RedDogC130
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ST. PAUL, Minn.--(BUSINESS WIRE)--MN Airlines, LLC d/b/a Sun Country Airlines today announced record first quarter net income of $8.1MM. This compares to a net loss of $8.3MM in the first quarter of 2008.
“We are pleased with the record financial performance and the success of our turnaround to date,” said Stan Gadek, chairman and CEO. “I am very proud of the hard work and determination of every person on the Sun Country team. They deserve full credit for these outstanding results and having overcome significant challenges during the past year.”
First quarter operating income was $9.8MM and operating margin was 15.3%, both representing all-time records for the airline. Contributing to the operating income were significant year-over-year gains in charter and ancillary revenue as well as an 8.3% increase in passenger unit revenue to 8.31 cents per available seat mile.
During the first quarter, Sun Country’s operating unit costs declined 5.9% to 8.06 cents per available seat mile as a result of lower fuel costs and improved cost controls and efficiencies. Load factor or the percentage of filled seats increased 8.3 points from 71.5% in the first quarter 2008 to 79.8% in the first quarter 2009.
“Our greatest thanks go out to our customers who have continued to support Sun Country with their business,” Gadek said. “People not only want low fares, they want great service, and they receive both on Sun Country Airlines.”
Repayment of Deferred Wages
The company also announced that it will complete the repayment of employee deferred wages on April 22. This will represent the fifth and final payment and will include 3% interest on the amount of deferred wages. “We have an outstanding employee group and I am pleased to return their wages with interest which they contributed to the company,” said Stan Gadek, chairman and CEO.
2009 Updates
Since the first of the year Sun Country has announced:
“We are pleased with the record financial performance and the success of our turnaround to date,” said Stan Gadek, chairman and CEO. “I am very proud of the hard work and determination of every person on the Sun Country team. They deserve full credit for these outstanding results and having overcome significant challenges during the past year.”
First quarter operating income was $9.8MM and operating margin was 15.3%, both representing all-time records for the airline. Contributing to the operating income were significant year-over-year gains in charter and ancillary revenue as well as an 8.3% increase in passenger unit revenue to 8.31 cents per available seat mile.
During the first quarter, Sun Country’s operating unit costs declined 5.9% to 8.06 cents per available seat mile as a result of lower fuel costs and improved cost controls and efficiencies. Load factor or the percentage of filled seats increased 8.3 points from 71.5% in the first quarter 2008 to 79.8% in the first quarter 2009.
“Our greatest thanks go out to our customers who have continued to support Sun Country with their business,” Gadek said. “People not only want low fares, they want great service, and they receive both on Sun Country Airlines.”
Repayment of Deferred Wages
The company also announced that it will complete the repayment of employee deferred wages on April 22. This will represent the fifth and final payment and will include 3% interest on the amount of deferred wages. “We have an outstanding employee group and I am pleased to return their wages with interest which they contributed to the company,” said Stan Gadek, chairman and CEO.
2009 Updates
Since the first of the year Sun Country has announced:
- <LI class=bwlistitemmarginbottom>New non-stop service to Branson, MO., from Minneapolis/St. Paul and Dallas/Ft. Worth commencing May 11th; and from Minneapolis/St. Paul to Boston MA., commencing May 15th. <LI class=bwlistitemmarginbottom>The return of seasonal service in April from Minneapolis/St. Paul to Seattle, WA., Los Angeles and San Francisco, CA., and Washington-Dulles, VA.
- The addition of two fuel efficient Boeing 737-700 aircraft to its fleet of 737-800 aircraft.
