This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Copa Holdings, S.A. To Adopt International Financial Reporting Standards

Stocks in this article: CPA

PANAMA CITY, April 25, 2011 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced it will change from reporting financial results according to U.S. Generally Accepted Accounting Principles ("US GAAP") to reporting based on International Financial Reporting Standards ("IFRS").  The adoption of IFRS seeks to uniform the reporting standards utilized across Copa Holdings, S.A. and its operating subsidiaries, as well as allow for better comparisons of the company's financial performance with other publicly traded airlines in the region.

As a result, audited financial statements for the year ended 31 December 2010 included in the Company's 2010 annual report (Form 20-F) to be filed in May 2011 with the SEC, and all quarterly and annual financial reports beginning with 1Q11 financial results, will be presented under IFRS.  It is important to note that the adoption of IFRS represents an accounting change only, and does not affect the underlying operation of the company's business or its cash flows.

Based on preliminary unaudited 2010 IFRS results, the impact of the adoption of IFRS is expected to result in a US$23.9 million increase in 2010 consolidated net income over unaudited US GAAP results, as well as a US$69.3 million increase in shareholders' equity.  These preliminary unaudited IFRS results for the year ended December 31, 2010 are subject to change based on our final IFRS results for the year ended December 31, 2010.

The Company has posted on its website a presentation detailing the main accounting changes and impact related to the adoption of IFRS for the year ended 31 December 2010.  To view the presentation you may access it through the following link: http://investor.shareholder.com/copa/events.cfm

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services.  The Company, through its operating subsidiaries, provides service to 52 destinations in 25 countries in North, Central and South America and the Caribbean with  one of the youngest and most modern fleets in the industry, consisting of 66 aircraft: 40 Boeing 737NG aircraft and 26 EMBRAER-190s. For more information visit www.copaair.com .

CPA-G

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs