·
|
Copa
Holdings reported net income of US$92.8 million for 4Q10 or earnings per
share (EPS) of US$2.11, as compared to net income of US$ 70.4 million or
EPS of US$1.60 in 4Q09. Excluding special items, Copa Holdings
reported an adjusted net income of US$81.2 million, representing a 23.7%
increase over adjusted net income of US$65.7 million in
4Q09.
|
·
|
Net
income for full year 2010 reached US$212.1 million or EPS of US$4.82,
compared to US$240.4 million or EPS of US$5.47 for full year
2009. Excluding special items, however, Copa Holdings reported
an adjusted net income of US$219.2 million compared to US$201.7 for full
year 2009, representing an increase of
8.7%.
|
·
|
Operating
income for 4Q10 came in at US$89.0 million, representing an increase of
24.0% over operating income of US$71.8 million in
4Q09. Adjusted operating income, which excludes a US$4.8
million special fleet charge recorded in 4Q09, increased 16.2% from
US$76.6 million in 4Q09 to US$89.0 million in 4Q10. Operating
margin for 4Q10 came in at 21.7%,
|
·
|
The
Company reported operating income of US$263.0 million for full year 2010,
representing an increase of 8.3% over adjusted operating income of
US$242.7 million. Operating margin for full year 2010 came in
at 18.6% as compared to an adjusted operating margin of 19.4% in
2009.
|
·
|
Total
revenues for 4Q10 increased 19.7% to US$410.6 million. Yield per passenger
mile increased 0.7% to 16.5 cents and operating revenue per available seat
mile (RASM) came in at 13.7 cents, flat over 4Q09. On a length
of haul adjusted basis, yields and RASM increased 3.2% and 2.6%,
respectively.
|
·
|
For
4Q10 consolidated passenger traffic grew 18.6% while capacity increased
19.6%. As a result, consolidated load factor for the quarter
decreased 0.6 percentage points to 78.8%. For full year 2010,
consolidated load factor came in at 76.9%, up 2.2 percentage points over
2009, on 10.5% capacity growth.
|
·
|
Operating
cost per available seat mile (CASM) decreased 0.8%, from 10.9 cents in
4Q09 to 10.8 cents in 4Q10. CASM, excluding fuel costs and
special fleet charges for 4Q09, decreased 2.6% from 7.6 cents in 4Q09 to
7.4 cents in 4Q10, mostly as a result of the dilution effect of capacity
added in the second half of 2010.
|
·
|
Cash,
short term and long term investments ended 2010 at US$408.8 million,
representing 29% of the last twelve months’
revenues.
|
·
|
During
the fourth quarter, Copa Airlines took delivery of three Boeing
737-800s. As a result, Copa Holdings ended the year with a
consolidated fleet of 63 aircraft, composed of 20 Boeing 737-700s, 17
Boeing 737-800s and 26
Embraer-190s.
|
·
|
For
2010, Copa Airlines reported on-time performance of 90.7% and a
flight-completion factor of 99.6%, maintaining its position among the best
in the industry.
