Spirit Airlines operating profit up 39% in 1Q2012

Spirit Airlines revenue up 30% - financial highlights for three months ended 31-Mar-2012:

• Total operating revenue: USD301.5 million, +29.6% year-on-year;
• Total operating costs: USD2643 million, +28.4%;
  • Fuel: USD108.7 million, +34.4%;
  • Labour: USD52.7 million, +21.9%;
• Operating profit: USD37.2 million, +38.7%;
• Net profit: USD23.4 million, +197.1%;
• Passenger traffic (RPMs): +18.8%;
• Load factor: 84.8%, +0.8 ppt;
• Operating revenue per ASM: USD11.65 cents, +10.1%;
• Average yield: USD13.74 cents, +9.1%;
• Cost per ASM: USD10.21 cents, +9.2%;
• Cost per ASM excl fuel and special items: USD5.99 cents, +5.6%;
• Fleet: 40 aircraft, +14.3%;
• Average stage length: 912 miles, -5.1%;
• Unrestricted cash and cash equivalents: USD420.8 million. [more - original PR]

Spirit Airlines: "Despite achieving among the best first quarter results in the industry, we will not relax our vigilance toward further improving our cost structure. We must remain focused on offsetting cost headwinds, including rising jet fuel prices and aircraft maintenance expenses, in order to maintain our competitive advantage," Ted Christie, CFO. Source: Company statement, 01-May-2012.