·
|
Copa
Holdings reported net income of US$43.1 million for 3Q09, or diluted
earnings per share (EPS) of US$0.99, an increase of 86.8% as compared to
net income of US$23.0 million or diluted EPS of US$0.53 in
3Q08.
|
·
|
Third
quarter 2009 results include a special charge of US$14.6 million related
to the accrual of costs associated with the retirement of four MD-80
aircraft as a result of Aero Republica’s transition to an all Embraer-190
fleet and a US$5.1 million non-cash gain associated with the
mark-to-market of fuel hedge contracts. Excluding the impact of these
special items, the company would have reported net income of US$52.6
million and diluted EPS of $1.20, an increase of 14.3% over 3Q08 adjusted
net income. See the accompanying reconciliation of non-GAAP
financial information to GAAP financial information included in the
financial tables section of this earnings
release.
|
·
|
Operating
income for 3Q09 came in at US$45.9 million, representing an operating
margin of 14.2%, as compared to operating income for 3Q08 of US$57.1
million. Excluding special fleet charges of US$14.6 million,
operating income would have been US$60.5 million, which would have
represented an operating margin of 18.7% for the quarter, up from 16.4% in
3Q08.
|
·
|
In
3Q09, total revenues reached US$323.7 million, representing a 7.2%
decline, on a 10.7% capacity expansion. Yield per passenger
mile decreased 14.2% to 15.9 cents and operating revenue per available
seat mile (RASM) decreased 16.2% to 12.7
cents.
|
·
|
Revenue
passenger miles (RPMs) increased 8.5% from 1.78 billion in 3Q08 to 1.93
billion in 3Q09, and available seat miles (ASMs) increased 10.7% from 2.30
billion in 3Q08 to 2.55 billion in 3Q09, with the Copa Airlines segment
increasing 11.6% and Aero Republica increasing
6.0%. Consolidated load factor decreased 1.5 percentage points
to 75.8%. Underlying Break-even load factor for 3Q09 decreased 4.8
percentage points to 59.7% from 64.5% in
3Q08.
|
·
|
Operating
cost per available seat mile (CASM), decreased 14.0% from 12.7 cents in
3Q08 to 10.9 cents in 3Q09. Excluding special charges, CASM
would have decreased 18.5% from 12.7 cents in 3Q08 to 10.3 cents in
3Q09. CASM, excluding fuel costs and special charges, would
have decreased 1.4% from 7.3 cents in 3Q08 to 7.2 cents in
3Q09.
|
·
|
Cash,
short term and long term investments ended the quarter at US$376.3
million, representing 30% of the last twelve months’
revenues. During the quarter the Company made pre-delivery
payments for future aircraft deliveries in the amount of $43.6
million.
|
·
|
Copa
Holdings ended the quarter with a consolidated fleet of 55
aircraft. Copa Airlines fleet consisted of 43 aircraft,
including 28 Boeing 737 Next Generation and 15 Embraer-190’s. Aero
Republica’s fleet consisted of 12 aircraft, including 11 Embraer-190’s and
one MD-80.
|
·
|
For
3Q09, Copa Airlines reported on-time performance of approximately 87.1%
and a flight-completion factor of 99.2%, maintaining its position among
the best in the industry.
|
·
|
On
October 6, Aero Republica announced daily flights to Quito, Ecuador from
Bogotá, Colombia beginning December 20, 2009. With the addition
of this destination, Aero Republica will now provide service to three
international destinations from seven Colombian
cities.
|
·
|
On
October 12, the Panamanian government authorities presented Aerotocumen
S.A. the order to proceed with the Phase 2 expansion project of Tocumen
International Airport. This project, which represents an
investment of approximately US$70 million and is expected to be completed
in early 2011, involves the expansion from 22 to 34 international gates
and will consolidate Tocumen Airport as the most complete and convenient
hub facility for intra-Latin America
travel.
