SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
Report
on Form 6-K dated for the month of
May, 2009
Copa
Holdings, S.A.
(Translation
of Registrant's Name Into English)
Boulevard
Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización
Costa del Este
Complejo
Business Park, Torre Norte
Parque
Lefevre
Panama
City, Panama
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form 20-F
x
Form 40-F ¨
(Indicate
by check whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ¨ No
x
(If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b);82- )
Enclosure: Press Release
- Copa Holdings Reports Net Income of
US$71.6 Million and EPS of US$1.65 for the First Quarter of
2009
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
|
Copa Holdings, S.A.
|
|
(Registrant)
|
|
|
|
|
Date: 05/6/2009
|
|
|
By:
|
/s/ Victor
Vial
|
|
Name:
Victor
Vial |
|
Title: CFO |
Copa Holdings Reports Net Income of
US$71.6 Million and EPS of US$1.65 for the First Quarter of
2009
Excluding
special, items adjusted net income came in at $55.5 million, or $1.28 per
share
Panama City, Panama — May 06,
2009. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa
Airlines and Aero Republica, today announced financial results for the first
quarter of 2009 (1Q09). The terms “Copa Holdings" or "the Company" refer to the
consolidated entity, whose operating subsidiaries are Copa Airlines and Aero
Republica. The following financial and operating information, unless otherwise
indicated, is presented in accordance with U.S. GAAP. Unless
otherwise stated, all comparisons with prior periods refer to the first quarter
of 2008 (1Q08).
OPERATING
AND FINANCIAL HIGHLIGHTS
·
|
Copa
Holdings reported net income of US$71.6 million for 1Q09, or diluted
earnings per share (EPS) of US$1.65, an increase of 81.3% as compared to
net income of US$39.5 million or diluted EPS of US$0.91 in
1Q08.
|
·
|
Excluding
special items, which for 1Q09 included a US$16.2 million non-cash gain
associated with the mark-to-market of fuel hedge contracts, Copa Holdings
would have reported an adjusted net income of $55.5 million, or $1.28 per
share, compared to an adjusted net income of US$37.7 million or US$0.87
per share for 1Q08. See the accompanying reconciliation of
non-GAAP financial information to GAAP financial information included in
the financial tables section of this earnings
release.
|
·
|
Operating
income for 1Q09 came in at US$68.9 million, despite a $19.9 million fuel
hedge loss, representing an increase of 33.3% as compared to operating
income of US$51.7 million for 1Q08. Operating margin increased from 17.5%
to 22.3%, maintaining our position among the most profitable airlines in
the industry.
|
·
|
In
1Q09, total revenues increased to US$308.8 million, representing growth of
4.3%, on a 17.0% capacity expansion. Yield per passenger mile
decreased 6.2% to 16.2 cents and operating revenue per available seat mile
(RASM) decreased 10.8% to 12.7
cents.
|
·
|
Revenue
passenger miles (RPMs) increased 11.6% from 1.62 billion in 1Q08 to 1.81
billion in 1Q09, and available seat miles (ASMs) increased 17.0% from 2.08
billion in 1Q08 to 2.43 billion in 1Q09, with the Copa Airlines segment
increasing 18.9% year-over-year and Aero Republica increasing
8.0%. Consolidated load factor decreased 3.6 percentage points
to 74.4%. Underlying Break-even load factor for 1Q09 decreased 7.7
percentage points to 57.5% from 65.2% in
1Q08.
|
·
|
Operating
cost per available seat mile (CASM) decreased 16.0%, from 11.8 cents in
1Q08 to 9.9 cents in 1Q09. CASM, excluding fuel costs,
decreased 11.0% from 7.7 cents in 1Q08 to 6.8 cents in
1Q09.
|
·
|
Liquidity
including cash, short term and long term investments, plus committed
credit lines of US$31 million, ended the quarter at US$434.2 million,
representing 33% of the last twelve months’
revenues.
|
·
|
Copa
Airlines ended the quarter with a fleet of 43 aircraft, consisting of 28
Boeing 737 Next Generation aircraft and 15 Embraer-190 aircraft. Aero
Republica received two Embraer-190 aircraft and ended the quarter with a
fleet of 15 aircraft, consisting of 11 Embraer-190 and four MD-80
aircraft. Copa Holdings ended the quarter with a consolidated
fleet of 58 aircraft.
|
·
|
For
1Q09, Copa Airlines reported on-time performance of 90.6% and a
flight-completion factor of 99.6%, maintaining its position among the best
in the industry.
|
RECENT
DEVELOPMENTS
·
|
On
May 6, the
Copa Holdings Board of Directors declared an annual dividend of
$0.37 per share. Although this dividend is the same amount per
share paid in 2008, it represents 14% of 2008 consolidated net
income. The determination to pay dividends in excess of the
Company’s current 10% policy was made due to the Company’s strong
operating earnings, balance sheet and liquidity position. The dividend
will be paid on June 15, 2009 to stockholders of record as of May 29,
2009.
|
·
|
Recently,
Continental Airlines announced its intention to leave SkyTeam effective
October 24, 2009. Due to the long-standing alliance relationship with
Continental, and in order to ensure Copa remains fully aligned with
Continental on a number of important joint initiatives, Copa will also be
leaving SkyTeam concurrently with Continental on October 24,
2009.
|
Consolidated Financial & Operating
Highlights
|
|
1Q09
|
|
|
1Q08
|
|
|
% Change
|
|
|
4Q08
|
|
|
% Change
|
|
RPMs
(millions)
|
|
|
1,807 |
|
|
|
1,619 |
|
|
|
11.6 |
% |
|
|
1,760 |
|
|
|
2.7 |
% |
ASMs
(mm)
|
|
|
2,430 |
|
|
|
2,077 |
|
|
|
17.0 |
% |
|
|
2,375 |
|
|
|
2.3 |
% |
Load
Factor
|
|
|
74.4 |
% |
|
|
78.0 |
% |
|
-3.6
p.p.
|
|
|
|
74.1 |
% |
|
0.3
p.p.
