World Air Holdings to Restate Second Quarter 2005 Results
06 12월 2005 - 7:28AM
PR Newswire (US)
Company Expects Aggregate Changes to Increase Consolidated
Operating and Net Income PEACHTREE CITY, Ga., Dec. 5
/PRNewswire-FirstCall/ -- World Air Holdings, Inc. (NASDAQ:WLDAE),
has determined that as a result of further re- examination of
expenses at North American Airlines, Inc., a subsidiary acquired in
April 2005, it is necessary to restate the company's consolidated
financial statements for the quarter ended June 30, 2005. Several
reductions in expenses for the period ending June 30, 2005, were
required in order to reflect expenses in the proper periods. A
change also was necessary to reflect a corresponding increase in
expenses for the quarter, related to a recently approved profit
sharing program for employees of North American. Additionally, a
reclassification of fuel expense was necessary to conform to the
method of fuel accounting applied at World Airways, Inc., the
company's other operating subsidiary. This reclassification is
expected to have the effect of reducing both expenses and revenue
at North American. A reduction to depreciation expense at World
Airways also is required. The company currently believes the
aggregate changes will result in an increase in consolidated
operating and net income, after tax adjustments, for the three-
month period ended June 30, 2005. The company's audit committee,
upon the recommendation of management, concluded that previously
issued financial statements for the second quarter ended June 30,
2005, should not be relied upon. The company is currently in the
process of re-evaluating the financial statements for the period
ended June 30, 2005, and will file an amendment to its Form 10-Q as
soon as the analysis and applicable reviews are completed. The
actual expected restated amounts will depend on a number of
factors, including any additional information discovered in the
company's re-examination of its financial statements. 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. For further information, go to
http://www.worldairholdings.com/. ["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
CONTACT: Media, Steve Forsyth, +1-770-632-8322, or Investors,
Janice Kuntz, +1-404-352-2841 Web site:
http://www.worldairways.com/
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