|
Consolidated Financial &
Operating Highlights
|
3Q09
|
3Q08
|
% Change
|
2Q09
|
% Change
|
|||||||||||||||
RPMs
(millions)
|
1,930 | 1,779 | 8.5 | % | 1,676 | 15.2 | % | |||||||||||||
ASMs
(mm)
|
2,545 | 2,300 | 10.7 | % | 2,438 | 4.4 | % | |||||||||||||
Load
Factor
|
75.8 | % | 77.3 | % |
-1.5
p.p.
|
68.7 | % |
7.1
p.p.
|
||||||||||||
Yield
|
15.9 | 18.6 | -14.2 | % | 15.6 | 2.0 | % | |||||||||||||
PRASM
(cents)
|
12.1 | 14.4 | -15.9 | % | 10.7 | 12.5 | % | |||||||||||||
RASM
(cents)
|
12.7 | 15.2 | -16.2 | % | 11.4 | 11.7 | % | |||||||||||||
CASM
(cents)
|
10.9 | 12.7 | -14.0 | % | 9.9 | 10.5 | % | |||||||||||||
Adjusted
CASM (cents) (1)
|
10.3 | 12.7 | -18.5 | % | 9.9 | 4.7 | % | |||||||||||||
CASM
Excl. Fuel (cents)
|
7.7 | 7.3 | 6.5 | % | 7.1 | 9.7 | % | |||||||||||||
Adjusted
CASM Excl. Fuel (cents)
(1)
|
7.2 | 7.3 | -1.4 | % | 7.1 | 1.6 | % | |||||||||||||
Breakeven
Load Factor (3)
|
59.7 | % | 64.5 | % |
-4.8
p.p.
|
59.7 | % |
0.0
p.p.
|
||||||||||||
Operating
Revenues (US$ mm)
|
323.7 | 348.9 | -7.2 | % | 277.6 | 16.6 | % | |||||||||||||
EBITDAR
(US$ mm)
(2)
|
79.6 | 57.1 | 39.5 | % | 91.2 | -12.6 | % | |||||||||||||
Adjusted
EBITDAR (US$ mm)
(2)(3)
|
89.2 | 80.0 | 11.5 | % | 64.1 | 39.1 | % | |||||||||||||
EBITDAR
Margin (2)
|
24.6 | % | 16.4 | % |
8.2
p.p.
|
32.8 | % |
-8.2
p.p.
|
||||||||||||
Adjusted
EBITDAR Margin (2)(3)
|
27.5 | % | 22.0 | % |
5.6
p.p.
|
23.1 | % |
4.5
p.p.
|
||||||||||||
Operating
Income (US$ mm)
|
45.9 | 57.1 | -19.6 | % | 36.8 | 24.9 | % | |||||||||||||
Adjusted
Operating Income (US$ mm) (1)
|
60.5 | 57.1 | 6.0 | % | 36.8 | 64.6 | % | |||||||||||||
Operating
Margin
|
14.2 | % | 16.4 | % |
-2.2
p.p.
|
13.2 | % |
0.9
p.p.
|
||||||||||||
Adjusted
Operating Margin (1)
|
18.7 | % | 16.4 | % |
2.3
p.p.
|
13.2 | % |
5.5
p.p.
