DarnNearaJet
Well-known member
- Joined
- Jun 17, 2002
- Posts
- 174
Does anyone have any info on first, second year pay and then lowest, highest CA pay?
Also, would anyone care to comment on the comapny's overall financial health?
ATA says can't meet financial obligations, in talks with lessors
Dateline: Wednesday July 30, 2003
Although it reported a profit for the second quarter, ATA Holdings, parent of ATA Airlines, said it will not be able to meet debt and lease obligations next year.
At June 30 the company said it had approximately $507.8 million of outstanding debt, including $175 million in 10.5% senior notes due 2004. This year it must pay $326.7 million in interest and principal on its debt and aircraft and other operating leases. In 2004, $549.2 million is due, followed by $506.9 million in 2005. ATA Holdings, whose cash balance decreased to $186 million as of June 30 from $200.2 million on Dec. 31, said its anticipated cash flows from operations, combined with unrestricted cash on hand, will not be sufficient to meet these obligations.
ATA said it currently is in preliminary discussions with its major lessors to re-price cash rentals to result in a more constant stream of rental payments due under certain of its aircraft operating leases. It has engaged Citigroup and Morgan Stanley to evaluate its options to refinance or restructure the $175 million in notes.
The news came alongside the airline's strong second-quarter performance. It reported net income available to common shareholders, including special items, of $40.8 million compared with a net loss available to shareholders of $57.9 million in the year-ago period. Special items in the 2003 quarter included $37.2 million in government reimbursement for security fees.
Total operating revenues rose 21.8% to $388.1 million on a 23.8% increase in scheduled service revenues. Operating expenses declined 12.1% to $332.2 million. As a result, operating income totaled $55.9 million, a significant improvement over an operating loss of $59.3 million in the 2002 quarter.
Second-quarter CASM fell 30.4% to 6.19 cents, or 15.3% to 6.88 cents excluding the effects of government funds and aircraft impairments and retirements. Executive VP and CFO David Wing said the decline was the result of increased average daily aircraft utilization and "significant operating expense improvements" owing to ATA's new 737-800s and 757-300s. RASM during the period dropped 2.2% to 6.66 cents and yield deteriorated 2.1% to 8.71 cents.
For the six months ended June 30, net income totaled $32.3 million, a sharp improvement over a $53.5 million net loss in the first half of 2002. Operating revenues rose 17.4% to $761.8 million and operating expenses inched up 0.9% to $704.3 million, producing an operating income of $57.5 million versus an operating loss of $49.2 million last year.--Loren Farrar
Also, would anyone care to comment on the comapny's overall financial health?
ATA says can't meet financial obligations, in talks with lessors
Dateline: Wednesday July 30, 2003
Although it reported a profit for the second quarter, ATA Holdings, parent of ATA Airlines, said it will not be able to meet debt and lease obligations next year.
At June 30 the company said it had approximately $507.8 million of outstanding debt, including $175 million in 10.5% senior notes due 2004. This year it must pay $326.7 million in interest and principal on its debt and aircraft and other operating leases. In 2004, $549.2 million is due, followed by $506.9 million in 2005. ATA Holdings, whose cash balance decreased to $186 million as of June 30 from $200.2 million on Dec. 31, said its anticipated cash flows from operations, combined with unrestricted cash on hand, will not be sufficient to meet these obligations.
ATA said it currently is in preliminary discussions with its major lessors to re-price cash rentals to result in a more constant stream of rental payments due under certain of its aircraft operating leases. It has engaged Citigroup and Morgan Stanley to evaluate its options to refinance or restructure the $175 million in notes.
The news came alongside the airline's strong second-quarter performance. It reported net income available to common shareholders, including special items, of $40.8 million compared with a net loss available to shareholders of $57.9 million in the year-ago period. Special items in the 2003 quarter included $37.2 million in government reimbursement for security fees.
Total operating revenues rose 21.8% to $388.1 million on a 23.8% increase in scheduled service revenues. Operating expenses declined 12.1% to $332.2 million. As a result, operating income totaled $55.9 million, a significant improvement over an operating loss of $59.3 million in the 2002 quarter.
Second-quarter CASM fell 30.4% to 6.19 cents, or 15.3% to 6.88 cents excluding the effects of government funds and aircraft impairments and retirements. Executive VP and CFO David Wing said the decline was the result of increased average daily aircraft utilization and "significant operating expense improvements" owing to ATA's new 737-800s and 757-300s. RASM during the period dropped 2.2% to 6.66 cents and yield deteriorated 2.1% to 8.71 cents.
For the six months ended June 30, net income totaled $32.3 million, a sharp improvement over a $53.5 million net loss in the first half of 2002. Operating revenues rose 17.4% to $761.8 million and operating expenses inched up 0.9% to $704.3 million, producing an operating income of $57.5 million versus an operating loss of $49.2 million last year.--Loren Farrar
