Le Lézard
Classified in: Transportation
Subject: Stock Sale/Buyback

ATSG Directors Approve New $150 Million Share Repurchase Authorization


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.


These press releases may also interest you

at 16:52
What is happening? The Impact Assessment Agency of Canada (the Agency) is conducting an impact assessment for the proposed Sorel-Tracy Port Terminal Project, located in the industrial-port zone of Sorel-Tracy, Quebec. As part of the planning phase in...

at 16:36
Mitsubishi Logisnext Americas, one of the world's leading manufacturers and providers of material handling, automation and fleet solutions, announced today the winners of its 2023 Dealers of Excellence program. The annual award program honors dealers...

at 16:30
Grupo Aeroportuario del Sureste, S.A.B. de C.V.  , ASUR, a leading international airport group with operations in Mexico, the U.S. and Colombia, today announced that passenger traffic for January 2023 reached a total of 6.3 million passengers, 29.8%...

at 16:05
Smiths Detection, a global leader in threat detection and security inspection technologies, has been awarded a contract to supply New Zealand's Aviation Security Service (AvSec) with advanced checkpoint security technology for its five major...

at 16:05
Carlisle Companies Incorporated today announced its fourth quarter 2022 financial results. Reported record fourth quarter results Revenue of $1.5 billion, increased 5.7% year-over-year GAAP Diluted EPS of $3.44 and Adjusted Diluted EPS of...

at 16:00
According to Technavio, the global train door systems market size is estimated to grow by USD 2,183.95 million from 2023 to 2027. The market is estimated to grow at a CAGR of almost 4.9% during the forecast period. APAC will account for the largest...



News published on 28 november 2022 at 18:05 and distributed by: