Global Aviation Holdings Inc.

CIK:0001397867|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Operating revenues:
Military passenger	$ 173,294	$ 204,499	$ 532,096	$ 624,500
Military cargo	21,256	29,511	61,114	115,496
Commercial cargo	47,105	41,559	136,942	101,492
Commercial passenger	11,768	10,054	29,188	31,620
Other	11,645	840	15,802	3,898
Total operating revenues	265,068	286,463	775,142	877,006
Operating expenses:
Aircraft fuel	85,601	71,082	234,719	224,162
Aircraft rentals	34,920	36,534	109,766	114,943
Maintenance, materials and repairs	43,048	42,223	115,839	108,942
Flight operations	27,613	26,958	83,895	79,722
Aircraft and traffic servicing	19,425	21,716	58,270	67,880
Passenger services	16,626	18,349	49,002	57,591
Crew positioning	16,366	14,361	44,722	43,505
Selling and marketing	6,862	13,193	20,230	43,962
Depreciation and amortization	22,715	21,583	72,889	59,276
General and administrative	15,340	13,309	40,224	40,806
Asset impairment and aircraft retirements			294
Other expenses	697	3,320	5,909	8,052
Total operating expenses	289,213	282,628	835,759	848,841
Operating income (loss)	(24,145)	3,835	(60,617)	28,165
Other income (expense):
Interest income	277	650	1,236	2,325
Interest expense	(12,084)	(11,484)	(35,993)	(35,104)
Loss on investment	(501)	(882)	(600)	(2,188)
Loss on debt extinguishment				(1,239)
Other, net	(50)	(1,358)	(503)	(748)
Total other expense	(12,358)	(13,074)	(35,860)	(36,954)
Loss before income tax benefit	(36,503)	(9,239)	(96,477)	(8,789)
Income tax benefit	15,004	2,205	36,168	1,938
Loss available to common stockholders	$ (21,499)	$ (7,034)	$ (60,309)	$ (6,851)
Basic loss available to common stockholders per share:
Weighted-average shares outstanding (in shares)	26,019,901	25,906,300	26,007,001	25,906,300
Loss available to common stockholders per share (in dollars per share)	$ (0.83)	$ (0.27)	$ (2.32)	$ (0.26)
Diluted loss available to common stockholders per share:
Weighted-average shares outstanding (in shares)	26,019,901	25,906,300	26,007,001	25,906,300
Loss available to common stockholders per share (in dollars per share)	$ (0.83)	$ (0.27)	$ (2.32)	$ (0.26)

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities
Net loss	$ (60,309)	$ (6,851)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	72,889	59,276
Amortization of loan costs	4,506	3,212
Amortization of debt discount	3,992	4,052
Asset impairment and aircraft retirements	294
Loss on debt extinguishment		1,239
Loss on investment	600	2,188
Stock-based compensation expense	4,463	3,939
Deferred income taxes	(37,344)	(2,733)
Non-cash interest	8,418	3,354
Loss on sale of equipment	403	1,934
Changes in operating assets and liabilities:
Accounts receivable, net	(3,091)	9,844
Inventories, net	(810)
Maintenance reserve deposits	(8,623)	(1,873)
Other current assets	36,945	(17,327)
Accounts payable	29,059	15,136
Air traffic liabilities and accrued flight expenses	(914)	2,827
Accrued compensation and benefits	(10,568)	2,295
Other accrued expenses and current liabilities	(16,516)	(9,413)
Other liabilities and other assets	(1,549)	10,109
Net cash provided by operating activities	21,845	81,208
Investing activities
Capital expenditures	(63,571)	(42,930)
Proceeds from sale of equipment	152	665
Net cash used in investing activities	(63,419)	(42,265)
Financing activities
Payment of costs related to issuance and repurchase of debt	(3,023)	(3,149)
Payments on long-term debt	(11,915)	(20,660)
Net cash used in financing activities	(14,938)	(23,809)
Net increase (decrease) in cash and cash equivalents	(56,512)	15,134
Cash and cash equivalents at beginning of period	74,543	73,077
Cash and cash equivalents at end of period	18,031	88,211
Supplemental disclosure of non-cash activities:
Property and equipment expenditure included in other current liabilities or accounts payable	9,719	25,009
Property and equipment expenditure paid directly by aircraft lessors	8,307
Second Lien Loan amendment fee	$ 6,000

Condensed Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 18,031	$ 74,543
Accounts receivables, net of allowance for doubtful accounts of: 2011-$635; and 2010-$442	33,253	30,162
Inventories, net	12,269	15,645
Maintenance reserve deposits	31,200	60,217
Deferred tax assets, net	18,767	18,362
Prepaid expenses and other current assets	44,654	81,599
Total current assets	158,174	280,528
Property and equipment:
Flight equipment	261,893	228,613
Facilities and ground equipment	19,720	18,726
Gross property and equipment	281,613	247,339
Accumulated depreciation	(142,670)	(105,190)
Net property and equipment	138,943	142,149
Intangible assets:
Military contract intangibles, net of accumulated amortization of: 2011-$104,026; 2010-$85,112	148,156	167,070
Other intangible assets, net of accumulated amortization of 2011 and 2010 - $8,122	4,000	4,000
Total intangible assets	152,156	171,070
Restricted cash	7,878	6,326
Maintenance reserve deposits	83,039	45,342
Deposits and other assets	46,963	44,889
Total assets	587,153	690,304
Current liabilities:
Current maturities of long-term debt	26,906	12,673
Long-term debt	202,988
Accounts payable	39,957	15,854
Air traffic liabilities	9,119	7,174
Accrued compensation and benefits	20,902	31,470
Accrued flight expenses	15,095	17,954
Other accrued expenses and current liabilities	78,573	111,955
Total current liabilities	393,540	197,080
Long-term debt, less current maturities and portion classified as current	59	210,785
Deferred tax liabilities, net	42,056	78,995
Other liabilities	37,339	33,357
Stockholders' equity:
Preferred stock, 15,000,000 shares authorized; no shares issued and outstanding
Common stock, $.0001 par value; authorized 2011 and 2010-400,000,000; issued and outstanding 2011 and 2010-26,834,081 and 26,802,900, respectively	3	3
Warrants	45	1,479
Additional paid-in capital	348,058	342,161
Accumulated deficit	(233,872)	(173,563)
Accumulated other comprehensive income (loss)	(75)	7
Total stockholders' equity	114,159	170,087
Total liabilities and stockholders' equity	$ 587,153	$ 690,304