SOF) said, with additional capacity to be added later this year.
November 2007: Oak Hill Capital Partners, a leading private equity firm, acquired Southern Air Inc (SOF) in late October. (SOF) will now be combined with Cargo 360 (C36), Inc, an existing Oak Hill Capital portfolio company. The combined business will operate under the Southern Air (SOF) Holdings, Inc name.
(SOF) hired 20 pilots (FC) for a November class, and will conduct another class of 16 pilots (FC) and 8 Flight Engineers (FE)s in January. (SOF) will begin to incorporate Cargo 360 (C36) pilots (FC) into its operation sometime in December. (C36)'s 747 airplanes should also come online over the December/January time frame. Hiring will continue in the Spring.
November 2007: Ethiopian Airlines (ETH) will wet-lease two (GE)-powered 747-200Fs from USA-based Southern Air (SOF). The first airplane will arrive November 17, and will be leased for 14 months; the second will arrive December 31, and fly for (ETH) for 19 months. The airplanes will fill the gap until it takes delivery of two MD-11Fs, the first in December 2008, and the second in August 2009. The first 747F will fly daily Addis Ababa - Brussels from November 8, becoming twice-daily at year end. On January 4, (ETH) will launch weekly, Hong Kong freighter service, becoming the first African carrier to fly the route.
December 2007: Oak Hill Capital Partners, a leading private equity firm, acquired Southern Air Inc (SOF) in late October. (SOF) has been combined with Cargo 360 (C36), Inc, an existing Oak Hill Capital portfolio company. The combined business operates under the Southern Air (SOF) Holdings, Inc name.
(SOF) is accepting Flight Crew (FC) resumes and is hiring 747 pilots (FC). (SOF) hired 20 pilots (FC) for a November class, and will conduct another class of 16 pilots (FC) and 8 Flight Engineers (FE)s in January. (SOF) will begin to incorporate Cargo 360 (C36) pilots (FC) into its operation sometime in December. (C36)'s 747 airplanes should also come online over the December/January time frame. Hiring will continue in the Spring.
January 2008: 747-2B5F (24196, N299JD) and 747-3B5F (24194, N301JD), transferred from Cargo 360 (C36). 747-2F6SF (21833, N535FC), and 747-341SF (23394, N354FC), bought from Focus Air Cargo (FCS).
February 2008: 747-281F (23919, N783SA), bought from Nippon Cargo (NCA).
May 2008: 747-246F (23641, N723SA), bought from Japan Airlines (JAL), ex-(JA8180).
September 2008: Southern Air (SOF) is accepting Flight Crew (FC) resumes.
November 2008: 1st 6 months = 1.07 billion (FTK)s freight traffic (+58.68%).
SEE ATTACHED - - "SOF-2007-TOP-WLD-CARGO."
March 2009: Southern Air (SOF) is furloughing 70 flight crew (FC) members, leaving about 200 (FC) flying the line.
April 2009: Southern Air (SOF) was ordered by the USA Occupational Safety & Health Administration (OSHA) to withdraw a lawsuit it filed against nine former employees and pay them more than >$7.9 million in wages, damages and legal fees. The (OSHA) concluded that a defamation suit filed by (SOF) against the former flight crew (FC) members, whom the agency said "raised air carrier safety concerns" with the airline, the (OSHA) and the (FAA), violated whistle blower protections in USA law governing the (FAA) and airlines. (SOF) responded that it "will vigorously refute the findings" and appeal the ruling. President, Brian Neff said the (OSHA)'s order is "completely without merit . . . This is not a case of 'whistle blowers' being dismissed or retaliated against. This is an issue of (SOF) exercising its right to protect its reputation . . . against false claims."
747-2L5F (22107, N8155A), delivery, ex-Cathay (CAT)/Air Hong Kong (AHK), ex-(B-HMF). 747-230F (21380), stored at Mojave.
May 2009: 747-206F (21110, N748SA), and 747-2F6F (21832, N761SA), WFU and stored at Mojave.
