Virgin America remains in the red in 1Q2010, on track for operating profit in 2010

Virgin America revenue up 45.7% - financial highlights for the three months ended 31-Mar-2010:

• Total operating revenue: USD146.8 million, +45.7% year-on-year;
• Total operating costs: USD168.4 million, +28.3%;
  • Fuel: 54.5 million, +117.1%;
  • Labour: USD27.3 million, +29.5%;
• Operating profit (loss): (USD21.6 million), compared with a loss of USD30.4 million in p-c-p;
• Net profit (loss): (USD35.5 million), compared with a loss of USD40.3 million in p-c-p;
• Passenger numbers: 884,573, +23.9%;
• Load factor: 75.9%, +3.8 ppts;
• Average fares: USD149.17, +18.0%;
• Revenue per ASM: USD 8.29 cents, +21.2%;
• Passenger revenue per ASM: USD 7.45 cents, +15.5%;
• Yield: USD 9.83 cents, +11.2%;
• Costs per ASM: USD 9.51 cents, +6.8%;
• Costs per ASM excl fuel: USD 6.43 cents, -10.6%;
• Aircraft in service: 28, +2.4%. [more]

Virgin America: "Despite the near doubling of fuel costs during the quarter, our top-line progress continues to exceed our expectations and we remain on track for full-year operating profit in 2010. With a revenue increase of nearly 50% year-over-year and a unique service that is continuing to hit the mark with consumers, we're pleased with our results. Our progress is a testament to our business model, the growing loyalty of our guests and the dedication of our entrepreneurial team. We're optimistic about the improving revenue environment and look forward to expanding to five new destinations in 2010 and creating over 500 additional new jobs a year as we grow," David Cush, President and CEO. Source: Virgin America, 24-Jun-2010.