|
|
Yield
|
|
|
16.2 |
|
|
|
17.3 |
|
|
|
-6.2 |
% |
|
|
18.5 |
|
|
|
-12.4 |
% |
PRASM
(cents)
|
|
|
12.1 |
|
|
|
13.5 |
|
|
|
-10.6 |
% |
|
|
13.7 |
|
|
|
-12.0 |
% |
RASM
(cents)
|
|
|
12.7 |
|
|
|
14.2 |
|
|
|
-10.8 |
% |
|
|
14.6 |
|
|
|
-12.8 |
% |
CASM
(cents)
|
|
|
9.9 |
|
|
|
11.8 |
|
|
|
-16.0 |
% |
|
|
11.0 |
|
|
|
-10.5 |
% |
CASM
Excl. Fuel (cents)
|
|
|
6.8 |
|
|
|
7.7 |
|
|
|
-11.0 |
% |
|
|
7.2 |
|
|
|
-4.7 |
% |
Breakeven
Load Factor (2)
|
|
|
57.5 |
% |
|
|
65.2 |
% |
|
-7.7
p.p.
|
|
|
|
56.9 |
% |
|
0.6
p.p.
|
|
Operating
Revenues (US$ mm)
|
|
|
308.8 |
|
|
|
295.9 |
|
|
|
4.3 |
% |
|
|
346.1 |
|
|
|
-10.8 |
% |
EBITDAR
(US$ mm)
(1)
|
|
|
111.4 |
|
|
|
75.8 |
|
|
|
46.9 |
% |
|
|
66.6 |
|
|
|
67.2 |
% |
Adjusted
EBITDAR (US$ mm)
(1)(2)
|
|
|
95.3 |
|
|
|
74.1 |
|
|
|
28.6 |
% |
|
|
106.1 |
|
|
|
-10.2 |
% |
EBITDAR
Margin (1)
|
|
|
36.1 |
% |
|
|
25.6 |
% |
|
10.5
p.p.
|
|
|
|
19.3 |
% |
|
16.8
p.p.
|
|
Adjusted
EBITDAR Margin (1)(2)
|
|
|
30.9 |
% |
|
|
25.0 |
% |
|
5.8
p.p.
|
|
|
|
30.7 |
% |
|
0.2
p.p.
|
|
Operating
Income (US$ mm)
|
|
|
68.9 |
|
|
|
51.7 |
|
|
|
33.3 |
% |
|
|
84.0 |
|
|
|
-18.0 |
% |
Operating
Margin
|
|
|
22.3 |
% |
|
|
17.5 |
% |
|
4.8
p.p.
|
|
|
|
24.3 |
% |
|
-2.0
p.p.
|
|
Net
Income (US$ mm)
|
|
|
71.6 |
|
|
|
39.5 |
|
|
|
81.3 |
% |
|
|
25.8 |
|
|
|
178.1 |
% |
Adjusted
Net Income (US$ mm) (2)
|
|
|
55.5 |
|
|
|
37.7 |
|
|
|
47.0 |
% |
|
|
65.2 |
|
|
|
-15.0 |
% |
EPS
- Basic (US$)
|
|
|
1.67 |
|
|
|
0.92 |
|
|
|
81.6 |
% |
|
|
0.60 |
|
|
|
179.9 |
% |
Adjusted
EPS - Basic (US$) (2)
|
|
|
1.29 |
|
|
|
0.88 |
|
|
|
47.3 |
% |
|
|
1.51 |
|
|
|
-14.4 |
% |
EPS
- Diluted (US$)
|
|
|
1.65 |
|
|
|
0.91 |
|
|
|
81.2 |
% |
|
|
0.59 |
|
|
|
177.8 |
% |
Adjusted
EPS - Diluted (US$)
(2)
|
|
|
1.28 |
|
|
|
0.87 |
|
|
|
46.9 |
% |
|
|
1.50 |
|
|
|
-15.0 |
% |
Weighted
Avg. # of Shares - Basic (000)
|
|
|
42,908 |
|
|
|
42,985 |
|
|
|
-0.2 |
% |
|
|
43,195 |
|
|
|
-0.7 |
% |
Weighted
Avg. # of Shares - Diluted (000)
|
|
|
43,464 |
|
|
|
43,433 |
|
|
|
0.1 |
% |
|
|
43,426 |
|
|
|
0.1 |
% |
(1) EBITDAR means earnings before
interest, taxes, depreciation, amortization and rent.
(2) Break-even load factor, adjusted
EBITDAR, Adjusted EBITDAR margin, Adjusted Net Income and Adjusted EPS (Basic
and Diluted) exclude non-cash charges/gains associated with the mark-to-market
of fuel hedges.
Note: A
reconciliation of non-GAAP financial measures to the comparable US GAAP measures
appears at the end of this press release.
MANAGEMENT’S
COMMENTS ON 1Q09 RESULTS
Copa
Holdings first quarter results were positively impacted by lower unit costs,
mainly related to lower fuel costs. For 1Q09 the company reported record
operating income of US$68.9 million, a 33.3% increase over
1Q08. Operating margin increased 4.8 percentage points from 17.5% to
22.3%, maintaining our position as one of the most profitable airlines in the
world.
Total
revenues increased 4.3% during the quarter, at a slower rate than capacity
expansion of 17.0%, which resulted in a 10.8% decrease in revenues per ASM
(RASM) from 14.2 cents to 12.7 cents. Passenger revenues, which
represented 95% of total revenues, increased 4.6% to US$293.2 million, due to a
17.0% increase in capacity, partly offset by a 10.6% decline in passenger
revenue per ASM (PRASM). The latter was driven by a 6.2% drop in
yield and a 3.6 percentage point decline in consolidated load factor from 78.0%
to 74.4%.
In 1Q09,
Copa Airlines’ yields came in at 15.5 cents, representing a decline of 3.2%
compared to 1Q08. Copa Airlines yields declined mainly as a result of
an increased length of haul and lower average fares as a result of a less robust
demand environment and lower fuel surcharges. Aero Republica’s yields
decreased 16.9% to 20.9 cents for the most part due to a weaker Colombian
currency.
