CONTACT: Chuck Pollard
President and CEO
(703) 834-9209
or
Doug Poretz
(703) 506-1778
FOR IMMEDIATE RELEASE
October 9, 1996 - 9:00 AM.
WORLD AIRWAYS TO COMMENCE 1.0MM SHARE BUYBACK
WASHINGTON DULLES INTERNATIONAL AIRPORT, October 9, 1996 -- World Airways, Inc. (Nasdaq:WLDA) today announced
that its board of directors has authorized a buyback of up to 1.0 million shares via open market repurchases.
Commenting on the buyback, World Airways President and CEO Charles W. Pollard said: "We believe a substantial
buyback of shares represents an excellent investment for our shareholders based on our analysis of current and
prospective market demand for our wet leasing business, the strength of our backlog, likely cash generation from
operations, our limited capital expenditure needs, and the fact that our shares are trading at a very substantial
discount to our closest comparable, Atlas Air (Nasdaq:ATLS)."
World announced last week that it anticipated earnings for the third quarter of 1996 of approximately $2.8-$3.0
million, or approximately $.23-$.25 per share. Analysts' expectations had ranged from $.00-$.20 per share for the
quarter.
World Airways provides worldwide passenger and cargo air transportation under contracts with major international
airlines, the U.S. Air Force and international tour operators. The carrier, which operates a fleet of MD-11 and
DC10-30 aircraft, is owned 57% by WorldCorp (NYSE:WOA), 17% by MHS Berhad (KLSE:MHS), a Malaysian strategic investor,
and 24% by public investors.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains
forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact
of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations
in operating results and other risks detailed from time to time in the Company's periodic reports filed with the
SEC (which reports are available from the Company upon request). These various risks and uncertainties may cause
the Company's actual results in 1996 and beyond to differ materially from those expressed in any of the forward
looking statements made by, or on behalf of, the Company in this release. The actual number of shares repurchased
by the Company will depend upon several factors, including the amount of cash on hand at the Company and prevailing
market prices for the Company's stock. Therefore, no assurances can be provided that the Company will actually
repurchase all of the 1.0 million shares referenced in this release.
Copyright (c) 1996 World Airways, Inc. All rights reserved.
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