þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
(State or other jurisdiction of incorporation) |
13-4146982
(IRS Employer Identification No.) |
|
2000 Westchester Avenue, Purchase, New York
(Address of principal executive offices) |
10577
(Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
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2
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10
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14
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18
19
20
21
22
23
24
25
26
27
28
(in thousands, except share data)
(Unaudited)
September 30, 2011
December 31, 2010
$
417,352
$
588,852
7,913
6,211
120,252
84,802
78,334
38,154
26,102
3,288
3,721
27,775
24,212
699,536
727,432
897,216
766,681
32,338
29,124
(154,930
)
(138,851
)
396,030
336,969
1,170,654
993,923
133,200
127,094
58,934
45,026
41,157
42,627
$
2,103,481
$
1,936,102
$
37,571
$
22,954
196,128
149,892
57,819
96,197
291,518
269,043
466,174
391,036
109,246
103,150
129,938
122,783
705,358
616,969
275
270
522,650
505,297
(41,446
)
(32,248
)
(14,471
)
458
635,236
572,666
1,102,244
1,046,443
4,361
3,647
$
1,106,605
$
1,050,090
$
2,103,481
$
1,936,102
Table of Contents
(in thousands, except per share data)
(Unaudited)
For the Three Months Ended
For the Nine Months Ended
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
$
163,406
$
144,685
$
469,883
$
383,917
122,581
72,506
316,230
303,314
70,353
104,044
206,956
275,525
3,065
2,157
6,742
5,384
3,471
3,275
10,246
9,940
$
362,876
$
326,667
$
1,010,057
$
978,080
103,663
74,221
278,188
222,336
61,911
56,244
185,173
177,677
47,770
44,747
144,699
115,967
41,055
38,764
120,976
115,097
12,813
11,487
36,756
35,974
11,284
8,941
30,328
24,354
9,964
8,403
27,069
26,049
6,036
6,423
17,141
17,645
(163
)
(161
)
(464
)
(3,541
)
25,043
22,702
72,580
80,177
319,376
271,771
912,446
811,735
43,500
54,896
97,611
166,345
(5,004
)
(5,490
)
(15,200
)
(14,620
)
9,801
10,176
30,009
30,396
(6,982
)
(4,401
)
(18,584
)
(11,007
)
(121
)
(614
)
(485
)
(9,236
)
(2,306
)
(329
)
(4,260
)
(4,467
)
45,806
55,225
101,871
170,812
17,464
21,186
38,595
70,386
28,342
34,039
63,276
100,426
136
235
706
176
$
28,206
$
33,804
$
62,570
$
100,250
$
1.07
$
1.31
$
2.39
$
3.90
$
1.07
$
1.29
$
2.37
$
3.85
26,291
25,855
26,201
25,736
26,452
26,143
26,416
26,038
Table of Contents
(in thousands)
For the Nine Months Ended
September 30, 2011
September 30, 2010
$
62,570
$
100,250
706
176
63,276
100,426
27,069
26,049
3,753
4,011
1,789
1,750
300
219
(6,208
)
(5,979
)
(17
)
75
(464
)
(3,541
)
14,882
18,071
9,497
10,489
(4,573
)
(5,539
)
(21,801
)
(6,576
)
(12,622
)
(2,200
)
43,757
76,838
118,638
214,093
(205,359
)
(59,590
)
(120,252
)
(100,090
)
4,662
4,374
1,165
5,018
(319,784
)
(150,288
)
4,733
3,522
(9,198
)
(5,777
)
3,128
1,677
120,250
20,637
(2,024
)
(87,243
)
(152,316
)
29,646
(132,257
)
(171,500
)
(68,452
)
588,852
613,740
$
417,352
$
545,288
Table of Contents
(in thousands, except per share data)
(Unaudited)
Accumulated
Additional
Other
Total
Common
Treasury
Paid-In
Comprehensive
Retained
Stockholders
Noncontrolling
Total
Stock
Stock
Capital
Income
(Loss)
Earnings
Equity
Interest
Equity
$
266
$
(26,394
)
$
481,074
$
471
$
430,856
$
886,273
$
2,484
$
888,757
100,250
100,250
176
100,426
51
51
66
117
100,301
100,543
10,489
10,489
10,489
(5,777
)
(5,777
)
(5,777
)
3,522
3,522
3,522
3
(3
)
1,677
1,677
1,677
$
