Tag Archives: 2490

Spirit Airlines to add two more routes from Atlanta

Spirit Airlines Airbus A319-132 N506NK (msn 2490) LAX (Michael B. Ing). Image: 930238.

Spirit Airlines (Fort Lauderdale/Hollywood) announced today it will add two new cites to its nonstop service options from the Hartsfield-Jackson Atlanta International Airport (ATL). The daily service starts on April 14, 2016 between ATL and Minneapolis-St. Paul International Airport (MSP) and Louis Armstrong New Orleans International Airport (MSY).

With these additions, Spirit operates nonstop service from Atlanta to 17 cities, including Atlantic City, Baltimore/Washington DC, Boston, Chicago, Cleveland, Dallas/Fort Worth, Detroit, Fort Lauderdale/Hollywood, Fort Myers, Houston (Bush Intercontinental), Las Vegas, Los Angeles, Minneapolis-St. Paul (starting 4/14/2016), New Orleans (starting 4/14/2016), Orlando, Philadelphia, and Tampa.

Copyright Photo: Michael B. Ing/AirlinersGallery.com. Airbus A319-132 N506NK (msn 2490) departs from Los Angeles.

Spirit Airlines aircraft slide show: AG Airline Slide Show

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Spirit Airlines’ adjusted first quarter net income increases 15.4% to $37.8 million

Spirit Airlines, Inc. (Fort Lauderdale/Hollywood) today reported first quarter 2014 financial results.

Adjusted net income for the first quarter 2014 increased 15.4 percent to $37.8 million ($0.52 per diluted share) compared to $32.8 million ($0.45 per diluted share) for the first quarter 20131. GAAP net income for the first quarter 2014 was $37.7 million ($0.51 per diluted share) compared to $30.6 million ($0.42 per diluted share) in the first quarter 2013.

For the first quarter 2014, Spirit achieved an adjusted pre-tax margin of 13.7 percent compared to 14.4 percent over the same period in 20131. On a GAAP basis, pre-tax margin for the first quarter 2014 was 13.7 percent compared to 13.4 percent in the first quarter 2013.

Spirit ended the first quarter 2014 with $544.0 million in unrestricted cash.

Spirit’s return on invested capital (before taxes and excluding special items) for the twelve months ended March 31, 2014 was 31.2 percent. See “Calculation for Return on Invested Capital” table below for more details.

“During the first quarter, our team did a great job serving our customers while overcoming the challenges caused by numerous severe winter storms and managing to the new crew duty and rest rules. Our solid operational and financial performance in the first quarter is a great start to the year and provides a firm foundation as we grow our business and bring our low fares to more people in more places,” said Ben Baldanza, Spirit’s Chief Executive Officer.

Revenue Performance

For the first quarter 2014, Spirit’s total operating revenue was $438.0 million, an increase of 18.2 percent compared to the first quarter 2013. The increase was primarily driven by our growth in flight volume. In the first quarter 2014, Spirit had 256 weather-related flight cancellations compared to 59 in the first quarter 2013, which negatively impacted revenue for the quarter.

Total revenue per available seat mile (“RASM”) for the first quarter 2014 was 11.57 cents, a decrease of 2.4 percent compared to the first quarter 2013. Average stage length for the first quarter 2014 increased 6.3 percent year over year, contributing an estimated 3.0 percentage point decline in RASM. In the first quarter 2014, RASM was further impacted by an estimated 1.5 percentage points due to the calendar shift of Easter occurring in April this year compared to in March last year.

Passenger flight segment (“PFS”) volume for the first quarter 2014 grew 17.9 percent year over year, and the Company’s load factor for the first quarter 2014 increased 1.8 points year over year. Total revenue per PFS for the first quarter 2014 increased 0.3 percent year over year to $134.20.

Cost Performance

Total operating expenses for the first quarter 2014 increased 17.9 percent year over year to $378.0 million on a capacity increase of 21.0 percent.

Spirit reported first quarter 2014 cost per available seat mile excluding special items and fuel (“Adjusted CASM ex-fuel”) of 6.06 cents, an increase of 0.3 percent compared to the same period last year. An increased number of scheduled maintenance events resulted in higher depreciation and amortization expense and higher maintenance, material and repairs expense per ASM. These expenses were partially offset by improved operational reliability, resulting in lower passenger re-accommodation expense (recorded within Other operating expense) per ASM. The Company also benefited from lower aircraft rent per ASM.

