Virgin America reports first quarter 2012 financial results

03-Jul-2012 Virgin America today reported its financial results for the first quarter of 2012. With overall fuel costs higher by 47 percent year-over-year, the financial pressure of the airline's industry-leading capacity growth and a revenue shortfall associated with the carrier's transition to a new reservations system, Virgin America reported a first quarter operating loss of $49 million on revenues of $267 million. Top line growth continued to outpace the expanding airline's capacity growth. Year-over-year, total revenue grew by 33 percent for the first quarter on a 29 percent increase in Available Seat Miles (ASMs), at a time when the rest of the industry reported flat capacity. The airline ended the quarter with $111 million in unrestricted cash.