October 2009: Southern Air (SOF) is a USA carrier wet-leasing 747 cargo airplanes to international air cargo carriers and freight forwarders.
(IATA) Code: 9S - 099. (ICAO) Code: SOO (Callsign - SOUTHERN AIR).
Parent organization/shareholders: Neff family (100%).
Main Bases: Hartford-Bradley International airport, Connecticut and Columbus-Rickenbacker airport, Ohio.
Hubs: Anchorage International airport (ANC); Dallas/Fort Worth International airport (DFW); Hong Kong International airport (HKG); Incheon International airport (ICN); & Shanghai Pudong International airport (PVG).
(SOF) has 70 pilots (FC) on furlough.
December 2009: Southern Air Holdings, parent of Connecticut-based (ACMI) freight carrier Southern Air (SOF), announced the appointment of DHL Express Asia/Pacific (CEO), Daniel McHugh as (CEO) effective January 1. He succeeds (SOF) founder James Neff, who is retiring but will remain a board member. (SOF) operates 16 747F freighters and plans to introduce its first two 777-200LRFs in the 2010 first quarter. It will operate the airplanes for Thai Airways (TII).
747-206B (21111, N746SA), WFU at Mojave. 747-346 (23068, N818SA), bought from JALUX, ex-(JA813J).
February 2010: Southern Air Holdings, parent of Connecticut-based wet-lease (ACMI) freight carrier Southern Air (SOF), took delivery of two 777-200LRFs that will be operated on behalf of Thai Airways (TII). The airplanes are the first of the type to join the Southern (SOF) fleet, which consists of 16 747Fs.
March 2010: 777FZB (37987, N775SA), delivery.
May 2010: Southern Air (SOF) and Malaysia Airlines Cargo (MKO)) signed a multiyear wet-lease agreement for three 747F freighters with crew, maintenance and insurance. MASkargo (MKO) also has the option to lease up to five airplanes.
December 2010: Southern Air (SOF) planned to hire 30 pilots (FC) and 14 flight engineers by the end of 2010.
May 2011: Southern Air Holdings announced David Soaper has been named (COO), effective May 15. Soaper is formerly from Comair (COI), where he held several senior operations management positions over the last 28 years.
July 2011: Southern Air (SOF) and Saudi Arabian Airlines (SVA) inked an (ACMI) wet-lease agreement under which (SOF) will operate a 747F freighter for (SVA) beginning this month.
September 2011: (MTU) Maintenance Hannover won a 12-year maintenance and spare engine support contract from Southern Air (SOF) Holdings covering all present and future (GE90-110B) engines in (SOF)'s 777F fleet. Under a separate agreement, (MTU) will also provide maintenance and spare engine support to (SOF)’s (CF6-80) engines for the 747-400s it will be adding to its fleet beginning next year.
777FZB (37986, N7745A) leased to (DHL) - - SEE ATTACHED PHOTO - - "SOF-777F - 2011-09."
October 2011: Aircastle (CSL) and Southern Air Holdings (SOF) have entered into long-term leases, under which Southern Air (SOF) will utilize two 747-400SF airplanes owned by Aircastle (CSL). The airplanes are expected to enter commercial service during the first quarter of 2012, advancing Southern Air (SOF)'s fleet renewal and business expansion program.
November 2011: Centurion Cargo (CHA) signed a multiple-year 747F airplane, crew, maintenance and insurance (ACMI) wet-lease agreement with Southern Air Holdings (SOF).
January 2012: Southern Air (SOF) is accepting applications for 747-200, 747-400 and 777 Flight Crew (FC) First Officers. Applicants can view details, minimum qualifications and apply online. Also see FltOps.com and FAPA.aero.
March 2012: 2 777-200Fs (37986, N774SA; 37987, N775SA) returned from lease to Thai Airways International (TII) and now operating for DHL.
May 2012: Southern Air (SOF) is reportedly planning to resume charter operations on behalf of Argentinian tour operators with two A320-200s. It had suspended all operations seven years ago in 2005.
Southern Air (SOF) Holdings has taken delivery of its fourth 777F, for use on its new round-the-world service, Hong Kong - Los Angeles - Leipzig - Hong Kong.
