Copa Airlines (Panama City), a subsidiary of Copa Holdings, S.A., today announced it will begin nonstop service four times a week from Panama City, Panama to Tampa, Florida, starting on December 16, 2013. Tampa will be Copa Airlines’ ninth U.S. destination and its 66th destination overall.
Copa will operate a Boeing 737-700 Next Generation with 12 business class seats and 112 economy seats on the flights to Panama. The flight will depart Panama on Mondays, Wednesdays, Fridays and Sundays at 6:34 p.m. (1834), arriving in Tampa at 9:53 p.m. (2153). The return flight will depart Tampa at 7:02 a.m. (0702) on Mondays, Tuesdays, Thursdays and Saturdays, arriving at Copa’s Hub of the Americas in Panama at 10:12 a.m. (1012).
From its Hub of the Americas in Panama, Copa offers flights to more international destinations than any other airline from any other hub in the Latin American region. In-transit passengers making connections do not have immigration/customs waits and baggage is checked to the final destination.
Copyright Photo: Marcelo F. De Biasi/AirlinersGallery.com. Boeing 737-7V3 WL HP-1521CMP (msn 33708) departs from Sao Paulo (Guarulhos).
Copa Holdings, S.A. (Copa Airlines) (Panama City) has announced financial results for the first quarter of 2013 (1Q13). The terms “Copa Holdings” or “the Company” refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2012 (1Q12).
OPERATING AND FINANCIAL HIGHLIGHTS
Copa Holdings reported net income of US$113.8 million for 1Q13, or diluted earnings per share (EPS) of US$2.56. Excluding special items, Copa Holdings would have reported an adjusted net income of $124.4 million, or $2.80 per share, a 37.3% increase over adjusted net income of US$90.6 million and US$2.04 per share for 1Q12.
Operating income for 1Q13 came in at US$142.6 million, a 27.9% increase over operating income of US$111.6 million in 1Q12. Operating margin for the period came in at 22.2%, compared to 20.5% in 1Q12, as a result of lower unit costs.
Total revenues increased 18.0% to US$641.3 million. Yield per passenger mile decreased 0.8% to 17.6 cents and operating revenue per available seat mile (RASM) decreased 1.5% to 14.0 cents. However, adjusting for a 6.3% increase in length of haul, yields and RASM increased 2.2% and 1.5%, respectively.
For 1Q13, robust demand trends resulted in passenger traffic (RPMs) growth of 19.5% on a 19.9% capacity expansion. Consolidated load factor came in at 76.9%, or 0.3 percentage points below 1Q12.
Operating cost per available seat mile (CASM) decreased 3.6%, from 11.3 cents in 1Q12 to 10.9 cents in 1Q13. CASM, excluding fuel, decreased 4.7% to 6.5 cents.
Cash, short term and long term investments ended 1Q13 at US$733.4 million, representing 31.2% of the last twelve months’ revenues.
During the first quarter, Copa Airlines took delivery of two Boeing 737-800 aircraft. As a result, Copa Holdings ended the quarter with a consolidated fleet of 85 aircraft.
For 1Q13, Copa Holdings reported consolidated on-time performance of 90.0% and a flight-completion factor of 99.7%, maintaining its position among the best in the industry.
Consolidated Financial & Operating Highlights
Revenue Passengers Carried (‘000)
PRASM (US$ Cents)
RASM (US$ Cents)
CASM (US$ Cents)
CASM Excl. Fuel (US$ Cents)
Breakeven Load Factor (1)
Fuel Gallons Consumed (Millions)
Avg. Price Per Fuel Gallon (US$ Dollars)
Average Length of Haul (Miles)
Average Stage Length (Miles)
Average Aircraft Utilization (Hours)
Operating Revenues (US$ mm)
Operating Income (US$ mm)
Net Income (US$ mm)
Adjusted Net Income (US$ mm) (1)
EPS – Basic and Diluted (US$)
Adjusted EPS – Basic and Diluted (US$) (1)
# of Shares – Basic and Diluted (‘000)
(1)Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 1Q13, 1Q12, and 4Q12 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges. Additionally, for 1Q13 excludes a US$13.9 million charge related to the devaluation of the Venezuelan currency. Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
Copyright Photo: Michael B. Ing/AirlinersGallery.com. Boeing 737-86N WL HP-1826CMP (msn 38031) approaches the runway for landing at Los Angeles International Airport.
Copa Airlines (Panama City) will the new destination of Boston and the Panama City-Boston route starting on July 10. The new spoke route will operate daily with Boeing 737-700 aircraft according to a report by Airline Route.
Copyright Photo: Alvaro Romero. Boeing 737-71Q HP-1370CMP (msn 29048) prepares to land at Santiago, Chile.
Copa Airlines (Panama City) last month introduced this striking new “Biomuseo” logojet. The airline issued this statement:
Copa Airlines and Biomuseo presented on October 11, 2012 this aircraft that will carry Panama’s name to new heights: one of Copa’s Boeing 737-800 Next Generation airplanes, whose exterior painting now displays a colorful design alluding to Panama’s Biomuseo, designed by Frank Gehry.
The design is inspired by the dynamism and colorful ceilings of the Biomuseo and represents Panama’s biodiversity and cultural multiplicity. Through this initiative, the plane will carry the Biomuseo’s emblem throughout the American continent, conveying the importance influence that the rise of the Isthmus of Panama has had in the Planet’s natural history.
The sketch embodied on the aircraft was developed by the project’s graphic designer Joyce Shin.The presentation of the new aircraft took place at the North Pier of the Tocumen International Airport, which brought together government officials, managers and executives of the Panamanian airline, as well as the Amador Foundation’s board of directors, the organization that manages the Biomuseo. Also present were the representatives of the national tourism sector, who witnessed the unveiling of the aircraft that will project internationally the value of Panama’s national heritage among the more than 6 million passengers that annually travel with Copa Airlines.
Pedro Heilbron, CEO of Copa Airlines, stated that “as the official airline of the museum, it honors us greatly to add to our fleet this new aircraft, which will promote Panama’s biological wealth throughout the entire continent.”
“This aircraft will not only allow to share how proud Panamanians are of the rich natural history of our country, but it will also serve as an invitation to the world traveler to visit Panama, an ideal and privileged center for the exploration, knowledge and protection of biodiversity” Heilbron added.
“At Biomuseo, we will continue stimulating Panamanians’ awareness of biodiversity, teaching them about the fundamental value that is already being generated around this project, which is intended to provide an experience that impacts and educates people about the vast biodiversity that exists in Panama, as a result of the rise of Isthmus,” said Dr. Alejandro Ferrer, President of the Amador Foundation.
Copa Airlines is also the sponsor of the ‘human footprint’ exhibit, one of the eight galleries that make up the Biomuseo’s permanent exhibition, which will present the story of the migration of people across the isthmus, as the vital bridge of exchange between the Americas. This view of Panama’s role is strengthened by the operation of Copa Airlines, which exploits the country’s strategic geographical position to enhance the connectivity of the continent through its Hub of the Americas at Tocumen International Airport.
This initiative subscribes to the view the Panamanian airline shares with the Government and the Biomuseo to continuously support actions that help position the country as a unique and valuable tourist destination, besides being an excellent connection and commercial center.
The new Boeing 737-800 Next Generation with the Biomuseo image will cross the skies of the Americas from the present date. The Biomuseo, scheduled to open in 2013, is the first building designed by renowned Canadian architect Frank Gehry in Latin America.
Copyright Photo: James Helbock. Boeing 737-8V3 HP-1825CMP (msn 40780), delivered on September 10, 2012, prepares to land at Los Angeles International Airport.