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May 15, 2006 9:30 AM, EDT

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ir cargo carrier Atlas Air Worldwide Holdings posted a first-quarter loss of $3.75 million or 18 cents a share, compared with a profit of $675,000 or 3 cents a year earlier.

The company attributed the income drop in part to a decline in military charter activity.

Revenue dropped to $332.1 million from $346.9 million for the quarter, Atlas said Monday.

“Given shifting market dynamics, we are reducing nonessential capacity in order to sustain and improve our profitability,” Chief Executive Officer Jeffrey Erickson said in a statement.

Atlas emerged from Chapter 11 bankruptcy proceedings in July 2004.