July 2012: 747-412F (26562, N743WA), ex-(N265MS), Deucalion leased.
September 2012: Pratt & Whitney (PRW) signed a contract for its engine management program (EMP) service; an eight-year (EMP) agreement with Southern Air (SOF) covering 12 (PW4000) engines.
Later, Southern Air Holdings, parent of Southern Air (SOF), filed Chapter 11, citing the impact of major spending cuts by the USA Department of Defense and an uncertain economy.
(SOF) said it will continue normal operations and aims to implement a reorganization plan “as quickly as possible.” It reached an agreement with lenders to restructure its balance sheet and reduce an approximate $285 million in legacy debt by two-thirds. It also has a $25 million debtor-in-possession commitment from its lender group to provide it with liquidity during the restructuring process.
“The actions we are taking will dramatically change and improve our capital structure, eliminating the substantial cost burden of legacy debt and other costs from our acquisition in 2007,” (SOF) (CEO) Daniel McHugh said. “It follows our operational transition over the past 18 months from a high-maintenance and labor-intensive fleet, to a modern, fuel-efficient fleet of 777s and 747-400s and operating in more reliable, lower cost route structures in key global trade lanes.”
The company was acquired in September 2007 by Oak Hill Capital Partners and merged with existing Oak Hill Capital portfolio company, Cargo 360 (C36).
“These initiatives support our long-term business strategy and response to the extreme industry changes over the past few months, including major cutbacks in spending by the USA Department of Defense,” McHugh said. “The worst global economy in a generation has also impacted the international freight market, with 2012 shaping up to be the fifth consecutive year of no net growth in air cargo demand.”
The filing will have no impact on Southern’s German subsidiary nor any of its operations outside of the USA.
Its main customers include the USA government, Ethiopian Airlines (ETH), Malaysia Airlines (MAS) and logistics provider (DHL).
November 2012: Team(SAI) (M&E) Solutions has a contract from Southern Air (SOF) to provide Engineering, Maintenance, Reliability/(CASS), Technical Publications, and Aircraft & Engine Records Services & Programs.
January 2013: Southern Air ((IATA) Code: 9S, based at Cincinnati Northern Kentucky International (CVG)) (SOF) has announced plans to move its corporate headquarters from Norwalk in Connecticut to Cincinnati Northern Kentucky International (CVG) airport according to a report by the "New Haven Register." According to the news report, some of the 120 employees currently working at the headquarters will be given the option to relocate. The USA cargo carrier is currently operating under Chapter 11 bankruptcy protection.
Southern Air (SOF) has retired its last 747-281F (23919, N783SA) on January 5 and has flown the cargo airplane to Mojave airport (MHV) for storage.
April 2013: Southern Air ((IATA) Code 9S, based at Cincinnati Northern Kentucky International airport (CVG)) (SOF) will likely emerge from Chapter 11 bankruptcy protection within the next couple of weeks according to (SOF)'s (CEO), Daniel McHugh. Its reorganization plan has been confirmed by its bankruptcy court after receiving support from most creditors. Southern Air (SOF) has moved its headquarters from Hartford, Connecticut to Cincinnati as part of its restructuring and has decreased its fleet to five 747-400Fs and four 777F freighters.
(IATA) Code: 9S. (ICAO) Code: SOO.
Southern Air (SOF) serves 9 countries,, serves 14 destinations, and serves 22 routes.
(AMECO) Beijing (BEJ) has inked a contract with Southern Air (SOF) to perform heavy checks on three 747s.
A J Walter Aviation (AJW) was selected by Southern Air (SOF) to provide (PBH) component support for its four 747s and four 777s.
August 2013: According to FAPA.aero, Southern Air (SOF) is no longer accepting flight crew (FC) applications.
January 2014: Southern Air (SOF) announced a 10-year extension to its flight services agreement with (DHL) Express for continued operation of four Boeing 777F freighters. (SOF) will provide worldwide global express delivery for (DHL).
