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Spirit Airlines Reports 4th Consecutive Year Of Profitability And Record Full Year 2012 Net Income

MIRAMAR, Fla., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported fourth quarter 2012 and full year 2012 financial results.
  • Net income for the fourth quarter 2012 was $19.5 million, or $0.27 per diluted share. Results for the fourth quarter and full year 2012 include an estimated $25 million negative revenue impact ($24 million pre-tax income, $15 million after tax) from Hurricane Sandy.  
  • Adjusted CASM ex-fuel for the fourth quarter 2012 decreased 2.5 percent year-over-year. See "Reconciliation of Adjusted CASM ex-fuel to CASM" table below for more details.  
  • Net income, excluding special items, for the full year 2012 was a record $103.8 million, or $1.43 per diluted share 1. GAAP net income for the full year 2012 was a record $108.5 million, or $1.49 per diluted share.  
  • For the fourth quarter 2012, Spirit achieved an operating margin, excluding special items, of 9.7 percent (15.8 percent adjusted for Hurricane Sandy) 1. For the full year 2012, Spirit's operating margin, excluding special items, was 12.6 percent (14.2 percent adjusted for Hurricane Sandy). Operating margin on a GAAP basis was 9.7 percent and 13.2 percent for the fourth quarter and full year 2012, respectively.  
  • Spirit ended 2012 with $416.8 million in unrestricted cash.  
  • Spirit's return on invested capital (before taxes and excluding special items) was 26.5 percent (28.8 percent adjusted for Hurricane Sandy) for the year ended December 31, 2012. See "Calculation for Return on Invested Capital" table below for more details.

"2012 was a very exciting year for Spirit. We successfully grew our business, delivered strong financial results and remained committed to our low-cost, low-fare strategy. This low-cost, low-fare strategy helped us to achieve among the highest margins in the industry," said Ben Baldanza, Spirit's President and Chief Executive Officer. "I want to thank and congratulate our team members that contributed to our success."

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