Pinnacle posts third-quarter profit

Tue. November 03, 2009; Posted: 04:27 PM

Nov 03, 2009 (The Commercial Appeal - McClatchy-Tribune Information Services via COMTEX) -- PNCL | Quote | Chart | News | PowerRating -- Pinnacle Airlines Corp., Memphis-based operator of regional jets, posted third quarter profits of $7.3 million or 40 cents a share on $217.2 million in consolidated revenue.

The results announced today brought net income year to date through Sept. 30 to $17.6 million, with earnings of 97 cents a share, an approximate 50 percent increase over 2008.

Company officials said the performance reflected lower fuel costs and a stable flow of income from contracts with Delta, Continental and other mainline carriers.

The quarterly earnings figure excluded a non-recurring gain of $4.1 million from the sale of an auction rate securities portfolio back to the issuer, Citigroup. The portfolio sale was part of transaction that took $163 million in debt off Pinnacle's books with net cash used of $51 million.

President and CEO Phil Trenary said Pinnacle's success in cleaning up its balance sheets boded well for growth in 2010 and beyond.

"We've had a remarkable turnaround in the balance sheet," Trenary said. "We're very well positioned for the future and the growth we think it going to come, particularly with the aircraft we operate."

Pinnacle Airlines Corp. is an airline holding company that operates Pinnacle Airlines Inc. and Colgan Air. It has about 4,500 employees.

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