Virgin America reports USD16m operating profit in 3Q2011

Virgin America revenue up 44% - financial highlights for three months ended 30-Sep-2011:

• Operating revenue: USD290.6 million, +43.8% year-on-year;
• Operating costs: USD274.4 million, +51.5%;
  • Fuel: USD110.1 million, +86.1%;
  • Aircraft lease: USD42.4 million, +40.7%;
  • Labour: USD35.3 million, +30.6%;
• Operating profit: USD16.2 million, -22.8%;
• Net profit (loss): (USD3.3 million), compared to a profit of USD7.5 million in p-c-p;
• Passenger numbers: 1.4 million, +38.1%;
• Load factor: 84.2%, -0.1 ppt;
• Average fares: USD194.68, +5.1%;
• Yield per RPM: USD 12.30 cents, +9.8%;
• Total revenue per ASM: USD 11.28 cents, +8.8%;
• Passenger revenue per ASM: USD 10.36 cents, +9.7%;
• Cost per ASM: USD 10.65 cents, +14.6%;
• Cost per ASM excl fuel: USD 6.38 cents, +2.1%;
• Average stage length: 1566 miles, -1.6%. [more – original PR]

Virgin America: “We’re pleased to announce this additional USD150 million debt offering, which demonstrates confidence in our outlook and business model. This increase in liquidity supports our long-term vision and growth plans for Virgin America. In addition, we have fully funded our aircraft capital requirements through the third quarter of 2013,” David Cush, president and CEO. Source: Virgin America, 21-Dec-2011.

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  As most of the US airline industry was collectively earning over USD1 billion in the third quarter, Virgin America joined Southwest and American in posting losses. The San Francisco-based carrier posted USD3.3 million in losses – a paltry sum compared to the USD140 million loss at Southwest, and relatively positive news considering the airline's overall financial performance.

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