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Monday, March 6, 2006

Box Scores: December Financial Reports

Pinnacle Airlines [PNCL] {Northwest Airlines}
December Trend | 2004 to 2005 Trend Quarter Ending Dec. 30, 2005 Quarter Ending Dec. 30, 2004 Percent Change Year 2005 Year 2004 Percent Change
UP | UP Revenue
$213M
$181.3M
17.6%
$841.6M
$635.4M
30.2%
UP | UP Expenses
$196.5M
$163.7M
20.2%
$814.6M
$568.1M
43.3%
DN | DN Operating Income
$16.4M
$17.5M
(6.2%)
$26.9M
$67.3M
(55.5% )
DN | DN Net Income
$9.9M
$10.3M
(3.8% )
$25.6M
$40.7M
(37.1% )
DN | DN Net Income Per Share
45 cents
47 cents
(4.2%)
$1.17
$1.86
(37%)
UP | DN RASM
15.15 cents
14.48 cents
5%
14.68 cents
15.06 cents
(3%)
UP | UP CASM
13.98 cents
13.08 cents
7%
14.21 cents
13.47 cents
5%

Analysis: Pinnacle's fourth quarter earnings were two cents a share better than Wall Street's estimates. Analyst Ray Neidl, of Calyon Securities, notes that Pinnacle has been able to reduce its costs during the fourth quarter as Northwest removed 15 aircraft. Pinnacle was able to maintain an operating margin of 10.4 percent, which exceeded the 10 percent target contained within its operating agreement with Northwest.

[ ] corporate stock symbol { } code-share partners Source: Company report, Calyon Securities

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