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AirNet Systems, Inc. Reports First Quarter 2008 Results.

Article Excerpt
COLUMBUS, Ohio, May 12 /PRNewswire-FirstCall/ -- AirNet Systems, Inc. today reported total net revenues of $38.2 million for the three months ended March 31, 2008 versus $41.5 million for the same period last year, a decline of 8%. Income from operations before income taxes decreased to $1.0 million for the first quarter of 2008 from $2.0 million for the same period in 2007. The Company recognized an income tax benefit of approximately $8.3 million in the first quarter of 2008 primarily as a result of a discretionary income tax method change approved by the Internal Revenue Service on March 11, 2008 as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, which was filed with the Securities and Exchange Commission (the "SEC") on March 31, 2008. As a result, net income was $9.3 million, or $0.90 per diluted common share, for the first three months of 2008 compared to net income of $1.9 million, or $0.18 per diluted share, for the prior year.

Bruce D. Parker, Chairman of the Board and Chief Executive Officer, said, "Our operating results for the first quarter 2008 were particularly impacted by further declines in cancelled check volumes as well as shipments for Bank Services customers. The decline in total revenue was partially offset by a $2.2 million reduction in total costs and expenses for the first quarter 2008 compared to a year ago."

Mr. Parker continued, "Consistent with the ongoing transition of AirNet's business, we are increasing our emphasis on dedicated cargo charters. Because of the higher number of dedicated scheduled and on-demand cargo charters compared to the first quarter of 2007, charter revenues increased compared to the same period last year. Additionally, we are pursuing opportunities to provide express feeder service through dedicated charters for the large express package integrated carriers."

First Quarter 2008 Results

Bank Services net revenues, including fuel surcharge revenues of $4.6 million, declined 15% to $22.5 million for the first quarter 2008 from $26.5 million, including $3.4 million of fuel surcharge revenues, a year ago. Total pounds shipped per weekday flying day for Bank Services for the first quarter 2008 was...

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