Associated Press
Atlantic Coast Airlines Posts 2Q Loss
Wednesday July 28, 1:42 pm ET Atlantic Coast Airlines Posts 2Q Loss During Difficult Transition to Independence Air
DULLES, Va. (AP) -- Atlantic Coast Airlines Holdings Inc. on Wednesday reported a loss in the second-quarter, as exits from the United Express and Delta Connection programs, and the company's subsequent transformation into low-fare carrier Independence Air, hurt results and caused the company to miss Wall Street estimates.
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http://us.ard.yahoo.com/SIG=125fd21...fer=YHOREFER&property=finance&area=news&url=/For the three months ended June 30, the company reported a loss of $27.1 million, or 60 cents a share, compared with earnings of $45.7 million, or $1.01 per share in the year-ago period. Excluding one-time items, Atlantic Coast reported a loss of $11.4 million, or 25 cents per share, for the latest quarter, slightly wider than analyst expectations of a loss of 22 cents per share.
Revenues for the quarter were down 16 percent to $190.5 million from $227.1 million, hurt by the company's exit from its United Express program beginning June 4, and the startup of Independence Air service on June 16. The company also incurred increased sales and marketing expenses associated with Independence Air operations.
In addition, second-quarter results were impacted by a dispute in which UAL Corp.'s United Airlines withheld $1.1 million from payments due in June, as well as by $1 million in painting expenses and a $1 million reserve for a previously disclosed Federal Aviation Administration fine related to a labor dispute.
Atlantic Coast Airlines shares recently traded down 18 cents, or nearly 5 percent, at $3.53 on the Nasdaq.
Atlantic Coast Airlines Posts 2Q Loss
Wednesday July 28, 1:42 pm ET Atlantic Coast Airlines Posts 2Q Loss During Difficult Transition to Independence Air
DULLES, Va. (AP) -- Atlantic Coast Airlines Holdings Inc. on Wednesday reported a loss in the second-quarter, as exits from the United Express and Delta Connection programs, and the company's subsequent transformation into low-fare carrier Independence Air, hurt results and caused the company to miss Wall Street estimates.
[size=-2]ADVERTISEMENT[/size]
http://us.ard.yahoo.com/SIG=125fd21...fer=YHOREFER&property=finance&area=news&url=/For the three months ended June 30, the company reported a loss of $27.1 million, or 60 cents a share, compared with earnings of $45.7 million, or $1.01 per share in the year-ago period. Excluding one-time items, Atlantic Coast reported a loss of $11.4 million, or 25 cents per share, for the latest quarter, slightly wider than analyst expectations of a loss of 22 cents per share.
Revenues for the quarter were down 16 percent to $190.5 million from $227.1 million, hurt by the company's exit from its United Express program beginning June 4, and the startup of Independence Air service on June 16. The company also incurred increased sales and marketing expenses associated with Independence Air operations.
In addition, second-quarter results were impacted by a dispute in which UAL Corp.'s United Airlines withheld $1.1 million from payments due in June, as well as by $1 million in painting expenses and a $1 million reserve for a previously disclosed Federal Aviation Administration fine related to a labor dispute.
Atlantic Coast Airlines shares recently traded down 18 cents, or nearly 5 percent, at $3.53 on the Nasdaq.