“By utilizing the Boeing 777F, (SOF) is working together with (DHL) to support its global GoGreen initiatives to deliver sustainable value to the communities we serve” (SOF) (CEO), Daniel McHugh said.
Southern Air (SOF) emerged from USA Chapter 11 bankruptcy protection in April 2013.
(DHL) Express (CEO) Americas, Stephen Fenwick said, “Southern Air (SOF)’s hub operations, alongside ours, at the Cincinnati/Northern Kentucky International Airport further enhance the efficiency needed to handle the continued growth in international shipments we are experiencing.”
February 2014: Southern Air (SOF) is extending its partnership with DHL Express (DHK) through a new flight services agreement for the continued operation of four Boeing 777F freighters. With this contract extension, in connection with (DHL) (DHK)’s simultaneous 10-year airplane lease agreement, Southern Air (SOF) and (DHL) (DHK) enter into a new, long-term cooperative agreement.
April 2014: 737-4Q3F (28487, N493SA), ex-(JA8940), operates for (DHL).
June 2014: (AJW) Aviation has signed a five-year agreement with Southern Air (SOF) to provide power-by-the-hour support for four Boeing 737 classics.
February 2015: Florida West International Airways ((IATA) Code: RF, based at Miami International) (PAI) will be taken over by Southern Air Holdings (SOF) subsidiary the Worldwide Air Logistics Group, "CargoFacts" reports.
The acquisition is subject to approval by the authorities. As it stands now, the two airlines will maintain their current business model, bases and their own identities after the purchase has been completed.
Southern Air ((IATA) Code: 9S, based at Cincinnati International) (SOF) currently operates four 777-F and four 737-400F freighters on behalf of (DHL) Express.
Florida West (PAI) operates three 767-300F freighters in cooperation with (LAN) Cargo ((IATA) Code: UC, based at Santiago de Chile International).
August 2015: News Item A-1: The USA Department of Transportation (DOT) has given the go-ahead for the Worldwide Air Logistics Group (WALG), a subsidiary of Southern Air Holdings (SOF), to take ownership of Florida West International Airways (PAI)'s certificate and other economic authorities. The (WALG) announced plans to acquire (PAI) in February of this year as part of its push into the wet-lease (ACMI)/charter market.
According to a (DOT) disclosure, (PAI) is permitted to operate scheduled mail and freight flights on interstate routings as well as between the USA and all "open-skies countries" and certain, select non-open-skies countries.
The air carrier also holds all-cargo exemption authority between the USA and points in Argentina, Brazil, Peru, and Venezuela, and between the USA and points in Bolivia.
The (WALG) has indicated that it intends to maintain (PAI) as a separate entity to its other interest, Southern Air ((IATA) Code: 9S, based at Cincinnati International) (SOF).
News Item A-2: Southern Air (SOF) named Paul Chase as (COO). Since joining (SOF) in 2007, Chase has held positions of increasing responsibility including Manager of Operations Planning; Director of Systems Operations, and most recently as VP Systems Operations.
January 2016: "Atlas Air Worldwide Holdings (AAWH) (TLS)/(PAO) to Acquire Southern Air (SOF) in Major USA Cargo Merger" by (ATW) Aaron Karp, January 19, 2016.
Atlas Air Worldwide Holdings (AAWH) (TLS)/(PAO) has agreed to acquire Southern Air Holdings (SOF) for $110 million in an all-cash transaction. The deal, if approved by the USA Department of Transportation (DOT), would mark a major consolidation in the USA air cargo industry.
Purchase, New York-based Atlas (AAWH) is the parent company of international airfreight carriers Atlas Air (TLS) and Polar Air Cargo (PAO). It operates the world’s largest Boeing 747F fleet.
Cincinnati-based Southern Air (SOF) is also affiliated with Florida West International Airways (PAI), which is part of the transaction.
(AAWH) President & (CEO) William Flynn called the transaction “strategically compelling, highly complementary and immediately accretive.” (AAWH) said that the deal is “expected to close in the next few months.” Flynn added that (AAWH) is “eager to capitalize on the substantial opportunities that the transaction will provide, especially [adding] 777 and 737 airplane operations.”