269
$
(32,171
)
$
496,759
$
522
$
531,106
$
996,485
$
2,726
$
999,211
Accumulated
Additional
Other
Total
Common
Treasury
Paid-In
Comprehensive
Retained
Stockholders
Noncontrolling
Total
Stock
Stock
Capital
Income (Loss)
Earnings
Equity
Interest
Equity
$
270
$
(32,248
)
$
505,297
$
458
$
572,666
$
1,046,443
$
3,647
$
1,050,090
62,570
62,570
706
63,276
(14,929
)
(14,929
)
8
(14,921
)
47,641
48,355
9,497
9,497
9,497
(9,198
)
(9,198
)
(9,198
)
1
4,732
4,733
4,733
4
(4
)
3,128
3,128
3,128
$
275
$
(41,446
)
$
522,650
$
(14,471
)
$
635,236
$
1,102,244
$
4,361
$
1,106,605
Table of Contents
September 30, 2011
Table of Contents
For the Three Months Ended
For the Nine Months Ended
Revenue and Expenses:
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
$
61,089
$
47,212
$
167,739
$
138,952
$
2,837
$
2,837
$
8,512
$
8,512
$
280
$
519
$
840
$
1,645
Accounts receivable/payable as of:
September 30, 2011
December 31, 2010
$
3,116
$
8,009
$
4,329
$
2,945
For the Three Months Ended
For the Nine Months Ended
Revenue as a % of Total Operating Revenue:
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
33.8
%
22.2
%
31.3
%
31.0
%
17.6
%
15.3
%
17.4
%
15.1
%
For the Three Months Ended
For the Nine Months Ended
Revenue as a % of Total ACMI Revenue:
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
37.4
%
32.6
%
35.7
%
36.2
%
Accounts receivable as a % of Total Accounts
receivable, net of allowance, as of:
September 30, 2011
December 31, 2010
24.9
%
10.5
%
3.7
%
10.2
%
Table of Contents
Level 3 Unobservable inputs reflecting assumptions about the inputs used in pricing the
asset or liability.
September 30, 2011
Carrying Value
Fair Value
Level 1
Level 2
Level 3
$
417,352
$
417,352
$
417,352
$
$
7,913
7,913
7,913
120,252
120,252
120,252
133,200
162,313
162,313
$
678,717
$
707,830
$
537,604
$
$
170,226
$
23,011
$
23,011
$
$
23,011
$
133,121
142,071
142,071
148,942
150,889
150,889
56,035
58,476
58,476
185,895
185,895
185,895
$
547,004
$
560,342
$
$
23,011
$
537,331
Table of Contents
December 31, 2010
Carrying Value
Fair Value
Level 1
Level 2
Level 3
$
588,852
$
588,852
$
588,852
$
$
6,211
6,211
6,211
127,094
157,787
157,787
$
722,157
$
752,850
$
588,852
$
$
163,998
$
145,012
$
164,379
$
$
$
164,379
159,043
171,478
171,478
58,485
65,230
65,230
46,871
46,861
46,861
77,822
79,198
79,198
$
487,233
$
527,146
$
$
$
527,146
September 30, 2011
December 31, 2010
Gross Unrealized
Gross Unrealized
Carrying Value
Gains
Fair Value
Carrying Value
Gains
Fair Value
$
133,200
$
29,113
$
162,313
$
73,356
$
18,363
$
91,719
53,738
12,330
66,068
$
133,200
$
29,113
$
162,313
$
127,094
$
30,693
$
157,787
Table of Contents
September 30, 2011
December 31, 2010
$
75,359
$
57,552
41,252
33,542
26,360
17,710
53,157
41,088
$
196,128
$
149,892
Table of Contents
For the Three Months Ended
For the Nine Months Ended
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
$
163,406
$
144,685
$
469,883
$
383,917
122,581
72,506
316,230
303,314
70,353
104,044
206,956
275,525
3,065
2,157
6,742
5,384
3,471
3,275
10,246
9,940
$
362,876
$
326,667
$
1,010,057
$
978,080
$
38,924
$
34,809
$
97,990
$
87,097
21,709
18,819
55,651
95,096
7,142
26,205
24,772
78,372
1,387
1,565
3,400
3,692
69,162
81,398
181,813
264,257
(23,519
)
(26,334
)
(80,406
)
(96,986
)
163
161
464
3,541
45,806
55,225
101,871
170,812
(5,004
)
(5,490
)
(15,200
)
(14,620
)
9,801
10,176
30,009
30,396
(6,982
)
(4,401
)
(18,584
