Airtran Airways posts Record Net Quarterly Earnings

CatfishVT9

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ORLANDO, Fla., July 22 /PRNewswire-FirstCall/ -- AirTran Holdings, Inc., (NYSE: AAI - News), the parent company of AirTran Airways, Inc., today reported net income of $78.4 million or $0.56 per diluted share for the second quarter of 2009. This represents a $93.3 million improvement over the same quarter of 2008, reversing a net loss of $14.8 million or $0.14 per diluted share.
Operating income during the second quarter was $66.2 million. Year-to-date, the Company has achieved record operating income of $113.9 million, resulting in an operating margin of 9.9 percent, AirTran's best first half performance since 2001. Load factors were at all time highs of 80.7 percent for the quarter and 78.6 percent year-to-date.
Included in net income for the second quarter were $31 million of unrealized gains on the Company's future fuel hedge portfolio, $3.3 million of gains on extinguishment of debt, net of tax, and a $2.4 million write-off of capitalized interest on the disposition of aircraft. Excluding these items, the economic net income for the second quarter of 2009 was $46.6 million or $0.34 per diluted share.
"We are proud of the continued extraordinary performance of our 8,500 dedicated Crew Members from coast to coast, and we are delighted to report significantly improved financial results as reflected by our strong quarterly net income," said Bob Fornaro, AirTran Airways' chairman, president and chief executive officer. "We remain committed to providing low fares and a superior product that our loyal passengers value."
During the second quarter, AirTran Airways continued to add service from its principal operating locations of Atlanta, Baltimore, Milwaukee, and Orlando as well as initiating new service to Allentown, Pa., Asheville, N.C., Atlantic City, N.J., Branson, Mo., Charleston, W.Va., and Knoxville, Tenn. Specifically, the Company increased capacity in Milwaukee by over 30 percent as compared to last year and is now the second largest airline serving Milwaukee and its surrounding communities, including Northern Illinois.
"We are extremely pleased with our customers' response to AirTran's expanded network services and particularly to our growth in Milwaukee," said Kevin Healy, senior vice president of marketing and planning for AirTran Airways. "It is clear that our industry-leading combination of low fares and high-quality amenities, such as new Boeing jets, Business Class, and Inflight Wi-Fi on every flight, is highly valued by our customers across our network."
AirTran Airways was among the first airlines to react to the changing economic environment in 2008 through a series of proactive initiatives, which included reducing and reallocating capacity, enhancing liquidity, selling and deferring aircraft, and unwinding fuel hedges. "Our year-to-date results continue to reflect the rewards of the many difficult decisions we made as a Company last year," said Arne Haak, senior vice president of finance, treasurer and chief financial officer for AirTran Airways. "The combination of reduced capacity, lower fuel prices, and the lowest cost structure of any major airline allows us to compete effectively in what remains a challenging and uncertain economy."
 

CatfishVT9

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Let's keep this profit streak going.

Concessions for all my friends!!! Bigger management bonuses!!!
 

9rj9

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you guys sure are making the bosses rich...
 

scarlet

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and they are complaining about the pilots dragging their feet?? Guess on-time is down? Just like them at the table I guess.?
 

Browntothebone

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Since you guys are now profitable, you demand Delta +1% in your new contract. Accept nothing less.
 

Yuppyguppy

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when are you going to stick it to management...it's been over 4 years!
 

maxblast72

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As soon as you guys stop farming out your sub-100 seat flying to guys that make 50% as much as you do.
 

Angus

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when are you going to stick it to management...it's been over 4 years!
About the same time the UAL Pilots figure out how to call in sick without getting a court injunction..... LMFAO!! Pot... meet kettle...

How's that career of yours going? 10+ years... and you are still broke, bitter, and stupid.

That's OK... Flightinfo is the PERFECT place for you to park that dumazz of yours.... and enlighten everyone about the Airline Industry.... something reality reflects that in 10+ years you apparently haven't EVER figured out how to make work for YOU.

That's OK... you will be furloughed (AGAIN)... and still sit around broke, bitter, and still stupid, offerring your online "pearls of wisdom" about everyone else, instead of logging off the computer and actually IMPROVING your life and career.... It defines the the phrase "hypocritical irony".

Keep up the good work "G"!

LMFAO!!
 

JohnQ

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when are you going to stick it to management...it's been over 4 years!
I hate to break it to you, but the Air Tran pilots' business is their business--not yours (nor is the UAL pilots' business any of the Air Tran guys).

This is a capitalist economy. Accept it.
 

maxblast72

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I hate to break it to you, but the Air Tran pilots' business is their business--not yours (nor is the UAL pilots' business any of the Air Tran guys).

This is a capitalist economy. Accept it.
That is one of the smartest posts I have ever seen on FI.
 

Full of LUV

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Uhhhhh, what?

I hate to break it to you, but the Air Tran pilots' business is their business--not yours (nor is the UAL pilots' business any of the Air Tran guys).

This is a capitalist economy. Accept it.
Hate to break it to ya, but Air Tran pilots' slaries effect everyone else in the industry. If you are saying that you believe that Air Tran pilots are fairly compensated, then that is that, at least the rest of the industry will know where they stand. I think Yuppy is frustrated that four years later you have a company making record profits during the worst recession since the great depression, but their pilots seem content with below average pay and benefits. I think it's human nature though, because the pillots think that the record profits will result in record growth and at least they won't be stuck at the bottom.
 

Lear70

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I wouldn't say they're "content"... far from it, actually.

Just got a memo yesterday that says the company is tracking pilots who are taxiing slow and may consider it a "work action". Rumor has it that the pilots are actually saying things like "We'll speed up when we get a contract" on the radio.

Guys and gals throughout the system are PI$$ED!! Just because every single one of them isn't on here screaming about it doesn't mean they're happy with status-quo; not really sure where you got that idea to begin with...
 

DonVerita

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My pay raise expectations just went up to SWA + 5% in addition to all the other section improvements like Scope, Health Benefits, Retirement, Hotels, Scheduling, Training, Reserve, etc.

Anyone who has any doubt as to our resolve, consider yourself invited to watch us perform with military precision on the informational picket line in ATL on August 6th.
 

Browntothebone

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My pay raise expectations just went up to SWA + 5% in addition to all the other section improvements like Scope, Health Benefits, Retirement, Hotels, Scheduling, Training, Reserve, etc.

Anyone who has any doubt as to our resolve, consider yourself invited to watch us perform with military precision on the informational picket line in ATL on August 6th.
Make sure you square your corners when you turn!
 

Browntothebone

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My pay raise expectations just went up to SWA + 5% in addition to all the other section improvements like Scope, Health Benefits, Retirement, Hotels, Scheduling, Training, Reserve, etc.

Anyone who has any doubt as to our resolve, consider yourself invited to watch us perform with military precision on the informational picket line in ATL on August 6th.
RAH will be the new trend setter in wages. They are the new super airline conglomerate. Expect no better than RAH+1%.
 

Secret Squirrel

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Yuppy guppy I am sure knows the problems we have here because he worked here. AAI hired him after he was furloughed at UAL and he accepted recall instead of stay here. He has made many posts on here about his dislike for this company. But he is not far off in a lot of his points. Management is downright abusive. There is a fugative mentality in a lot of the pilots who are just happy to have a job and don't want to rock the boat. Then there is the 10% who are just downright management flunkies. But there are a lot of people that are working hard to make this a good place to work whether management likes it or not.
 
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