EX-99.2 3 ex99-2.htm CERTAIN INFORMATION DISCUSSED ex99-2.htm
EXHIBIT 99.2
 

ADDITIONAL SECOND QUARTER 2009 DISCLOSURES
 
(Unaudited)
 
·  
Unrestricted cash, cash equivalents and investments (including long-term portion) at June 30, 2009 was $389.4 million, up nearly $49 million over the 2008 year-end balance.
 
·  
As a result of our cash balance and improved financial results, we have earned reductions to the amounts eligible for holdback by our two largest credit card processors. Based on our current outlook, we do not believe that we will have any cash heldback by our two largest processors for the remainder of this year.
 
 
COMPANY ESTIMATES/FORWARD LOOKING STATEMENTS
 
Our projected capacity, as measured by available seat miles (ASMs), compared to the analogous periods of 2008 are as follows:
 
PERIOD
  
 
PERCENT CHANGE
  
Third Quarter 2009
 
Down 1% to 2%
 
Fourth Quarter 2009
 
Up 4% to 6%
 
2009 as a whole
  
Down 2% to 4%
  
 
While advance bookings are improving over the levels of May and June, we currently expect our load factors and yields to be down year-over-year in each month of the third quarter as a result of continued economic weakness.
 
Our projected unit revenue, non-fuel unit cost, and average cost per gallon of fuel, all in for the third quarter of 2009 compared to the third quarter of 2008 are as follows:
 
 
  
CHANGE
  
Total unit revenue per ASM
 
Down 9% to 10%
 
Non-fuel unit operating cost per ASM 
 
Up 4% to 5%
 
Average economic cost per gallon of fuel, all-in (including taxes, into-plane fees, and anticipated realized hedging gains and losses)
 
$1.95 to $2.00
 
 
Our combined fuel hedge portfolio is currently as follows:
  
PERIOD
  
 
EXPECTED FUEL HEDGED
  
Third Quarter 2009
 
49%
 
Fourth Quarter 2009
 
55%
 
First Quarter 2010
  
30%
  
 2010 as a whole   20%  
 
We have also hedged approximately 40% of our refinery margins for jet fuel for the third and fourth quarters of this year. These jet crack hedges are most heavily weighted in the hurricane prone months of September and October with over 70% of our refinery exposure protected during each of those months.