)
(11,007
)
(121
)
(614
)
(485
)
(9,236
)
$
43,500
$
54,896
$
97,611
$
166,345
Table of Contents
Table of Contents
Table of Contents
For the Three Months Ended
For the Nine Months Ended
September 30, 2011
September 30, 2010
September 30, 2011
September 30, 2010
$
28,206
$
33,804
$
62,570
$
100,250
(22,203
)
(23,011
)
(516
)
97
(439
)
68
8,238
(26
)
8,521
(17
)
(14,481
)
71
(14,929
)
51
$
13,725
$
33,875
$
47,641
$
100,301
Table of Contents
Block Hour
C Check
D Check
Revenue Per
Block Hour
Yield
ACMI, whereby we provide outsourced aircraft operating solutions, including
the provision of an aircraft, crew, maintenance and insurance, while customers
assume fuel, demand and Yield risk. Included within ACMI is the provision of
Express Network ACMI, whereby we provide 747-400 aircraft to Polar that service
the requirements of DHLs global express operations and meet the needs of other
Polar customers;
CMI, which is also part of our ACMI business segment, whereby we provide
cargo and passenger outsourced aircraft operating solutions including the
provision of crew, maintenance and insurance, while customers provide the
aircraft and assume fuel, demand and Yield risk;
Dry Leasing, whereby we provide aircraft and/or engine leasing solutions to
third parties;
AMC Charter services, whereby we provide cargo and passenger charter services
for the AMC. The AMC pays a fixed charter fee that includes fuel, insurance,
landing fees, overfly and all other operational fees and costs; and
Commercial Charter, whereby we provide cargo and passenger aircraft charters
to customers, including brokers, freight forwarders, direct shippers and
airlines. The customer pays a fixed charter fee that includes fuel, insurance,
landing fees, overfly and all other operational fees and costs.
Table of Contents
Delivering superior service quality to our valued customers;
Actively managing our fleet with a focus on leading-edge aircraft;
Diversifying our service offerings;
Focusing on securing long-term customer contracts with attractive terms;
Driving significant ongoing efficiencies and productivity improvements;
Selectively pursuing and evaluating future acquisitions and alliances; and
Building our brand and increasing our market share.
In May 2010, we began to fly on a CMI basis for SonAir Serviço Aéreo, S.A.
(SonAir), an agent of the United States-Africa Energy Association. SonAir is a
wholly owned subsidiary of the Sonangol Group, the multinational energy company of
Angola. This passenger service, known as the Houston Express, operates three weekly
nonstop roundtrip flights between Houston, Texas and Luanda, Angola on two
customized 747-400 passenger aircraft provided by SonAir.
In July 2010, we began to fly CMI service for Boeing to operate their Dreamlifter
fleet of four modified 747-400 aircraft. These aircraft transport major
sub-assemblies for the Boeing 787 Dreamliner aircraft from suppliers around the world
to Boeing production facilities in the United States.
In October 2010, we began ACMI flying for a second 747-400 aircraft for Panalpina
Air & Ocean Ltd (Panalpina). This aircraft is based at Panalpinas European hub in
Luxembourg.
In March 2011, we began ACMI flying two additional 747-400 aircraft for Polar and
DHL to operate in Express Network ACMI. This increases the size of our Express
Network ACMI flying for DHL from six to eight aircraft.
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
26,426
24,251
2,175
9.0
%
5,033
3,729
1,304
35.0
%
3,358
5,090
(1,732
)
(34.0
)%
366
207
159
76.8
%
35,183
33,277
1,906
5.7
%
$
6,184
$
5,966
$
218
3.7
%
24,355
19,444
4,911
25.3
%
20,951
20,441
510
2.5
%
$
3.97
$
2.68
$
1.29
48.1
%
16,108
12,280
3,828
31.2
%
$
3.20
$
2.32
$
0.88
37.9
%
12,414
17,786
(5,372
)
(30.2
)%
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
21.6
19.0
2.6
13.7
%
6.3
4.3
2.0
46.5
%
3.5
5.9
(2.4
)
(40.7
)%
3.0
1.0
2.0
200.0
%
34.4
30.2
4.2
13.9
%
0.5
0.5
NM
*
ACMI average fleet excludes spare aircraft provided by CMI customers.
**
All of our out-of-service aircraft are completely unencumbered. Permanently parked aircraft, all
of which are also completely unencumbered, are not included in the operating statistics above.
Increase /
Percent
2011
2010
(Decrease)
Change
$
163,406
$
144,685
$
18,721
12.9
%
122,581
72,506
50,075
69.1
%
70,353
104,044
(33,691
)
(32.4
)%
3,065
2,157
908
42.1
%
3,471
3,275
196
6.0
%
$
362,876
$
326,667
$
36,209
11.1
%
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
$
103,663
$
74,221
$
29,442
39.7
%
61,911
56,244
5,667
10.1
%
47,770
44,747
3,023
6.8
%
41,055
38,764
2,291
5.9
%
12,813
11,487
1,326
11.5
%
11,284
8,941
2,343
26.2
%
9,964
8,403
1,561
18.6
%
6,036
6,423
(387
)
(6.0
)%
(163
)
(161
)
2
(1.2
)%
25,043
22,702
2,341
10.3
%
$
319,376
$
271,771
Events
2011
2010
Increase /
(Decrease)
2
2
2
1
1
1
2
(1
)
2
(2
)
4
5
(1
)
Table of Contents
Increase /
2011
2010
(Decrease)
Percent Change
$
(5,004
)
$
(5,490
)
$
(486
)
(8.9
)%
9,801
10,176
(375
)
(3.7
)%
(6,982
)
(4,401
)
2,581
58.6
%
(121
)
(614
)
(493
)
(80.3
)%
Increase /
2011
2010
(Decrease)
Percent Change
$
38,924
$
34,809
$
4,115
11.8
%
21,709
18,819
2,890
15.4
%
7,142
26,205
(19,063
)
(72.7
)%
1,387
1,565
(178
)
(11.4
)%
$
69,162
$
81,398
$
(12,236
)
(15.0
)%
$
23,519
$
26,334
$
(2,815
)
(10.7
)%
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
76,313
65,405
10,908
16.7
%
14,087
14,323
(236
)
(1.6
)%
9,736
13,032
(3,296
)
(25.3
)%
797
569
228
40.1
%
100,933
93,329
7,604
8.1
%
$
6,157
$
5,870
$
287
4.9
%
22,448
21,177
1,271
6.0
%
21,257
21,142
115
0.5
%
$
3.56
$
2.68
$
0.88
32.8
%
45,571
44,030
1,541
3.5
%
$
3.25
$
2.32
$
0.93
40.1
%
35,663
45,060
(9,397
)
(20.9
)%
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
21.6
17.5
4.1
23.4
%
5.7
5.9
(0.2
)
(3.4
)%
3.4
4.9
(1.5
)
(30.6
)%
2.0
0.7
1.3
185.7
%
32.7
29.0
3.7
12.8
%
0.5
0.2
0.3
150.0
%
*
ACMI average fleet excludes spare aircraft provided by CMI customers.
**
All of our out-of-service aircraft are completely unencumbered. Permanently parked aircraft, all of
which are also completely unencumbered, are not included in the operating statistics above.