Selected Balance Sheet and Cash Flow Items

As of March 31, 2014, Spirit had $544.0 million in unrestricted cash and cash equivalents, no restricted cash, no debt on its balance sheet, and total shareholders’ equity of $809.4 million.

In the first quarter 2014, Spirit incurred capital expenditures of $4.1 million, paid $73.2 million in pre-delivery deposits for future deliveries of aircraft, net of refunds, and recorded an increase of $14.7 million in maintenance deposits, net of reimbursements.

Fleet

In the first quarter 2014, Spirit took delivery of two new A320 aircraft, ending the quarter with 56 aircraft in its fleet. During the quarter, the Company signed an amendment to its aircraft purchase agreement with Airbus; changes include the conversion of five (5) A320 ceo aircraft to A321 ceo aircraft, the conversion of five (5) A320 neo aircraft to A321 neo aircraft, the acceleration of one (1) A321 ceo aircraft from 2016 to 2015, and the deferral of two (2) A320 ceo aircraft from 2017 to 2018.

First Quarter 2014 and Other Current Highlights

• Added/announced new service between (service start date):

– Minneapolis-St. Paul and Houston (5/1/14)2
– Minneapolis-St. Paul and Baltimore/Washington (5/1/14)2
– Chicago O’Hare and Oakland/San Francisco (5/1/14)
– Minneapolis-St. Paul and Detroit (5/22/14)2
– Chicago O’Hare and Baltimore/Washington (5/22/14)2
– Chicago O’Hare and Portland, OR (5/22/14)2
– Fort Lauderdale and New Orleans (8/1/14)
– Houston and New Orleans (8/1/14)
– Houston and Atlanta (8/1/14)
– Kansas City and Chicago (8/7/14)
– Kansas City and Dallas/Fort Worth (8/7/14)
– Kansas City and Detroit (8/7/14)
– Kansas City and Las Vegas (8/7/14)
– Kansas City and Houston (8/8/14)
– Fort Lauderdale and Houston (9/3/14)
– Houston and San Diego (9/3/14)

• Maintained its commitment to offer low fares to its valued customers; average ticket revenue per passenger flight segment for the first quarter 2014 was $77.79 with total revenue per passenger flight segment of $134.20.

Copyright Photo: Bruce Drum/AirlinersGallery.com. Airbus A319-132 N506NK (msn 2490) departs the runway at Fort Lauderdale-Hollywood International Airport (FLL).

Spirit Airlines: AG Slide Show

Spirit Airlines reports a 1Q net profit of $32.8 million

Spirit Airlines (Fort Lauderdale/Hollywood) issued the following financial report:

Spirit Airlines, Inc. reported first quarter 2013 financial results.

  • Adjusted net income for the first quarter 2013 was $32.8 million, or $0.45 per diluted share1. GAAP net income was $30.6 million, or $0.42 per diluted share.
  • For the first quarter 2013, Spirit achieved an operating margin, excluding special items, of 14.4 percent1. Operating margin on a GAAP basis was 13.4 percent for the first quarter 2013.
  • Spirit ended the first quarter 2013 with $483.5 million in unrestricted cash.
  • Spirit grew total available seat miles (“ASMs”) 20.8 percent as compared to the first quarter 2012.
  • Spirit’s return on invested capital (before taxes and excluding special items) for the last twelve months ended March 31, 2013 was 28.0 percent. See “Calculation for Return on Invested Capital” table below for more details.

Revenue Performance

For the first quarter 2013, Spirit’s total operating revenue was $370.4 million, an increase of 22.9 percent, compared to first quarter 2012.

Total revenue per available seat mile (“RASM”) for the first quarter 2013 was 11.85 cents, an increase of 1.7 percent compared to the first quarter 2012 driven by strength in operating yields. The calendar shift of Easter occurring in March this year compared to April in 2012 contributed to the strong first quarter 2013 results.

Passenger flight segment (“PFS”) volume grew 17.8 percent year-over-year in the first quarter 2013. Average non-ticket revenue per PFS for the first quarter 2013 increased 5.9 percent year-over-year to $54.75 and average ticket revenue per PFS for the quarter increased 3.2 percent year-over-year to $79.09. The growth in non-ticket revenue per PFS during the first quarter 2013 was primarily driven by the introduction of advance purchase restrictions on bags as well as other various changes in our pricing structure for optional services.

Cost Performance

Total operating expenses in the first quarter 2013 increased 21.4 percent year-over-year to $320.8 million on a capacity increase of 20.8 percent.

