ATSG Directors Approve New $150 Million Share Repurchase Authorization
29 November 2022 - 10:00AM
Business Wire
Air Transport Services Group, Inc. (NASDAQ:ATSG) today announced
its Board of Directors has adopted a new common-share repurchase
authorization in replacement for its largely exhausted prior
authorization, allowing the Company, subject to specified
conditions, to repurchase up to an additional $150 million of its
common shares.
ATSG President and CEO Rich Corrado said, "ATSG’s Board of
Directors believes that share repurchases, when used effectively as
one component of a carefully considered capital allocation program,
are in the best interest of all shareholders of ATSG."
ATSG disclosed that it had resumed share repurchases during
October 2022 under a previous Board authorization, acquiring
approximately 1.6 million of its shares, or approximately 2% of
those outstanding as of September 30, 2022. Prior to October, ATSG
had been prohibited from share buybacks under provisions of a
federal grant program to offset pandemic effects on employment for
passenger airline companies.
The Board’s share repurchase authorization does not require the
Company to repurchase a specific number of shares, and the Board
may terminate the repurchase program at any time. Repurchases may
be made from time-to-time on the open market, or in privately
negotiated transactions. The timing, price and volume of any such
repurchases would be based on market conditions, relevant
securities laws and other factors.
About Air Transport Services Group, Inc. (ATSG)
ATSG is a leading provider of aircraft leasing and cargo and
passenger air transportation and related services to domestic and
foreign air carriers and other companies that outsource their cargo
and passenger airlift requirements. ATSG, through its leasing and
airline subsidiaries, is the world's largest owner and operator of
converted Boeing 767 freighter aircraft. Through its principal
subsidiaries, including three airlines with separate and distinct
U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft
leasing, air cargo lift, passenger ACMI and charter services,
aircraft maintenance services and airport ground services. ATSG's
subsidiaries include ABX Air, Inc.; Airborne Global Solutions,
Inc.; Airborne Maintenance and Engineering Services, Inc.,
including its subsidiary, Pemco World Air Services, Inc.; Air
Transport International, Inc.; Cargo Aircraft Management, Inc.; and
Omni Air International, LLC. For more information, please see
www.atsginc.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221128005788/en/
Quint O. Turner, ATSG Inc. Chief Financial Officer
937-366-2303
Air Transport Services (NASDAQ:ATSG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Air Transport Services (NASDAQ:ATSG)
Historical Stock Chart
From Apr 2023 to Apr 2024