|
Consolidated Financial &
Operating Highlights
|
4Q10
|
Variance
vs. 4Q09
|
Variance
vs. 3Q10
|
FY 2010
|
Variance
vs. 2009
|
|||||||||||||||
RPMs
(millions)
|
2,354 | 18.6 | % | 7.6 | % | 8,416 | 13.8 | % | ||||||||||||
ASMs
(mm)
|
2,986 | 19.6 | % | 3.1 | % | 10,950 | 10.5 | % | ||||||||||||
Load
Factor
|
78.8 | % |
-0.6
|
p.p. |
3.3
|
p.p. | 76.9 | % |
2.2
|
p.p. | ||||||||||
Yield
|
16.5 | 0.7 | % | 4.9 | % | 15.9 | -1.1 | % | ||||||||||||
PRASM
(cents)
|
13.0 | -0.1 | % | 9.5 | % | 12.2 | 1.8 | % | ||||||||||||
RASM
(cents)
|
13.7 | 0.1 | % | 10.0 | % | 12.9 | 1.9 | % | ||||||||||||
CASM
(cents)
|
10.8 | -0.8 | % | 7.1 | % | 10.5 | 0.9 | % | ||||||||||||
Adjusted CASM (cents) (1)
|
10.8 | 1.0 | % | 7.1 | % | 10.5 | 2.7 | % | ||||||||||||
CASM
Excl. Fuel (cents)
|
7.4 | -5.1 | % | 6.9 | % | 7.2 | -1.5 | % | ||||||||||||
Adjusted CASM Excl. Fuel (cents) (1)
|
7.4 | -2.6 | % | 6.9 | % | 7.2 | 1.2 | % | ||||||||||||
Breakeven Load Factor (2)
|
59.1 | % |
-0.9
|
p.p. |
-1.8
|
p.p. | 61.6 | % |
2.4
|
p.p. | ||||||||||
Operating
Revenues (US$ mm)
|
410.6 | 19.7 | % | 13.4 | % | 1,411.1 | 12.6 | % | ||||||||||||
Operating
Income (US$ mm)
|
89.0 | 24.0 | % | 25.8 | % | 263.0 | 17.8 | % | ||||||||||||
Adjusted Operating Income (US$ mm) (1)
|
89.0 | 16.2 | % | 25.8 | % | 263.0 | 8.3 | % | ||||||||||||
Operating
Margin
|
21.7 | % |
0.8
|
p.p. |
2.1
|
p.p. | 18.6 | % |
0.8
|
p.p. | ||||||||||
Adjusted Operating Margin (1)
|
21.7 | % |
-0.7
|
p.p. |
2.1
|
p.p. | 18.6 | % |
-0.7
|
p.p. | ||||||||||
Net
Income (US$ mm)
|
92.8 | 31.8 | % | 45.2 | % | 212.1 | -11.8 | % | ||||||||||||
Adjusted Net Income (US$ mm) (2)
|
81.2 | 23.7 | % | 48.1 | % | 219.2 | 8.7 | % | ||||||||||||
EPS
- Basic and Diluted (US$)
|
2.11 | 31.6 | % | 45.2 | % | 4.82 | -11.9 | % | ||||||||||||
Adjusted EPS - Basic and Diluted
(US$) (2)
|
1.85 | 23.5 | % | 48.1 | % | 4.98 | 8.5 | % | ||||||||||||
#
of Shares - Basic and Diluted (000)
|
43,996 | 0.1 | % | 0.0 | % | 43,996 | 0.2 | % |
Financial Outlook (US GAAP)
|
2011 – Full Year
|
|||
Capacity
- YOY ASM Growth
|
+/-20 | % | ||
Average
Load Factor
|
+/-74 | % | ||
RASM
(cents)
|
+/-12.3 | |||
CASM
Ex-fuel (cents)
|
+/- 6.7 | |||
Operating
Margin
|
18-20 | % |
Unaudited
|
Unaudited
|
%
|
Unaudited
|
%
|
Unaudited
|
Audited
|
%
|
|||||||||||||||||||||||||
4Q10
|
4Q09
|
Change
|
3Q10
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||||||
Copa
Holdings (Consolidated)
|
||||||||||||||||||||||||||||||||
Revenue
passengers carried (thousands)
|
1,719 | 1,521 | 13.0 | % | 1,626 | 5.7 | % | 6,265 | 5,553 | 12.8 | % | |||||||||||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