Cost per available seat mile excluding special items and fuel (“Adjusted CASM ex-fuel”) for the first quarter 2013 was 6.04 cents, up 0.8 percent year-over-year. The increase in Adjusted CASM ex-fuel was primarily driven by depreciation and amortization expense related to amortization of heavy maintenance events. Due to an increased number of severe winter storms during the quarter, the Company experienced a higher number of weather-related flight cancellations compared to the same period last year. The CASM pressure associated with the resulting decrease in ASMs as well as other weather-related expenses such as higher deicing expense, also contributed to the increase in Adjusted CASM ex-fuel. The impact of these items was partially offset by efficiency benefits resulting in lower labor expense per ASM, lower distribution expense per ASM, and an increase in average stage length.

Selected Balance Sheet and Cash Flow Items

As of March 31, 2013, Spirit had $483.5 million in unrestricted cash and cash equivalents, no restricted cash, no debt on its balance sheet, and total shareholders’ equity of $614.8 million.

During the first quarter 2013, Spirit incurred capital expenditures of $10.6 million, which includes the purchase of a spare engine that was financed under a sale leaseback transaction after it was delivered. The Company paid $15.1 million in pre-delivery deposits (“PDPs”) for future deliveries of aircraft, and paid $6.8 million in maintenance reserves, net of reimbursements.

Fleet

In the first quarter 2013, Spirit took delivery of two used A319 aircraft and two new A320 aircraft, ending the quarter with 49 aircraft in its fleet.  Spirit’s March A320 aircraft delivery was the carrier’s first aircraft to be delivered with sharklets. The Company has five additional new A320 aircraft with sharklets scheduled for delivery in 2013.

The carrier is expanding quickly. On April 25 started service on nine new nonstop routes and also resumed summer seasonal service on a variety of our customers’ favorite routes.

Nine New Spirit Airlines Nonstop Routes Starting April 25, 2013:

  • Dallas/Fort Worth (DFW) – Cancun, Mexico (CUN)
  • Dallas/Fort Worth (DFW) – Los Angeles (LAX)
  • Dallas/Fort Worth (DFW) – Oakland/San Francisco (OAK)
  • Philadelphia (PHL) – Las Vegas (LAS)
  • Philadelphia (PHL) – Myrtle Beach (MYR)
  • Baltimore/Washington (BWI) – Myrtle Beach (MYR)
  • Baltimore/Washington (BWI) – Las Vegas (LAS)
  • Houston (IAH) – Los Angeles (LAX)
  • Denver (DEN) – Minneapolis/St. Paul (MSP)

In addition, Spirit resumes the following summer seasonal routes:

  • Atlantic City (ACY) – Detroit (DTW)
  • Atlantic City (ACY) – Chicago O’Hare (ORD)
  • Atlantic City (ACY) – Atlanta (ATL)
  • Atlantic City (ACY) – Boston (BOS)
  • Dallas/Fort Worth (DFW) – Myrtle Beach (MYR)
  • Dallas/Fort Worth (DFW) – Portland, Oregon (PDX)
  • Dallas/Fort Worth (DFW) – Boston (BOS)
  • Boston (BOS) – Chicago O’Hare (ORD)
  • Detroit (DTW) – Los Angeles (LAX)
  • Orlando (MCO) – San Juan, Puerto Rico (SJU)
  • Fort Lauderdale (FLL) – Punta Cana, Dominican Republic (PUJ)
  • Fort Lauderdale (FLL) – Kingston, Jamaica (KIN) – starts May 9, 2013

The following new nonstop routes start in June:

  • Houston (IAH) – Denver (DEN) – starts June 13
  • Houston (IAH) – Detroit (DTW) – starts June 13
  • Dallas/Fort Worth (DFW) – Los Cabos, Mexico (SJD) – starts June 13
  • Dallas/Fort Worth (DFW) – Latrobe/Pittsburgh (LBE) – starts June 14

Copyright Photo: Bruce Drum. Airbus A319-132 N506NK (msn 2490) taxies to runway 9L at Fort Lauderdale-Hollywood International Airport.

Spirit Airlines: AG Slide Show

Spirit Airlines is fined $375,000

Copyright Photo: Bruce Drum.  Please click on photo for more photos.

Copyright Photo: Bruce Drum. Please click on photo for more photos.

Spirit Airlines (Fort Lauderdale/Hollywood) has been fined $375,000 for alleged consumer protection violations, including those passengers bumped from flights.

News link:

finance.yahoo.com/news/Spirit-Air-fined-for-alleged-rb-1559258991.html?x=0&.v=1