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Monday, August 2, 2004

Regional Airline Box Scores June Financial Reports - Second Wave

 

Atlantic Coast [ACAI] Independence Air, {Delta Air Lines, United Airlines}
Quarterly trend | Six month trend 2nd Q Ending 6/30/04 2nd Q Ending 6/30/03 Percent Change 1st Half Ending 6/30/04 1st Half Ending 6/30/03 Percent Change
DN | DN Operating Revenue
$190.4M
$227.1M
(16.1)%
$402.5M
$431.3M
(5.5%)
DN | DN RASM
18 cents
19.7 cents
(8.6%)
18.3 cents
18.9 cents
(3.2%)
UP | UP Operating Expenses
$231.5M
$149.9M
54.4%
$435.2M
$350.2M
24.3%
UP | UP CASM
22 cents
13.2 cents
66.7%
19.9 cents
15.7 cents
26.8%
DN | DN Net Income
($27M)
$45.7M
(159.2%)
($23.4M)
($47.7M)
(149.1%)
DN | DN Net Income Per Share
60 cents
$1.01
(159.2%)
(52 cents)
$1.05
(149.1%)
Analysis: Atlantic Coast began its Independence Air operations in mid-June and began a three-month phase-out of its United Airlines code-share. Not only was its United revenue down because of fewer flights, but United also withheld $1.1 million from its monthly payment. The expenses were up as Atlantic began retiring turboprop aircraft that had been used in the United service and reconfiguring its CRJ 200s.

 

 

Pinnacle Airlines [PNCL] {Northwest Airlines}
Quarterly trend | Six month trend 2nd Q Ending 6/30/04 2nd Q Ending 6/30/03 Percent Change 1st Half Ending 6/30/04 1st Half Ending 6/30/03 Percent Change
UP | UP Operating Revenue
$152.1M
$109.4M
39%
$286M
$210M
36.2%
DN | DN RASM
15.3 cents
17.2 cents
(11%)
15.8 cents
18.29 cents
(14%)
UP | UP Operating Expenses
$135.2M
$93.7M
44.3%
$254.7M
$179.9M
41.6 %
DN | DN CASM
13.6 cents
14.7 cents
(7%)
14.1 cents
15.6 cents
(10%)
UP | UP Net Income
$9.6M
$8.4M
14.3%
$17.7M
$16.5M
7.3%
UP | UP Net Income Per Share
44 cents
39 cents
12.8%
81 cents
75 cents
8%
Analysis: Pinnacle beat Wall Street consensus earning estimates by two cents per share. JP Morgan analyst Jamie Baker said the carrier's costs were better than expected producing an 11.1 percent operating margin.

 

 

MAIR Holdings [MAIR] {Northwest Airlines}
Quarterly trend 1st Q FY '05 (6/30/04) 1st Q FY '04 (6/30/04) Percent Change Operating1 Stats 1st Q FY '05 1st Q FY '04 Percent Change
DN Operating Revenue
$109.6M
$114M
(3.8%)
( RASM (M.)
14.8 cents
15.4 cents
(3.9%)
UP Operating Expenses
$107.1M
$109.2M
2%
( CASM (M.)
14.5 cents
14.6 cents
(0.7%)
DN Net Income
$2.9M
$3.5M
(17.1%)
( RASM (B.S.)
23.7 cents
19.3 cents
22.8%
DN Net Income Per Share
14 cents
17 cents
(17.6%)
( CASM (B.S.)
30.5 cents
22.4 cents
(36.2%)
Analysis: Although its earnings were down from last June, MAIR beat the Wall Street earnings consensus of a nickel a share. The revenue lags behind last year because Northwest grounded five Avro RJ85s last year. All the planes were back in service in June. 1Operating Stats M. = Mesaba; B.S. = Big Sky

 

 

Mesa Air Group [MESA] {America West, United Airlines, US Airways}
Quarterly trend | Nine month trend 3rd Q Ending 6/30/04 3rd Q Ending 6/30/03 Percent Change 9 months Ending 6/30/04 9 months Ending 6/30/03 Percent Change
UP | UP Operating Revenue
$239.5M
$148.8M
61%
$636.8M
$424.4M
50%
DN | DN RASM
12.4 cents
13 cents
(4.6%)
12.8 cents
13.5 cents
(5.2%)
UP | UP Operating Expenses
$216.8M
$139.7M
55.2%
$595.7M
$390.2M
52.7%
DN | DN CASM
11.2 cents
11.8 cents
(5.1%)
11.7 cents
12.8 cents
(8.6%)
UP | UP Net Income
$9.6M
$5.3M
81.1%
$15.5M
$15.4M
0.6%
UP | DN Net Income Per Share
25 cents
17 cents
47.1%
43 cents
49 cents
(12.2%)
Analysis: The earnings for the June quarter were below the 30 cents per share target set by Raymond James analyst James Parker due primarily to higher interest expenses stemming for interim aircraft financing. Parker is maintaining his fourth quarter estimate of 32 cents per share as seven more jets are to be delivered in that period. ( ) Corporate affiliation { } Code-share partners Source: Company reports, JP Morgan, Raymond James

 

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