Increase /
Percent
2011
2010
(Decrease)
Change
$
469,883
$
383,917
$
85,966
22.4
%
316,230
303,314
12,916
4.3
%
206,956
275,525
(68,569
)
(24.9
)%
6,742
5,384
1,358
25.2
%
10,246
9,940
306
3.1
%
$
1,010,057
$
978,080
$
31,977
3.3
%
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
$
278,188
$
222,336
$
55,852
25.1
%
185,173
177,677
7,496
4.2
%
144,699
115,967
28,732
24.8
%
120,976
115,097
5,879
5.1
%
36,756
35,974
782
2.2
%
30,328
24,354
5,974
24.5
%
27,069
26,049
1,020
3.9
%
17,141
17,645
(504
)
(2.9
)%
(464
)
(3,541
)
(3,077
)
(86.9
)%
72,580
80,177
(7,597
)
(9.5
)%
$
912,446
$
811,735
Events
2011
2010
Increase /
(Decrease)
4
2
2
6
7
(1
)
5
4
1
2
2
12
13
(1
)
Table of Contents
Increase /
Percent
2011
2010
(Decrease)
Change
$
(15,200
)
$
(14,620
)
$
580
4.0
%
30,009
30,396
(387
)
(1.3
)%
(18,584
)
(11,007
)
7,577
68.8
%
(485
)
(9,236
)
(8,751
)
(94.7
)%
Increase /
Percent
2011
2010
(Decrease)
Change
$
97,990
$
87,097
$
10,893
12.5
%
55,651
95,096
(39,445
)
(41.5
)%
24,772
78,372
(53,600
)
(68.4
)%
3,400
3,692
(292
)
(7.9
)%
$
181,813
$
264,257
$
(82,444
)
(31.2
)%
$
80,406
$
96,986
$
(16,580
)
(17.1
)%
Table of Contents
Table of Contents
For the Three Months Ended
September 30,
September 30,
Percent
2011
2010
Change
$
28,206
$
33,804
(16.6
%)
(104
)
(101
)
$
28,102
$
33,703
(16.6
%)
$
1.07
$
1.29
(17.1
%)
$
1.07
$
1.29
(17.1
%)
For the Nine Months Ended
September 30,
September 30,
Percent
2011
2010
Change
$
62,570
$
100,250
(37.6
%)
16,200
(5,513
)
(296
)
(2,231
)
$
62,274
$
108,706
(42.7
%)
$
2.37
$
3.85
(38.4
%)
0.62
(0.21
)
(0.01
)
(0.09
)
$
2.36
$
4.17
(43.4
%)
Table of Contents
Table of Contents
Table of Contents
Table of Contents
29
Table of Contents
30
Atlas Air Worldwide Holdings, Inc.
Dated: November 3, 2011
/s/ William J. Flynn
William J. Flynn
President and Chief Executive Officer
Dated: November 3, 2011
/s/ Spencer Schwartz
Spencer Schwartz
Senior Vice President and Chief Financial
Officer
Table of Contents
31
Exhibit
Number
Description
Amendment No. 2, dated as of July 1, 2011, to the Employment Agreement between Atlas Air,
Inc. and William J. Flynn.
Amendment No. 2, dated as of July 1, 2011, to the Employment Agreement between Atlas Air,
Inc. and John W. Dietrich.
Atlas Air Worldwide Holdings, Inc. Annual Incentive Program for Senior Executives,
amended as of July 1, 2011.
Atlas Air Worldwide Holdings, Inc. Benefits Program for Executive Vice Presidents and
Senior Vice Presidents, amended and restated as of July 1, 2011.
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer, furnished herewith.
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer, furnished herewith.
Section 1350 Certifications, furnished herewith.
XBRL Instance Document. *
XBRL Taxonomy Extension Schema Document. *
XBRL Taxonomy Extension Calculation Linkbase Document. *
XBRL Taxonomy Extension Definition Linkbase Document. *
XBRL Taxonomy Extension Labels Linkbase Document. *
XBRL Taxonomy Extension Presentation Linkbase Document. *
*
Attached as Exhibit 101 to this report are the following formatted in XBRL (Extensible
Business Reporting Language): (i) Consolidated Balance Sheet at September 30, 2011 and
December 31, 2010, (ii) Consolidated Statements of Operations for the quarters and nine
months ended September 30, 2011 and 2010, (iii) Consolidated Statements of Cash Flows for
the nine months ended September 30, 2011 and 2010, (iv) Consolidated Statement of
Stockholders Equity for the nine months ended September 30, 2011 and 2010 and (v) Notes
to Unaudited Consolidated Financial Statements. In accordance with Rule 406T of
Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on
Form 10-Q shall not be deemed to be filed for purposes of Section 18 of the Exchange
Act, or otherwise subject to the liability of that section, and shall not be part of any
registration statement or other document filed under the Securities Act or the Exchange
Act, except as shall be expressly set forth by specific reference in such filing.