|
||||||||||||
Net
Income (US$ mm)
|
43.1 | 23.0 | 87.8 | % | 55.2 | -21.8 | % | |||||||||||||
Adjusted
Net Income (US$ mm) (3)
|
52.6 | 45.8 | 14.9 | % | 28.1 | 87.4 | % | |||||||||||||
EPS
- Basic (US$)
|
1.00 | 0.53 | 87.1 | % | 1.27 | -21.8 | % | |||||||||||||
Adjusted
EPS - Basic (US$) (3)
|
1.21 | 1.06 | 14.5 | % | 0.65 | 87.4 | % | |||||||||||||
EPS
- Diluted (US$)
|
0.99 | 0.53 | 86.8 | % | 1.26 | -21.8 | % | |||||||||||||
Adjusted
EPS - Diluted (US$)
(3)
|
1.20 | 1.05 | 14.3 | % | 0.64 | 87.3 | % | |||||||||||||
Weighted
Avg. # of Shares - Basic (000)
|
43,344 | 43,195 | 0.3 | % | 43,338 | 0.0 | % | |||||||||||||
Weighted Avg. # of Shares - Diluted
(000)
|
43,710 | 43,491 | 0.5 | % | 43,685 | 0.1 | % |
Financial
Outlook
(US
GAAP)
|
2009
- Full Year
Revised
|
2009
- Full Year
Prior
|
2008
Actual
|
|||||||||
ASMs
(billion)
|
+/-9.9 | +/-10.0 | 8.8 | |||||||||
Average
Load Factor
|
+/-73 | % | +/-72 | % | 76 | % | ||||||
RASM
(cents)
|
+/-12.4 | +/-12.2 | 14.6 | |||||||||
CASM
Ex-fuel (cents)
|
+/- 7.3 | +/- 7.2 | 7.5 | |||||||||
Operating Margin
|
17-18 | % | 16-18 | % | 17.4 | % |
Financial
Outlook (US GAAP)
|
2010
- Full Year
|
|||
ASMs
(billion)
|
+/-10.9 | |||
Average
Load Factor
|
+/-75 | % | ||
RASM
(cents)
|
+/-12.8 | |||
CASM
Ex-fuel (cents)
|
+/- 7.0 | |||
Operating Margin
|
19-21 | % |
Unaudited
|
Unaudited
|
%
|
Unaudited
|
%
|
||||||||||||||||
3Q09
|
3Q08
|
Change
|
2Q09
|
Change
|
||||||||||||||||
Copa
Holdings (Consolidated)
|
||||||||||||||||||||
Revenue
passengers carried (thousands)
|
1,475 | 1,302 | 13.3 | % | 1,270 | 16.2 | % | |||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
1,930 | 1,779 | 8.5 | % | 1,676 | 15.2 | % | |||||||||||||
Available
seat miles (ASMs) (mm)
|
2,545 | 2,300 | 10.7 | % | 2,438 | 4.4 | % | |||||||||||||
Load
factor
|
75.8 | % | 77.3 | % |
-1.5
p.p.
|
68.7 | % |
7.1
p.p.
|
||||||||||||
Break-even
load factor
|
59.7 | % | 64.5 | % |
-4.8
p.p.
|
59.7 | % |
0.0
p.p.
|
||||||||||||
Yield
(cents)
|
15.9 | 18.6 | -14.2 | % | 15.6 | 2.0 | % | |||||||||||||
RASM
(cents)
|
12.7 | 15.2 | -16.2 | % | 11.4 | 11.7 | % | |||||||||||||
CASM
(cents)
|
10.9 | 12.7 | -14.0 | % | 9.9 | 10.5 | % | |||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
7.2 | 7.3 | -1.4 | % | 7.1 | 1.6 | % | |||||||||||||
Fuel
gallons consumed (mm)
|
35.6 | 32.4 | 9.7 | % | 33.7 | 5.5 | % | |||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.24 | 3.81 | -41.1 | % | 2.04 | 10.0 | % | |||||||||||||
Copa
Segment
|
||||||||||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
1,643 | 1,536 | 7.0 | % | 1,429 | 15.0 | % | |||||||||||||
Available
seat miles (ASMs) (mm)
|
2,136 | 1,914 | 11.6 | % | 2,045 | 4.5 | % | |||||||||||||
Load
factor
|
76.9 | % | 80.3 | % |
-3.4
p.p.
|
69.9 | % |
7.0
p.p.
|
||||||||||||
Break-even
load factor
|
58.1 | % | 65.1 | % |
-7.0
p.p.
|
60.8 | % |
-2.7
p.p.