Consolidated
operating expenses for 1Q09 decreased 1.8% to US$239.8 million, while
consolidated operating expenses per ASM (CASM) decreased 16.0% to 9.9
cents. Excluding fuel costs, unit costs decreased 11.0% to 6.8 cents,
mostly as a result of lower distribution costs, the timing of certain
maintenance events at Aero Republica and overall higher aircraft
utilization.
Aircraft
fuel expense decreased 12.9% or US$10.9 million compared to 1Q08, despite a
17.0% increase in miles flown. The Company’s effective jet fuel
price, which includes a US$19.9 million negative fuel hedge effect in 1Q09 and a
US$4.0 million positive fuel hedge effect in 1Q08, decreased from an average of
US$2.82 in 1Q08 to US$2.16 in 1Q09.
For 1Q09,
the Company had fuel hedges in place representing 36% of its consolidated
volume. Continuing with the execution of its fuel hedge policy, the
Company currently has hedged approximately 30% in 2Q09, 25% in 3Q09 and 16% in
4Q09. For 2010 and 2011 the Company has hedged 6% and 9% of its
consolidated volume, respectively.
The
Company recorded a non-operating gain of US$8.3 million for 1Q09 compared to an
US$8.1 million non-operating expense in 1Q08. This gain was mainly
due to a US$16.4 million increase in Other, net as a result of an unrealized
fuel hedge mark-to-market gain of US$16.2 million, as compared to an unrealized
fuel hedge mark-to-market gain of US$1.8 million in 1Q08.
Copa
Holdings closed the quarter with a strong cash position totaling US$403.1
million in cash, short term and long term investment, representing approximately
31% of last twelve months´ revenues. This figure includes US$29.3
million in restricted cash, of which $22.9 million is collateral for
out-of-money hedge contracts related to future
quarters. Additionally, the company has committed lines of credit
totaling $31.1 million. Total debt at the end of the year amounted to US$926.9
million, most of which relates to aircraft and equipment financing.
During
2009, the Company expects to receive six aircraft, four Boeing 737-800s for Copa
Airlines and two Embraer-190s for Aero Republica. Related to the purchased
737-800s, the Company has already secured final commitment from US EXIM Bank and
arranged financing for one aircraft which was delivered in
February. Additionally, for the remaining two purchased 737-800s, the
Company has secured preliminary commitments from US EXIM Bank. The
two Embraer-190s, which have already been delivered, are operating
leases.
For 1Q09,
Aero Republica recorded operating income of US$6.3 million, compared to an
operating loss of US$0.7 million in 1Q08. Operating margin for 1Q09
came in at 11.8%. Aero Republica continues to benefit from its
international expansion and fleet transition strategy aimed at replacing its
MD-80 fleet with modern and fuel efficient Embraer-190 aircraft. For 1Q09,
Aero Republica’s capacity, in terms of ASMs flown in Embraer-190 aircraft as a
percentage of its total capacity, increased from 50% in 1Q08 to 66% in
1Q09.
Additionally,
as part of its international expansion, Aero Republica’s international capacity
increased nearly 90% year-over-year, reaching 26% of total capacity during 1Q09,
as compared to 15% in 1Q08. Furthermore, according to statistics from
Colombia’s Civil Aeronautics Authority (Aerocivil) Aero Republica has
increased its international passenger market share to 9.1%, up from 5.8% in
2008.
Copa
Holdings’ first quarter results highlight the Company’s ability to operate
profitably and grow in a challenging economic environment. In 2009,
Copa Airlines’ capacity is expected to grow approximately 16%, mostly as a
result of the full year effect of capacity introduced during the course of 2008.
At the same time, Aero Republica’s capacity growth will remain flat or increase
slightly as the airline continues its transition to all Embraer-190
fleet. This should result in a consolidated capacity growth of
approximately 13%. Copa Holdings’ consolidated fleet is expected to
end the year flat at 55 aircraft, made up of 18 737-700s, 11 737-800s and 26
Embraer-190s.
Copa
Holdings continues to deliver industry-leading results, despite negative factors
that have affected the industry as a whole. This is the result of a
solid and well executed business model based on developing the most
comprehensive and convenient network for intra Latin America travel and a very
competitive cost structure. Throughout the remainder of 2009, the
Company will seek to continue strengthening its long term competitive position,
with the advantages of a flexible fleet plan and a strong balance sheet and
liquidity position.
OUTLOOK
FOR 2009
Copa
Holdings’ 2009 guidance remains unchanged. Consolidated capacity for
2009 is expected to increase approximately 13%, mainly as a result of the full
year effect of capacity introduced in 2008. Load factors are expected to
come in slightly below 2008 levels at approximately 74%, while unit revenues
(RASM) are forecasted to decline approximately 14% mainly as a result of a
decrease in fuel surcharges and slower traffic growth as a result of a weakening
economic environment. Unit costs excluding fuel are expected to come in at
7.5 cents. We currently estimate the effective the estimated effective
price of jet fuel for 2009, including the effect of current hedge contracts and
into plane costs, remains at US$2.11 per gallon. As a result, the
Company maintains its operating margin guidance in the range of 16.0% to 18.0%
for 2009, although expecting to come in at the high end of this
range.
Financial Outlook (US GAAP)
|
|
2009 - Full Year
|
|
ASMs
(billion)
|
|
|
+/-10.0 |
|
Average
Load Factor
|
|
|
+/-74 |
% |
RASM
(cents)
|
|
|
+/-12.6 |
|
CASM
Ex-fuel (cents)
|
|
|
+/-
7.5 |
|
Operating
Margin
|
|
|
16.0-18.0 |
% |
CONSOLIDATED
FIRST QUARTER RESULTS
Operating
revenue
Consolidated
revenue for 1Q09 totaled US$308.8 million, a 4.3% or US$12.9 million
increase over operating revenue of US$295.9 million in 1Q08, mainly due to
an 8.1% or US$19.2 million increase in Copa Airlines’ operating revenue, partly
offset by a 13.2% or US$8.2 million decline in Aero Republica’s operating
revenue.
