Pinnacle enjoys 84% profit surge

Pinnacle Airlines and Colgan Air parent Pinnacle Airlines Corp. reported an $11.4 million profit in the third quarter, an 84% increase from the $6.2 million earned the same period a year ago. Revenue dipped 2% year-over-year to $217.2 million while expenses fell 4% to $193.4 million. Operating income was $23.8 million, up 19% from $20 million in the 2008 third quarter. During the quarter, Pinnacle saw a 5% drop in aircraft utilization, primarily owing to network changes that resulted in shorter flights. Colgan saw a 16% reduction in block hr. and a 15% decrease in departures. For the nine months ended Sept. 30, the company reported net income of $36.2 million, a dramatic reversal from the $5.5 million loss suffered in the year-ago period.

Originally published 4 Nov 2009 at: http://feeds.atwonline.com/~r/AtwDailyNews/~3/NbddDgPrKis/story.html