EX-99.1 2 exhibit99.htm EARNINGS RELEASE DATED JULY 27, 2006 Exhibit 99




 

Exhibit 99

  
 

Midwest Air Group, Inc.

 

6744 South Howell Avenue

 

Oak Creek, Wisconsin  53154-1402

 

414-570-4000

 

www.midwestairlines.com

 

Traded: AMEX (MEH)


Media Inquiries: Carol Skornicka, 414-570-3980 (o), 414-303-6516 (c) or Carol.Skornicka@midwestairlines.com

Analyst/Investor Inquiries: Dennis O’Reilly, 414-570-3954 (o) or Dennis.O’Reilly@midwestairlines.com


FOR IMMEDIATE RELEASE

July 27, 2006



MIDWEST AIR GROUP REPORTS SECOND QUARTER RESULTS

Strong Revenue Performance and Continuing Cost Controls Lead to Quarterly Profit


Summary: Second Quarter 2006 vs. Second Quarter 2005

·

Operating revenue increased 34.4% to $176.9 million

·

Scheduled service revenue passenger miles increased 28.6% to 1.1 billion on a 16.7% increase in capacity

·

Operating income of $7.5 million vs. loss of $8.2 million

·

Net income of $8.8 million vs. loss of $8.2 million

·

Diluted earnings per share of $0.39 vs. loss of $0.47

·

Revenue per available seat mile increased 15.2% to 13.05¢

·

Higher fuel prices negatively impacted operating results by $13.9 million, or $0.59 per share – diluted


Milwaukee, Wisconsin, July 27, 2006 – Midwest Air Group, Inc. (AMEX: MEH) today reported second quarter results for its Midwest Airlines and Skyway Airlines (dba Midwest Connect) operations.


“A strong increase in passengers and an improved fare environment helped offset soaring fuel costs in the quarter,” explained Timothy E. Hoeksema, chairman and chief executive officer. “This contributed to strong revenue performance, and along with improved non-fuel costs resulted in an operating profit for the quarter.”


Comparing second quarter 2006 to second quarter 2005, operating revenue increased 34.4% to $176.9 million. Operating income improved to $7.5 million from an $8.2 million loss in the second quarter of 2005, while net income improved to $8.8 million from an $8.2 million loss. (Due to accumulated losses, Midwest Air Group discontinued recording federal income tax benefit on losses in second quarter 2004 and state income tax benefit on losses in second quarter 2005. The company did not record income tax expense in 2006 results, due to accumulated losses.) Diluted earnings per share were $0.39, compared with a $0.47 loss in the same quarter a year earlier. Results for the second quarter of 2005 included a $2.2 million ($0.13 per share) accrual for engine overhaul expenses in excess of its MD-80 engine repair contract and $0.8 million ($0.04 per share) for the write-off of aircraft-related lease arranger and legal expenses.


The revenue increase reflects a 28.6% increase in passenger traffic, due to strong customer demand in response to competitive pricing, as well as schedule and service enhancements. A 6.0% increase in revenue yield was driven by a reduction in industry capacity, a series of independent fare increases by a number of airlines including Midwest, and improvements in the company’s yield management processes. Total operating expenses increased 21.2%, due primarily to the 16.7% increase in capacity, leading to increases in salary, wages and benefits; fuel expense; station costs; commissions; and aircraft rentals. Fuel expense increased $20.0 million, or 49.4% – of which $13.9 million ($0.59 per share – diluted) was related to price increases (calculated by applying 2005 prices to actual gallons consumed in 2006 and comparing the result to actual 2006 expense). Fuel expense includes the effect of hedging, which favorably affected fuel cost by $0.6 million in the quarter.


Year to date, operating revenue increased 34.5% to $327.6 million. Operating results improved to a $1.7 million loss from a $24.1 million loss in 2005, while net income improved to $0.1 million from a $24.1 million loss in the first six months last year. Diluted earnings per share rose to $0.01 from a $1.38 loss. First half 2005 results included the engine overhaul expenses and capitalized expense write-offs, as well as a litigation settlement and severance costs totaling $0.26 per share.


Midwest posted sizeable gains in market share in its Milwaukee and Kansas City hubs. In May 2006, the most recent month for which market share results are available:

·

Midwest Airlines and Midwest Connect carried 51.2% of all passengers departing from Milwaukee, up from 45.7% in the same month a year earlier. In May 2006, the airlines transported 152,823 Milwaukee passengers, up 14.8% from 133,091 passengers in May 2005.