Copa
Airlines operating revenue
Copa
Airlines operating revenue for 1Q09 totaled US$256.1 million, an 8.1% increase
over operating revenue of US$236.9 million in 1Q08. This
increase was primarily due to an 8.8% or US$19.6 million increase in passenger
revenue.
Passenger
revenue. For 1Q09 passenger
revenue totaled US$242.8 million, an 8.8% increase over passenger revenue
of US$223.2 million in 1Q08 as ASMs increased by 18.9% in 1Q09 as compared
to 1Q08. Passenger yield decreased 3.2% to 15.5 cents, while load
factor decreased 4.4 percentage points from the 81.2% to 76.8 in
1Q09..
Cargo, mail and
other. Cargo, mail and other
revenue totaled US$13.3 million in 1Q09, a 3.2% decline from cargo, mail and
other of US$13.7 million in 1Q08.
Aero
Republica operating revenue
During
1Q09, Aero Republica generated operating revenue of US$53.7 million,
representing a 13.2% decline over 1Q08. This decrease resulted mainly
from a US$6.7 million or 11.7% decline in passenger revenue. During
the quarter Aero Republica’s capacity (ASMs) increased by 8.0% mainly as a
result of increased international presence, while traffic (RPMs) increased 6.2%,
resulting in a load factor of 61.6% or 1 percentage point below
1Q08. Yields decreased by 16.9% primarily due a weaker demand
environment, lower fuel surcharges and a weaker Colombian currency.
Operating
expenses
For 1Q09,
consolidated operating expenses decreased 1.8% to US$239.8 million, representing
operating cost per available seat mile (CASM) of 9.9 cents. Operating
cost per available seat mile (CASM), excluding fuel costs, decreased 11.1% from
7.7 cents in 1Q08 to 6.8 cents in 1Q09. An overview of the major
variances on a consolidated basis follows:
Aircraft
fuel. For
1Q09, aircraft fuel totaled US$73.5 million, a US$10.9 million or 12.9%
decrease from aircraft fuel of US$84.3 million in 1Q08. This decline was
primarily a result of a 23.4% decrease in the average price per gallon of jet
fuel (all-in), which averaged US$2.16 in 1Q09 as compared to US$2.82 in 1Q08,
offset by a 14.5% increase in gallons consumed resulting from increased
capacity. The all-in average price per gallon of jet fuel for 1Q09
includes $19.9 million fuel hedge loss.
Salaries and
benefits. For 1Q09, salaries and
benefits totaled US$36.7 million, a 7.6% increase over salaries and
benefits of US$34.1 million in 1Q08. This increase was mostly a result of
an overall increase in operating headcount to support additional
capacity.
Passenger
servicing. For 1Q09, passenger
servicing totaled US$26.0 million, a 12.0% increase over passenger servicing of
US$23.2 million in 1Q08. This increase was primarily a result of an increase in
capacity and passengers carried.
Commissions.
For 1Q09, commissions totaled US$13.2 million, a 22.0% decrease from
commissions of US$17.0 million in 1Q08. This decrease was primarily a
result of lower average commission rates at both Copa Airlines and Aero
Republica.
Reservations and
sales.
Reservations and sales totaled US$13.0 million, a 1.6% decrease from
reservation and sales of US$13.3 million in 1Q08.
Maintenance,
material and repairs. For 1Q09, maintenance,
material and repairs totaled US$16.9 million, a 2.7% decrease over maintenance,
material and repairs of US$17.3 million in 1Q08. This decrease was
primarily a result of the timing of major overhaul events in Aero
Republica.
Depreciation. Depreciation totaled
US$11.9 million in 1Q09, a 19.3% increase over depreciation of
US$10.0 million in 1Q08. This increase was primarily related to the
depreciation of new aircraft and spares.
Aircraft
Rentals.
Aircraft rentals totaled US$12.4 million in 1Q09, a 15.9% increase over aircraft
rentals of US$10.7 million in 1Q08.
Flight
operations, aircraft
rentals, landing fees and other rentals. Combined, flight
operations, aircraft rentals, landing fees and other rentals increased 12.7%
from US$31.7 million in 1Q08 to US$35.7 million in 1Q09, primarily as
a result of increased capacity.
Other. Other expenses totaled
US$12.9 million in 1Q09, a decrease of US$0.4 million.
Copa
Airlines operating expenses
Copa
Airlines’ operating expenses increased 4.8% to US$193.4 million from US$184.5
million in 1Q08. Operating expenses per available seat mile decreased
11.8% to 9.5 cents in 1Q09 from 10.8 cents in 1Q08. Excluding fuel
costs, operating expenses per available seat mile decreased 7.1% from 6.9 cents
in 1Q08 to 6.4 cents in 1Q09.
Aircraft
fuel. For 1Q09,
aircraft fuel totaled US$62.2 million, a 5.2% increase over aircraft fuel
expense of US$65.7 million in the same period in 2008. This increase was
primarily a result of a 17.2% increase in gallons consumed resulting from
increased capacity, offset by a 18.4% decline in the average price per gallon of
jet fuel (all-in), which averaged US$2.25 in 1Q09 as compared to US$2.76 in
1Q08. The all-in average price per gallon of jet fuel for 1Q09 includes $19.1
million fuel hedge loss.
Salaries and
benefits. For
1Q09, salaries and benefits totaled US$29.9 million, a 13.9% increase over
salaries and benefits of US$26.2 million in the same period in 2008. This
increase was mainly a result of an overall increase in operating headcount to
support additional capacity.
Passenger
servicing.
Passenger servicing totaled US$22.0 million for 1Q09, a 17.5% increase
over passenger servicing of US$18.7 million in 1Q08. This
increase was primarily the result of an increase in capacity and passengers
carried.
Commissions. Commissions totaled
US$10.4 million for 1Q09, a 16.0% decrease from commissions of US$12.4
million in 1Q08. This decrease was primarily a result of a lower average
commission rate.
Reservations and
sales.
Reservations and sales totaled US$10.1 million, a 1.1% increase over
reservation and sales of US$10.0 million in 1Q08.
Maintenance,
materials and repairs.