2,354 | 1,984 | 18.6 | % | 2,187 | 7.6 | % | 8,416 | 7,397 | 13.8 | % | |||||||||||||||||||||
Available
seat miles (ASMs) (mm)
|
2,986 | 2,498 | 19.6 | % | 2,897 | 3.1 | % | 10,950 | 9,911 | 10.5 | % | |||||||||||||||||||||
Load
factor
|
78.8 | % | 79.4 | % |
-0.6
|
p.p. | 75.5 | % |
3.3
|
p.p. | 76.9 | % | 74.6 | % |
2.2
|
p.p. | ||||||||||||||||
Break-even
load factor
|
59.1 | % | 60.0 | % |
-0.9
|
p.p. | 60.9 | % |
-1.8
|
p.p. | 61.6 | % | 59.2 | % |
2.4
|
p.p. | ||||||||||||||||
Yield
(cents)
|
16.5 | 16.4 | 0.7 | % | 15.7 | 4.9 | % | 15.9 | 16.0 | -1.1 | % | |||||||||||||||||||||
RASM
(cents)
|
13.7 | 13.7 | 0.1 | % | 12.5 | 10.0 | % | 12.9 | 12.6 | 1.9 | % | |||||||||||||||||||||
CASM
(cents)
|
10.8 | 10.9 | -0.8 | % | 10.1 | 7.1 | % | 10.5 | 10.4 | 0.9 | % | |||||||||||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
7.4 | 7.6 | -2.6 | % | 6.9 | 6.9 | % | 7.2 | 7.2 | 1.2 | % | |||||||||||||||||||||
Fuel
gallons consumed (mm)
|
40.2 | 34.8 | 15.5 | % | 38.9 | 3.5 | % | 148.6 | 138.0 | 7.7 | % | |||||||||||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.51 | 2.21 | 13.3 | % | 2.35 | 6.7 | % | 2.37 | 2.17 | 9.5 | % | |||||||||||||||||||||
Copa
Segment
|
||||||||||||||||||||||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
1,990 | 1,684 | 18.2 | % | 1,871 | 6.4 | % | 7,192 | 6,323 | 13.7 | % | |||||||||||||||||||||
Available
seat miles (ASMs) (mm)
|
2,486 | 2,098 | 18.5 | % | 2,470 | 0.7 | % | 9,228 | 8,319 | 10.9 | % | |||||||||||||||||||||
Load
factor
|
80.1 | % | 80.3 | % |
-0.2
|
p.p. | 75.8 | % |
4.3
|
p.p. | 77.9 | % | 76.0 | % |
1.9
|
p.p. | ||||||||||||||||
Break-even
load factor
|
57.7 | % | 57.7 | % |
0.0
|
p.p. | 57.7 | % |
0.0
|
p.p. | 59.0 | % | 58.6 | % |
0.4
|
p.p. | ||||||||||||||||
Yield
(US$ cents)
|
15.6 | 15.7 | -0.1 | % | 15.1 | 3.8 | % | 15.3 | 15.3 | 0.0 | % | |||||||||||||||||||||
RASM
(cents)
|
13.5 | 13.4 | 0.7 | % | 12.2 | 10.7 | % | 12.7 | 12.3 | 3.0 | % | |||||||||||||||||||||
CASM
(cents)
|
10.1 | 10.1 | -0.6 | % | 9.4 | 7.5 | % | 9.8 | 9.7 | 0.9 | % | |||||||||||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
6.8 | 7.2 | -4.8 | % | 6.4 | 7.5 | % | 6.7 | 6.7 | -0.1 | % | |||||||||||||||||||||
Fuel
gallons consumed (mm)
|
32.2 | 28.5 | 13.3 | % | 32.0 | 0.7 | % | 120.9 | 112.4 | 7.6 | % | |||||||||||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.47 | 2.16 | 14.2 | % | 2.32 | 6.7 | % | 2.34 | 2.20 | 6.3 | % | |||||||||||||||||||||
Copa
Airlines Colombia Segment
|
||||||||||||||||||||||||||||||||
Revenue
passengers miles (RPMs) (mm)
|
363 | 300 | 21.3 | % | 316 | 15.1 | % | 1,224 | 1,074 | 14.0 | % | |||||||||||||||||||||
Available
seat miles (ASMs) (mm)
|
500 | 399 | 25.1 | % | 428 | 16.8 | % | 1,722 | 1,592 | 8.2 | % | |||||||||||||||||||||
