ABX Holdings, the parent of ABX Air, reported its first quarterly financial and operational results since it acquired the businesses of Cargo Holdings International (CHI) at the end of 2007. As might be expected, revenue is up substantially, however increased costs (primarily increased interest expense associated with the financing of the CHI purchase and the acquisition of additional aircraft, but also operational costs) reduced both pre-tax earnings and net income. CHI's principal businesses include two independently certificated airlines, Air Transport International (ATI) and Capital Cargo International Airlines (CCIA), and the leasing company Cargo Aircraft Management (CAM). The CHI businesses contributed $74.5 million, or 80% of the year-over-year increase in ABX Holdings' first-quarter revenue, and about $1.7 million in net earnings (net of acquisition-related expenses).
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