SAO PAULO, May 2, 2011 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBovespa: GOLL4 andNYSE: GOL), (S&P/Fitch: BB-/BB-, Moody's: Ba3), the largest low-cost and low-fare airline in Latin America, announces that its 1Q11 results will be subject to a non-recurring write-down of approximately R$ 120 million with no effect on the Company's cash.
These write-downs are substantially due to the implantation of its new revenue accounting and issued ticket control system, which led to alterations in the balance of the Company's advance ticket sales, as well as the expenses related to the new system and the deactivation of the previous system.
The above-mentioned adjustments underlined management's constant efforts to improve GOL's information and control systems. No other alterations are expected in the near future.
Given the non-recurring nature of these expenses, GOL's management will recommend that the Company's Board of Directors ignore them when determining the dividends for fiscal year 2011, as well as when estimating the annual results.
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Leonardo Pereira – CFO
Edmar Neto - Capital Markets Officer
Raquel Kim - Investor Relations
Gustavo Mendes - Investor Relations
Phone.: (55 11) 2128-4700
SOURCE GOL Linhas Aereas Inteligentes S.A.