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Monday, November 8, 2004

Regional Airline Box Scores September Financial Reports - Third Wave

MAIR Holdings [MAIR] {Mesaba Airlines - Northwest Airlines; Big Sky Airlines - Northwest, America West, Alaska Air}
Quarterly trend | Six month trend 2nd Q Ending 9/30/04 2nd Q Ending 9/30/03 Percent Change 6 Months Ending 9/30/04 6 Months Ending 9/30/03 Percent Change
UP | DN Operating Revenue
$118.1M
$117.4M
0.6%
$227.8
$231.4M
(1.6%)
DN | UP Operating Expenses
$110.5M
$111.1M
(0.6%)
$217.6M
$220.4M
1.3%
UP | UP Net Income
$4.7M
$3.9M
21.5%
$7.6M
$7.4M
3.3%
UP | UP Net Income Per Share
23 cents
19 cents
21%
37 cents
36 cents
2.7%
Analysis: MAIR Holdings grew its profits in the second quarter by more than 21 percent even as its revenue grew by less than 1 percent. The improved profit margin was attributed to better jet utilization and cost controls. Mesaba, one of its operating units, has been insulated from higher fuel costs because of its operating contract with Northwest.
Pinnacle Airlines [PNCL] {Northwest Airlines}
Quarterly trend | Six month trend 2nd Q Ending 9/30/04 2nd Q Ending 9/30/03 Percent Change 6 Months Ending 9/30/04 6 Months Ending 9/30/03 Percent Change
UP | UP Operating Revenue
$168M
$119.6M
40.4%
$454.1M
$329.6M
37.7%
DN | DN RASM
14.5 cents
16.3 cents
(11%)
15.3 cents
17.5 cents
(13%)
UP | UP Operating Expenses
$149.5M
$103M
45.1%
$404.3M
$283M
42.8%
DN | DN CASM
12.9 cents
14 cents
(8%)
13.6 cents
15 cents
(9%)
UP | UP Net Income
$12.6M
$8.7M
44.8%
$30.4M
$25.2M
20.6%
UP | UP Net Income Per Share
58 cents
40 cents
45%
$1.39
$1.15
20.8%
Analysis: Flying 39 more regional jets in the third quarter of 2004 compared to the same three months of 2003, Pinnacle's profits grew by more than 44 percent on a 40 percent jump in revenue. As per its contract with Northwest, Pinnacle's operating margin this year was 11 percent compared to 13.8 percent a year ago. If Pinnacle were still operating under last year's terms, its operating income would have been up 68 percent.

 

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