Spirit MEC economic update

[McNugget]

Any indication on cash reserves or liquidity? That's what everyone needs to know to believe their statements.

I thought Spirit was the nation's largest privately-held airline, and therefore does not have to publicly post all of their financial information.

That being said, here's their 3Q 2007 Operating Info from www.aviationdb.com. I edited it to just revenue, expenses, and profit. (Quote: "The data comes from the Bureau of Transportation Statistics (BTS), Form 41 Financial Schedule, form P-12. There are records available from January 1990 through September 2007."):


Carrier operating revenues: 204,647,050
operating expenses: 196,995,430
income: 2,050,680

That being said, unless you work in accounting at Spirit, there is no telling for sure whether or not this is accurate information.

 

[McNugget]

P.S., as a comparison: The same website shows Virgin America's 3Q 2007 LOSS as $34,824,550, if the numbers are to be believed.

 

[Beetle007]

I think that is accurate. Virgin America had a 34+ million LOSS for the third quarter. Unlike almost every other airline, they didn't release their number for the fourth quarter 2007.

I heard a few months ago that they were trying to get out of publishing their numbers for the 4th quarter. When the numbers were published last week it said that Virgin hadn't published their 4th quarter. I'm not sure how that works or how long they can choose not to play by the U.S. rules.

 

[AKAAB]

I thought Spirit was the nation's largest privately-held airline, and therefore does not have to publicly post all of their financial information.

That's precisely why I was asking if they gave any indication as to there current liquidity. Otherwise, I would have just looked it up.

The gnawing question is how much cash they have available to weather the downturn in the industry and rising oil. Since they don't share that readily, it leaves us to wonder how much to believe any pronouncements that everything is fine.

 

[Mike man]

With the new pay calculations starting June 1 doesn't that change status quo?

Is that legal?

And how crappy is that...