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Pinnacle profits plummet in 1Q2011

6-May-2011 3:30 PM

Pinnacle Airlines Corp revenue up 43% - financial highlights for the three months ended 31-Mar-2011:

  • Total operating revenue: USD298.2 million, +43.3% year-on-year;
  • Total operating costs: USD291.9 million, +49.4%;
    • Labour: USD101.2 million, +69.6%;
  • Operating profit: USD6.3 million, -50.5%;
  • Net profit (loss): (USD3.0 million), compared to a profit of USD1.7 million in p-c-p;
  • Passenger numbers: 4.4 million, +46%;
  • Passenger load factor: 68.4%, -1.8 ppt;
  • Average sector length: 425 miles, +14%;
  • Total assets: USD1580 million, +5.4% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: USD79.7 million, -20.4% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD1463 million, +6.1% when compared to period ended 31-Dec-2010. [more]

Pinnacle Airlines: "While the increased costs of our new pilot contract will decrease earnings in 2011, the agreement is competitive with the regional airline industry and will contribute to a stable and economical cost structure for Pinnacle Airlines Corp in the future. In addition, we will receive increased revenue under our operating agreements with Delta in 2012 that will improve future profitability,” Peter Hunt, CFO. Source: Pinnacle Airlines Corp, 05-May-2011.