8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

December 8, 2005

PINNACLE AIRLINES CORP.

(Exact Name of Registrant as Specified in Charter)

(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I. R. S. Employer Identification No.)
Delaware	001-31898	03-0376558

(Address of principal executive offices)	(Zip Code)
1689 Nonconnah Blvd, Suite 111 Memphis, TN	38132

Registrant’s telephone number, including area code

(901) 348-4100

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Ex-99.1 Power Point Slides

Ex-99.2 GAAP to Non-GAAP Reconciliation

Item 7.01 Regulation FD Disclosure.

Pinnacle Airlines Corp. (the “Company”) made a presentation at the Calyon Securities U.S. Airlines Conference on December 8, 2005. The PowerPoint slide presentation used during the Company’s presentation is furnished as Exhibit 99.1. A reconciliation of GAAP to non-GAAP disclosures is included as Exhibit 99.2.

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits:

Exhibit
Number	Description
99.1	Power Point Slides
99.2	GAAP to Non-GAAP Reconciliation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PINNACLE AIRLINES CORP. (Registrant)
By:	/s/ Peter D. Hunt
	Peter D. Hunt
	Vice President and Chief Financial Officer

December 14, 2005

INDEX TO EXHIBITS

Exhibit
Number	Description
99.1	Power Point Slides
99.2	GAAP to Non-GAAP Reconciliation

EX-99.1

Exhibit 99.1

RGB Blue Bars 112 164 234 Northwest Red 203 13 7 Gold 186 169 84

The use of words, such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "intends", "future", "potential" or "continue", the negative of these terms and other comparable terminology are intended to identify forward-looking statements. These statements are only predictions based on our current expectations and projections about future events. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In this regard, you should specifically consider the numerous risks outlined in our registration statement in the section entitled, "Risk Factors." Forward-Looking Statement

Phil Trenary President and CEO Peter Hunt Vice President and CFO

Route Network A Major Presence in All Northwest Domestic Hubs January 2006 schedule - DTW, MEM, MSP, Multi-hub Percentage of NWA's domestic departures: DTW - 24% MEM - 46% MSP - 18%

Pre-Tax Margin Performance Republic Skywest Expressjet Pinnacle Mesa Mesaba Pre-Tax Margin 0.1 0.096 0.095 0.094 0.079 -0.023 Pinnacle and Mesaba pre-tax margin percentages exclude non-recurring charges of $53,914 and $36,509, respectively. Margins in Line with Industry Avg 7.4%

Substantial Growth 1999 2000 2001 2002 2003 2004 105 132 202 332 457 635 1999 - 2004 CAGR of 43% Pinnacle Revenue Growth 1999 2000 2001 2002 2003 2004 535 687 1154 1714 2678 4219 Pinnacle ASM Growth 1999 - 2004 CAGR of 51% Management Has Led Significant Growth

Significant Cost Reductions 2002 2003 2004 YTD Sept 05 CASM (in cents) 16.56 14.66 13.47 13.04 21.3% Cost Reduction Management Has Consistently Driven Down Unit Costs Since 2002 2005 excludes provision for losses associated with Northwest and Mesaba bankruptcy filings of $34.5m, net of tax.

Margin Performance ASA Air Wisc Skywest Mesa Pinnacle 2318 2166 1973 1799 1733 Avg 1,988 Pinnacle Maintains Competitive Operating Costs Source: Form41

Pinnacle Labor Relations 2006 2005 2008 2007 2009 2004 April: Pilots July: Flight Attendants March: Ground Services - Ramp Labor philosophy Competitive pay rates High productivity Long-term agreements Productivity exceeds peers Pilot productivity of 68.7 block hours/month in Oct 2005 Customer Service is 71% part-time as of Oct 2005 - 2 to 3 hour shifts Flight Attendants - 38% part-time as of Oct 2005 with no minimum pay guarantee 2010

Labor Comparisons XJT SKYW MAIR PNCL MESA Pay Rate 1.083 1.017 0.999 0.959 0.941 SKYW XJT MAIR MESA PNCL Pay Rate 1.059 1.049 1.025 0.951 0.915 SKYW XJT MAIR PNCL MESA Pay Rate 1.092 1.087 1.064 0.938 0.821 SKYW PNCL XJT MAIR MESA Pay Rate 1.122 1.017 1.011 0.974 0.876 Source: RAA data based upon PNCL seniority Pinnacle's Labor Rates Are Competitive