Load
factor
|
72.7 | % | 75.0 | % |
-2.3
|
p.p. | 73.8 | % | -1.1 | % | 71.1 | % | 67.5 | % |
3.6
|
p.p. | ||||||||||||||||
Break-even
load factor
|
63.3 | % | 69.7 | % |
-6.4
|
p.p. | 76.0 | % |
-12.8
|
p.p. | 72.7 | % | 60.6 | % |
12.1
|
p.p. | ||||||||||||||||
Yield
(cents)
|
20.9 | 20.2 | 3.4 | % | 19.3 | 8.7 | % | 19.4 | 20.7 | -6.3 | % | |||||||||||||||||||||
RASM
(cents)
|
16.6 | 16.5 | 0.7 | % | 15.5 | 7.7 | % | 15.1 | 15.1 | -0.3 | % | |||||||||||||||||||||
CASM
(cents)
|
15.9 | 16.0 | -0.6 | % | 15.3 | 4.0 | % | 15.3 | 14.6 | 4.6 | % | |||||||||||||||||||||
Adj.CASM
- excl. special charges and fuel (cents)
|
11.7 | 10.9 | 6.9 | % | 11.3 | 3.6 | % | 11.3 | 10.1 | 10.9 | % | |||||||||||||||||||||
Fuel
gallons consumed (mm)
|
8.0 | 6.4 | 25.3 | % | 6.9 | 15.4 | % | 27.7 | 25.6 | 8.0 | % | |||||||||||||||||||||
Average
price of Fuel - Net of Hedges (US$)
|
2.65 | 2.44 | 8.9 | % | 2.50 | 6.3 | % | 2.52 | 2.02 | 24.5 | % |
Unaudited
|
Unaudited
|
%
|
Unaudited
|
%
|
Unaudited
|
Audited
|
%
|
|||||||||||||||||||||||||
4Q10
|
4Q09
|
Change
|
3Q10
|
Change
|
2010
|
2009
|
Change
|
|||||||||||||||||||||||||
Operating
Revenues
|
||||||||||||||||||||||||||||||||
Passenger
Revenue
|
387,523 | 324,384 | 19.5 | % | 343,319 | 12.9 | % | 1,334,923 | 1,186,717 | 12.5 | % | |||||||||||||||||||||
Cargo,
mail and other
|
23,032 | 18,573 | 24.0 | % | 18,682 | 23.3 | % | 76,225 | 66,370 | 14.8 | % | |||||||||||||||||||||
Total
Operating Revenue
|
410,555 | 342,957 | 19.7 | % | 362,001 | 13.4 | % | 1,411,148 | 1,253,088 | 12.6 | % | |||||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||||||
Aircraft
fuel
|
101,859 | 77,643 | 31.2 | % | 91,800 | 11.0 | % | 354,427 | 300,816 | 17.8 | % | |||||||||||||||||||||
Salaries
and benefits
|
50,553 | 43,863 | 15.3 | % | 45,056 | 12.2 | % | 181,069 | 157,879 | 14.7 | % | |||||||||||||||||||||
Passenger
servicing
|
34,046 | 30,781 | 10.6 | % | 31,910 | 6.7 | % | 123,627 | 110,768 | 11.6 | % | |||||||||||||||||||||
Commissions
|
16,765 | 15,753 | 6.4 | % | 14,975 | 12.0 | % | 57,677 | 57,565 | 0.2 | % | |||||||||||||||||||||
Reservations
and sales
|
15,910 | 14,098 | 12.9 | % | 15,301 | 4.0 | % | 58,813 | 56,280 | 4.5 | % | |||||||||||||||||||||
Maintenance,
material and repairs
|
25,426 | 20,118 | 26.4 | % | 20,991 | 21.1 | % | 90,355 | 76,732 | 17.8 | % | |||||||||||||||||||||
Depreciation
|
13,953 | 11,264 | 23.9 | % | 13,553 | 3.0 | % | 53,336 | 47,079 | 13.3 | % | |||||||||||||||||||||
Flight
operations
|
19,271 | 15,356 | 25.5 | % | 18,943 | 1.7 | % | 70,648 | 60,873 | 16.1 | % | |||||||||||||||||||||
Aircraft
rentals
|