(SOF) flies 5 Boeing 777-200Fs and 5 737-400Fs under flight services agreements with (DHL) Express, which also owns a 49% stake in Polar (PAO). Miami-based Florida West (PAI) operates 767-300F scheduled and charter services under contract with Chile-based (LAN) Cargo (LCO).
“The result [of the merger] will be a more diversified and profitable company offering access to the widest range of modern, efficient airplanes together with a broader mix of services and a greater scale and global footprint that will drive significant value for our customers and shareholders,” Flynn said.
The companies will have a combined fleet of >75 aircraft.
(AAWH) said the transaction is “expected to be immediately accretive” to adjusted earnings per share in 2016, and noted it will complete the deal with cash on hand, adding no debt to its balance sheet.
February 2016: Thai Airways (TII)’s Maintenace Repair & Overhaul (MRO) division has begun heavy maintenance checks on 2 Boeing 777Fs operated by USA cargo carrier Southern Air (SOF).
April 2016: "Atlas Air Worldwide - Southern Air Cargo Merger Completed" by (ATW) Aaron Karp, April 7, 2016.
Atlas Air Worldwide Holdings (AAWH) has closed its acquisition of Southern Air (SOF) Holdings for $110 million.
Purchase, New York-based (AAWH) is the parent company of international airfreight carriers Atlas Air (TLS) and Polar Air Cargo (PAO). It operates the world’s largest Boeing 747F freighter fleet with >40, including 10 747-8Fs.
Cincinnati-based, Southern Air (SOF) flies 5 777-200Fs and 5 737-400Fs under contract for (DHL) Express, which also owns a 49% stake in Polar (PAO). Southern Air Holdings additionally owns Miami-based Florida West International Airways (PAI), which operates 767-300F scheduled and charter services under contract with Chile-based LAN Cargo (LCO), and now will be an (AAWH) (TLS)/(PAO) subsidiary.
The USA air cargo merger deal was first announced in January. “The strategically compelling, highly complementary combination provides Atlas Air Worldwide immediate entry into 777F and 737F aircraft operating platforms with opportunities for additional growth, enhancing Atlas Air Worldwide’s position as a leading global provider of outsourced airplane and aviation operating services,” (AAWH) said.
(AAWH) President & (CEO) William Flynn added, “We have known and respected Southern Air (SOF) for some time, and we have a lot in common. Our complementary operations will also provide a broader array of services for customers and new avenues of business growth, which will generate greater opportunities for employees and drive value for shareholders.”
Post-merger, all of the (AAWH) subsidiary carriers will have a combined fleet totaling 75 airplanes. (AAWH) noted that it did not assume any debt in connection with the transaction.
January 2017: 2 737-4H6F (26455, N496SA; 27674, N494SA), 7374K5F (26316, N499SA), 737-4Q8F (26334, N493SA), 737-44DF (27157, N495SA) deliveries.
February 2017: News Item A-1: Atlas Air Worldwide Holdings (AAWH) earned a 2016 net profit of +$41.5 million, a nearly 6x- increase over net income of $7.3 million in 2015, though the 2015 results are skewed by 1-time charges related to settling class-action litigation.
The Purchase-New York based air cargo operator’s annual revenue was essentially flat in 2016 at $1.8 billion. But President & (CEO) Bill Flynn called 2016 “historic” for Atlas (TLS), which acquired Southern Air (SOF) for $110 million and entered into a wet-lease contract with Amazon (AZO) during the year. “We acquired (SOF), expanding the array of aiplanes and services that we provide, especially to the fast-growing express market,” he said. “We entered into strategic, long-term agreements with (AZO) to serve its rapidly growing e-commerce business. With our expanding business base and the ongoing development of our strategic platform, we are well-positioned to grow earnings [in 2017].”
Atlas Air Worldwide’s 2016 expenses dipped slightly year-over-year to $1.6 billion and operating income was $168.3 million, up +36.3% over an operating profit of +$123.5 million in 2015.
