Transportation Industry
Company Watch - Pinnacle Airlines
AirGuide Business, Feb 25, 2008
Feb 25, 2008
Pinnacle Airlines reported a dramatic drop in full-year net income to $34.6 million, 55.5% lower than the $77.8 million reported in 2006. It cited changes in its air service agreement with Northwest Airlines along with costs related to training new pilots and introducing CRJ900s as causes. Revenue fell 4.5% to $787.4 million, expenses were up 5.5% to $735.3 million and operating income plunged 59.2 % to $52.1 million from $127.5 million. In the fourth quarter, Pinnacle reported an 81.8% fall in profit to $6.7 million from $36.8 million. Operating profit was down 84.5% to $9.4 million. Feb 22, 2008
Related Results
Pinnacle Airlines and its Colgan Air subsidiary operate in partnership with Continental Airlines, United Airlines and US Airways. In an effort to improve its 2008 bottom line, Colgan will transition from nine pro-rate markets served through Pittsburgh for US to Washington Dulles, where it will operate on behalf of United. Soon after its January 2007 acquisition of Colgan, Pinnacle ordered 15 Q400s to be operated by Colgan on behalf of Continental. Pinnacle operates 133 Bombardier CRJ200s and five CRJ900s while Colgan flies four Q400s, 42 Saab 340s and six Beech 1900s. Feb 22, 2008
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