Atlas Air Worldwide Holdings Inc (AAWW) has announced that for the three months ended 31 March, it achieved a record first quarter net profit of US$23.4 million on revenues of $244.5 million. The results for the quarter contrasted with a net loss of $5.3 million on revenues of $373 million for the same period a year earlier.

The group said that reported firstquarter 2009 revenues reflect the deconsolidation of Polar Air Cargo Worldwide from AAWW for reporting purposes that occurred in October 2008, upon the full start-up of express network ACMI (aircraft, crew, maintenance, insurance) service by the company.

“Our record first-quarter earnings reflect the first full quarter of express network ACMI operations pursuant to a long-term commercial agreement that commenced in the fourth quarter of 2008,” said William J. Flynn, president and CEO of AAWW.

“The implementation of express network ACMI service has enhanced the quality and visibility of our earnings. It has transformed expected margins on B747-400F aircraft assets that had been deployed in our former scheduled service segment, where AAWW was responsible for fuel and yield risk, to levels consistent with our core ACMI business.”

The group also approved a stockholder- rights plan giving its board more power in case of an attempt to take over the company, although it says it is not aware of any impending take-over bid. If a person or group acquires 15 per cent or more of the shares or announces a tender offer to hit that level, each right could be used to buy shares of Atlas stock at twice the exercise price.

The plan would not be triggered by anyone currently owning 15 per cent or more of the stock unless they acquire more shares and the board will be able to redeem the rights for a penny apiece.

AAWW is the parent company of Atlas Air Inc and Titan Aviation Leasing Limited, and the majority shareholder of Polar Air Cargo Worldwide Inc.