Alaska Air Group Reports Second Quarter 2013 Results

SEATTLE, July 25, 2013 /PRNewswire/ --

Financial Highlights:

  • Reported second quarter net income, excluding special items, of $105 million, or $1.47 per diluted share, compared to adjusted net income of $111 million, or $1.53 per diluted share in the prior year quarter. This quarter's results compare to a First Call analyst consensus estimate of $1.51 per share.
  • Recorded net income for the second quarter under Generally Accepted Accounting Principles (GAAP) of $104 million or $1.47 per diluted share, compared to net income of $68 million, or $0.93 per diluted share in 2012.
  • Achieved trailing twelve-month return on invested capital of 13.0 percent compared to 12.3 percent in the twelve months ended June 30, 2012.
  • Declared a $.20 quarterly cash dividend to be paid on August 22.
  • Announced changes to bag and change fee policies effective October 30, estimated to increase revenues by approximately $50 million annually.
  • Extended affinity card agreement with Bank of America through 2017, estimated to generate $55 million in additional cash flows on an annual basis.
  • Lowered adjusted debt-to-total-capitalization ratio by 2.0 percentage points, to 52.0 percent, since Dec. 31, 2012.
  • Repurchased 544,597 shares of common stock for $32 million in the second quarter. For the year the company has repurchased 917,782 shares for $51 million.
  • Held $1.4 billion in unrestricted cash and marketable securities as of June 30, 2013.

Operational Highlights:

  • Ranked "Highest in Customer Satisfaction Among Traditional Network Carriers" in 2013 by J.D. Power and Associates for the sixth year in a row.
  • Received the FAA's "Diamond Certificate of Excellence" award for the 12th consecutive year.
  • Held the No. 1 spot in U.S. Department of Transportation on-time performance among the 10 largest U.S. airlines for the twelve months ended May 2013.
  • Improved employee productivity by 5.5 percent.
  • Signed five-year collective bargaining agreements with Alaska pilots and Horizon flight attendants.

New routes:

  • New routes launched and announced in the second quarter are as follows:

New Non-Stop Routes launched in Q2

New Non-Stop Routes (Launch Date)

Portland to Fairbanks

Anchorage to Fairbanks (3/3/14) - Horizon

San Diego to Lihue

Anchorage to Kodiak (3/3/14) - Horizon

Seattle to Salt Lake City

Anchorage to Las Vegas (12/19)


Anchorage to Phoenix (12/18)


Portland to Boise (11/1) - SkyWest


Portland to Reno (11/8)


Portland to Tucson (11/1)


San Diego to Boise (11/1)


San Diego to Mammoth Lakes (12/19)


Seattle to Colorado Springs (11/1)


Seattle to Omaha (11/7)


Seattle to Steamboat Springs (12/18)

Alaska Air Group, Inc., (NYSE: ALK) today reported second quarter 2013 GAAP net income of $104 million, or $1.47 per diluted share, compared to $68 million, or $0.93 per diluted share in the second quarter of 2012. Excluding the impact of mark-to-market fuel hedge adjustments of $1 million, the company reported adjusted net income of $105 million, or $1.47 per diluted share, compared to adjusted net income of $111 million, or $1.53 per diluted share, in 2012.

"These results represent our 17th consecutive quarter of profitability and the second-best June quarter in our history. I want to thank our employees at Alaska and Horizon who are continuing to work hard to keep us safe and reliable, provide a great experience for our customers, and produce results that make Alaska a great place to invest," CEO Brad Tilden said. "Although our quarterly results were down slightly, our financial performance continues to be very strong. This is why we were very pleased to recently announce the initiation of a quarterly dividend which, combined with our share repurchases, will be a key component of our capital deployment program."

