FlyAirtran
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Midwest Air Group Posts $8 Million Profit for Quarter
MILWAUKEE (AP) -- Midwest Air Group Inc. on Thursday reported first-quarter profit of $8 million -- its fourth straight quarter of profits after several years of losses.
The parent company of Midwest Airlines and Midwest Connect said operating revenue for the quarter jumped 10 percent from a year ago to $165.8 million.
But Chairman and Chief Executive officer Timothy Hoeksema said he had hoped the company would do even better.
"While the first quarter of 2007 was positive on several levels, overall it fell short of our expectations," Hoeksema said. "The first quarter is historically weak for Midwest, and this year was no exception."
Earnings per share for the first quarter were 31 cents, compared with a loss of 49 cents a share in the same period a year ago, when the Milwaukee-based company reported a first-quarter loss of $8.7 million.
Midwest attributed its jump in revenue to increases in passenger traffic, "schedule and service enhancements" and a $19.9 million adjustment to the fair value of fixed fuel contracts.
Last July, Midwest Air Group posted a profit of $8.8 million in the second quarter, ending a string of losses that dated to the third quarter of 2003.
The airline, which has repeatedly rejected a buyout bid from rival AirTran Holdings Inc., said the first quarter of 2007 saw continued gains in market share at its Milwaukee and Kansas City hubs.
In February, Midwest Airlines and Midwest Connect carried 53 percent of passengers departing from Milwaukee, up from 50 percent a year ago, and 11 percent of passengers departing from Kansas City, up from 10 percent a year ago, the company said.
Hoeksema said the company is on track to significantly improved profits in 2007 through an aggressive plan of route expansion, frequency of flights and better equipment.
Midwest stock fell 26 cents, or 1.8 percent, to close at $14.03 on the American Stock Exchange.
Midwest Air Group: http://www.midwestairlines.com
MILWAUKEE (AP) -- Midwest Air Group Inc. on Thursday reported first-quarter profit of $8 million -- its fourth straight quarter of profits after several years of losses.
The parent company of Midwest Airlines and Midwest Connect said operating revenue for the quarter jumped 10 percent from a year ago to $165.8 million.
But Chairman and Chief Executive officer Timothy Hoeksema said he had hoped the company would do even better.
"While the first quarter of 2007 was positive on several levels, overall it fell short of our expectations," Hoeksema said. "The first quarter is historically weak for Midwest, and this year was no exception."
Earnings per share for the first quarter were 31 cents, compared with a loss of 49 cents a share in the same period a year ago, when the Milwaukee-based company reported a first-quarter loss of $8.7 million.
Midwest attributed its jump in revenue to increases in passenger traffic, "schedule and service enhancements" and a $19.9 million adjustment to the fair value of fixed fuel contracts.
Last July, Midwest Air Group posted a profit of $8.8 million in the second quarter, ending a string of losses that dated to the third quarter of 2003.
The airline, which has repeatedly rejected a buyout bid from rival AirTran Holdings Inc., said the first quarter of 2007 saw continued gains in market share at its Milwaukee and Kansas City hubs.
In February, Midwest Airlines and Midwest Connect carried 53 percent of passengers departing from Milwaukee, up from 50 percent a year ago, and 11 percent of passengers departing from Kansas City, up from 10 percent a year ago, the company said.
Hoeksema said the company is on track to significantly improved profits in 2007 through an aggressive plan of route expansion, frequency of flights and better equipment.
Midwest stock fell 26 cents, or 1.8 percent, to close at $14.03 on the American Stock Exchange.
Midwest Air Group: http://www.midwestairlines.com
