WILMINGTON, Ohio, November 28, 2022--(BUSINESS WIRE)--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.
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Quint O. Turner, ATSG Inc. Chief Financial Officer