11,449 | 10,774 | 6.3 | % | 11,627 | -1.5 | % | 46,334 | 46,538 | -0.4 | % | |||||||||||||||||||||
Landing
fees and other rentals
|
10,374 | 8,897 | 16.6 | % | 10,540 | -1.6 | % | 40,320 | 33,628 | 19.9 | % | |||||||||||||||||||||
Other
|
21,966 | 17,835 | 23.2 | % | 16,574 | 32.5 | % | 71,531 | 62,187 | 15.0 | % | |||||||||||||||||||||
Special
fleet charges
|
- | 4,818 | -100.0 | % | - | n/a | - | 19,417 | -100.0 | % | ||||||||||||||||||||||
Total
Operating Expense
|
321,573 | 271,200 | 18.6 | % | 291,270 | 10.4 | % | 1,148,137 | 1,029,762 | 11.5 | % | |||||||||||||||||||||
Operating
Income
|
88,982 | 71,757 | 24.0 | % | 70,731 | 25.8 | % | 263,011 | 223,326 | 17.8 | % | |||||||||||||||||||||
Non-operating
Income (Expense):
|
||||||||||||||||||||||||||||||||
Interest
expense
|
(7,655 | ) | (7,392 | ) | 3.6 | % | (7,772 | ) | -1.5 | % | (29,981 | ) | (32,938 | ) | -9.0 | % | ||||||||||||||||
Interest
capitalized
|
- | 1 | -100.0 | % | - | n/a | - | 693 | -100.0 | % | ||||||||||||||||||||||
Interest
income
|
1,129 | 2,194 | -48.5 | % | 1,185 | -4.7 | % | 4,759 | 9,185 | -48.2 | % | |||||||||||||||||||||
Other,
net
|
18,393 | 11,568 | 59.0 | % | 8,948 | 105.6 | % | 1,847 | 59,703 | -96.9 | % | |||||||||||||||||||||
Total
Non-Operating Income/(Expense)
|
11,867 | 6,371 | 86.3 | % | 2,361 | 402.6 | % | (23,375 | ) | 36,642 | -163.8 | % | ||||||||||||||||||||
Income
before Income Taxes
|
100,849 | 78,128 | 29.1 | % | 73,092 | 38.0 | % | 239,636 | 259,968 | -7.8 | % | |||||||||||||||||||||
Provision
for Income Taxes
|
8,010 | 7,686 | 4.2 | % | 9,170 | -12.6 | % | 27,536 | 19,610 | 40.4 | % | |||||||||||||||||||||
Net
Income
|
92,839 | 70,442 | 31.8 | % | 63,922 | 45.2 | % | 212,099 | 240,358 | -11.8 | % | |||||||||||||||||||||
EPS
- Basic and Diluted
|
2.11 | 1.60 | 31.6 | % | 1.45 | 45.2 | % | 4.82 | 5.47 | -11.9 | % | |||||||||||||||||||||
Shares
- Basic and Diluted
|
43,996,177 | 43,947,596 | 0.1 | % | 43,999,213 | 0.0 | % | 43,995,671 | 43,910,929 | 0.2 | % |
December 31,
|
September 30,
|
December 31,
|
||||||||||
2010
|
2010
|
2009
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
Current
Assets:
|
||||||||||||
Cash
and cash equivalents
|
$ | 207,690 | $ | 208,904 | $ | 262,656 | ||||||
Short-term
investments
|
194,913 | 160,297 | 89,412 | |||||||||
Total
cash, cash equivalents and short-term investments
|
402,603 | 369,201 | 352,068 | |||||||||
Accounts
receivable, net of allowance for doubtful accounts
|
88,774 | 100,019 | 76,392 | |||||||||
Accounts
receivable from related parties
|
613 | 3,256 | 4,399 | |||||||||
Expendable
parts and supplies, net of allowance for obsolescence
|
43,961 | 40,086 | 23,327 | |||||||||
Prepaid
expenses
|
51,913 | 33,685 | 32,314 | |||||||||