·

In Kansas City, Midwest Airlines market share rose to 10.6% for May from 7.9% in the same month a year earlier. In May 2006, Midwest Airlines carried a total of 51,745 Kansas City passengers, up 43.7% from 36,003 passengers in May 2005.


Midwest Airlines

At Midwest Airlines, passenger revenue per scheduled service available seat mile increased 19.8% in second quarter 2006 compared with the same quarter a year earlier. Load factor increased 7.4 percentage points due to a 29.8% increase in passenger traffic on an 18.1% increase in capacity. Revenue yield increased 9.0%.


Into-plane fuel prices increased 30.1% in second quarter 2006, averaging $2.25 per gallon versus $1.72 per gallon in second quarter 2005, and resulted in a $12.3 million unfavorable price impact. Fuel consumption increases resulted in a $6.1 million unfavorable impact in the quarter, primarily as a result of the increase in the level of flight operations.


In the quarter, cost per available seat mile (unit costs) at Midwest Airlines increased $0.0042 to $0.1151, or 3.8% (excluding fuel, decreased $0.0055 to $0.0727, or 7.0%) compared with second quarter 2005.


Midwest Connect

At Midwest Connect, passenger revenue per scheduled service available seat mile increased 13.2% in the quarter. Passenger traffic increased 12.8% on a 1.6% increase in capacity, resulting in a 7.1 percentage point improvement in load factor, while revenue yield increased 2.0%. Cost per available seat mile increased $0.0449 to $0.2960, or 17.9% (excluding fuel, increased $0.0299 to $0.2212, or 15.6%) compared with second quarter 2005. Excluding fuel, the increase was due primarily to labor costs associated with ramp and dining services functions performed for Midwest Airlines; the transfer of ramp and dining services functions to Midwest Connect in mid-2005 has reduced the total cost of these services to Midwest Air Group. Into-plane fuel prices increased 26.8% in second quarter 2006, averaging $2.31 per gallon versus $1.82 per gallon in second quarter 2005, resulting in a $1.5 million unfavorable price impact. Fuel consumption was virtually unchanged quarter over quarter.


Note: Cost per available seat mile excluding fuel expense is an industry measurement that provides management and investors the ability to track changes in cost absent fuel-related expenses.


The company ended the quarter with $99.0 million in unrestricted cash, up from $84.7 million on June 30, 2005 and unchanged from $99.0 million at December 31, 2005. Capital spending – net of credits used to fund such spending – resulted in a cash outlay of $1.8 million for the quarter and consisted primarily of the acquisition of additional spare parts for the Boeing 717 fleet.


Highlights and Outlook

In the second quarter of 2006:

·

Midwest Airlines took delivery of one Boeing 717 aircraft, completing its 717 fleet with a total of 25 aircraft. Also in the quarter, Midwest sold one MD-80 aircraft and Skyway Airlines terminated its lease on one Beech 1900D aircraft.

·

The Wisconsin Supreme Court upheld a state property tax exemption for airlines operating hub facilities in Wisconsin. The decision exempts Midwest and other airlines that meet specific service criteria from Wisconsin state property taxes on aircraft and associated equipment.

·

Midwest Airlines launched nonstop seasonal service between Milwaukee and San Francisco. The once-daily service, which continues through September 30, is in addition to existing year-round service between Milwaukee and San Francisco via Kansas City.

·

Midwest Airlines and Midwest Connect began phasing in frequency additions in 10 markets: Milwaukee to/from Atlanta, Baltimore, Denver, Kansas City, New York La Guardia and Philadelphia, and Kansas City to/from Boston, Los Angeles, New York La Guardia and San Diego.

·

Enhancements to the airline’s Web site – midwestairlines.com – enable customers to change their flights and dates, or cancel their refundable tickets, from any computer 24 hours a day.

·

Midwest Miles members can earn miles on any Northwest Airlines-operated flight and redeem miles for award travel on Northwest and KLM Royal Dutch Airlines to more than 350 cities in 75 countries worldwide. Additionally, members in Northwest’s WorldPerks frequent flyer program can earn and redeem WorldPerks miles on Midwest.

·

Midwest Airlines’ popular frequent flyer program was recognized in the 18th annual Freddie Awards program, the most prestigious consumer-generated awards in the travel loyalty industry. Midwest Miles was recognized for Best Customer Service and placed a close second for Program of the Year. The program also earned third place for Best Member Communications and fourth place for Best Member Web Site, Best Elite Program and Best Award Redemption.