Maintenance, materials and repairs totaled US$13.5 million in 1Q09,
a 40.4% increase over maintenance, materials and repairs of US$9.6 million
in 1Q08. This increase resulted from higher capacity, and more overhaul
events.
Depreciation. Depreciation totaled
US$10.8 million in 1Q09, a 22.1% increase over depreciation of
US$8.8 million in 1Q08, primarily related to depreciation of new aircraft
and spare parts.
Flight
operations, aircraft
rentals, landing fees and other rentals. Combined, flight
operations, aircraft rentals, landing fees and other rentals increased 5.0% from
US$23.7 million in 1Q08 to US$24.8 million in 1Q09, primarily as a result
of increased capacity.
Other. Other expenses increased
US$0.3 million from US$9.5 million in 1Q08 to US$9.8 million in
1Q09.
Aero
Republica operating expenses
Aero
Republica’s operating expenses decreased 24.2% to US$47.4 million in 1Q09 from
US$62.6 million in 1Q08. Operating expenses per available seat mile
(CASM) decreased 29.9% to 12.1 cents in 1Q09 from 17.3 cents in
1Q08. CASM, excluding fuel costs, decreased 23.7% from 12.1 cents in
1Q08 to 9.3 cents in 1Q09, mainly due to the timing of overhaul events and a
weaker Colombian currency.
Non-operating
income (expense)
Consolidated
non-operating income (expense) totaled a gain of US$8.3 million in 1Q09,
compared to an US$8.1 million expense in 1Q08.
Interest
expense. Interest expense totaled US$8.9 million in 1Q09, an
18.6% decrease from interest expense of US$11.0 million in 1Q08, primarily as a
result of lower rates on variable rate debt.
Interest
capitalized. Interest capitalized totaled US$0.3 million in
1Q09, a 39.0% decrease from 1Q08.
Interest income. Interest
income totaled US$2.6 million, a 7.4% decrease from interest income of US$2.8
million in 1Q08, mostly a result of lower rates.
Other, net. Other
net totaled a gain of US$14.4 million in 1Q09, mainly related to a US$16.2
million non-cash gain related to the mark-to-market of fuel hedge
contracts.
About
Copa Holdings
Copa
Holdings, through its Copa Airlines and Aero Republica operating subsidiaries,
is a leading Latin American provider of passenger and cargo service. Copa
Airlines currently offers approximately 144 daily scheduled flights to 45
destinations in 24 countries in North, Central and South America and the
Caribbean. In addition, Copa Airlines provides passengers with access to flights
to more than 120 other international destinations through code share agreements
with Continental Airlines and other airlines. Aero Republica, the second-largest
domestic carrier in Colombia, provides service to 12 cities in Colombia as well
as international connectivity with Copa Airlines' Hub of the Americas through
flights from Bogota, Bucaramanga, Cali, Cartagena, Medellin and Pereira. Additionally,
Aero Republica has direct daily flights to Caracas, Venezuela, from the cities
of Bogota and Medellin.
CONTACT: Copa Holdings
S.A.
Investor
Relations:
Ph: (507)
304-2677
www.copaair.com (IR
section)
This
release includes “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
based on current plans, estimates and expectations, and are not guarantees of
future performance. They are based on management’s expectations that involve a
number of business risks and uncertainties, any of which could cause actual
results to differ materially from those expressed in or implied by the
forward-looking statements. The Company undertakes no obligation to update or
revise any forward-looking statement. The risks and uncertainties relating to
the forward-looking statements in this release are among those disclosed in Copa
Holdings’ filed disclosure documents and are, therefore, subject to change
without prior notice.
Copa
Holdings, S.A.
Operating
data
|
|
Unaudited
|
|
|
Unaudited
|
|
|
%
|
|
|
Unaudited
|
|
|
%
|
|
|
|
1Q09
|
|
|
1Q08
|
|
|
Change
|
|
|
4Q08
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa
Holdings (Consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passengers carried (thousands)
|
|
|
1,287 |
|
|
|
1,217 |
|
|
|
5.7 |
% |
|
|
1,338 |
|
|
|
-3.9 |
% |
Revenue
passengers miles (RPMs) (mm)
|
|
|
1,807 |
|
|
|
1,619 |
|
|
|
11.6 |
% |
|
|
1,760 |
|
|
|
2.7 |
% |
Available
seat miles (ASMs) (mm)
|
|
|
2,430 |
|
|
|
2,077 |
|
|
|
17.0 |
% |
|
|
2,375 |
|
|
|
2.3 |
% |
Load
factor
|
|
|
74.4 |
% |
|
|
78.0 |
% |
|
-3.6
p.p.
|
|
|
|
74.1 |
% |
|
0.3
p.p.
|
|
Break-even
load factor
|
|
|
57.5 |
% |
|
|
65.2 |
% |
|
-7.7
p.p.
|
|
|
|
56.9 |
% |
|
0.6
p.p.
|
|
Yield
(cents)
|
|
|
16.2 |
|
|
|
17.3 |
|
|
|
-6.2 |
% |
|
|
18.5 |
|
|
|
-12.4 |
% |
RASM
(cents)
|
|
|
12.7 |
|
|
|
14.2 |
|
|
|
-10.8 |
% |
|
|
14.6 |
|
|
|
-12.8 |
% |
CASM
(cents)
|
|
|
9.9 |
|
|
|
11.8 |
|
|
|
-16.0 |
% |
|
|
11.0 |
|
|
|
-10.5 |
% |
CASM
- excl. fuel (cents)
|
|
|
6.8 |
|
|
|
7.7 |
|
|
|
-11.0 |
% |
|
|
7.2 |
|
|
|
-4.7 |
% |
Fuel
gallons consumed (mm)
|
|
|
33.9 |
|
|
|
29.6 |
|
|
|
14.5 |
% |
|
|
33.4 |
|
|
|
1.4 |
% |
Average
price of Fuel - Net of Hedges (US$)
|
|
|
2.16 |
|
|
|
2.82 |
|
|
|
-23.4 |
% |
|
|
2.73 |
|
|
|
-20.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copa
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passengers miles (RPMs) (mm)
|
|
|
1,566 |
|
|
|
1,393 |
|
|
|
12.4 |
% |
|
|
1,503 |
|
|
|
4.2 |
% |
Available
seat miles (ASMs) (mm)
|
|
|
2,039 |
|
|
|
1,715 |
|
|
|
18.9 |
% |
|
|
1,981 |
|
|
|
3.0 |
% |
Load
factor
|
|
|
76.8 |
% |
|
|
81.2 |
% |
|
-4.4
p.p.