Other
current assets
|
26,466 | 13,943 | 13,654 | |||||||||
Total
Current Assets
|
614,330 | 560,190 | 502,154 | |||||||||
Long-term
investments
|
6,224 | 6,224 | 6,407 | |||||||||
Property
and Equipment:
|
||||||||||||
Owned
property and equipment:
|
||||||||||||
Flight
equipment
|
1,750,671 | 1,620,177 | 1,439,759 | |||||||||
Other
equipment
|
69,252 | 67,242 | 61,339 | |||||||||
1,819,923 | 1,687,419 | 1,501,098 | ||||||||||
Less:
Accumulated depreciation
|
(269,989 | ) | (257,046 | ) | (218,108 | ) | ||||||
1,549,934 | 1,430,373 | 1,282,990 | ||||||||||
Purchase
deposits for flight equipment
|
198,821 | 194,971 | 198,697 | |||||||||
Total
Property and Equipment
|
1,748,755 | 1,625,344 | 1,481,687 | |||||||||
Other
Assets:
|
||||||||||||
Net
pension asset
|
2,505 | 2,299 | 2,227 | |||||||||
Goodwill
|
25,475 | 27,090 | 23,852 | |||||||||
Intangible
asset
|
37,353 | 39,720 | 34,973 | |||||||||
Other
assets
|
40,864 | 41,693 | 41,569 | |||||||||
Total
Other Assets
|
106,197 | 110,802 | 102,621 | |||||||||
Total
Assets
|
$ | 2,475,507 | $ | 2,302,560 | $ | 2,092,869 | ||||||
LIABILITIES
AND SHAREHOLDER'S EQUITY
|
||||||||||||
Current
Liabilities:
|
||||||||||||
Current
maturities of long-term debt
|
$ | 100,860 | $ | 124,893 | $ | 94,550 | ||||||
Accounts
payable
|
66,468 | 50,743 | 51,343 | |||||||||
Accounts
payable to related parties
|
13,896 | 13,566 | 14,103 | |||||||||
Air
traffic liability
|
217,035 | 212,825 | 183,344 | |||||||||
Taxes
and interest payable
|
49,852 | 55,646 | 43,227 | |||||||||
Accrued
expenses payable
|
47,614 | 40,817 | 49,058 | |||||||||
Other
current liabilities
|
11,055 | 11,307 | 10,957 | |||||||||
Total
Current Liabilities
|
506,780 | 509,798 | 446,582 | |||||||||
Non-Current
Liabilities:
|
||||||||||||
Long-term
debt
|
888,681 | 815,020 | 750,971 | |||||||||
Post
employment benefits liability
|
2,648 | 2,560 | 2,370 | |||||||||
Other
long-term liabilities
|
17,996 | 16,776 | 13,908 | |||||||||
Deferred
tax liabilities
|
21,663 | 14,904 | 13,410 | |||||||||
Total
Non-Current Liabilities
|
930,988 | 834,356 | 780,659 | |||||||||
Total
Liabilities
|
1,437,768 | 1,359,058 | 1,227,241 | |||||||||
Shareholders'
Equity:
|
||||||||||||
Class
A - 32,659,557 shares issued and outstanding
|
22,291 | 22,291 | 20,864 | |||||||||
Class
B - 10,938,125 shares issued and outstanding
|
7,466 | 7,466 | 8,722 | |||||||||
Additional
paid in capital
|
24,341 | 22,836 | 18,658 | |||||||||
Retained
earnings
|
982,702 | 889,866 | 817,649 | |||||||||
Accumulated
other comprehensive income (loss)
|
939 | 1,044 | (265 | ) | ||||||||
Total
Shareholders' Equity
|
1,037,739 | 943,502 | 865,628 | |||||||||
Total
