(from www.sec.gov)
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World Airways Inc. |
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From the April 28, 1997 Washington Post
| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 309,587 | 27.7 |
| Net Income | (14,022) | -- |
Description:
World Airways, 61 percent owned by WorldCorp of Herndon, operates a fleet of McDonnell Douglas MD-11 and DC-10 wide-body aircraft in lease and charter service worldwide. It is the largest contract supplier of airlift services to the Defense Department.
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In mid-1996 World began restructuring its operations to concentrate on its core business—"wet leasing," in which World planes, crews and maintenance services are leased to another airline or country. Those planes are then flown under the colors of the "leasing" airline. World planes are now flown by airlines including Lufthansa, Qantas and Malaysia Airlines. In October World signed a 32-month wet least contract with Malaysia Airlines for two DC-10 aircraft.
World dropped its money-losing scheduled service to Tel Aviv and Johannesburg, leaving three business lines—wet leasing, Air Force contract work and tour operations.
The new strategy appears to be working, with profit and revenue climbing steadily through the second half of 1996.
On March 14 Charles W. Pollard, World's longtime president and chief executive, left the company. Chairman Coleman Andrews is filling in as acting president while a search team begins looking for a new CEO. Pollard had informed Andrews he would leave when his contract expired Dec. 31, 1997, but the company said "the board desired to make a transition now to a complete executive team that has a long-term, aggressive commitment to the company's core wet-leasing strategy."