2
3
4
By: | /s/ Adam R. Kokas | |||
Name: Adam R. Kokas | ||||
Title: Senior Vice President, General Counsel,
Chief Human Resources Officer and Secretary |
||||
/s/ William J. Flynn | ||||
William J. Flynn | ||||
5
1
(i) | an amount equal to twenty four (24) months of the Employees then-current monthly Base Salary, payable in a lump-sum on the first day of the seventh month following the date on which the Employment Period terminates (the Lump-Sum Payment Date); |
2
3
ATLAS AIR, INC.
|
||||
By: | /s/ Adam R. Kokas | |||
Adam R. Kokas, | ||||
Senior Vice President,General Counsel and Chief Human Resources Officer | ||||
John W. Dietrich
|
||||
/s/ John W. Dietrich | ||||
John W. Dietrich | ||||
4
1
2
3
4
5
6
A. | If, within the twelve-month period immediately following a Change of Control (defined below), the Executives employment is terminated by the Employer for reasons other than Cause or if the Executive resigns for Good Reason, and subject to the Executives execution of a general release upon terms and conditions consistent with this Agreement and acceptable to the Employer and Executive (such acceptance not to be unreasonably withheld), which release must be presented to Executive upon or promptly after termination of the Executives employment, fully executed, no longer subject to revocation, and become effective no later than the sixtieth (60 th ) day following the date on which the Executives employment terminates, then the Executive shall be entitled to the compensation and benefit coverage set forth in Section IV.A above, except that the severance payments in Section IV.A shall be in the form of a single lump-sum payment payable on the Lump-Sum Payment Date in an amount equal to thirty six (36) months of the Executive Vice Presidents Base Annual Salary or twenty four (24) months of the Senior Vice Presidents Base Annual Salary, as applicable. | ||
B. | If, within the six-month period immediately following a termination of the Executives employment by Employer for reasons other than Cause or by the Executive for Good Reason, a Change of Control occurs, then, in addition to the payment set forth in Section IV.A above (which shall be paid in the manner specified in Section IV.A above), and subject to satisfaction by the Executive of the release requirements of Section IV.A above, the Executive shall receive a lump-sum payment on the Lump-Sum Payment Date equal to twelve (12) months (in the case of an Executive Vice President) or six (6) months (in the case of a Senior Vice President) of the Executives Annual Base Salary, as applicable. | ||
C. | For purposes of this Benefits Program, Change in Control of the Company means a change in control event (as that term is defined at Section 1.409A- 3(i)(5) of the Treasury Regulations) with respect to the Company, which generally will include the following events, subject to such additional rules |
and requirements as may be set forth in the Treasury Regulations and related guidance: |
The Executive shall be entitled to four weeks of paid vacation per year, prorated for partial years of employment. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Atlas Air Worldwide Holdings, Inc.; | ||
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; | ||
3. | Based on my knowledge, the Financial Statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report; | ||
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function): |
Dated: November 3, 2011 | /s/ William J. Flynn | |||
William J. Flynn | ||||
President and Chief Executive Officer | ||||
1. | I have reviewed this Quarterly Report on Form 10-Q of Atlas Air Worldwide Holdings, Inc.; | ||
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; | ||
3. | Based on my knowledge, the Financial Statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report; | ||
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting ( as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function): |
Dated: November 3, 2011 | /s/ Spencer Schwartz | |||
Spencer Schwartz | ||||
Senior Vice President and Chief Financial Officer | ||||
/s/ William J. Flynn | ||||
William J. Flynn | ||||
President and Chief Executive Officer | ||||
/s/ Spencer Schwartz | ||||
Spencer Schwartz | ||||
Senior Vice President and Chief Financial Officer | ||||