Spirit Airlines Announces First Quarter 2013 Results:

Victoria
By Victoria April 30, 2013 09:53

Spirit Airlines Announces First Quarter 2013 Results:

 

Spirit Airlines adjusted net income for the first quarter 2013 was $32.8 million, or $0.45 per diluted share. GAAP net income was $30.6 million, or $0.42 per diluted share.

For the first quarter 2013, Spirit achieved an operating margin, excluding special items, of 14.4%. Operating margin on a GAAP basis was 13.4% for the first quarter 2013.

Spirit ended the first quarter 2013 with $483.5 million in unrestricted cash.

Spirit grew total available seat miles (“ASMs”) 20.8% as compared to the first quarter 2012.

Spirit’s return on invested capital (before taxes and excluding special items) for the last twelve months ended March 31, 2013 was 28.0%.

“We are pleased to report strong first quarter results. Our team continues to do a great job delivering among the best results in the industry while offering our customers low base fares.  Our average base fare per passenger segment in the first quarter 2013 was $79.09.  Spirit is proud to offer extremely low base fares so that, even when adding in optional extras, the total price our customers pay is almost always less than what they would pay on other airlines,” said Ben Baldanza, Spirit’s President and Chief Executive Officer.  “We are committed to our low-cost, low-fare strategy and to providing value for our customers and our shareholders.”

For the first quarter 2013, Spirit’s total operating revenue was $370.4 million , an increase of 22.9% , compared to first quarter 2012 .

Total revenue per available seat mile (“RASM”) for the first quarter 2013 was 11.85 cent s, an increase of 1.7% compared to the first quarter 2012 driven by strength in operating yields. The calendar shift of Easter occurring in March this year compared to April in 2012 contributed to the strong first quarter 2013 results.

Passenger flight segment (“PFS”) volume grew 17.8% year-over-year in the first quarter 2013. Average non-ticket revenue per PFS for the first quarter 2013 increased 5.9% year-over-year to $54.75 and average ticket revenue per PFS for the quarter increased 3.2% year-over-year to $79.09. The growth in non-ticket revenue per PFS during the first quarter 2013 was primarily driven by the introduction of advance purchase restrictions on bags as well as other various changes in our pricing structure for optional services.

Total operating expenses in the first quarter 2013 increased 21.4% year-over-year to $320.8 million on a capacity increase of 20.8%.

 

Victoria
By Victoria April 30, 2013 09:53
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