|
||||||||||||
Yield
(US$ cents)
|
15.1 | 17.1 | -11.6 | % | 14.7 | 3.1 | % | |||||||||||||
RASM
(cents)
|
12.4 | 14.6 | -15.1 | % | 10.9 | 13.8 | % | |||||||||||||
CASM
(cents)
|
9.8 | 11.9 | -17.8 | % | 9.5 | 2.7 | % | |||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
6.6 | 6.8 | -3.1 | % | 6.7 | -1.4 | % | |||||||||||||
Fuel
gallons consumed (mm)
|
29.1 | 26.2 | 11.2 | % | 27.3 | 6.4 | % | |||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.26 | 3.69 | -38.8 | % | 2.12 | 6.6 | % | |||||||||||||
Aero
Republica Segment
|
||||||||||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
287 | 243 | 18.3 | % | 247 | 16.4 | % | |||||||||||||
Available
seat miles (ASMs) (mm)
|
409 | 386 | 6.0 | % | 393 | 4.2 | % | |||||||||||||
Load
factor
|
70.2 | % | 62.9 | % |
7.3
p.p.
|
62.8 | % |
7.4
p.p.
|
||||||||||||
Break-even
load factor
|
65.6 | % | 58.3 | % |
7.3
p.p.
|
54.1 | % |
11.5
p.p.
|
||||||||||||
Yield
(cents)
|
20.6 | 27.8 | -26.0 | % | 21.2 | -2.8 | % | |||||||||||||
RASM
(cents)
|
15.7 | 19.1 | -18.0 | % | 14.4 | 9.1 | % | |||||||||||||
CASM
(cents)
|
18.1 | 17.6 | 2.5 | % | 12.1 | 49.6 | % | |||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
11.1 | 11.0 | 0.8 | % | 9.3 | 18.8 | % | |||||||||||||
Fuel
gallons consumed (mm)
|
6.5 | 6.3 | 3.6 | % | 6.4 | 1.5 | % | |||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.18 | 4.32 | -49.6 | % | 1.70 | 28.2 | % |
Unaudited
|
Unaudited
|
%
|
Unaudited
|
%
|
||||||||||||||||
3Q09
|
3Q08
|
Change
|
2Q09
|
Change
|
||||||||||||||||
Operating
Revenues
|
||||||||||||||||||||
Passenger
Revenue
|
307,438 | 330,319 | -6.9 | % | 261,743 | 17.5 | % | |||||||||||||
Cargo,
mail and other
|
16,298 | 18,596 | -12.4 | % | 15,896 | 2.5 | % | |||||||||||||
Total
Operating Revenue
|
323,736 | 348,915 | -7.2 | % | 277,639 | 16.6 | % | |||||||||||||
Operating
Expenses
|
||||||||||||||||||||
Aircraft
fuel
|
80,812 | 124,678 | -35.2 | % | 68,889 | 17.3 | % | |||||||||||||
Salaries
and benefits
|
39,059 | 35,247 | 10.8 | % | 38,223 | 2.2 | % | |||||||||||||
Passenger
servicing
|
28,839 | 25,885 | 11.4 | % | 25,129 | 14.8 | % | |||||||||||||
Commissions
|
15,889 | 17,600 | -9.7 | % | 12,700 | 25.1 | % | |||||||||||||
Reservations
and sales
|
15,993 | 14,048 | 13.8 | % | 13,149 | 21.6 | % | |||||||||||||
Maintenance,
material and repairs
|
18,195 | 15,198 | 19.7 | % | 21,559 | -15.6 | % | |||||||||||||
Depreciation
|
11,926 | 11,132 | 7.1 | % | 11,966 | -0.3 | % | |||||||||||||
Flight
operations
|
15,511 | 14,751 | 5.2 | % | 15,071 | 2.9 | % | |||||||||||||
Aircraft
rentals
|
11,911 | 10,245 | 16.3 | % | 11,487 | 3.7 | % | |||||||||||||
Landing
fees and other rentals
|
8,557 | 8,597 | -0.5 | % | 7,798 | 9.7 | % | |||||||||||||
Other
|
16,545 | 14,461 | 14.4 | % | 14,917 | 10.9 | % | |||||||||||||
Special
fleet charges
|
14,599 | - | n/a | - | n/a | |||||||||||||||
Total
Operating Expense
|
277,836 | 291,842 | -4.8 | % | 240,888 | 15.3 | % | |||||||||||||
Operating
Income
|
45,900 | 57,073 | -19.6 | % | 36,751 | 24.9 | % | |||||||||||||
Non-operating
Income (Expense):
|
||||||||||||||||||||
Interest
expense
|
(8,090 | ) | (10,385 | ) | -22.1 | % | (8,520 | ) | -5.0 | % | ||||||||||
Interest
capitalized
|
141 | 391 | -63.9 | % | 233 | -39.5 | % | |||||||||||||
Interest
income
|
2,217 | 2,903 | -23.6 | % | 2,211 | 0.3 | % | |||||||||||||
Other,
net
|
6,139 | (25,263 | ) | -124.3 | % | 27,602 | -77.8 | % | ||||||||||||
Total
Non-Operating Income/(Expense)
|
407 | (32,354 | ) | -101.3 | % | 21,526 | -98.1 | % | ||||||||||||
Income
before Income Taxes
|
46,307 | 24,719 | 87.3 | % | 58,277 | -20.5 | % | |||||||||||||
Provision
for Income Taxes
|
3,168 | 1,745 | 81.5 | % | 3,115 | 1.7 | % | |||||||||||||
Net
Income
|
43,139 | 22,974 | 87.8 | % | 55,162 | -21.8 | % | |||||||||||||
Basic
EPS
|
1.00 | 0.53 | 87.1 | % | 1.27 | -21.8 | % | |||||||||||||
Basic
Shares
|
43,344,371 | 43,194,566 | 0.3 | % | 43,337,693 | 0.0 | % | |||||||||||||
Diluted
EPS
|
0.99 | 0.53 | 86.8 | % | 1.26 | -21.8 | % | |||||||||||||
Diluted
Shares
|
43,710,245 | 43,490,728 | 0.5 | % | 43,684,875 | 0.1 | % |
September
30,
|
June
30,
|
September
30,
|
||||||||||
2009
|
2009
|
2008
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
ASSETS
|
||||||||||||
Current
Assets:
|
||||||||||||
Cash
and cash equivalents
|
$ | 264,976 | $ | 298,479 | $ | 200,272 | ||||||
Short-term
investments
|
102,778 | 87,544 | 152,942 | |||||||||
Total
cash, cash equivalents and short-term investments
|
367,754 | 386,023 | 353,214 | |||||||||
Accounts
receivable, net of allowance for doubtful accounts
|
90,722 | 80,035 | 103,362 | |||||||||
Accounts
receivable from related parties
|
5,425 | 3,218 | 1,710 | |||||||||
Expendable
parts and supplies, net of allowance for obsolescence
|
23,138 | 22,481 | 17,167 | |||||||||
Prepaid
expenses
|
22,277 | 27,207 | 26,689 | |||||||||
Other
current assets
|
5,465 | 3,835 | 8,954 | |||||||||
Total
Current Assets
|
514,781 | 522,799 | 511,096 | |||||||||
Long-term
investments
|
8,577 | 8,293 | 23,055 | |||||||||
Property
and Equipment:
|
||||||||||||
Owned
property and equipment:
|
||||||||||||
Flight
equipment
|
1,436,216 | 1,428,433 | 1,309,928 | |||||||||
Other
equipment
|
61,379 | 59,728 | 53,406 | |||||||||
1,497,595 | 1,488,161 | 1,363,334 | ||||||||||
Less:
Accumulated depreciation
|
(210,067 | ) | (198,324 | ) | (164,820 | ) | ||||||
1,287,528 | 1,289,837 | 1,198,514 | ||||||||||
Purchase
deposits for flight equipment
