World Airways and North American Airlines parent World Air Holdings reported earnings results for the first quarter revealing net income of $518,000 for the three months ended March 31, an 85.4% drop from net income of $3.5 million in the 2006 first quarter. World said reporting was in accordance with its legal requirements under the terms of its merger agreement with ATA Airlines parent Global Aero Logistics. WAH shareholders last month approved the company's takeover by GAL in a deal ...

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