[SIZE=-1]WASHINGTON (Reuters) - Low-cost U.S. airline Virgin America narrowed its loss in the first quarter on sharply higher revenue and lower unit costs.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The airline, branded by Britain's Virgin Group , reported a $40.3 million (24.6 million pound) net loss compared with a $52 million net loss in the comparable period of 2008.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Excluding items, the airline reported a loss of $31.6 million.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Revenue per seat mile was 7.2 cents compared with 6.4 cents a year ago. Cost per available seat mile was 9.5 cents compared with 12.5 cents a year ago.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The company said revenue nearly doubled to $100 million from $52 million.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Launched in 2007, Virgin America is privately held but is required by the government to publicize its financial results.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The company said it had $63 million in total liquidity at the end of the first quarter.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1](Reporting by John Crawley; Editing by Steve Orlofsky)[/SIZE]
[SIZE=-1]Cush is making Tilton look good. And that's a 31.6M loss on 100M of revenue. I'd love to see more, but alas, being a private company and all makes that impossible. If they're burning through the cash their net losses suggest they are, maybe they have 2-3 quarters left, maybe less if their debtors have restrictions on minimum EBITDA or cash levels. Maybe they'll be able to find another investor with a couple hundred million to see them through another year.
[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The airline, branded by Britain's Virgin Group , reported a $40.3 million (24.6 million pound) net loss compared with a $52 million net loss in the comparable period of 2008.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Excluding items, the airline reported a loss of $31.6 million.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Revenue per seat mile was 7.2 cents compared with 6.4 cents a year ago. Cost per available seat mile was 9.5 cents compared with 12.5 cents a year ago.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The company said revenue nearly doubled to $100 million from $52 million.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]Launched in 2007, Virgin America is privately held but is required by the government to publicize its financial results.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1]The company said it had $63 million in total liquidity at the end of the first quarter.[/SIZE]
[SIZE=-1] [/SIZE] [SIZE=-1](Reporting by John Crawley; Editing by Steve Orlofsky)[/SIZE]
[SIZE=-1]Cush is making Tilton look good. And that's a 31.6M loss on 100M of revenue. I'd love to see more, but alas, being a private company and all makes that impossible. If they're burning through the cash their net losses suggest they are, maybe they have 2-3 quarters left, maybe less if their debtors have restrictions on minimum EBITDA or cash levels. Maybe they'll be able to find another investor with a couple hundred million to see them through another year.
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