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TheStreet Open House

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.

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