Atlantic Coast Airlines Holdings, Inc. Reports First Quarter Financial and Operating Results

Earnings Per Share of 22 Cents vs. 6 Cents in First Quarter 2000

(Adjusted for Two-for-One Stock Split)



First Quarter Highlights and Comparisons:

* Operating Revenue Rose 44.3% to $133.5 Million vs. $92.5 Million

* Passengers Carried Increased 22.4% to 937,698 vs. 765,929



Apr 25, 2001, 01:00 ET from Atlantic Coast Airlines Holdings, Inc.

    DULLES, Va., April 25 /PRNewswire/ -- Atlantic Coast Airlines Holdings,
 Inc. (Atlantic Coast)  (Nasdaq:   ACAI), parent of Atlantic Coast Airlines
 (ACA), which operates in the Eastern and Midwestern United States as United
 Express, and Atlantic Coast Jet (ACJet), which operates in the Eastern U.S. as
 part of the Delta Connection program, today announced financial results and
 operating statistics for the first quarter 2001.  For the quarter, Atlantic
 Coast reported net income of $9.6 million.  After giving effect to the two-
 for-one stock split distributed February 23, 2001, diluted net income per
 share was 22 cents.  These results compare to first quarter 2000 net income of
 $2.3 million, or 6 cents per diluted share.  All share and per share amounts
 have been restated to give effect to the stock split.
     During the first quarter of 2001, Atlantic Coast generated 689.5 million
 available seat miles (ASMs), an increase of 42.8 percent over the same period
 last year.  Atlantic Coast carried 937,698 passengers, an increase of 22.4
 percent over the same period last year.
     Atlantic Coast reported the following developments during the first
 quarter:
 
     *  The completion of a new four-and-a-half year contract with the Air Line
        Pilots Association (ALPA) which was ratified in February by the
        company's pilot group.
 
     *  The intent to combine the operations of Atlantic Coast Jet and Atlantic
        Coast Airlines.  Once final, both the United Express and Delta
        Connection aircraft would be flown under the ACA operating certificate
        and management structure.
 
     *  The potential acquisition of up to three regional airlines currently
        wholly-owned by US Airways.
 
     Statements in this press release regarding projections and expectations of
 future earnings, revenues and costs represent forward-looking information. A
 number of risks and uncertainties exist which could cause actual results to
 differ materially from these projected results. Such factors include, among
 others, unexpected costs or delays in the continuing implementation of new
 service, adverse weather conditions, the ability to hire and retain employees,
 ability to obtain favorable financing terms for new aircraft, ability to
 successfully retire turboprop aircraft, traffic congestion, flight
 reallocations, potential service disruptions due to work actions by employees
 of Delta or United, or public reaction to media reports of such actions.  Such
 factors relating to the potential acquisition of the three airlines presently
 owned by US Airways include, among others, the successful completion of the
 merger between United and US Airways, UAL's termination rights, ability to
 reach agreement with UAL on the ultimate purchase price, ability to obtain
 regulatory approval with respect to the transaction, financing of the final
 purchase price, unanticipated non-reimbursed costs, and ability to
 successfully operate the acquired companies. These and other factors are more
 fully disclosed under the company's "Management's Discussion and Analysis of
 Financial Condition and Results of Operations" in ACAI's Annual Report on Form
 10-K for the year ended December 31, 2000. Atlantic Coast undertakes no
 obligation to update any of the forward-looking information included in this
 release, whether as a result of new information, future events, changed
 expectations or otherwise.
     Atlantic Coast operates as United Express in the Eastern and Midwestern
 United States, and as Delta Connection in the Eastern U.S.  The company has a
 fleet of 111 aircraft and offers approximately 650 daily departures, serving
 54 destinations in the U.S. and Canada.  Atlantic Coast employs over 3,400
 aviation professionals.  The common stock of Atlantic Coast Airlines Holdings,
 Inc. is traded on the Nasdaq National Market under the symbol ACAI. For more
 information about Atlantic Coast, visit the website at www.atlanticcoast.com.
 