Northwest Restructuring Currently operating under terms of existing Airline Services Agreement Operating 124 CRJs, representing more than 25% of NWA's domestic departures Maintaining cooperative relationship Anticipate remaining a long-term partner with Northwest Restructured relationship will likely result in removal of scope restrictions at Pinnacle

Focused on 70-90 Seat Regional Jet Opportunities Opportunity to grow with Northwest as it restructures its domestic network Well positioned for additional regional capacity up to 75 seats Opportunities with other partners Opportunity to provide regional airline services to other major carriers as a result of: Low cost structure Strong operational performance Proven ability to accommodate significant operations growth Elimination of NWA scope restriction Would consider other avenues of growth (50 seat RJ, turboprop) if market develops

Income Statement ($MM except share data) 2005 excludes provision for losses associated with Northwest and Mesaba bankruptcy filings of $34.5m, net of tax, and gain on extinguishment of debt of $11.3m, net of tax.

Cash Flow Statement ($MM) Pre-petition receivable represents amounts stayed as a result of NWA bankruptcy filing and thus not paid to Pinnacle through September 2005, offset by estimated tax payments that would have otherwise been made through that time.

RGB Blue Bars 112 164 234 Northwest Red 203 13 7 Gold 186 169 84

EX-99.2

Exhibit 99.2

GAAP to non-GAAP Reconciliation

Pre-tax Margin
(in thousands)

	Three Months Ending September 30, 2005
	Pinnacle			Mesaba(1)
Total operating revenues	$	220,943		$	114,906
Pre-tax (loss) in accordance with GAAP		(33,065	)		(39,139	)
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings		53,914			36,509
Adjusted pre-tax income (loss)	$	20,849		$	(2,630	)
Pre-tax margin in accordance with GAAP		(15.0	)%		(34.1	)%
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings		24.4	%		31.8	%
Adjusted pre-tax margin		9.4	%		(2.3	)%

(1) Source: Form 10-Q filed by MAIR Holdings, Inc. on November 15, 2005 for the period ended September 30, 2005

Cost per Available Seat Mile (CASM)
(in cents)

	Nine Months Ending
	September 30, 2005
CASM in accordance with GAAP		14.22
Less: Provision for losses associated with Northwest and Mesaba bankruptcy filings		1.18
Adjusted CASM		13.04

Income Statement
(in millions, except per share data)

	Nine Months Ending
	September 30, 2005
Operating Revenues	$	628.6
Operating expenses in accordance with GAAP	$	618.1
Less: Provision for losses associated with Northwest and Mesaba bankruptcy filings (2)		(53.9	)
Adjusted operating expenses	$	564.2
Operating income in accordance with GAAP	$	10.5
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings (2)		53.9
Adjusted operating income	$	64.4
Operating margin in accordance with GAAP		1.7	%
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings (2)		8.6	%
Adjusted operating margin		10.2	%
Net Income in accordance with GAAP	$	15.7
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings, net of Tax (2)		34.5
Less: Gain on extinguishment of debt, net of related tax (3)		(11.3	)
Adjusted net income	$	38.9
Basic and diluted EPS in accordance with GAAP	$	0.72
Add: Provision for losses associated with Northwest and Mesaba bankruptcy filings, net of tax (2)		1.58
Less: Gain on extinguishment of debt, net of related tax (3)		(0.52	)
Adjusted basic and diluted EPS	$	1.78

(2)	See the Note 2 to the Condensed Consolidated Financial Statements contained in Item 1 of the Form 10-Q filed by Pinnacle Airlines Corp. on November 2, 2005 for the period ended September 30, 2005.
(3)	Relates to the gain on extinguishment of the outstanding $120 million note payable to Northwest, which was purchased at a discounted price of $101.6 million in February 2005. See the Note 5 to the Condensed Consolidated Financial Statements contained in Item 1 of the Form 10-Q filed by Pinnacle Airlines Corp. on November 2, 2005 for the period ended September 30, 2005.