Liabilities and Shareholders' Equity
|
$ | 2,475,507 | $ | 2,302,560 | $ | 2,092,869 |
Reconciliation
of Operating Income
|
||||||||||||||||||||
Excluding
Special Items
|
4Q10
|
4Q09
|
3Q10
|
2010
|
2009
|
|||||||||||||||
Operating
Income as Reported
|
$ | 88,982 | $ | 71,757 | $ | 70,731 | $ | 263,011 | $ | 223,326 | ||||||||||
Special
Items (adjustments):
|
||||||||||||||||||||
Other
Special Items, net (2)
|
- | 4,818 | - | - | 19,417 | |||||||||||||||
Adjusted
Operating Income
|
$ | 88,982 | $ | 76,575 | $ | 70,731 | $ | 263,011 | $ | 242,743 | ||||||||||
Reconciliation
of Net Income
|
||||||||||||||||||||
Excluding
Special Items
|
4Q10
|
4Q09
|
3Q10
|
2010
|
2009
|
|||||||||||||||
Net
income as Reported
|
$ | 92,839 | $ | 70,442 | $ | 63,922 | $ | 212,099 | $ | 240,358 | ||||||||||
Special
Items (adjustments):
|
||||||||||||||||||||
Unrealized
(gain) loss on fuel hedging instruments (1)
|
(11,627 | ) | (9,593 | ) | (9,068 | ) | (11,721 | ) | (58,040 | ) | ||||||||||
Other
Special Items, net (2)
|
- | 4,818 | - | 18,863 | 19,417 | |||||||||||||||
Adjusted
Net Income
|
$ | 81,212 | $ | 65,667 | $ | 54,854 | $ | 219,242 | $ | 201,735 | ||||||||||
Shares
used for Computation (in thousands)
|
||||||||||||||||||||
Basic
and Diluted
|
43,996 | 43,948 | 43,999 | 43,996 | 43,911 | |||||||||||||||
Adjusted
earnings per share
|
||||||||||||||||||||
Basic
and Diluted
|
1.85 | 1.49 | 1.25 | 4.98 | 4.59 | |||||||||||||||
Reconciliation
Operating Costs per ASM
|
||||||||||||||||||||
Excluding
Fuel and Special Items
|
4Q10
|
4Q09
|
3Q10
|
2010
|
2009
|
|||||||||||||||
Operating
Costs per ASM as Reported
|
10.8 | 10.9 | 10.1 | 10.5 | 10.4 | |||||||||||||||
Aircraft
fuel per ASM
|
(3.4 | ) | (3.1 | ) | (3.1 | ) | (3.2 | ) | (3.0 | ) | ||||||||||
Operating
Costs per ASM excluding fuel
|
7.4 | 7.7 | 6.9 | 7.2 | 7.4 | |||||||||||||||
Special
Items (adjustments):
|
||||||||||||||||||||
Opther
Special Items per ASM, net (2)
|
- | (0.2 | ) | - | - | (0.2 | ) | |||||||||||||
Operating
expenses excluding fuel and special items
|
7.4 | 7.6 | 6.9 | 7.2 | 7.2 |
(1)
|
Include
unrealized gains resulting from the mark-to-market accounting for changes
in the fair value of fuel hedging
instruments.
|
(2)
|
Other
Special Items for 4Q09 and 2009 include special charges related to the
accrual of costs associated with the retirement of four MD-80 aircraft as
a result of Copa Airlines Colombia’s fleet modernization
plan. Additionally, for 2010 includes a US$18.9 million charge
related to the devaluation of the Venezuelan
currency.
|
Copa
Holdings, S.A.
(Registrant)
|
|||
Date:
02/10/2011
|
|
||
|
By:
|
/s/ Victor Vial | |
Name: | Victor Vial | ||
Title: | CFO | ||