Spirit Airlines Reports First Quarter Operating Profit
Bennett via BizWire
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 29, 2004--Spirit
Airlines, the largest privately-held carrier in the U.S., reports an
operating profit of $2.6 million for the first quarter of 2004.
Spirit served more than 1.2 million passengers in the first three
months of this year, a record for the airline. During the 1st quarter
of 2004, Spirit announced an investment of $125 million from Oaktree
Capital Management as well as an aircraft order for 35 new Airbus
aircraft with options to purchase 50 more.
"This has been a busy and exciting 1st quarter for us and the
results speak for themselves with year over year improvements in all
metrics including profitability," said Jacob Schorr, President and CEO
of Spirit Airlines. "Customers have responded to our low fares and
industry leading service. By controlling our costs, we are able to
maintain our profitability even in this very competitive environment
and provide our customers with real value as a result."
-- 1st quarter revenues reached $131.1 million, an increase of
11% when compared to the same period last year.
-- Available seat miles reached 1,612,387,350 an increase of 5%
over 1st quarter '03.
-- 1st quarter revenue passenger miles reached 1,253,518, 000 an
increase of 7.5 % over the same period last year.
-- Spirit Airlines operates on one of the lowest operating costs
per available seat mile (CASM). Spirit's CASM was 7.97 cents
for the quarter. Excluding fuel costs CASM was 5.91 cents.
-- In 2003, Spirit had the 2nd highest load factor of any U.S.
airline.
-- During the past five years, the airline doubled its revenues
to more than $450 million in 2003. During this period of
extraordinary growth, Spirit made significant investments in
its systems, technology, product and brand, all focused on
improving customer service and satisfaction.
-- Chosen by South Florida Business Journal as 2004 Business of
the Year.
About Spirit Airlines - Quick Facts
-- Headquartered in Fort Lauderdale, Fla.
-- Founded in 1990 in Eastpointe, Michigan
-- Spirit Airlines is the largest privately-held airline in the
U.S.
-- Ranks as the 16th largest airline in the U.S.
-- 125 flights daily to 16 cities
-- 2,700 employees nationwide
-- Spirit's website is http://www.spiritair.com
Headquartered in Fort Lauderdale, Fla., 13 year old Spirit
Airlines is the largest privately-held airline in the U.S. Spirit
brings low fares and friendly service to 16 cities, including:
Atlantic City, N.J., Cancun, Mexico, Chicago/O'Hare, Denver, Detroit,
Las Vegas, Los Angeles, Myrtle Beach, S.C., New York/LaGuardia, San
Juan, Puerto Rico, Washington, D.C., the Florida cities of Fort
Lauderdale, Fort Myers, Orlando, Tampa and seasonal service to West
Palm Beach. Spirit's website is http://www.spiritair.com.