|
165,370 | 122,364 | 68,738 | |||||||||
Total
Property and Equipment
|
1,452,898 | 1,412,201 | 1,267,252 | |||||||||
Other
Assets:
|
||||||||||||
Net
pension asset
|
2,003 | 1,832 | 1,463 | |||||||||
Goodwill
|
25,369 | 22,588 | 22,421 | |||||||||
Intangible
asset
|
37,197 | 33,119 | 32,876 | |||||||||
Other
assets
|
34,413 | 32,738 | 30,811 | |||||||||
Total
Other Assets
|
98,982 | 90,277 | 87,571 | |||||||||
Total
Assets
|
$ | 2,075,238 | $ | 2,033,570 | $ | 1,888,974 | ||||||
LIABILITIES
AND SHAREHOLDER'S EQUITY
|
||||||||||||
Current
Liabilities:
|
||||||||||||
Current
maturities of long-term debt
|
$ | 129,315 | $ | 157,040 | $ | 119,150 | ||||||
Accounts
payable
|
49,825 | 49,552 | 56,030 | |||||||||
Accounts
payable to related parties
|
9,060 | 6,771 | 8,453 | |||||||||
Air
traffic liability
|
186,985 | 157,056 | 214,641 | |||||||||
Taxes
and interest payable
|
41,761 | 39,346 | 39,437 | |||||||||
Accrued
expenses payable
|
45,490 | 39,902 | 44,966 | |||||||||
Other
current liabilities
|
18,924 | 20,970 | 15,453 | |||||||||
Total
Current Liabilities
|
481,360 | 470,637 | 498,130 | |||||||||
Non-Current
Liabilities:
|
||||||||||||
Long-term
debt
|
771,184 | 791,612 | 762,977 | |||||||||
Post
employment benefits liability
|
2,326 | 2,208 | 1,846 | |||||||||
Other
long-term liabilities
|
12,844 | 11,158 | 9,625 | |||||||||
Deferred
tax liabilities
|
10,685 | 9,839 | 6,280 | |||||||||
Total
Non-Current Liabilities
|
797,039 | 814,817 | 780,728 | |||||||||
Total
Liabilities
|
1,278,399 | 1,285,454 | 1,278,858 | |||||||||
Shareholders'
Equity:
|
||||||||||||
Class
A - 31,135,174 shares issued and 30,564,342 shares
outstanding
|
20,858 | 20,858 | 20,761 | |||||||||
Class
B - 12,778,125 shares issued and outstanding
|
8,722 | 8,722 | 8,722 | |||||||||
Additional
paid in capital
|
17,292 | 16,009 | 12,299 | |||||||||
Retained
earnings
|
747,597 | 704,523 | 568,297 | |||||||||
Accumulated
other comprehensive income (loss)
|
2,372 | (1,996 | ) | 38 | ||||||||
Total
Shareholders' Equity
|
796,841 | 748,116 | 610,117 | |||||||||
Total
Liabilities and Shareholders' Equity
|
$ | 2,075,239 | $ | 2,033,570 | $ | 1,888,975 |
Reconciliation
of EBITDAR
|
||||||||||||
Excluding
Special Items
|
3Q09
|
3Q08
|
2Q09
|
|||||||||
Net
income as Reported
|
$ | 43,139 | $ | 22,974 | $ | 55,162 | ||||||
Interest
Expense
|
(8,090 | ) | (10,385 | ) | (8,520 | ) | ||||||
Capitalized
Interest
|
141 | 391 | 233 | |||||||||
Interest
Income
|
2,217 | 2,903 | 2,211 | |||||||||
Income
Taxes
|
(3,168 | ) | (1,745 | ) | (3,115 | ) | ||||||
EBIT
|
52,039 | 31,810 | 64,353 | |||||||||
Depreciation
and Amortization
|
11,926 | 11,132 | 11,966 | |||||||||
EBITDA
|
63,965 | 42,942 | 76,319 | |||||||||