The following table reconciles the company's reported GAAP net income and earnings per diluted share (EPS) during the second quarters of 2013 and 2012 to adjusted amounts:


Three Months Ended June 30,


2013


2012

(in millions, except per-share amounts)

Dollars


Diluted EPS


Dollars


Diluted EPS

Reported GAAP net income

$

104



$

1.47



$

68



$

0.93


Mark-to-market fuel hedge adjustments, net of tax

1





43



0.60


Non-GAAP adjusted income and per-share amounts

$

105



$

1.47



$

111



$

1.53


Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables. A glossary of financial terms can be found on the last page of this release.

A conference call regarding the second quarter results will be simulcast via the Internet at 8:30 a.m. Pacific time on July 25, 2013. It can be accessed through the company's website at alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this news release to "Air Group," "company," "we," "us" and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified. Alaska Airlines, Inc. and Horizon Air Industries, Inc. are referred to as "Alaska" and "Horizon," respectively, and together as our "airlines."

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by any forward-looking statements. For a comprehensive discussion of potential risk factors, see Item 1A of the company's Annual Report on Form 10-K for the year ended Dec. 31, 2012. Some of these risks include general economic conditions, increases in operating costs including fuel, competition, labor costs and relations, our significant indebtedness, inability to meet cost reduction goals, seasonal fluctuations in our financial results, an aircraft accident, and changes in laws and regulations. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed therein. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements after the date of this report to conform them to actual results. Over time, our actual results, performance or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such differences might be significant and materially adverse.

Alaska Airlines, a subsidiary of Alaska Air Group (NYSE: ALK), together with its partner regional airlines, serves 95 cities through an expansive network in Alaska, the Lower 48, Hawaii, Canada and Mexico. Alaska Airlines has ranked "Highest in Customer Satisfaction Among Traditional Network Carriers" in the J.D. Power and Associates North America Airline Satisfaction Study SM for six consecutive years from 2008 to 2013. For reservations, visit www.alaskaair.com. For more news and information, visit the Alaska Airlines Newsroom at www.alaskaair.com/newsroom.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Alaska Air Group, Inc.
























Three Months Ended June 30,



Six Months Ended June 30,


(in millions, except per-share amounts)

2013


2012


Change


2013


2012


Change

Operating Revenues:












Passenger












        Mainline

$

896



$

863



4

%


1,692



1,586



7

%

        Regional

192



188



2

%


374



361



4

%

    Total passenger revenue

1,088



1,051



4

%


2,066



1,947



6

%

Freight and mail

30



31



(3)

%


56



55



2

%

Other - net

138



132



5

%


268



251



7

%

Total Operating Revenues

1,256



1,214



3

%


2,390



2,253



6

%













Operating Expenses:












Wages and benefits

258



259



%


522



515



1

%

Variable incentive pay

21



22



(5)

%


42



38



11

%

Aircraft fuel, including hedging gains and losses

372



433



(14)

%


753



751



%

Aircraft maintenance

67



54



24

%


133



105



27

%

Aircraft rent

30



29



3

%


59



57



4

%

Landing fees and other rentals

75



60



25

%


136



123



11

%

Contracted services

54



50



8

%


107



98



9

%

Selling expenses

51



44



16

%


89



85



5

%

Depreciation and amortization

68



66



3

%


136



129



5

%

Food and beverage service

21



20



5

%


41



37



11

%

Other

65



61



7

%


133



126



6

%

Total Operating Expenses

1,082



1,098



(1)

%


2,151



2,064



4

%

Operating Income

174



116



50

%


239



188



27

%













Nonoperating Income (Expense):












Interest income

4



5





9



10




Interest expense

(14)



(17)





(29)



(34)




Interest capitalized

5



3





9



8




Other - net



2





1



3





(5)



(7)





(10)



(13)




Income Before Income Tax

169



109





229



176




Income tax expense

65



41





88



67




Net Income

$

104



$

68





141



109
















Basic Earnings Per Share:

$

1.49



$

0.95





$

2.00



$

1.53




Diluted Earnings Per Share:

$

1.47



$

0.93





$

1.98



$

1.50




Shares Used for Computation:












Basic

70.252



70.996





70.342



71.069




Diluted

71.159



72.200





71.297



72.325




 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)




Alaska Air Group, Inc.








