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Spirit Airlines Announces Record Third Quarter Results: Adjusted Net Income Increases 130.3 Percent To $57.9 Million

Stocks in this article: SAVE

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

  • Adjusted net income for the third quarter 2013 increased 130.3 percent to $57.9 million 1 ($0.79 per diluted share) compared to $25.2 million 1 ($0.35 per diluted share) for the third quarter 2012. GAAP net income for the third quarter 2013 was $61.1 million ($0.84 per diluted share) compared to $30.9 million ($0.43 per diluted share) in the third quarter 2012.
  • Spirit achieved an adjusted pre-tax margin of 20.3 percent 1, the highest quarterly adjusted pre-tax margin in the Company's history. On a GAAP basis, pre-tax margin for the third quarter 2013 was 21.4 percent.
  • Spirit ended the third quarter 2013 with $540 million in unrestricted cash.
  • Spirit's return on invested capital (before taxes and excluding special items) for the last twelve months ended September 30, 2013 was 31.3 percent. See "Calculation for Return on Invested Capital" table below for more details.

"I want to say thanks to our team members that contributed to our strong third quarter results. It is becoming clear that Spirit's customers understand that our ultra-low fares plus optional services offer them a total price that's tough to beat," said Ben Baldanza, Spirit's Chief Executive Officer. "Spirit is known for doing things differently than other air carriers, and we celebrate those differences because they allow us to offer our customers the freedom to pay for only what they value while earning a return for our shareholders."

Revenue Performance

For the third quarter 2013, Spirit's total operating revenue was $456.6 million, an increase of 33.4 percent compared to the third quarter 2012.

Total revenue per available seat mile ("RASM") for the third quarter 2013 was 12.55 cents, an increase of 8.9 percent compared to the third quarter 2012 as a result of higher load factors and higher average passenger yields.

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