         Condensed Consolidated Financial Results-First Quarter (000s)
 
                                      2001             2000      Pct. Change
     Operating revenues:
     Passenger revenue              $131,696         $90,734         45.1%
     Other revenue                     1,758           1,765        (0.4%)
     Total operating revenues        133,454          92,499         44.3%
 
     Operating expenses:
     Salaries and related costs       36,991          24,259         52.5%
     Aircraft fuel                    20,457          13,132         55.8%
     Aircraft maintenance
      and materials                   11,157           8,076         38.2%
     Aircraft rentals                 20,205          12,720         58.8%
     Traffic commissions
      and related fees                 3,873          13,244       (70.8%)
     Facility rents and landing fees   7,424           4,463         66.3%
     Depreciation and amortization     3,400           2,581         31.7%
     Other                            14,468           9,484         52.6%
     Total operating expenses        117,975          87,959         34.1%
 
     Operating income                 15,479           4,540        240.9%
 
     Non-operating income (expense)      562           (740)        175.9%
     Income before taxes              16,041           3,800        322.1%
     Income tax provision              6,416           1,520        322.1%
 
     Net income                       $9,625          $2,280        322.1%
 
     Net income per common and common
     equivalent shares:
        Basic                          $0.23           $0.06
        Diluted                        $0.22           $0.06
 
     Weighted average number
      of common and common
      equivalent shares (000s):
        Basic                         42,750          37,256
        Diluted                       44,638          43,048
 
 
                       Operating Statistics-First Quarter
 
                                      2001             2000         Change
 
     Revenue passenger
      miles (000's)                  339,632         247,605         37.2%
     Available seat miles (000's)    689,540         482,832         42.8%
     Load Factor                       49.3%           51.3%    (2.0 pts.)
     Passengers                      937,698         765,929         22.4%
     Yield per RPM (cents)              38.8            36.6          6.0%
     Passenger revenue
      per ASM (cents)                   19.1            18.8          1.6%
     Operating cost per ASM (cents)     17.1            18.2        (6.0%)
     Operating cost per ASM
      excluding fuel(cents)             14.1            15.5        (9.0%)
     Break-even load factor            43.5%           48.7%    (5.2 pts.)
     Operating margin                  11.6%            4.9%      6.7 pts.
     Average passenger trip
      length (miles)                     362             323         12.1%
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Atlantic Coast Airlines Holdings, Inc.
    DULLES, Va., April 25 /PRNewswire/ -- Atlantic Coast Airlines Holdings,
 Inc. (Atlantic Coast)  (Nasdaq:   ACAI), parent of Atlantic Coast Airlines
 (ACA), which operates in the Eastern and Midwestern United States as United
 Express, and Atlantic Coast Jet (ACJet), which operates in the Eastern U.S. as
 part of the Delta Connection program, today announced financial results and
 operating statistics for the first quarter 2001.  For the quarter, Atlantic
 Coast reported net income of $9.6 million.  After giving effect to the two-
 for-one stock split distributed February 23, 2001, diluted net income per
 share was 22 cents.  These results compare to first quarter 2000 net income of
 $2.3 million, or 6 cents per diluted share.  All share and per share amounts
 have been restated to give effect to the stock split.
     During the first quarter of 2001, Atlantic Coast generated 689.5 million
 available seat miles (ASMs), an increase of 42.8 percent over the same period
 last year.  Atlantic Coast carried 937,698 passengers, an increase of 22.4
 percent over the same period last year.
     Atlantic Coast reported the following developments during the first
 quarter:
 
     *  The completion of a new four-and-a-half year contract with the Air Line
        Pilots Association (ALPA) which was ratified in February by the
        company's pilot group.
 
     *  The intent to combine the operations of Atlantic Coast Jet and Atlantic
        Coast Airlines.  Once final, both the United Express and Delta
        Connection aircraft would be flown under the ACA operating certificate
        and management structure.
 
     *  The potential acquisition of up to three regional airlines currently
        wholly-owned by US Airways.
 