Total block hours flown rose +18.2% year-over-year in 2016 to 210,444.
May 2017: Atlas Air Worldwide Holdings (AAWH) posted a net loss of -$752,000 for the 1st quarter of 2017, reversed from (AAWH)’s +$471,000 net profit in the year-ago quarter. Additionally, Atlas (TLS) President & (CEO) William Flynn said the company has placed 2 Boeing 747-8Fs with Hong Kong-based Cathay Pacific (CAT) Cargo on an (ACMI) (Crew, Maintenance & Insurance) basis, with service beginning in May.
The Purchase, New York-based air cargo operator reported $475.4 million in operating revenue for the quarter, up +13.6% over $418.6 million in revenue for (1Q) 2016. Expenses were up +13.2% year-over-year (YOY) to $451.4 million. Operating income for the quarter was $24 million, up +19.8% (YOY). “We are building on our 2016 achievements and growing our earnings this year,” Flynn said May 3. “We will have a full year of contribution from Southern Air (SOF) and expect a positive impact on our full-year results from our service for Amazon (AZO).”
Atlas Air (TLS) completed its acquisition of Southern Air (SOF) in April 2016, and entered into a wet-lease agreement with Amazon (AZO) a month later, providing the Seattle-based retail giant with 20 Boeing 767-300Fs on an (ACMI) contract for an initial term of 7 years. (TLS) placed its 2nd 767-300 into service with Amazon (AZO) in February; 2 more are entering into service with (AZO) in May.
“In addition to Cathay Pacific (CAT) other significant new customer agreements with Asiana (AAR) Cargo, Nippon Cargo Airlines (NCA) and FedEx (FED) will all contribute to earnings growth this year,” Flynn said. “Earnings in the 1st quarter were in line with our expectations and our outlook for the year.”
Atlas (TLS) said its (ACMI revenue during the 1st quarter ($200.7 million, up +9.8% (YOY)) was primarily driven by (TLS)’ acquisition of Southern Air (SOF) and lower costs related to crew training, partially offset by increased heavy maintenance costs and the temporary redeployment of several aircraft to (TLS)’ charter business segment.
(TLS) reported a -$5.2 million unrealized loss on financial instruments during the quarter, related to outstanding warrants, cutting into (TLS)’ income from continuing operations net of taxes, which totaled $35,000 for (1Q) 2017 (compared to $471,000 in (1Q) 2016). On an adjusted basis, (TLS)’s 1st-quarter income from continuing operations net of taxes was $8.3 million, up +7.8% (YOY).
The company expects its full-year 2017 adjusted income from continuing operations net of taxes will increase by a mid-single-digit to low-double-digit percentage compared to Atlas (TLS)’s $114.3 million full-year 2016 adjusted income.
(TLS)’ total block hours flown in the 1st quarter increased +30.8% (YOY) to 55,116. (ACMI) block hours flown during the quarter grew +31.8% (YOY) to 38,946.
Click below for photos:
SOF-747-400BDSF - 2012-01
SOF-747-412BDSF - 2013-07
SOF-777F - 2011-09
SOF-777F - 2015-12.jpg
SOF-777F - 2016-04.jpg
2 737-4H6F (CFM56-3C) (26455, N496SA; 27674, N494NA), 2017-01 FREIGHTER.
1 737-4K5F (CFM56-3C) (26316, N499SA), 2017-01. FREIGHTER.
1 737-4Q3F (CFM56-3C) (29487, N493SA), EX-(JA8940), OPS FOR (DHL) 2014-04. FREIGHTER.
1 737-4Q8F (CFM56-3C) (26334, N493SA), N309GT IS RESERVED. 2017-01. FREIGHTER.
1 737-45D (CFM56-3C) (27157, N495SA), 2017-01. FREIGHTER.
0 747-2F6F (CF6-50E2) (421-21832, /79 N761SA), WFU AT MOJAVE 2009-05. FREIGHTER.
0 747-2L5F (CF6-50E2) (469-22107, /81 N8155A), EX-(CAT)/(AHK), EX-(B-HMF) 2009-05. FREIGHTER.
