Press Release Source: Atlantic Coast Airlines
Atlantic Coast Airlines and Bombardier Aerospace Announce Agreement On Revised Delivery Schedule for Regional Jets
Wednesday May 28, 10:00 am ET
DULLES, Va., May 28 /PRNewswire-FirstCall/ -- Atlantic Coast Airlines, the Dulles, VA-based United Express and Delta Connection regional carrier (ACA) (Nasdaq: ACAI - News) today announced it has agreed with Bombardier Aerospace on a revised schedule for its remaining CRJ-200 aircraft originally scheduled to be delivered through April 2004 for its United Express program. The new schedule is as follows:
6 will be delivered immediately
2 will be delivered during the fourth quarter 2003
6 will be delivered during the fourth quarter 2004
28 will be delivered in 2005
Financing has been arranged for the eight aircraft to be delivered in 2003 using a mix of traditional and non-traditional financing sources. ACA anticipates that it will be the equity owner of at least six of these aircraft. The arrangement with Bombardier also provides ACA with further flexibility with respect to the aircraft now scheduled for delivery after 2003, dependent on its reaching a satisfactory arrangement with United Airlines.
The company anticipates that it will remove six of its J-41 turboprop aircraft from its United Express service in the coming months.
Statements in this press release and by company executives regarding its relationship with United Airlines, Inc. and regarding projections and expectations of future aircraft deliveries, availability of financing, future payments by United, operations, earnings, revenues and costs represent forward-looking information. A number of risks and uncertainties exist which could cause actual results to differ materially from these projected results. Such factors include, among others: United's decision to elect either to affirm all of the terms of the company's United Express Agreement, or to reject the agreement in its entirety, the timing of such decision, any efforts by United to negotiate changes prior to making a decision on whether to affirm or reject the contract, the ability and timing of agreeing upon rates with United, the company's ability to collect pre-petition obligations from United or to offset pre-petition obligations due to United, the company's ability to collect post-petition amounts it believes are due from United for rate adjustments and United's ability to successfully reorganize and emerge from bankruptcy; the continued financial health of Delta Air Lines, Inc.; changes in levels of service agreed to by the company with its code-share partners due to market conditions, and willingness of finance parties to continue to finance aircraft in light of the United situation and of market conditions generally, the ability of these partners to manage their operations and cash flow, and ability and willingness of these partners to continue to deploy the company's aircraft and to utilize and pay for scheduled service at agreed upon rates; general economic and industry conditions; additional acts of war; and risks and uncertainties arising from the events of September 11, the impact of the outbreak of Severe Acute Respiratory Syndrome on travel and from the slow economy which may impact the company, its code-share partners, and aircraft manufacturers in ways that the company is not currently able to predict. These and other factors are more fully disclosed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in ACAI's Annual Report on Form 10-K for the year ended December 31, 2002 and in its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2003. These statements are made as of May 28, 2003 and ACA undertakes no obligation to update any such forward-looking information, whether as a result of new information, future events, changed expectations or otherwise.
ACA operates as United Express and Delta Connection in the Eastern and Midwestern United States as well as Canada. The company has a fleet of 142 aircraft -- including a total of 112 regional jets -- and offers over 825 daily departures, serving 84 destinations.
Atlantic Coast Airlines employs over 4,800 aviation professionals. The common stock of parent company Atlantic Coast Airlines Holdings, Inc. is traded on the Nasdaq National Market under the symbol ACAI. For more information about ACA, visit our website at www.atlanticcoast.com.
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Source: Atlantic Coast Airlines
Atlantic Coast Airlines and Bombardier Aerospace Announce Agreement On Revised Delivery Schedule for Regional Jets
Wednesday May 28, 10:00 am ET
DULLES, Va., May 28 /PRNewswire-FirstCall/ -- Atlantic Coast Airlines, the Dulles, VA-based United Express and Delta Connection regional carrier (ACA) (Nasdaq: ACAI - News) today announced it has agreed with Bombardier Aerospace on a revised schedule for its remaining CRJ-200 aircraft originally scheduled to be delivered through April 2004 for its United Express program. The new schedule is as follows:
6 will be delivered immediately
2 will be delivered during the fourth quarter 2003
6 will be delivered during the fourth quarter 2004
28 will be delivered in 2005
Financing has been arranged for the eight aircraft to be delivered in 2003 using a mix of traditional and non-traditional financing sources. ACA anticipates that it will be the equity owner of at least six of these aircraft. The arrangement with Bombardier also provides ACA with further flexibility with respect to the aircraft now scheduled for delivery after 2003, dependent on its reaching a satisfactory arrangement with United Airlines.
The company anticipates that it will remove six of its J-41 turboprop aircraft from its United Express service in the coming months.
Statements in this press release and by company executives regarding its relationship with United Airlines, Inc. and regarding projections and expectations of future aircraft deliveries, availability of financing, future payments by United, operations, earnings, revenues and costs represent forward-looking information. A number of risks and uncertainties exist which could cause actual results to differ materially from these projected results. Such factors include, among others: United's decision to elect either to affirm all of the terms of the company's United Express Agreement, or to reject the agreement in its entirety, the timing of such decision, any efforts by United to negotiate changes prior to making a decision on whether to affirm or reject the contract, the ability and timing of agreeing upon rates with United, the company's ability to collect pre-petition obligations from United or to offset pre-petition obligations due to United, the company's ability to collect post-petition amounts it believes are due from United for rate adjustments and United's ability to successfully reorganize and emerge from bankruptcy; the continued financial health of Delta Air Lines, Inc.; changes in levels of service agreed to by the company with its code-share partners due to market conditions, and willingness of finance parties to continue to finance aircraft in light of the United situation and of market conditions generally, the ability of these partners to manage their operations and cash flow, and ability and willingness of these partners to continue to deploy the company's aircraft and to utilize and pay for scheduled service at agreed upon rates; general economic and industry conditions; additional acts of war; and risks and uncertainties arising from the events of September 11, the impact of the outbreak of Severe Acute Respiratory Syndrome on travel and from the slow economy which may impact the company, its code-share partners, and aircraft manufacturers in ways that the company is not currently able to predict. These and other factors are more fully disclosed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in ACAI's Annual Report on Form 10-K for the year ended December 31, 2002 and in its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2003. These statements are made as of May 28, 2003 and ACA undertakes no obligation to update any such forward-looking information, whether as a result of new information, future events, changed expectations or otherwise.
ACA operates as United Express and Delta Connection in the Eastern and Midwestern United States as well as Canada. The company has a fleet of 142 aircraft -- including a total of 112 regional jets -- and offers over 825 daily departures, serving 84 destinations.
Atlantic Coast Airlines employs over 4,800 aviation professionals. The common stock of parent company Atlantic Coast Airlines Holdings, Inc. is traded on the Nasdaq National Market under the symbol ACAI. For more information about ACA, visit our website at www.atlanticcoast.com.
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Source: Atlantic Coast Airlines