·

Midwest Miles members began earning Midwest Miles when shopping online from the 32 merchants in the new Midwest Miles Mall. Midwest Miles can be redeemed for a variety of awards – including free domestic and international travel, hotel stays, car rentals, theme park tickets and more.

·

Shareholders of Midwest Air Group re-elected three directors to the airline holding company’s board of directors: Samuel K. Skinner, Elizabeth T. Solberg and Richard H. Sonnentag. Their three-year terms expire in 2009.


In the third quarter of 2006 and beyond, Midwest Airlines will add nonstop service to Florida destinations and increase frequency on popular peak-season routes.

·

From Milwaukee: Midwest will offer daily nonstop service to Ft. Myers from October 14, 2006 through April 30, 2007. Additionally, it will begin nonstop service to Ft. Lauderdale on October 1, 2006; that service currently operates via Kansas City. Midwest will also add second daily nonstop roundtrips to Ft. Myers, Ft. Lauderdale and Tampa from November 16, 2006 through April 30, 2007.

·

From Kansas City: Midwest will launch nonstop seasonal service between Kansas City and Ft. Myers, offering one daily roundtrip from November 1, 2006 through April 30, 2007. The airline will also add nonstop daily frequency to its Orlando and Ft. Lauderdale service. The additional Orlando service will run October 14, 2006 through April 30, 2007, while the additional Ft. Lauderdale service will be offered November 1, 2006 through April 30, 2007.


“The continuing improvement in the industry environment and the positive revenue and cost trends we’ve been experiencing are beginning to pay off,” said Hoeksema. “Although fuel costs remain a major concern, we’re doing everything possible to strengthen our business financially and provide service that encourages travelers to consistently make us their airline of choice.”


Management of Midwest Air Group will discuss these results in a conference call with industry analysts and institutional investors at 2 p.m. Eastern time today. The discussion will be available simultaneously in a listen-only mode and for the following 30 days at http://phx.corporate-ir.net/phoenix.zhtml?c=88626&p=irol-irhome.



Midwest Airlines features jet service throughout the United States, including Milwaukee’s most daily nonstop flights and best schedule to major destinations. Catering primarily to business travelers and discerning leisure travelers, the airline earned its reputation as “The best care in the air” by providing passengers with impeccable service and onboard amenities at competitive fares. Skyway Airlines, Inc. – Midwest’s wholly owned subsidiary – operates as Midwest Connect and offers connections to Midwest Airlines as well as point-to-point service between select markets on regional jet and turboprop aircraft. Together, the airlines offer service to 47 cities. More information is available at midwestairlines.com.


###


This document contains forward-looking statements that may state the company’s or management’s intentions, hopes, beliefs, expectations or predictions for the future. Words such as “expect,” “anticipate,” “believe,” “estimate,” “goal,” “objective” or similar words are intended to identify forward-looking statements. It is important to note that the company’s actual results could differ materially from projected results due to the risk factors described in the “Risk Factors” section of Part 1 of the company’s “Annual Report on Form 10-K” for the year ended December 31, 2005.


Editor’s note: Tables follow


                    MIDWEST AIR GROUP, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

(Unaudited)

          
    

 Three Months Ended

  
    

June 30,

 

% Change

   

 

2006

 

 

2005

 

Better/(Worse)

          

Operating revenues:

         

     Passenger service

 

 

$

158,457

 

$

116,220

 

36.3%

     Cargo

 

 

 

2,025

  

1,477

 

37.1%

     Other

 

 

 

16,389

 

 

13,864

 

18.2%

       Total operating revenues

 

 

 

176,871

 

 

131,561

 

34.4%

  

 

       

Operating expenses:

 

 

       

     Salaries, wages and benefits

 

 

 

41,781

  

36,473

 

(14.6%)

     Aircraft fuel and oil

 

 

 

60,599

  

40,555

 

(49.4%)

     Commissions

 

 

 

4,836

  

3,482

 

(38.9%)

     Dining services

 

 

 

2,235

  

3,042

 

26.5%

     Station rental, landing and other fees

 

 

 

12,616

  

10,373

 

(21.6%)

     Aircraft maintenance, materials and repairs

 

 

 

12,014

  

13,431

 

10.6%

     Depreciation and amortization

 

 

 

3,732

  

4,078

 

8.5%

     Aircraft rentals

 

 

 

          15,833

  

          12,987

 

(21.9%)

     Other

 

 

 

15,687

 

 

15,326

 

(2.4%)

       Total operating expenses

 

 

 

169,333

 

 

139,747

 

(21.2%)