|
|
|
|
75.9 |
% |
|
0.9
p.p.
|
|
Break-even
load factor
|
|
|
58.1 |
% |
|
|
63.0 |
% |
|
-4.9
p.p.
|
|
|
|
55.3 |
% |
|
2.8
p.p.
|
|
Yield
(US$ cents)
|
|
|
15.5 |
|
|
|
16.0 |
|
|
|
-3.2 |
% |
|
|
17.4 |
|
|
|
-10.9 |
% |
RASM
(cents)
|
|
|
12.6 |
|
|
|
13.8 |
|
|
|
-9.1 |
% |
|
|
14.1 |
|
|
|
-10.8 |
% |
CASM
(cents)
|
|
|
9.5 |
|
|
|
10.8 |
|
|
|
-11.8 |
% |
|
|
10.5 |
|
|
|
-9.9 |
% |
CASM
- excl. fuel (cents)
|
|
|
6.4 |
|
|
|
6.9 |
|
|
|
-7.1 |
% |
|
|
6.8 |
|
|
|
-5.5 |
% |
Fuel
gallons consumed (mm)
|
|
|
27.5 |
|
|
|
23.5 |
|
|
|
17.2 |
% |
|
|
26.9 |
|
|
|
2.1 |
% |
Average
price of Fuel - Net of Hedges (US$)
|
|
|
2.25 |
|
|
|
2.76 |
|
|
|
-18.4 |
% |
|
|
2.72 |
|
|
|
-17.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aero
Republica Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
passengers miles (RPMs) (mm)
|
|
|
241 |
|
|
|
226 |
|
|
|
6.2 |
% |
|
|
257 |
|
|
|
-6.3 |
% |
Available
seat miles (ASMs) (mm)
|
|
|
390 |
|
|
|
361 |
|
|
|
8.0 |
% |
|
|
395 |
|
|
|
-1.1 |
% |
Load
factor
|
|
|
61.6 |
% |
|
|
62.6 |
% |
|
-1.0
p.p.
|
|
|
|
65.0 |
% |
|
-3.4
p.p.
|
|
Break-even
load factor
|
|
|
52.9 |
% |
|
|
67.8 |
% |
|
-14.9
p.p.
|
|
|
|
58.9 |
% |
|
-6.0
p.p.
|
|
Yield
(cents)
|
|
|
20.9 |
|
|
|
25.2 |
|
|
|
-16.9 |
% |
|
|
25.0 |
|
|
|
-16.4 |
% |
RASM
(cents)
|
|
|
13.8 |
|
|
|
17.1 |
|
|
|
-19.6 |
% |
|
|
17.5 |
|
|
|
-21.2 |
% |
CASM
(cents)
|
|
|
12.1 |
|
|
|
17.3 |
|
|
|
-29.9 |
% |
|
|
14.0 |
|
|
|
-13.4 |
% |
CASM
- excl. fuel (cents)
|
|
|
9.3 |
|
|
|
12.1 |
|
|
|
-23.7 |
% |
|
|
9.9 |
|
|
|
-6.3 |
% |
Fuel
gallons consumed (mm)
|
|
|
6.3 |
|
|
|
6.1 |
|
|
|
4.3 |
% |
|
|
6.4 |
|
|
|
-1.5 |
% |
Average
price of Fuel - Net of Hedges (US$)
|
|
|
1.77 |
|
|
|
3.07 |
|
|
|
-42.2 |
% |
|
|
2.78 |
|
|
|
-36.2 |
% |
Income
Statement - USGAAP
(US$
Thousands)
|
|
Unaudited
|
|
|
Unaudited
|
|
|
%
|
|
|
Unaudited
|
|
|
%
|
|
|
|
1Q09
|
|
|
1Q08
|
|
|
Change
|
|
|
4Q08
|
|
|
Change
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
Revenue
|
|
|
293,152 |
|
|
|
280,224 |
|
|
|
4.6 |
% |
|
|
325,849 |
|
|
|
-10.0 |
% |
Cargo,
mail and other
|
|
|
15,604 |
|
|
|
15,662 |
|
|
|
-0.4 |
% |
|
|
20,210 |
|
|
|
-22.8 |
% |
Total
Operating Revenue
|
|
|
308,756 |
|
|
|
295,886 |
|
|
|
4.3 |
% |
|
|
346,059 |
|
|
|
-10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
|
|
73,472 |
|
|
|
84,344 |
|
|
|
-12.9 |
% |
|
|
91,408 |
|
|
|
-19.6 |
% |
Salaries
and benefits
|
|
|
36,733 |
|
|
|
34,147 |
|
|
|
7.6 |
% |
|
|
37,484 |
|
|
|
-2.0 |
% |
Passenger
servicing
|
|
|
26,019 |
|
|
|
23,235 |
|
|
|
12.0 |
% |
|
|
26,280 |
|
|
|
-1.0 |
% |
Commissions
|
|
|
13,223 |
|
|
|
16,961 |
|
|
|
-22.0 |
% |
|
|
14,798 |
|
|
|
-10.6 |
% |
Reservations
and sales
|
|
|
13,040 |
|
|
|
13,256 |
|
|
|
-1.6 |
% |
|
|
13,187 |
|
|
|
-1.1 |
% |
Maintenance,
material and repairs
|
|
|
16,860 |
|
|
|
17,323 |
|
|
|
-2.7 |
% |
|
|
17,737 |
|
|
|
-4.9 |
% |
Depreciation
|
|
|
11,928 |
|
|
|
10,000 |
|
|
|
19.3 |
% |
|
|
11,326 |
|
|
|
5.3 |
% |
Flight
operations
|
|
|
14,935 |
|
|
|
12,979 |
|
|
|
15.1 |
% |
|
|
14,680 |
|
|
|
1.7 |
% |
Aircraft
rentals
|
|
|
12,366 |
|
|
|
10,673 |
|
|
|
15.9 |
% |
|
|
10,078 |
|
|
|
22.7 |
% |
Landing
fees and other rentals
|
|
|
8,376 |
|
|
|
8,008 |
|
|
|
4.6 |
% |
|
|
8,305 |
|
|
|
0.9 |
% |
Other
|
|
|
12,886 |
|
|
|
13,246 |
|
|
|
-2.7 |
% |
|
|
16,766 |
|
|
|
-23.1 |
% |
Special
fleet charges
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
Operating Expense
|
|
|
239,838 |
|
|
|
244,172 |
|
|
|
-1.8 |
% |
|
|
262,049 |
|
|
|
-8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
68,918 |
|
|
|
51,714 |
|
|
|
33.3 |
% |
|
|
84,010 |
|
|
|
-18.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(8,936 |
) |
|
|
(10,980 |
) |
|
|
-18.6 |
% |
|
|
(10,891 |
) |
|
|
-18.0 |
% |
Interest
capitalized
|
|
|
318 |
|
|
|
521 |
|
|
|
-39.0 |
% |
|
|
525 |
|
|
|
-39.4 |
% |
Interest
income
|
|
|
2,563 |
|
|
|
2,768 |
|
|
|
-7.4 |
% |
|
|
2,863 |
|
|
|
-10.5 |
% |
Other,
net
|
|
|
14,394 |
|
|
|
(420 |
