This Day On The Street
Continue to site
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

Spirit Airlines Announces First Quarter 2013 Results: Adjusted Net Income Per Share Increases 36.4%

MIRAMAR, Fla., April 30, 2013 (GLOBE NEWSWIRE) -- Spirit Airlines, Inc. (Nasdaq:SAVE) today reported first quarter 2013 financial results.

  • Adjusted net income for the first quarter 2013 was $32.8 million, or $0.45 per diluted share 1. GAAP net income was $30.6 million, or $0.42 per diluted share.
  • For the first quarter 2013, Spirit achieved an operating margin, excluding special items, of 14.4 percent 1. Operating margin on a GAAP basis was 13.4 percent for the first quarter 2013.
  • Spirit ended the first quarter 2013 with $483.5 million in unrestricted cash.
  • Spirit grew total available seat miles ("ASMs") 20.8 percent as compared to the first quarter 2012.
  • Spirit's return on invested capital (before taxes and excluding special items) for the last twelve months ended March 31, 2013 was 28.0 percent. See "Calculation for Return on Invested Capital" table below for more details.

"We are pleased to report strong first quarter results. Our team continues to do a great job delivering among the best results in the industry while offering our customers low base fares. Our average base fare per passenger segment in the first quarter 2013 was $79.09. Spirit is proud to offer extremely low base fares so that, even when adding in optional extras, the total price our customers pay is almost always less than what they would pay on other airlines," said Ben Baldanza, Spirit's President and Chief Executive Officer. "We are committed to our low-cost, low-fare strategy and to providing value for our customers and our shareholders."

Revenue Performance

For the first quarter 2013, Spirit's total operating revenue was $370.4 million, an increase of 22.9 percent, compared to first quarter 2012.

Total revenue per available seat mile ("RASM") for the first quarter 2013 was 11.85 cents, an increase of 1.7 percent compared to the first quarter 2012 driven by strength in operating yields. The calendar shift of Easter occurring in March this year compared to April in 2012 contributed to the strong first quarter 2013 results.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs