Atlas Air Worldwide's cash balance fell to $367.5 million in the second quarter, compared with $419.9 million at 31 December 2012 due to the purchase of three aircraft during the first six months of the year.
"The change in cash, cash equivalents and short-term investments reflected cash provided by operating and financing activities, offset by cash used for investing activities," says Atlas in an earnings statement.
Atlas used net cash in the first six months of 2013 for the purchase of two Boeing 747-8F aircraft as well as a Boeing 777-200F for its dry leasing business.
Net cash provided by financing activities reflected proceeds from the issuance of debt in connection with the acquisition of these aircraft, says Atlas. These proceeds were partially offset by payments on debt obligations and net payments under its accelerated share repurchase programmes.