|By PR Newswire||
|November 7, 2012 07:41 PM EST||
PANAMA CITY, Nov. 7, 2012 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the third quarter of 2012 (3Q12). The terms "Copa Holdings" or "the Company" refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the third quarter of 2011 (3Q11).
OPERATING AND FINANCIAL HIGHLIGHTS
- Copa Holdings reported net income of US$111.9 million for 3Q12, or diluted earnings per share (EPS) of US$2.52. Excluding special items, Copa Holdings would have reported adjusted net income of US$97.6 million, or US$2.20 per share, an 8.3% increase over adjusted net income of US$90.2 million and US$2.03 per share for 3Q11.
- Operating income for 3Q12 came in at US$114.1 million, a 14.9% increase over operating income of US$99.3 million in 3Q11. Operating margin for the period came in at 19.3%, compared to 20.9% in 3Q11, as a result of a 1.7% decline in unit revenues and a 0.4% increase in unit cost as a result of increased fuel costs.
- Total revenues increased 24.5% to US$590.4 million. Yield per passenger mile increased 1.1% to 17.3 cents, while operating revenue per available seat mile (RASM) decreased 1.7% to 13.5 cents. However, adjusting for a 2.7% increase in average length of haul, adjusted yields increased 2.5% and adjusted RASM remained flat year over year.
- For 3Q12, passenger traffic (RPMs) grew 23.8% on a 26.6% capacity expansion, resulting in a consolidated load factor of 75.4% compared to 77.1% in 3Q11.
- Operating cost per available seat mile (CASM) came in at 10.9 cents, an increase of 0.4% over 3Q11, but 3.4% lower than 2Q12. CASM excluding fuel costs came in at 6.6 cents for a decrease of 0.2% over 3Q11 and 3.6% over 2Q12.
- Cash, short term and long term investments ended 3Q12 at US$795.5 million, representing 37% of the last twelve months' revenues.
- During the third quarter, Copa Airlines took delivery of two Boeing 737-800 aircraft. As a result, Copa Holdings ended the quarter with a consolidated fleet of 82 aircraft.
- For 3Q12, Copa Holdings reported consolidated on-time performance of 87.2% and a flight-completion factor of 99.6%.
Consolidated Financial & Operating Highlights
Revenue Passengers Carried ('000)
PRASM (US$ Cents)
RASM (US$ Cents)
CASM (US$ Cents)
CASM Excl. Fuel (US$ Cents)
Breakeven Load Factor (1)
Fuel Gallons Consumed (Millions)
Avg. Price Per Fuel Gallon (US$ Dollars)
Average Length of Haul (Miles)
Average Stage Length (Miles)
Average Aircraft Utilization (Hours)
Operating Revenues (US$ mm)
Operating Income (US$ mm)
Net Income (US$ mm)
Adjusted Net Income (US$ mm) (1)
EPS - Basic and Diluted (US$)
Adjusted EPS - Basic and Diluted (US$) (1)
# of Shares - Basic and Diluted ('000)
(1) Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 3Q12, 3Q11, and 2Q12 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges.
Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.
FULL 3Q12 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: http://investor.shareholder.com/copa/results.cfm
3Q12 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST
November 8, 2012
4:00 PM US ET (4:00 PM Local Time)
Conference telephone number:
877-293-5456 (US Domestic Callers)
707-287-9357 (International Callers)
Pedro Heilbron, Chief Executive Officer
Victor Vial, Chief Financial Officer
Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to 64 destinations in 29 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 83 aircraft: 57 Boeing 737NG aircraft and 26 EMBRAER-190s. For more information visit www.copaair.com.
This release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings' filed disclosure documents and are, therefore, subject to change without prior notice.
Copa Holdings, S.A.
Income Statement - IFRS
Cargo, mail and other
Total Operating Revenue
Salaries and benefits
Reservations and sales
Maintenance, material and repairs
Landing fees and other rentals
Total Operating Expense
Non-operating Income (Expense):
Total Non-Operating Income/(Expense)
Income before Income Taxes
Provision for Income Taxes
EPS - Basic and Diluted
Shares - Basic and Diluted
Copa Holdings, S.A.
Balance Sheet - IFRS
Cash and cash equivalents
Total cash, cash equivalents and short-term investments
Accounts receivable, net of allowance for doubtful accounts
Accounts receivable from related parties
Expendable parts and supplies, net of allowance for obsolescence
Other current assets
Total Current Assets
Property and Equipment:
Owned property and equipment:
Less: Accumulated depreciation
Purchase deposits for flight equipment
Total Property and Equipment
Net pension asset
Total Other Assets
LIABILITIES AND SHAREHOLDER'S EQUITY
Current maturities of long-term debt
Accounts payable to related parties
Air traffic liability
Taxes and interest payable
Accrued expenses payable
Other current liabilities
Total Current Liabilities
Post employment benefits liability
Other long-term liabilities
Deferred tax liabilities
Total Non-Current Liabilities
Class A - 33,391,400 shares issued and outstanding
Class B - 10,938,125 shares issued and outstanding
Additional paid in capital
Accumulated other comprehensive income (loss)
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non IFRS financial measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted EPS. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable IFRS measures, in particular operating income and net income. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:
Reconciliation of Net Income
Excluding Special Items
Net income as Reported
Special Items (adjustments):
Unrealized (gain) loss on fuel hedging instruments (1)
Adjusted Net Income
Shares used for Computation (in thousands)
Basic and Diluted
Adjusted earnings per share - Basic and Diluted
Reconciliation Operating Costs per ASM
Excluding Fuel and Special Items
Operating Costs per ASM as Reported
Aircraft fuel per ASM
Operating Costs per ASM excluding fuel
SOURCE Copa Holdings, S.A.
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