Tag Archives: 5624

Spirit launches new routes from Minneapolis/St. Paul and Phoenix

Spirit Airlines (Fort Lauderdale/Hollywood) yesterday (November 7) started daily nonstop seasonal service between Minneapolis-St. Paul International Airport (MSP) and four new cities, including Los Angeles (LAX), Orlando (MCO), Phoenix Sky Harbor (PHX) and Tampa (TPA). In addition, Spirit’s nonstop seasonal service from MSP to Fort Lauderdale and Fort Myers has also resumed.

Spirit has continued to grow since starting service at MSP in June 2012. The ultra-low fare airline now offers nonstop service from MSP to Chicago, Dallas/Fort Worth, Denver (summer seasonal) and Las Vegas, as well as nonstop winter seasonal service to Fort Lauderdale, Fort Myers, Los Angeles, Orlando, Phoenix and Tampa.

Spirit’s Minneapolis/St. Paul (MSP) — Los Angeles (LAX) seasonal schedule effective November 7, 2013:
Depart Arrive Flight # Stops Frequency
Minneapolis/St. Paul — Los Angeles 4:15 PM 6:15 PM 323 0 Daily
Los Angeles — Minneapolis/St. Paul 8:05 AM 1:45 PM 424 0 Daily
Spirit’s Minneapolis/St. Paul (MSP) — Orlando (MCO) seasonal schedule effective November 7, 2013:
Depart Arrive Flight # Stops Frequency
Minneapolis/St. Paul — Orlando 7:50 AM 12:05 PM 135 0 Daily
Orlando — Minneapolis/St. Paul 12:55 PM 3:25 PM 250 0 Daily
Spirit’s Minneapolis/St. Paul (MSP) — Phoenix Sky Harbor (PHX) seasonal schedule effective November 7, 2013:
Depart Arrive Flight # Stops Frequency
Minneapolis/St. Paul — Phoenix 9:25 AM 11:50 AM 345 0 Daily
Phoenix — Minneapolis/St. Paul 3:10 PM 7:15 PM 342 0 Daily
Spirit’s Minneapolis/St. Paul (MSP) — Tampa (TPA) seasonal schedule effective November 7, 2013:
Depart Arrive Flight # Stops Frequency
Minneapolis/St. Paul — Tampa 3:00 PM 7:10 PM 427 0 Daily
Tampa — Minneapolis/St. Paul 7:55 PM 10:20 PM 428 0 Daily

Additionally, Spirit Airlines started daily nonstop seasonal service from Phoenix Sky Harbor International Airport (PHX) to three new cities, including Chicago O’Hare (ORD), Denver (DEN) and Minneapolis-St. Paul (MSP).

Spirit also recently started daily nonstop service between Phoenix Sky Harbor and Dallas/Fort Worth on October 24, 2013.

Spirit’s Phoenix Sky Harbor (PHX) — Chicago (ORD) seasonal schedule effective November 7, 2013:

Depart Arrive Flight # Stops Frequency
Phoenix Sky Harbor — Chicago O’Hare 1:25 am 5:50 am 168* 0 Daily
Chicago O’Hare — Phoenix Sky Harbor 9:15 pm 12:10 am +1 167 0 Daily

*effective 11/8/13

Spirit’s Phoenix Sky Harbor (PHX) — Denver (DEN) seasonal schedule effective November 7, 2013:

Depart Arrive Flight # Stops Frequency
Phoenix Sky Harbor — Denver 12:35 pm 2:23 pm 906 0 Daily
Denver — Phoenix Sky Harbor 12:40 pm 2:30 pm 939 0 Daily

Spirit’s Phoenix Sky Harbor (PHX) — Minneapolis/St. Paul (MSP) seasonal schedule effective November 7, 2013:

Depart Arrive Flight # Stops Frequency
Phoenix Sky Harbor — Minneapolis/St. Paul 3:10 pm 7:15 pm 342 0 Daily
Minneapolis/St. Paul — Phoenix Sky Harbor 9:25 am 11:50 am 345 0 Daily

Copyright Photo: Ton Jochems/AirlinersGallery.com. Spirit Airlines has changed its website URL from Spiritair.com to Spirit.com and the aircraft are now starting to reflect this change. Airbus A320-232 N620NK (msn 5624) with Sharklets and the new web address lands at Las Vegas.

Spirit Airlines: AG Slide Show

Spirit Airlines’ Third Quarter adjusted net income increases 130.3% to $57.9 million

Spirit Airlines, Inc. (Fort Lauderdale/Hollywood) today reported third quarter 2013 financial results.