Operating income (loss)

 

 

 

7,538

 

 

(8,186)

 

192.1%

  

 

       

Other (expense) income:

 

 

       

     Interest income

 

 

 

            2,088

  

               902

 

131.5%

     Interest expense

 

 

 

(823)

  

(892)

 

7.7%

       Total other (expense) income

 

 

 

1,265

 

 

10

 

12550.0%

  

 

       

Income (loss) before income tax credit

 

 

 

8,803

  

(8,176)

 

207.7%

Income tax

 

 

 

                   -

 

 

                   -

 

                  -

          

Net income (loss)

 

 

$

8,803

 

$

(8,176)

 

207.7%

          
          

Income (loss) per common share – basic

  

$

0.49

 

$

(0.47)

 

204.4%

Income (loss) per common share – diluted

  

$

0.39

 

$

(0.47)

 

183.0%

          

Weighted average shares – basic

 

 

 

17,937,478

  

17,489,377

  

Weighted average shares – diluted

 

 

 

23,671,887

  

17,489,377

  
          
          

                    MIDWEST AIR GROUP, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

(Unaudited)

          
    

Six Months Ended

  
    

June 30,

 

% Change

    

2006

 

 

2005

 

Better/(Worse)

          

Operating revenues:

         

     Passenger service

 

 

$

289,744

 

$

212,770

 

36.2%

     Cargo

 

 

 

3,958

  

3,124

 

26.7%

     Other

 

 

 

33,918

 

 

27,692

 

22.5%

       Total operating revenues

 

 

 

327,620

 

 

243,586

 

34.5%

  

 

       

Operating expenses:

 

 

       

     Salaries, wages and benefits

 

 

 

80,771

  

73,020

 

(10.6%)

     Aircraft fuel and oil

 

 

 

113,424

  

75,760

 

(49.7%)

     Commissions

 

 

 

8,832

  

6,406

 

(37.9%)

     Dining services

 

 

 

4,281

  

4,938

 

13.3%

     Station rental, landing and other fees

 

 

 

26,559

  

21,749

 

(22.1%)

     Aircraft maintenance, materials and repairs

 

 

 

24,725

  

24,717

 

0.0%

     Depreciation and amortization

 

 

 

7,568

  

8,233

 

8.1%

     Aircraft rentals

 

 

 

          31,201

  

          24,559

 

(27.0%)

     Other

 

 

 

32,002

 

 

28,300

 

(13.1%)

       Total operating expenses

 

 

 

329,363

 

 

267,682

 

(23.0%)

Operating income (loss)

 

 

 

(1,743)

 

 

(24,096)

 

92.8%

  

 

       

Other (expense) income:

 

 

 

      

     Interest income

 

 

 

            3,536

  

            1,634

 

116.4%

     Interest expense

 

 

 

(1,673)

 

 

(1,791)

 

6.6%

       Total other (expense) income

 

 

 

1,863

 

 

(157)

 

1286.6%

  

 

       

Income (loss) before income tax credit

 

 

 

120

  

(24,253)

 

100.5%

Income tax

 

 

 

                   -

 

 

140

 

(100.0%)

Net income (loss)

 

 

$

120

 

$

(24,113)

 

100.5%

          
          

Income (loss) per common share – basic

  

$

0.01

 

$

(1.38)

 

100.5%

Income (loss) per common share – diluted

  

$

0.01

 

$

(1.38)

 

100.5%

          

Weighted average shares – basic

 

 

 

17,770,875

  

17,478,137

  

Weighted average shares – diluted

 

 

 

18,927,931

  

17,478,137

  
          



MIDWEST AIR GROUP, INC.

OPERATING STATISTICS

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

  

2006

 

2005

 

2006

 

2005

Midwest Air Group

 

 

 

 

 

 

 

 

Scheduled Service Revenue Passenger Miles (000s)

1,091,136

 

848,635

 

2,035,427

 

1,604,339

Scheduled Service Available Seat Miles (000s)

 

1,341,943

 

1,149,674

 

2,661,810

 

2,239,072

Total Available Seat Miles (000s)

 

1,355,156

 

1,161,391

 

2,703,490

 

2,272,687

Load Factor (%)

 

81.3%

 

73.8%

 

76.5%

 

71.7%

Revenue Yield

 

$0.1452

 

$0.1370

 

$0.1424

 

$0.1326

Passenger Revenue per Schd. Svc. ASM

 

$0.1181

 

$0.1011

 

$0.1089

 

$0.0950

Total Revenue per Total ASM

 

