UPDATE: Dahlman Rose & Co. Maintains Air Transport Services at Hold, 4Q12 Earnings Exceed Expectations

In a report published Tuesday, Dahlman Rose & Co. maintained Air Transport Services'

Hold rating. Dahlman Rose & Co. reported that, "ATSG reported 4Q12 net income of $12.2 million, down by 1.3% from last year's $13.5 million, on revenues of $154.6 million, down by 11.9% in 2011. We were expecting the decline in revenues, but overestimated costs, which drove the positive surprise relative to our expectations. EPS was $0.19 vs $0.21 in 4Q11. ATSG ended 2012 with $15.4 million in cash on the balance sheet and positive working capital of $5 million. Long-term debt was $343 million, and shareholders' equity improved to $299.3 million." Air Transport Services' shares closed at $5.46 on Monday.