(in millions)

June 30, 2013


December 31, 2012

Cash and marketable securities

$

1,429



$

1,252






Total current assets

1,986



1,737


Property and equipment-net

3,725



3,609


Other assets

141



159


Total assets

5,852



5,505






Air traffic liability

724



534


Current portion of long-term debt

110



161


Other current liabilities

922



806


Current liabilities

1,756



1,501


Long-term debt

814



871


Other liabilities and credits

1,739



1,712


Shareholders' equity

1,543



1,421


Total liabilities and shareholders' equity

$

5,852



$

5,505






Debt to Capitalization, adjusted for operating leases

52%:48%



54%:46%






Number of common shares outstanding

70.009



70.377


 

OPERATING STATISTICS SUMMARY (unaudited)


Alaska Air Group, Inc.























Three Months Ended June 30,



Six Months Ended June 30,



2013


2012


Change


2013


2012


Change

Consolidated Operating Statistics:(a)












Revenue passengers (000)

6,980



6,565



6.3

%


13,326



12,560



6.1

%

RPMs (000,000) "traffic"

7,385



6,869



7.5

%


14,181



13,101



8.2

%

ASMs (000,000) "capacity"

8,547



7,939



7.6

%


16,530



15,283



8.2

%

Load factor

86.4

%


86.5

%


(0.1 pts)


85.8

%


85.7

%


0.1 pts

Yield

14.73

¢


15.29

¢


(3.7)

%


14.56

¢


14.86

¢


(2.0)

%

PRASM

12.73

¢


13.23

¢


(3.8)

%


12.49

¢


12.74

¢


(2.0)

%

RASM

14.70

¢


15.28

¢


(3.8)

%


14.46

¢


14.74

¢


(1.9)

%

CASM excluding fuel(b)

8.31

¢


8.38

¢


(0.8)

%


8.46

¢


8.60

¢


(1.6)

%

Economic fuel cost per gallon(c)

$

3.28



$

3.40



(3.5)

%


$

3.38



$

3.41



(0.9)

%

Fuel gallons (000,000)

113



106



6.6

%


219



206



6.3

%

Average number of full-time equivalent employees

12,059



11,965



0.8

%


12,036



11,899



1.2

%













Mainline Operating Statistics:












Revenue passengers (000)

5,074



4,752



6.8

%


9,608



9,027



6.4

%

RPMs (000,000) "traffic"

6,729



6,231



8.0

%


12,901



11,868



8.7

%

ASMs (000,000) "capacity"

7,743



7,130



8.6

%


14,946



13,705



9.1

%

Load factor

86.9

%


87.4

%


(0.5 pts)


86.3

%


86.6

%


(0.3 pts)

Yield

13.31

¢


13.85

¢


(3.9)

%


13.11

¢


13.36

¢


(1.9)

%

PRASM

11.57

¢


12.10

¢


(4.4)

%


11.32

¢


11.57

¢


(2.2)

%

RASM

13.50

¢


14.13

¢


(4.5)

%


13.24

¢


13.55

¢


(2.3)

%

CASM excluding fuel(b)

7.35

¢


7.46

¢


(1.6)

%


7.47

¢


7.67

¢


(2.6)

%

Economic fuel cost per gallon(c)

$

3.28



$

3.40



(3.6)

%


$

3.37



$

3.40



(0.9)

%

Fuel gallons (000,000)

100



93



7.2

%


193



180



7.3

%

Average number of full-time equivalent employees

9,457



9,165



3.2

%


9,404



9,088



3.5

%

Aircraft utilization

10.9



10.9



(0.2)

%


10.7



10.6



0.9

%

Average aircraft stage length

1,156



1,149



0.6

%


1,188



1,151



3.2

%

Operating fleet

128



120



8 a/c


128



120



8 a/c













Regional Operating Statistics:(d)












Revenue passengers (000)

1,907



1,813



5.2

%


3,718



3,533



5.2

%

RPMs (000,000) "traffic"