) |
|
|
-3527.3 |
% |
|
|
(42,639 |
) |
|
|
-133.8 |
% |
Total
Non-Operating Income/(Expense)
|
|
|
8,339 |
|
|
|
(8,111 |
) |
|
|
-202.8 |
% |
|
|
(50,142 |
) |
|
|
-116.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before Income Taxes
|
|
|
77,256 |
|
|
|
43,603 |
|
|
|
77.2 |
% |
|
|
33,868 |
|
|
|
128.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes
|
|
|
5,641 |
|
|
|
4,104 |
|
|
|
37.5 |
% |
|
|
8,113 |
|
|
|
-30.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
71,615 |
|
|
|
39,499 |
|
|
|
81.3 |
% |
|
|
25,755 |
|
|
|
178.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
EPS
|
|
|
1.67 |
|
|
|
0.92 |
|
|
|
81.6 |
% |
|
|
0.60 |
|
|
|
179.9 |
% |
Basic
Shares
|
|
|
42,907,967 |
|
|
|
42,985,220 |
|
|
|
-0.2 |
% |
|
|
43,194,566 |
|
|
|
-0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
|
1.65 |
|
|
|
0.91 |
|
|
|
81.2 |
% |
|
|
0.59 |
|
|
|
177.8 |
% |
Diluted
Shares
|
|
|
43,463,759 |
|
|
|
43,432,584 |
|
|
|
0.1 |
% |
|
|
43,425,896 |
|
|
|
0.1 |
% |
Copa
Holdings, S.A.
|
|
|
|
|
|
|
|
|
|
Balance
Sheet - USGAAP
|
|
|
|
|
|
|
|
|
|
(US$
Thousands)
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
2009
|
|
|
2008
|
|
|
2008
|
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$ |
302,905 |
|
|
$ |
220,808 |
|
|
$ |
234,593 |
|
Short-term
investments
|
|
|
92,568 |
|
|
|
176,018 |
|
|
|
70,500 |
|
Total
cash, cash equivalents and short-term investments
|
|
|
395,473 |
|
|
|
396,826 |
|
|
|
305,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable, net of allowance for doubtful accounts
|
|
|
82,021 |
|
|
|
70,609 |
|
|
|
84,194 |
|
Accounts
receivable from related parties
|
|
|
3,169 |
|
|
|
4,592 |
|
|
|
3,462 |
|
Expendable
parts and supplies, net of allowance for obsolescence
|
|
|
20,751 |
|
|
|
18,405 |
|
|
|
16,526 |
|
Prepaid
expenses
|
|
|
23,270 |
|
|
|
26,694 |
|
|
|
25,317 |
|
Other
current assets
|
|
|
5,419 |
|
|
|
5,338 |
|
|
|
15,593 |
|
Total
Current Assets
|
|
|
530,103 |
|
|
|
522,464 |
|
|
|
450,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
|
7,652 |
|
|
|
11,145 |
|
|
|
17,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned
property and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Flight
equipment
|
|
|
1,415,590 |
|
|
|
1,372,352 |
|
|
|
1,195,518 |
|
Other
equipment
|
|
|
57,109 |
|
|
|
55,291 |
|
|
|
53,352 |
|
|
|
|
1,472,699 |
|
|
|
1,427,643 |
|
|
|
1,248,870 |
|
Less:
Accumulated depreciation
|
|
|
(186,222 |
) |
|
|
(174,835 |
) |
|
|
(147,667 |
) |
|
|
|
1,286,477 |
|
|
|
1,252,808 |
|
|
|
1,101,203 |
|
Purchase
deposits for flight equipment
|
|
|
80,674 |
|
|
|
84,861 |
|
|
|
74,046 |
|
Total
Property and Equipment
|
|
|
1,367,151 |
|
|
|
1,337,669 |
|
|
|
1,175,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
pension asset
|
|
|
1,658 |
|
|
|
1,486 |
|
|
|
1,171 |
|
Goodwill
|
|
|
19,038 |
|
|
|
21,732 |
|
|
|
26,767 |
|
Intangible
asset
|
|
|
27,913 |
|
|
|
31,865 |
|
|
|
39,247 |
|
Other
assets
|
|
|
28,977 |
|
|
|
27,864 |
|
|
|
30,604 |
|
Total
Other Assets
|
|
|
77,586 |
|
|
|
82,947 |
|
|
|
97,789 |
|
Total
Assets
|
|
$ |
1,982,493 |
|
|
$ |
1,954,225 |
|
|
$ |
1,740,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDER'S EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of long-term debt
|
|
$ |
114,741 |
|
|
$ |
115,833 |
|
|
$ |
96,243 |
|
Accounts
payable
|
|
|
50,333 |
|
|
|
54,066 |
|
|
|
51,193 |
|
Accounts
payable to related parties
|
|
|
7,892 |
|
|
|
11,510 |
|
|
|
9,439 |
|
Air
traffic liability
|
|
|
154,469 |
|
|
|
182,490 |
|
|
|
150,383 |
|
Taxes
and interest payable
|
|
|
39,746 |
|
|
|
37,194 |
|
|
|
34,397 |
|
Accrued
expenses payable
|
|
|
37,418 |
|
|
|
40,642 |
|
|
|
57,342 |
|
Other
current liabilities
|
|
|
46,337 |
|
|
|
60,349 |
|
|
|
4,631 |
|
Total
Current Liabilities
|
|
|
450,937 |
|
|
|
502,084 |
|
|
|
403,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
812,124 |
|
|
|
800,196 |
|
|
|
739,886 |
|
Post
employment benefits liability
|
|
|
2,060 |
|
|
|
2,072 |
|
|
|
1,866 |
|
Other
