Atlas Air Worldwide Updates Business Outlook

  Atlas Air Worldwide Updates Business Outlook

Business Wire

PURCHASE, N.Y. -- January 15, 2013

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider
of outsourced aircraft and aviation operating services, today provided an
update of its business outlook prior to a scheduled presentation to investors
at the CJS Securities New Ideas for the New Year conference on January 16.

As previously announced, Atlas Air Worldwide anticipates that reported and
adjusted fully diluted earnings in 2012 will total more than $4.65 per share.
The company intends to report results for the fourth quarter and full year on
February 13, 2013.

Formal guidance for 2013 will also be provided on February 13. Guidance and
ultimate performance for the year will be shaped by global economic growth and
airfreight market conditions, which are likely to remain subdued well into the
year. Despite these pressures, the company expects to perform well in 2013,
with earnings for the year currently anticipated to be in line with full-year
2012 results.

Slides supporting the company’s January 16 presentation and summarizing its
business outlook may be viewed and downloaded from the company’s website,
www.atlasair.com, by clicking on the link to “Current Investor Relations
Presentation” in the upper right-hand corner of the home page.

Atlas Air Worldwide has also completed a review of its capital allocation
strategy. The review addressed the appropriate allocation of the company’s
current and expected future cash balances between investments to support
business growth, balance sheet strength, and returns of capital to
stockholders.

The company anticipates that cash in excess of business investments and
balance sheet maintenance requirements will be available for share
repurchases. It intends to begin actively purchasing shares in the first
quarter of 2013 after filing its Form 10-K annual report for 2012 on or about
February 13.

Share purchases would recommence under a previously announced $100 million
share repurchase program. Up to $81 million remains available for purchases
under that program. Repurchases of shares may take the form of an open market
repurchase program, accelerated stock repurchase program, privately negotiated
transactions, or a combination of these methods. Actual timing and amount of
the repurchases will depend on market conditions.

Expected results in 2012 highlight the diversification of the company’s
business model and ability to leverage core competencies to perform well in
all economic conditions. During the year, the company modernized its fleet by
adding four new B747-8 Freighters; placed the four 8Fs and two B747-400Fs in
ACMI (aircraft, crew, maintenance and insurance) service; and capitalized on
new organizational capabilities, including military passenger flying,
asset-light CMI (crew, maintenance and insurance) operations, and B767 cargo
and passenger service.

Earnings in the company’s core ACMI segment are expected to grow significantly
in 2013, driven by an increase in the number of B747-8Fs in ACMI service and
an increase in CMI flying compared with 2012.

AMC Charter and Commercial Charter segment contributions are expected to
decline in 2013, reflecting a moderation in military cargo and passenger
block-hour volumes as well as commercial charter market demand and yields.

Segment results in 2013 will also be affected by an increase in total aircraft
maintenance expense, with additional conditions-based engine overhauls,
initial C-level airframe checks on three B747-8Fs delivered in the fourth
quarter of 2011, and C-level checks on passenger aircraft for AMC and
Commercial Charter flying. In addition, unallocated expenses are expected to
increase as the benefit from capitalized interest related to the company’s
purchase of nine 8F aircraft concludes with the final two deliveries expected
in the first half of 2013.

Atlas Air Worldwide is executing on a strategic plan that has built a
resilient company with a strong balance sheet. The company’s model is working
as expected amid difficult economic conditions and a related contraction in
airfreight demand.

Airfreight remains a vital element of the global economy, and the company is
well-positioned to serve its customers, the airfreight markets, and to
capitalize on a recovery in world demand and international trade.

The company remains focused on the long-term growth of its business, and is
leveraging its core competencies, industry leadership and deep understanding
of its markets to deliver advantage and value to its customers and
stockholders.

About Atlas Air Worldwide:

Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan
Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo
Worldwide, Inc. (Polar). Atlas Air Worldwide also maintains a 49% interest in
Global Supply Systems Limited (GSS). Through Atlas and Polar, Atlas Air
Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of outsourced aircraft and aviation
operating services that include ACMI service – in which customers receive an
aircraft, crew, maintenance and insurance on a long-term basis; CMI service,
for customers that provide their own aircraft; express network and scheduled
air cargo service; military cargo and passenger charters; commercial cargo and
passenger charters; and dry leasing of aircraft and engines.

Atlas Air Worldwide’s press releases, SEC filings and other information can be
accessed through the Company’s home page, www.atlasair.com.

This release contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect Atlas Air
Worldwide’s current views with respect to certain current and future events
and financial performance. Such forward-looking statements are and will be, as
the case may be, subject to many risks, uncertainties and factors relating to
the operations and business environments of Atlas Air Worldwide and its
subsidiaries (collectively, the “companies”) that may cause the actual results
of the companies to be materially different from any future results, express
or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these
forward-looking statements include, but are not limited to, the following: the
ability of the companies to operate pursuant to the terms of their financing
facilities; the ability of the companies to obtain and maintain normal terms
with vendors and service providers; the companies’ ability to maintain
contracts that are critical to their operations; the ability of the companies
to fund and execute their business plan; the ability of the companies to
attract, motivate and/or retain key executives and associates; the ability of
the companies to attract and retain customers; the continued availability of
our wide-body aircraft; demand for cargo services in the markets in which the
companies operate; economic conditions; the effects of any hostilities or act
of war (in the Middle East or elsewhere) or any terrorist attack; labor costs
and relations; financing costs; the cost and availability of war risk
insurance; our ability to maintain adequate internal controls over financial
reporting; aviation fuel costs; security-related costs; competitive pressures
on pricing (especially from lower-cost competitors); volatility in the
international currency markets; weather conditions; government legislation and
regulation; consumer perceptions of the companies’ products and services;
anticipated and future litigation; and other risks and uncertainties set forth
from time to time in Atlas Air Worldwide’s reports to the United States
Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under
the heading “Risk Factors” in the most recent Annual Report on Form 10-K and
subsequent reports on Form 10-Q filed by Atlas Air Worldwide with the
Securities and Exchange Commission. Other factors and assumptions not
identified above may also affect the forward-looking statements, and these
other factors and assumptions may also cause actual results to differ
materially from those discussed.

Except as stated in this release, Atlas Air Worldwide is not providing
guidance or estimates regarding its anticipated business and financial
performance for 2012, 2013 or thereafter.

Atlas Air Worldwide assumes no obligation to update such statements contained
in this release to reflect actual results, changes in assumptions or changes
in other factors affecting such estimates other than as required by law.

Contact:

Atlas Air Worldwide Holdings, Inc.
Investors
Dan Loh, 914-701-8200
or
Media
Bonnie Rodney, 914-701-8580