World Air Holdings Requests Nasdaq Listing Extension; Announces Fourth Quarter Guidance
15 December 2005 - 10:49AM
PR Newswire (US)
Reaffirms Third Quarter Expectations PEACHTREE CITY, Ga., Dec. 14
/PRNewswire-FirstCall/ -- World Air Holdings, Inc. (NASDAQ:WLDAE),
parent company of World Airways and North American Airlines, has
requested an extension from the Nasdaq Listing Qualifications Panel
for continued listing on the Nasdaq National Market until Jan. 15,
2006, pending filing of an amended Form 10-Q/A for the period ended
June 30, 2005 and a Form 10-Q for the period ended Sept. 30, 2005.
The company also announced that it expects fourth quarter revenues
to be in the range of $205 to $215 million and operating income
from $12 to $14 million. The company reiterated its previously
announced guidance for the third quarter 2005 of revenues and
operating income in the ranges of $215 to $225 million and $22 to
$24 million, respectively. "We have been working diligently to
complete the required reviews of the second and third quarter
financial statements, and we continue to keep Nasdaq informed of
the status of our progress," said Randy Martinez, World Air
Holdings chief executive officer. "As previously announced, we have
expanded our financial support at North American to enhance our
efforts in assimilating processes and procedures into the
consolidated entity and to allow for timely reporting in the
future. "Financially, 2005 has been a very good year for World Air
Holdings. Based on results and guidance we have provided, we expect
2005 total operating income to be in the range of $59 to $63
million, which is $19 to $23 million higher than 2004, or
approximately a 50 percent increase. We are very pleased with the
company's growth and the added capabilities since the April
acquisition of North American and its charter, scheduled and
military business." The company reported that it has made
significant progress in its work to complete the periodic reports
necessary to fully comply with Nasdaq requirements and the terms of
the panel's decision on Nov. 22, 2005, which granted an extension
to Dec. 15, 2005. While the company believes that it will be able
to satisfy these requirements, there can be no assurances that it
will be able to do so. The fifth character "E" indicating that the
company is not current in filing will remain appended to its symbol
until the company becomes compliant with all requirements for
continued listing on the Nasdaq National Market. World Air Holdings
has three wholly owned subsidiaries, World Airways, Inc., North
American Airlines, Inc., and World Risk Solutions, Ltd. World
Airways is a charter passenger and cargo airline founded in 1948,
North American is a charter passenger airline founded in 1989, and
World Risk Solutions is an insurance subsidiary established in
2004. ["Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: This release contains forward
looking statements that are subject to risks and uncertainties
including, but not limited to, the impact of competition in the
market for air transportation services, the cyclical nature of the
air carrier business, reliance on key marketing relationships,
fluctuations in operating results and other risks detailed from
time to time in the company's periodic reports filed with the SEC
(reports are available from the company upon request). These
various risks and uncertainties may cause the company's actual
results to differ materially from those expressed in any of the
forward looking statements made by, or on behalf of the company in
this release.] DATASOURCE: World Air Holdings, Inc. CONTACT: Media,
Steve Forsyth, +1-770-632-8322, or Investors, Janice Kuntz,
+1-404-352-2841, both of World Air Holdings, Inc. Web site:
http://www.worldairways.com/
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