Horizon Posts Profits, Loss for Year

Horizon reported a pre-tax profit of $12.7 million curing the third quarter compared to a $7.5 million profit in the year-ago quarter. “While we are pleased to report a profit and improvement over last year’s results,” said President and CEO Jeff Pinneo, in speaking with investors last week, “the year-to-date results still show a loss and business conditions remain very challenging.” He cited fare increases, capacity cuts and non-fuel cost reductions as offsetting the high fuel costs experienced this year.
As an indicator of just how much Horizon has accomplished Calyon Securities’ Ray Neidl, who has long urged Alaska to sell the asset because it was a drain on the parent company's results, praised Horizon saying he was glad to see the turn around. He queried Pinneo as to what more needs to be done given the tanking economy. However, Pinneo pointed to the efforts already announced including working toward a single-aircraft fleet. For a complete report on how regional programs did during the third quarter, see the next issue of Regional Aviation News.