$0.1305

 

$0.1133

 

$0.1212

 

$0.1072

Total Cost per Total ASM

 

$0.1250

 

$0.1203

 

$0.1218

 

$0.1178

Total Cost per Total ASM (ex-fuel cost) (1)

 

$0.0802

 

$0.0854

 

$0.0799

 

$0.0844

Number of Flights

 

28,091

 

26,446

 

55,174

 

51,215

Into-plane Fuel Cost per Gallon

 

$2.25

 

$1.74

 

$2.14

 

$1.67

Full-time Equivalent Employees at End of Period

 

2,984

 

2,775

 

2,984

 

2,775

Aircraft in Service at End of Period

 

56

 

54

 

56

 

54

 

    

 

   

Midwest Airlines Operations

 

 

 

 

   

Origin & Destination Passengers

 

969,396

 

757,471

 

1,797,070

 

1,419,221

Scheduled Service Revenue Passenger Miles (000s)

1,021,628

 

787,011

 

1,907,663

 

1,488,306

Scheduled Service Available Seat Miles (000s)

 

1,244,802

 

1,054,049

 

2,470,779

 

2,049,351

Total Available Seat Miles (000s)

 

1,258,015

 

1,065,745

 

2,512,092

 

2,082,699

Load Factor (%)

 

82.1%

 

74.7%

 

77.2%

 

72.6%

Revenue Yield

 

$0.1297

 

$0.1190

 

$0.1266

 

$0.1153

Passenger Revenue per Schd. Svc. ASM

 

$0.1064

 

$0.0888

 

$0.0978

 

$0.0837

Total Revenue per Total ASM

 

$0.1208

 

$0.1032

 

$0.1120

 

$0.0979

Total Cost per Total ASM

 

$0.1151

 

$0.1108

 

$0.1116

 

$0.1074

Total Cost per Total ASM (ex-fuel cost) (1)

 

$0.0727

 

$0.0782

 

$0.0719

 

$0.0763

Average Passenger Trip Length (miles)

 

1,054

 

1,039

 

1,062

 

1,049

Number of Flights

 

13,662

 

11,349

 

26,626

 

21,456

Into-plane Fuel Cost per Gallon

 

$2.25

 

$1.72

 

$2.13

 

$1.66

Full-time Equivalent Employees at End of Period

 

2,006

 

1,813

 

2,006

 

1,813

Aircraft in Service at End of Period

 

36

 

32

 

36

 

32

 

 

 

 

 

 

 

 

 

Midwest Connect Operations

 

 

 

 

 

 

 

 

Origin & Destination Passengers

 

218,527

 

210,677

 

411,029

 

397,411

Scheduled Service Revenue Passenger Miles (000s)

69,508

 

61,625

 

127,764

 

116,033

Scheduled Service Available Seat Miles (000s)

 

97,141

 

95,625

 

191,031

 

189,721

Total Available Seat Miles (000s)

 

97,141

 

95,646

 

191,398

 

189,989

Load Factor (%)

 

71.6%

 

64.4%

 

66.9%

 

61.2%

Revenue Yield

 

$0.3740

 

$0.3668

 

$0.3771

 

$0.3553

Passenger Revenue per Schd. Svc. ASM

 

$0.2676

 

$0.2364

 

$0.2522

 

$0.2173

Total Revenue per Total ASM

 

$0.2989

 

$0.2509

 

$0.2834

 

$0.2281

Total Cost per Total ASM

 

$0.2960

 

$0.2510

 

$0.2975

 

$0.2506

Total Cost per Total ASM (ex-fuel cost) (1)

 

$0.2212

 

$0.1913

 

$0.2264

 

$0.1932

Average Passenger Trip Length (miles)

 

318

 

293

 

311

 

292

Number of Flights

 

14,429

 

15,097

 

28,548

 

29,759

Into-plane Fuel Cost per Gallon

 

$2.31

 

$1.82

 

$2.18

 

$1.73

Full-time Equivalent Employees at End of Period

 

978

 

962

 

978

 

962

Aircraft in Service at End of Period

 

20

 

22

 

20

 

22

 

 

 

 

 

 

 

 

 

         

(1) Non-GAAP measurement.     

 

Note:  All statistics exclude charter operations except the following: Total Available Seat Miles ("ASMs"), Total Cost per Total ASM, Into-plane Fuel Cost, Number of Employees and Aircraft in Service. Aircraft acquired but not yet placed into service are excluded from the aircraft in service statistics.  


Numbers in this table may not be recalculated due to rounding.