  • Adjusted net income for the third quarter 2013 increased 130.3 percent to $57.9 million1 ($0.79 per diluted share) compared to $25.2 million1 ($0.35 per diluted share) for the third quarter 2012. GAAP net income for the third quarter 2013 was $61.1 million ($0.84 per diluted share) compared to $30.9 million ($0.43 per diluted share) in the third quarter 2012.
  • Spirit achieved an adjusted pre-tax margin of 20.3 percent1, the highest quarterly adjusted pre-tax margin in the Company’s history. On a GAAP basis, pre-tax margin for the third quarter 2013 was 21.4 percent.
  • Spirit ended the third quarter 2013 with $540 million in unrestricted cash.
  • Spirit’s return on invested capital (before taxes and excluding special items) for the last twelve months ended September 30, 2013 was 31.3 percent. See “Calculation for Return on Invested Capital” table below for more details.

“I want to say thanks to our team members that contributed to our strong third quarter results. It is becoming clear that Spirit’s customers understand that our ultra-low fares plus optional services offer them a total price that’s tough to beat,” said Ben Baldanza, Spirit’s Chief Executive Officer. “Spirit is known for doing things differently than other air carriers, and we celebrate those differences because they allow us to offer our customers the freedom to pay for only what they value while earning a return for our shareholders.”

Revenue Performance

For the third quarter 2013, Spirit’s total operating revenue was $456.6 million, an increase of 33.4 percent compared to the third quarter 2012.

Total revenue per available seat mile (“RASM”) for the third quarter 2013 was 12.55 cents, an increase of 8.9 percent compared to the third quarter 2012 as a result of higher load factors and higher average passenger yields.

Passenger flight segment (“PFS”) volume for the third quarter 2013 grew 19.9 percent year over year. Average revenue per PFS for the third quarter 2013 increased 11.3 percent year over year to $135.34 primarily driven by an increase in ticket revenue per PFS.

Cost Performance

Total operating expenses for the third quarter 2013 increased 22.6 percent year over year to $358.8 million on a capacity increase of 22.4 percent.

Spirit reported third quarter 2013 cost per available seat mile excluding special items and fuel (“Adjusted CASM ex-fuel”) of 5.86 cents, a decrease of 2.7 percent year over year, primarily driven by lower aircraft rent and other operating expense per ASM. During the second quarter 2013, the Company negotiated lease extensions at reduced rates for 14 of its A319 aircraft which was the primary driver of the decrease in aircraft rent per ASM. The decrease in other operating expense per ASM, as compared to the same period in 2012, was primarily driven by the in-sourcing of certain contract work and a decrease in software consulting costs associated with the implementation of the Company’s ERP system. Partially offsetting the benefit of these items was higher depreciation and amortization expense related to the amortization of an increased number of heavy maintenance events.

Selected Balance Sheet and Cash Flow Items

As of September 30, 2013, Spirit had $540 million in unrestricted cash and cash equivalents, no restricted cash, no debt on its balance sheet, and total shareholders’ equity of $724 million.

For the nine months ended September 30, 2013, Spirit incurred capital expenditures of $17.0 million. The Company paid $41.3 million in pre-delivery deposits for future deliveries of aircraft, net of refunds, and recorded an increase of $10.2 million in maintenance deposits, net of reimbursements.

Fleet

In the third quarter 2013, Spirit took delivery of one new A320 aircraft, ending the quarter with 51 aircraft in its fleet. The Company also took delivery of one new A320 in October 2013 and has two more new A320 aircraft scheduled for delivery by year-end 2013.

Third Quarter 2013 and Other Current Highlights

  • Recently added/announced new service between (service start date):
— Dallas/Fort Worth – Phoenix Sky Harbor (10/24/13)
— Phoenix Sky Harbor – Chicago (11/7/13)2
— Phoenix Sky Harbor – Denver (11/7/13)2
— Minneapolis/St. Paul and Los Angeles (11/7/13)
— Minneapolis/St. Paul and Orlando (11/7/13)2
— Minneapolis/St. Paul and Phoenix Sky Harbor (11/7/13)2
— Minneapolis/St. Paul and Tampa (11/7/13)2
  • Ratified a new five-year contract with its dispatchers which are represented by the Transport Workers Union.
  • Executed an agreement with Pratt and Whitney and IAE for the provision and servicing of engines to power its fleet of A320-family aircraft.
  • Elected H. McIntyre (Mac) Gardner as Chairman of the Board of Directors following the resignation of William A. Franke.
  • Maintained its commitment to offer low fares to its valued customers (average ticket revenue per passenger flight segment for the third quarter 2013 was $82.84).

Copyright Photo: Eddie Maloney/AirlinersGallery.com. The first Airbus A320 with Sharklets, Airbus A320-232 WL N620NK (msn 5624) touches down in Las Vegas.

Spirit Airlines: AG Slide Show