O 747-206F (CF6-50E2) (271-21110, /75 N748SA; 276-21111, N746SA), 21110 WFU AT MOJAVE 2009-05. 21111 WFU AT MOJAVE 2009-12. FREIGHTER.
0 747-230F (CF6-50E2) (320-21380, /78 N740SA "WILBUR WRIGHT"), STORED AT MOJAVE 2009-04. FREIGHTER.
0 747-246F (JT9D-7Q) (432-22063, /80), RTND (GRB), LST (MKA) 9/99. FREIGHTER.
0 747-246F (JT9D-7Q) (635-23389, N7985A), WFU AT MOJAVE. FREIGHTER.
0 747-246F (SCD) (JT9D-7R4G2) (684-23641, /87 N723SA), BF (JAL) 2008-05. FREIGHTER.
0 747-281F (SCD) (CF6-50E2) (604-23138, /84 N758SA), BF (NCA) 2006-09. FREIGHTER.
0 747-281F (CF6-50E2) (689-23919, /88 N783SA), BF (NCA) 2008-02. RF SAUDIA (SVA) IN (SVA) COLORS WITH BLACK "CARGO" TITLES ONLY 2012-07. FREIGHTER. RETIRED AT MOJAVE 2013-01. st gemini aviation inc 2013-05. FREIGHTER.
1 747-3B5 (SF) (JT9D-7R4G2) (713-24194, /88 N749SA), EX-(KAL), WELLS FARGO LSD, WET-LST (KAL) AS (HL7470). XFRD FROM (C36) 2008-01. FREIGHTER.
1 747-341SF (CF6-50E2) (627-23394, /85 N354FC), EX-(VAR)/(TLS)/PAO). OMEGA AIR HOLDINGS LSD 2006-10. BF (FCS) FREIGHTER.
1 747-346B (JT9D-7R4G2) (589-23068, /83 N818SA), EX-(JAL), BF JALUX (JAE) 2009-12, EX-(JA813J). 67C, 336Y.
1 747-4F6F (27602, N409SA), EX-(N469AC), DEUCALION CAPITAL LSD. FREIGHTER.
1 747-412BDSF (PW4056) (26562, N743WA), EX-(N365MS), DEUCALION LSD 2012-07. FREIGHTER.
3 747-412BDSF (PW4056) (27068, /93 N400SA - - SEE PHOTO - - "SOF-747-400BDSF - 2012-01"), EX-(SQC), EX-(N417AC). (CSL) LSD 2012-01. FREIGHTER.
4 777FZB (37986, N774SA; 37987, N775SA, 2010-03), RF LEASE TO THAI AIRWAYS INTERNATIONAL (TII) 2012-03. 37986 LST (DHL) - - SEE PHOTO - - "SOF-777F - 2011-09." FREIGHTER.
1 DC-10-30 (132-46579, N221NW), EX-(NWA), BF REPUBLIC FINANCIAL 2006-01.
JAMES NEFF, FOUNDER (1999 - 2010).
DANIEL MCHUGH, CHIEF EXECUTIVE OFFICER (CEO) (2010-01).
PAUL CHASE, CHIEF OPERATING OFFICER (COO) (2015-08).
Since joining (SOF) in 2007, Paul has held positions of increasing responsibility including Manager of Operations Planning; Director of Systems Operations, and most recently as VP Systems Operations.
DANIEL MCCAULEY, SECRETARY & GENERAL COUNSEL.
DAVID THIEL, VP OPERATIONS.
HOWARD DIXON, VP FLIGHT OPERATIONS (email@example.com).
CLARENCE LINDSEY, VP.
K JONATHAN SCARBOROUGH, DIRECTOR SAFETY.
MARK RYAN, DIRECTOR SAFETY.
BRIAN DILLION, DIRECTOR MAINTENANCE (firstname.lastname@example.org).
BILL PHILLIPS, DIRECTOR QUALITY CONTROL (QC).
JEFFREY HUBNNESHAGEN, DIRECTOR QUALITY CONTROL (QC).