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Wilmington-based said it earned $11. 1 million, or 18 cents a share, in the firs quarter. That compares with profit of $3.79 million, or 6 cents a share, in the same perio d a year ago. Air Transport in the quarter was helped by an amended pricing agreemen twith DHL, its largest customer, that effectivelyh had fixed the company’s pre-tax earnings for the fourtg quarter of 2008 and last quarter. That agreementf was struck in November, when Air Transport also modifieda $93 milliom promissory note with DHL and came to an agreement on otherr debt-related issues. The company’s first-quarter revenue fell 27 percentyto $280.6 million from $382.
1 million last CEO Joe Hete in a release cautioned that while the profit increase for the quarter is “impressive and gratifying,” it doesn’t “suggestg improvement in the markets we serve, or rule out the prospecr of further reductions in our business with DHL.” DHL just last monthg confirmed plans to relocate its package-sorting operations back to its formeer hub at the Cincinnati/Northern Kentucky Internationall Airport and vacate the city of Air Transport said this week that it expects DHL to completse the move by the end of the third when another 900 ABX jobs in the southwest Ohio city will As of early this year, ABX had cut roughlh 3,000 jobs in the wake of DHL’s pland to eventually pull out of The company in just the last month has cut nearlyy 700 more, according to filings with the Ohio Departmen of Job and Family Services.
Hete said DHL has indicatesd it plans to continue using ABX for some domesticd shipping operations at leastthrough Aug. 15 of this year or next despitr the move to the Cincinnati area. The company in the past severap months has been working to growthe non-DHp side of its business as Air Transport (NASDAQ:ATSG) last year lost $56 millionn on $1.6 billion in revenue.
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