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SMALL WORLD PICTURE

WORLD AIRWAYS: SOARING INTO PROFITABILITY
Half-Century-Old Airline Achieves Steady Growth in the Tumultuous Airline Industry

50th ANNIVERSARY
The colorful history of World Airways - an almost fifty-year-old airline with a diversified client base of charter, cargo, wet-lease, and government - has mirrored the evolution of the American airline industry in almost every way but one: World has shown steady growth and financial stability over the past few years.

Launched on March 29, 1948, with a fleet of three "flying boats," World Airways was acquired in 1950 by Ed Daly, a Chicago boxer who purchased the airline with a $50,000 loan from a trucking company. Like the airline industry, which has long been beset by massive upheavals and chronic turmoil, World has had its dramatic ups and downs over the past half century. However, for some time, the airline has been financially stable and profitable - no small feat when compared to the dwindling revenues of many other large carriers in recent years.

How has World Airways managed to maintain consistent growth - in an industry known for pricing madness and mammoth losses, endless fare wars, and how has World Airways experienced stability and success during a period that has seen massive layoffs and countless bankruptcies, and how has the company remained virtually unknown to all except its satisfied investors and customers?

The answer lies in a remarkably consistent global strategy that has allowed World Airways to quietly evolve into its current status as one of the few airlines capable of serving most aspects of the air transportation industry - from charter to cargo, wet-lease and government operations. By maintaining a strategic focus on specific niche markets, World has succeeded in penetrating markets that can be more difficult for traditional carriers to service. And by forging strategic alliances with other airlines, World has built a worldwide reputation as a uniquely flexible, reliable air carrier offering an unparalleled commitment to safety and service.

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