Spirit Airlines profits increase in the 4Q and 2011

Spirit Airlines, Inc. (Fort Lauderdale/Hollywood) today reported fourth quarter 2011 and full year 2011 financial results.

Net income for the fourth quarter 2011 was $24.0 million, or $0.33 per diluted share.
Full year pro forma adjusted net income was $95.5 million, or $1.32 per diluted share. Full year 2011 GAAP net income was $76.4 million, or $1.43 per diluted share.
EBITDAR for the fourth quarter 2011 was $70.7 million resulting in an EBITDAR margin of 25.8% excluding unrealized fuel hedge gains and special items. For the full year 2011 EBITDAR was $275.0 million, resulting in an EBITDAR margin of 25.7% excluding unrealized fuel hedge losses and special items.

Spirit took delivery of two A320s in the fourth quarter, ending 2011 with 37 aircraft in its fleet. Spirit expects to take delivery of seven A320s in 2012 (3 in 1Q12, 2 in 2Q12, 2 in 4Q12), which would bring its fleet count to 44 at year-end 2012.

Amended its Airbus purchase agreement for an order of 75 aircraft consisting of 30 A320 and 45 A320neo aircraft. These aircraft are scheduled for delivery from 2016 through 2021 and are in addition to the 31 aircraft under Spirit’s previous order that are scheduled for delivery from 2012 through 2015.

Spirit ended the year with $343.3 million in unrestricted cash.

Copyright Photo: Brian McDonough.

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