     Statements in this press release regarding projections and expectations of
 future earnings, revenues and costs represent forward-looking information. A
 number of risks and uncertainties exist which could cause actual results to
 differ materially from these projected results. Such factors include, among
 others, unexpected costs or delays in the continuing implementation of new
 service, adverse weather conditions, the ability to hire and retain employees,
 ability to obtain favorable financing terms for new aircraft, ability to
 successfully retire turboprop aircraft, traffic congestion, flight
 reallocations, potential service disruptions due to work actions by employees
 of Delta or United, or public reaction to media reports of such actions.  Such
 factors relating to the potential acquisition of the three airlines presently
 owned by US Airways include, among others, the successful completion of the
 merger between United and US Airways, UAL's termination rights, ability to
 reach agreement with UAL on the ultimate purchase price, ability to obtain
 regulatory approval with respect to the transaction, financing of the final
 purchase price, unanticipated non-reimbursed costs, and ability to
 successfully operate the acquired companies. These and other factors are more
 fully disclosed under the company's "Management's Discussion and Analysis of
 Financial Condition and Results of Operations" in ACAI's Annual Report on Form
 10-K for the year ended December 31, 2000. Atlantic Coast undertakes no
 obligation to update any of the forward-looking information included in this
 release, whether as a result of new information, future events, changed
 expectations or otherwise.
     Atlantic Coast operates as United Express in the Eastern and Midwestern
 United States, and as Delta Connection in the Eastern U.S.  The company has a
 fleet of 111 aircraft and offers approximately 650 daily departures, serving
 54 destinations in the U.S. and Canada.  Atlantic Coast employs over 3,400
 aviation professionals.  The common stock of Atlantic Coast Airlines Holdings,
 Inc. is traded on the Nasdaq National Market under the symbol ACAI. For more
 information about Atlantic Coast, visit the website at www.atlanticcoast.com.
 
         Condensed Consolidated Financial Results-First Quarter (000s)
 
                                      2001             2000      Pct. Change
     Operating revenues:
     Passenger revenue              $131,696         $90,734         45.1%
     Other revenue                     1,758           1,765        (0.4%)
     Total operating revenues        133,454          92,499         44.3%
 
     Operating expenses:
     Salaries and related costs       36,991          24,259         52.5%
     Aircraft fuel                    20,457          13,132         55.8%
     Aircraft maintenance
      and materials                   11,157           8,076         38.2%
     Aircraft rentals                 20,205          12,720         58.8%
     Traffic commissions
      and related fees                 3,873          13,244       (70.8%)
     Facility rents and landing fees   7,424           4,463         66.3%
     Depreciation and amortization     3,400           2,581         31.7%
     Other                            14,468           9,484         52.6%
     Total operating expenses        117,975          87,959         34.1%
 
     Operating income                 15,479           4,540        240.9%
 
     Non-operating income (expense)      562           (740)        175.9%
     Income before taxes              16,041           3,800        322.1%
     Income tax provision              6,416           1,520        322.1%
 
     Net income                       $9,625          $2,280        322.1%
 
     Net income per common and common
     equivalent shares:
        Basic                          $0.23           $0.06
        Diluted                        $0.22           $0.06
 
     Weighted average number
      of common and common
      equivalent shares (000s):
        Basic                         42,750          37,256
        Diluted                       44,638          43,048
 
 
                       Operating Statistics-First Quarter
 
                                      2001             2000         Change
 
     Revenue passenger
      miles (000's)                  339,632         247,605         37.2%
     Available seat miles (000's)    689,540         482,832         42.8%
     Load Factor                       49.3%           51.3%    (2.0 pts.)
     Passengers                      937,698         765,929         22.4%
     Yield per RPM (cents)              38.8            36.6          6.0%
     Passenger revenue
      per ASM (cents)                   19.1            18.8          1.6%
     Operating cost per ASM (cents)     17.1            18.2        (6.0%)
     Operating cost per ASM
      excluding fuel(cents)             14.1            15.5        (9.0%)
     Break-even load factor            43.5%           48.7%    (5.2 pts.)
     Operating margin                  11.6%            4.9%      6.7 pts.
     Average passenger trip
      length (miles)                     362             323         12.1%
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
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 SOURCE  Atlantic Coast Airlines Holdings, Inc.