World Airways gets $120 million contract

World Airways

gets $120 million contract

Peachtree City's World

Airways, Inc. announced that the Air Force's Air Mobility Command has

approved its airlift contract for 2003, and World Airways' contract is

valued at $120 million.

This includes

fixed flying valued at $75 million, as well as long-term expansion flying

at $37 million and cargo flying at $8 million.

This year's

contract is comprised of three distinct categories of flying: the passenger

scheduled charter service, military force rotations and annual exercises,

and cargo. The AMC contract for FY 2003 begins Oct. 1.

Last year's

contract was valued at $175 million, which included $112 million of fixed

flying, $60 million of long-term expansion flying, and $3 million of cargo

flying.

According to

the company, the differences in the composition of the teaming arrangements,

aircraft used to support the contract and a smaller long-term expansion

budget, led to the difference in the contract value for World Airways

between FY 2002 and 2003.

According to

Hollis L. Harris, World Airways' chairman and CEO, "We remain a committed

and enthusiastic member of the Air Mobility Command support team, and

we believe there is excellent potential for us to add a large amount of

shorter notice expansion flying to the upcoming year's contract."

For this year's

contract, World Airways has added approximately $70 million of additional

ad-hoc expansion flying to its base long-term expansion value.

For FY 2003,

the company anticipates significant ad-hoc flying for AMC due to the current

and expected increase in airlift requirements for U.S. military operations

around the world.

Harris concluded,

"Our long-term relationship and outstanding record of support for

the Air Force will position us well for expansion flying. I am confident

that we will exceed our revenue forecast for this year, and we are continuing

to build momentum in our marketing efforts to win additional new business

with a growing base of customers."

Utilizing a

well-maintained fleet of international range, wide-body aircraft, World

Airways has an enviable record of safety, reliability and customer service

spanning 54 years.

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