MIDWEST AIR GROUP, INC.

NON-GAAP FINANCIAL MEASURES

             
             

 

            

 

 

 Three Months Ended

   

Six Months Ended

  

 

 

June 30,

   

March 31,

  
  

2006

 

2005

 

%

 

2006

 

2005

 

%

             

Midwest Air Group

            

Total GAAP operating expenses  ($000)

 

 $  169,333

 

 $  139,747

 

21.2%

 

 $  329,363

 

 $  267,682

 

23.0%

ASMs (000)

 

  1,355,156

 

  1,161,391

 

16.7%

 

  2,703,490

 

  2,272,687

 

19.0%

CASM

 

 $    0.1250

 

 $    0.1203

 

3.8%

 

 $    0.1218

 

 $    0.1178

 

3.4%

 

            

Total GAAP operating expenses ($000)

 

 $  169,333

 

 $  139,747

 

21.2%

 

 $  329,363

 

 $  267,682

 

23.0%

Less: aircraft fuel ($000)

 

 $    60,599

 

 $    40,555

 

49.4%

 

 $  113,424

 

 $    75,760

 

49.7%

 

            

Operating expenses excluding fuel ($000)

 

 $  108,734

 

 $    99,192

 

9.6%

 

 $  215,939

 

 $  191,922

 

12.5%

ASMs (000)

 

  1,355,156

 

  1,161,391

 

16.7%

 

  2,703,490

 

  2,272,687

 

19.0%

CASM excluding fuel

 

 $    0.0802

 

 $    0.0854

 

-6.1%

 

 $    0.0799

 

 $    0.0844

 

-5.4%

 

 

           
 

 

           

Midwest Airlines Operations

 

           

Total GAAP operating expenses  ($000)

 

 $  144,737

 

 $  118,136

 

22.5%

 

 $  280,474

 

 $  223,670

 

25.4%

ASMs (000)

 

  1,258,015

 

  1,065,745

 

18.0%

 

  2,512,092

 

  2,082,699

 

20.6%

CASM

 

 $    0.1151

 

 $    0.1108

 

3.8%

 

 $    0.1116

 

 $    0.1074

 

4.0%

 

 

           

Total GAAP operating expenses ($000)

 

 $  144,737

 

 $  118,136

 

22.5%

 

 $  280,474

 

 $  223,670

 

25.4%

Less: aircraft fuel ($000)

 

 $    53,332

 

 $    34,839

 

53.1%

 

 $    99,811

 

 $    64,849

 

53.9%

 

 

           

Operating expenses excluding fuel ($000)

 

 $    91,405

 

 $    83,297

 

9.7%

 

 $  180,663

 

 $  158,821

 

13.8%

ASMs (000)

 

  1,258,015

 

  1,065,745

 

18.0%

 

  2,512,092

 

  2,082,699

 

20.6%

CASM excluding fuel

 

 $    0.0727

 

 $    0.0782

 

-7.0%

 

 $    0.0719

 

 $    0.0763

 

-5.7%

 

 

           

 

 

           

Midwest Connect Operations

 

           

Total GAAP operating expenses  ($000)

 

 $    28,750

 

 $    24,009

 

19.7%

 

 $    56,950

 

 $    47,618

 

19.6%

ASMs (000)

 

       97,141

 

       95,646

 

1.6%

 

     191,398

 

     189,989

 

0.7%

CASM

 

 $    0.2960

 

 $    0.2510

 

17.9%

 

 $    0.2975

 

 $    0.2506

 

18.7%

 

 

           

Total GAAP operating expenses ($000)

 

 $    28,750

 

 $    24,009

 

19.7%

 

 $    56,950

 

 $    47,618

 

19.6%

Less: aircraft fuel ($000)

 

 $      7,267

 

 $      5,715

 

27.2%

 

 $    13,613

 

 $    10,910

 

24.8%

 

 

           

Operating expenses excluding fuel ($000)

 

 $    21,483

 

 $    18,294

 

17.4%

 

 $    43,337

 

 $    36,708

 

18.1%

ASMs (000)

 

       97,141

 

       95,646

 

1.6%

 

     191,398

 

     189,989

 

0.7%

CASM excluding fuel

 

 $    0.2212

 

 $    0.1913

 

15.6%

 

 $    0.2264

 

 $    0.1932

 

17.2%

 

 

           
 

 

           
 

 

 

 

 

 

 

      
 

 

 

 

 

 

 

      

Note:  Numbers and totals in this table may not be recalculated due to rounding.