WLDA what a soap opera story, they are owned 51% by worldcorp or something, worldcorp almost goes broke, does go broke, then a plane breaks costs them earnings or something, then they borrow 50 million to expand instead they repurchase stock at 3 or 4 times todays value, then they miss earnings because one client has slow period,
another company in brazil wants a plane for 6 months but brazilian gov't wont give them wet agreement, think they might have bought stock in parent company to use as securrity then parent company almost goes broke, now they signed bigger deal with airforce
and on and on oh here is the first part of the wlda saga
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WorldCorp Clarifies Recent News Article On Status of WorldCorp and Its Holdings
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On Status of WorldCorp and Its Holdings
WASHINGTON, June 23 /PRNewswire/ -- WorldCorp Inc. (NYSE: WOA) CEO Patrick
Graham issued a statement designed to clarify the Company's status which he
said could be misinterpreted from a Washington Post article dated June 19,
1998.
"We dislike having to make public corrections," Graham said, "but in this
instance several inaccuracies, owing largely to ambiguities in an earlier
press release by WorldCorp, have led to confusion among important
constituencies of WorldCorp, and the two public companies in which we own
significant stock positions, World Airways, Inc. (Nasdaq: WLDA) and InteliData
Technologies Corporation (Nasdaq: INTD)."
"The article characterizes both World Airways and InteliData as subsidiary
companies of WorldCorp. In fact, as of today, WorldCorp is a 51% shareholder
of World Airways and a 29% shareholder of InteliData. In the case of
InteliData, the word "subsidiary" should not be used. In the case of World
Airways, while the use of the word "subsidiary" is technically correct, World
Airways is not a subsidiary in the ordinary use of that term. WorldCorp does
not provide active direction and control of either InteliData or World
Airways, and in fact WorldCorp's employees have only one seat each on both the
InteliData and World Airways Board of Directors."
"The article says that World Airways is unprofitable. This is not a fair
characterization. In fact, World Airways enjoyed over $11 million in profits
in fiscal year 1997 ended December 31, 1997. Although the company lost $3
million in the first quarter of 1998, the first quarter is historically the
company's weakest quarter. The company's strategic thrust for 1998 and beyond
involved the geographic diversification of the customer base . In fact, thus
far this year, World Airways has enjoyed the largest expansion of its customer
base since moving its headquarters to Virginia in the 1980s. Contracts have
been consummated with Aer Lingus (Ireland), El Al (Israel), VASP (Brazil),
Monarch (U.K.), and STAF (Argentina) with other initiatives in the pipeline.
Although this diversification presents short term challenges, the long term
prospects are encouraging."
"The article reports that World Airways and InteliData cannot pass on
money to WorldCorp. The fact is that neither company pays a dividend and,
because of that singular reason, money does not flow from those two companies
to WorldCorp. As a shareholder of both companies, the only way WorldCorp
would be entitled to cash would be if the companies pay a dividend to all
shareholders."
Graham further noted that whereas WorldCorp was a selling shareholder at
the initial public offerings of InteliData (then known as US Order) and World
Airways, it has not sold shares in either company since, except for
approximately 3,200,000 shares of World Airways which it sold back to World
Airways in September 1997 as part of World Airways' public debt offering, as
reported by World Airways in their public filings at the time.
Graham also said "WorldCorp, World Airways, and InteliData are each
separate public companies, separately managed and under separate leadership
from the Board level on down. We believe World Airways is financially stable,
with great prospects for continued growth. InteliData is a technology company
whose losses are primarily related to its discontinued Caller ID business, and
we believe it possesses technology that is of great merit in the emerging
field of electronic banking as well as some interesting Small office/Home
office (SoHo) products. We are confident of the future of both companies, as
we are also excited about the growth prospects of our recently announced
acquisitions in the paper industry. We do have a problem with WorldCorp's
debt position, which we have explained candidly and in a forthcoming manner,
and which we are working to resolve. I want to stress, however, that
WorldCorp's current problems are unrelated to the current or future financial
health of World Airways or InteliData."
About WorldCorp:
WorldCorp owns significant positions in companies that operate in three
distinct business areas:
InteliData (Nasdaq: INTD) is a pioneer and the proven leader in providing
interactive home banking software to financial institutions. Twenty-three of
the top 100 banks are customers. WorldCorp owns approximately 29% of
InteliData and is its largest shareholder.
World Airways (Nasdaq: WLDA) provides ACMI leases to commercial and
military customers using MD-11 and DC-10 passenger and cargo aircraft.
WorldCorp owns approximately 51% of World Airways.
Paper Acquisition Corp., manufactures and sells specialty papers via
facilities throughout the United States. WorldCorp owns 80% of WorldCorp
Acquisition Corp., which owns 100% of Paper Acquisition Corp.
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