Kitty Hawk, an air cargo carrier headquartered at Dallas/Fort Worth Airport, is exploring “strategic alternatives” for its future that could include a sale of the company.
The firm, which emerged from bankruptcy five years ago, said in a statement this morning that it has hired Raymond James & Associates to help it evaluate its prospects.
“The board of directors will work with the management team and its advisors to explore and evaluate the company’s strategic alternatives and determine the course of action it believes is in the best interest of its stockholders,” the statement read.
Readers may recall that we reported last April on a management shakeup at the airline that saw CEO Robert Zoller, Chairman Gerald Gitner and three board members resign.
Zoller was instrumental in resurrecting ValuJet, and transforming it into AirTran, after that airline's crash in the Florida Everglades.
In addition to a possible sale, the company is also considering raising capital, altering its operations, selling some assets or divisions, or making no changes.
The carrier provides overnight air and ground shipping that’s considered “mission critical,” and often includes items that need special handling that can’t be shipped on the major cargo companies like UPS. It has a fleet of Boeing 737 and 727 cargo planes, and has a warehouse and Customs clearance facility in Fort Wayne, Ind., where it operates a hub.
It lost $14 million last year, and reported a loss of $11 million for the first quarter of 2007.
Shares of Kitty Hawk (ticker: KHK) were trading at 37 cents Thursday morning, up 1 cent.
- Trebor