656



638



2.8

%


1,280



1,233



3.8

%

ASMs (000,000) "capacity"

804



809



(0.7)

%


1,584



1,578



0.4

%

Load factor

81.6

%


78.9

%


2.7 pts


80.8

%


78.1

%


2.7 pts

Yield

29.29

¢


29.40

¢


(0.3)

%


29.19

¢


29.23

¢


(0.2)

%

PRASM

23.91

¢


23.19

¢


3.2

%


23.60

¢


22.84

¢


3.3

%

Operating fleet (Horizon only)

48



50



(2) a/c


48



50



(2) a/c



(a)      

Except for full-time equivalent employees, data includes information related to third-party regional capacity purchase flying arrangements.

(b)      

See a reconciliation of operating expenses excluding fuel and certain special items and Note A for a discussion of why these measures may be important to investors in the accompanying pages.

(c)      

See a reconciliation of economic fuel cost in the accompanying pages.

(d)      

Data presented includes information related to flights operated by Horizon Air and third-party carriers. 

 

OPERATING SEGMENTS (unaudited)







Alaska Air Group, Inc.




























Three Months Ended June 30, 2013


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items


Consolidated

Operating revenues














Passenger














    Mainline

$

896



$



$



$



$

896



$



$

896


    Regional



192







192





192


        Total passenger revenues

896



192







1,088





1,088


CPA revenues





91



(91)








Freight and mail

29



1







30





30


Other-net

120



16



2





138





138


Total operating revenues

1,045



209



93



(91)



1,256





1,256
















Operating expenses














Operating expenses, excluding fuel

569



149



84



(92)



710





710


Economic fuel

327



44







371



1



372


Total operating expenses

896



193



84



(92)



1,081



1



1,082
















Nonoperating income (expense)














Interest income

4









4





4


Interest expense

(9)





(4)



(1)



(14)





(14)


Other

6



(1)



1



(1)



5





5



1



(1)



(3)



(2)



(5)





(5)


Income (loss) before income tax

$

150



$

15



$

6



$

(1)



$

170



$

(1)



$

169





Three Months Ended June 30, 2012


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items


Consolidated

Operating revenues














Passenger














    Mainline

$

863



$



$



$



$

863



$



$

863


    Regional



188







188





188


        Total passenger revenues

863



188







1,051





1,051


CPA revenues





89



(89)








Freight and mail

30



1







31





31


Other-net

115



15



2





132





132


Total operating revenues

1,008



204



91



(89)



1,214





1,214
















Operating expenses














Operating expenses, excluding fuel

532



139



83



(89)



665





665


Economic fuel

317



46







363



70



433


Total operating expenses

849



185



83



(89)



1,028



70



1,098
















Nonoperating income (expense)














Interest income

4







1



5





5


Interest expense

(12)





(4)



(1)



(17)





(17)


Other

5









5





5



(3)





(4)





(7)





(7)


Income (loss) before income tax

$

156



$

19



$

4



$



$

179



$

(70)



$

109




(a)

The adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations and does not include certain charges.  See Note A for further information in the accompanying pages.

 

 

OPERATING SEGMENTS (unaudited)







Alaska Air Group, Inc.




























Six Months Ended June 30, 2013


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items


Consolidated

Operating revenues














Passenger














    Mainline

$

1,692



$



$



$



$

1,692



$



$

1,692


    Regional



374







374





374


        Total passenger revenues

1,692



374







2,066





2,066


CPA revenues





186



(186)








Freight and mail

54



2







56





56


Other-net

234



31



3





268





268


Total operating revenues

1,980



407



189



(186)



2,390





2,390
















Operating expenses














Operating expenses, excluding fuel

1,116



296



173



(187)



1,398





1,398


Economic fuel

650



90







740



13



753


Total operating expenses

1,766



386



173



(187)



2,138



13



2,151
















Nonoperating income (expense)














Interest income

9









9





9


Interest expense

(21)





(7)



(1)



(29)





(29)


Other

11



(1)



1



(1)



10





10



(1)



(1)



(6)