long-term liabilities
|
|
|
9,052 |
|
|
|
8,694 |
|
|
|
10,273 |
|
Deferred
tax liabilities
|
|
|
8,135 |
|
|
|
8,747 |
|
|
|
8,119 |
|
Total
Non-Current Liabilities
|
|
|
831,371 |
|
|
|
819,709 |
|
|
|
760,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
1,282,308 |
|
|
|
1,321,793 |
|
|
|
1,163,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A - 30,416,440 shares issued and outstanding
|
|
|
20,858 |
|
|
|
20,761 |
|
|
|
20,761 |
|
Class
B - 12,778,125 shares issued and outstanding
|
|
|
8,722 |
|
|
|
8,722 |
|
|
|
8,722 |
|
Additional
paid in capital
|
|
|
14,664 |
|
|
|
13,481 |
|
|
|
10,037 |
|
Retained
earnings
|
|
|
665,617 |
|
|
|
594,004 |
|
|
|
531,098 |
|
Accumulated
other comprehensive income (loss)
|
|
|
(9,676 |
) |
|
|
(4,536 |
) |
|
|
6,371 |
|
Total
Shareholders' Equity
|
|
|
700,185 |
|
|
|
632,432 |
|
|
|
576,989 |
|
Total
Liabilities and Shareholders' Equity
|
|
$ |
1,982,493 |
|
|
$ |
1,954,225 |
|
|
$ |
1,740,761 |
|
Copa
Holdings, S.A.
NON-GAAP
FINANCIAL MEASURE RECONCILIATION
This
press release includes the following non GAAP financial measures: Adjusted
EBITDAR, Adjusted Net Income and Adjusted EPS. This
supplemental information is presented because we believe they are useful
indicators of our operating performance and are useful in comparing our
performance with other companies in the airline industry. These measures should
not be considered in isolation, and should be considered together with
comparable U.S. GAAP measures, in particular operating income and net income.
The following is a reconciliation of these non-GAAP financial measures to the
comparable U.S. GAAP measures:
Reconciliation
of EBITDAR
|
|
|
|
|
|
|
|
|
|
Excluding
Special Items
|
|
1Q09
|
|
|
1Q08
|
|
|
4Q08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as Reported
|
|
$ |
71,615 |
|
|
$ |
39,499 |
|
|
$ |
25,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
(8,936 |
) |
|
|
(10,980 |
) |
|
|
(10,891 |
) |
Capitalized
Interest
|
|
|
318 |
|
|
|
521 |
|
|
|
525 |
|
Interest
Income
|
|
|
2,563 |
|
|
|
2,768 |
|
|
|
2,863 |
|
Income
Taxes
|
|
|
(5,641 |
) |
|
|
(4,104 |
) |
|
|
(8,113 |
) |
EBIT
|
|
|
83,311 |
|
|
|
51,294 |
|
|
|
41,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and Amortization
|
|
|
11,928 |
|
|
|
10,000 |
|
|
|
11,326 |
|
EBITDA
|
|
|
95,239 |
|
|
|
61,294 |
|
|
|
52,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
Rent
|
|
|
12,366 |
|
|
|
10,673 |
|
|
|
10,078 |
|
Other
Rentals
|
|
|
3,812 |
|
|
|
3,883 |
|
|
|
3,873 |
|
EBITDAR
|
|
$ |
111,417 |
|
|
$ |
75,850 |
|
|
$ |
66,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items (adjustments):
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
(gain) loss on fuel hedging instruments (1)
|
|
|
(16,163 |
) |
|
|
(1,786 |
) |
|
|
39,462 |
|
Adjusted
EBITDAR
|
|
$ |
95,254 |
|
|
$ |
74,064 |
|
|
$ |
106,111 |
|
Reconciliation
of Net Income
|
|
|
|
|
|
|
|
|
|
Excluding
Special Items
|
|
1Q09
|
|
|
1Q08
|
|
|
4Q08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income as Reported
|
|
$ |
71,615 |
|
|
$ |
39,499 |
|
|
$ |
25,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items (adjustments):
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
(gain) loss on fuel hedging instruments (1)
|
|
|
(16,163 |
) |
|
|
(1,786 |
) |
|
|
39,462 |
|
Adjusted
Net Income
|
|
$ |
55,452 |
|
|
$ |
37,713 |
|
|
$ |
65,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
used for Computation (in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
42,908 |
|
|
|
42,985 |
|
|
|
43,195 |
|
Diluted
|
|
|
43,464 |
|
|
|
43,433 |
|
|
|
43,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1.29 |
|
|
|
0.88 |
|
|
|
1.51 |
|
Diluted
|
|
|
1.28 |
|
|
|
0.87 |
|
|
|
1.50 |
|
FOOTNOTE:
(1)
|
The
1Q09 and 1Q08 periods included a non-cash gains of US$16.2 million and
$1.8 Million, respectively, and 4Q08 period included non-cash charge of
US$39.5 million resulting from the mark-to-market accounting for changes
in the fair value of fuel hedging
instruments.
|