Aircraft
Rent
|
11,911 | 10,245 | 11,487 | |||||||||
Other
Rentals
|
3,772 | 3,926 | 3,345 | |||||||||
EBITDAR
|
$ | 79,648 | $ | 57,113 | $ | 91,150 | ||||||
Special
Items (adjustments):
|
||||||||||||
Unrealized
(gain) loss on fuel hedging instruments (1)
|
(5,089 | ) | 22,848 | (27,069 | ) | |||||||
Special
fleet charges (2)
|
14,599 | - | - | |||||||||
Adjusted
EBITDAR
|
$ | 89,158 | $ | 79,961 | $ | 64,081 | ||||||
Reconciliation
of Operating Income
|
||||||||||||
Excluding
Special Items
|
3Q09
|
3Q08
|
2Q09
|
|||||||||
Operating
Income as Reported
|
$ | 45,900 | $ | 57,073 | $ | 36,751 | ||||||
Special
Items (adjustments):
|
||||||||||||
Special
fleet charges (2)
|
14,599 | - | - | |||||||||
Adjusted
Operating Income
|
$ | 60,499 | $ | 57,073 | $ | 36,751 |
Reconciliation
of Net Income
|
||||||||||||
Excluding
Special Items
|
3Q09 | 3Q08 | 2Q09 | |||||||||
Net
income as Reported
|
$ | 43,139 | $ | 22,974 | $ | 55,162 | ||||||
Special
Items (adjustments):
|
||||||||||||
Unrealized
gain (loss) on fuel hedging instruments (1)
|
(5,089 | ) | 22,848 | (27,069 | ) | |||||||
Special
fleet charges (2)
|
14,599 | - | - | |||||||||
Adjusted
Net Income
|
$ | 52,649 | $ | 45,822 | $ | 28,093 | ||||||
Shares
used for Computation (in thousands)
|
||||||||||||
Basic
|
43,344 | 43,195 | 43,338 | |||||||||
Diluted
|
43,710 | 43,491 | 43,685 | |||||||||
Adjusted
earnings per share
|
||||||||||||
Basic
|
1.21 | 1.06 | 0.65 | |||||||||
Diluted
|
1.20 | 1.05 | 0.64 | |||||||||
Reconciliation
Operating Costs per ASM
|
||||||||||||
Excluding
Fuel and Special Items
|
3Q09 | 3Q08 | 2Q09 | |||||||||
Operating
Costs per ASM as Reported
|
10.9 | 12.7 | 9.9 | |||||||||
Aircraft
fuel per ASM
|
3.2 | (5.4 | ) | (2.8 | ) | |||||||
Operating
Costs per ASM excluding fuel
|
7.7 | 7.3 | 7.1 | |||||||||
Special
Items (adjustments):
|
||||||||||||
Special
fleet charges per ASM (2)
|
(0.6 | ) | - | - | ||||||||
Operating
expenses per ASM excluding fuel and special items
|
7.2 | 7.3 | 7.1 |
(1)
|
Includes
unrealized (gains)/losses resulting from the mark-to-market accounting for
changes in the fair value of fuel hedging instruments. For 3Q09
and 2Q09 period the Company recorded unrealized fuel hedge gains of US$5.1
million and 27.1million, respectively. In 3Q08, the Company
recorded an unrealized fuel hedge loss of US$22.8
million.
|
(2)
|
Special
fleet charges for the 3Q09 period include a US$14.6 million special charge
related to the accrual of costs associated with the retirement of four
MD-80 aircraft as a result of Aero Republica’s transition to an all
Embraer-190 fleet.
|
Copa
Holdings, S.A.
|
|||
(Registrant)
|
|||
Date:
11/12/2009
|
|||
By:
|
/s/ Victor Vial
|
||
Name: Victor Vial | |||
Title: CFO |