(2)



(10)





(10)


Income (loss) before income tax

$

213



$

20



$

10



$

(1)



$

242



$

(13)



$

229


 


Six Months Ended June 30, 2012


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items


Consolidated

Operating revenues














Passenger














    Mainline

$

1,586



$



$



$



$

1,586



$



$

1,586


    Regional



361







361





361


        Total passenger revenues

1,586



361







1,947





1,947


CPA revenues





176



(176)








Freight and mail

53



2







55





55


Other-net

218



29



4





251





251


Total operating revenues

1,857



392



180



(176)



2,253





2,253
















Operating expenses














Operating expenses, excluding fuel

1,051



276



161



(175)



1,313





1,313


Economic fuel

611



90







701



50



751


Total operating expenses

1,662



366



161



(175)



2,014



50



2,064
















Nonoperating income (expense)














Interest income

9







1



10





10


Interest expense

(25)





(8)





(34)





(34)


Other

10





1





11





11



(6)





(7)



1



(13)





(13)


Income (loss) before income tax

$

189



$

26



$

12



$



$

226



$

(50)



$

176




(a)

The adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations and does not include certain charges.  See Note A for further information in the accompanying pages.

 

FUEL RECONCILIATIONS (unaudited)

Alaska Air Group, Inc.

















Three Months Ended June 30,


2013


2012

(in millions, except for per-gallon amounts)

Dollars


Cost/Gallon


Dollars


Cost/Gallon

Raw or "into-plane" fuel cost

$

347



$

3.07



$

351



$

3.29


(Gains) losses on settled hedges

24



0.21



12



0.11


Consolidated economic fuel expense

371



3.28



363



3.40


Mark-to-market fuel hedge adjustment

1



0.01



70



0.66


GAAP fuel expense

$

372



$

3.29



$

433



$

4.06


Fuel gallons

113





106













Six Months Ended June 30,


2013


2012

(in millions, except for per gallon amounts)

Dollars


Cost/Gallon


Dollars


Cost/Gallon

Raw or "into-plane" fuel cost

$

704



$

3.22



$

688



$

3.34


(Gains) losses on settled hedges

36



0.16



13



0.07


Consolidated economic fuel expense

$

740



$

3.38



$

701



$

3.41


Mark-to-market fuel hedge adjustment

13



0.06



50



0.24


GAAP fuel expense

$

753



$

3.44



$

751



$

3.65


Fuel gallons

219





206












Breakout of Fuel Expense:


Three Months Ended June 30,


Six Months Ended June 30,

(in millions)

2013


2012


2013


2012

Mainline economic fuel expense

$

327



$

317



$

650



$

611


Regional economic fuel expense

44



46



90



90


Consolidated economic fuel expense

$

371



$

363



$

740



$

701










Mainline Economic Cost per Gallon Reconciliation:


Three Months Ended June 30,


Six Months Ended June 30,

(in millions, except for per-gallon amounts)

2013


2012


2013


2012

Mainline economic fuel expense

$

327



$

317



$

650



$

611


Mainline fuel gallons

100



93



193



180


Mainline economic cost per gallon

$

3.28



$

3.40



$

3.37



$

3.40


Note A: Pursuant to Regulation G, we are providing disclosure of the reconciliation of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. We believe that consideration of these non-GAAP financial measures may be important to investors for the following reasons:

  • By eliminating fuel expense and certain special items from our cost and unit cost metrics, we believe that we have better visibility into the results of our non-fuel cost-reduction initiatives. Our industry is highly competitive and is characterized by high fixed costs, so even a small reduction in non-fuel operating costs can result in a significant improvement in operating results. In addition, we believe that all domestic carriers are similarly impacted by changes in jet fuel costs over the long run, so it is important for management (and thus investors) to understand the impact of (and trends in) company-specific cost drivers such as labor rates and productivity, airport costs, maintenance costs, etc., which are more controllable by management.
  • Cost per ASM (CASM) excluding fuel and certain special items is one of the most important measures used by management and by the Air Group Board of Directors in assessing quarterly and annual cost performance.
  • Adjusted Income before Income Taxes and CASM excluding fuel (and other items as specified in our plan documents) are important metrics for the employee incentive plan that covers all Air Group employees.
  • CASM excluding fuel and certain special items is a measure commonly used by industry analysts, and we believe it is the basis by which they compare our airlines to others in the industry. The measure is also the subject of frequent questions from investors.
  • Disclosure of the individual impact of certain noted items provides investors the ability to measure and monitor performance both with and without these special items. We believe that disclosing the impact of certain items, such as fleet transition costs, is important because it provides information on significant items that are not necessarily indicative of future performance. Industry analysts and investors consistently measure our performance without these items for better comparability between periods and among other airlines.
  • Although we disclose our passenger unit revenues, we do not (nor are we able to) evaluate unit revenues excluding the impact that changes in fuel costs have had on ticket prices. Fuel expense represents a large percentage of our total operating expenses. Fluctuations in fuel prices often drive changes in unit revenues in the mid-to-long term. Although we believe it is useful to evaluate non-fuel unit costs for the reasons noted above, we would caution readers of these financial statements not to place undue reliance on unit costs excluding fuel as a measure or predictor of future profitability because of the significant impact of fuel costs on our business.

Note B: Air Group has two operating airlines - Alaska Airlines and Horizon Air. Each is a regulated airline with separate management teams primarily in operational roles. To manage the two operating airlines, management views the business in three operating segments. Alaska operates a fleet of passenger jets (Alaska Mainline) and contracts with Horizon, SkyWest Airlines, Inc. (SkyWest), and Peninsula Airways, Inc. (PenAir) for regional capacity under which Alaska receives all passenger revenue from those flights (Alaska Regional). Horizon operates a fleet of turboprop aircraft and sells all of its capacity to Alaska pursuant to a capacity purchase arrangement (Horizon). The Company believes the amounts paid by Alaska to Horizon approximate current market rates received by other regional carriers for similar flying and are available to pay for various Horizon operating expenses such as crew expenses, maintenance, and aircraft ownership costs.  All inter-company revenues and expenses between Alaska and Horizon are eliminated in consolidation.

Glossary of Terms

Mainline - represents flying Boeing 737 jets and all associated revenues and costs

Regional - represents capacity purchased by Alaska from Horizon, SkyWest, and PenAir. In this segment, Alaska Regional records actual on-board passenger revenue, less costs such as fuel, distribution costs, and payments made to Horizon, SkyWest and PenAir under the respective capacity purchased arrangement (CPAs). Additionally, Alaska Regional includes an allocation of corporate overhead such as IT, finance, other administrative costs incurred by Alaska and on behalf of Horizon.

RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with paying passengers; one passenger traveling one mile is one RPM

ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with paying passengers

Yield - passenger revenue per RPM; represents the average revenue for flying one passenger one mile

PRASM - passenger revenue per ASM; commonly called "passenger unit revenue"

RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, Mileage Plan, and other ancillary revenue; represents the average total revenue for flying one seat one mile

CASM - operating costs per ASM, or "unit cost"; represents all operating expenses including fuel and special items

CASMex - operating costs excluding fuel and special items per ASM; this metric is used to help track progress toward reduction of non-fuel operating costs since fuel is largely out of our control

Economic Fuel - best estimate of the cash cost of fuel, net of the impact of our fuel-hedging program

Aircraft Utilization - block hours per day; this represents the average number of hours our aircraft are flying

Aircraft Stage Length - represents the average miles flown per aircraft departure

Diluted Earnings per Share - represents earnings per share using fully diluted shares outstanding

Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

Productivity - number of revenue passengers per full-time equivalent employee

Debt to Capitalization ratio - represents adjusted debt (long-term debt plus seven times annualized aircraft rent) divided by total equity plus adjusted debt

 

SOURCE Alaska Air Group



RELATED LINKS
http://www.alaskaair.com

More by this Source

Best of Content We Love 2014 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.