On Feb. 27, Pinnacle Airlines
- For the quarter, net income soared to $36.7 million, or $1.67 per share, versus prior-year numbers of $9.9 million, or $0.45 per share.
- However, on an apples-to-apples basis, the results were slightly disappointing. Excluding charges related to a settlement in the bankruptcy cases of Northwest Airlines and Mesaba Aviation, as well as some other one-time items, Pinnacle earned $12.3 million in the quarter, compared with $13.2 million in the year-ago quarter.
- A major positive development was the amended agreement with Northwest allowing Pinnacle to fly for other major carriers. It may target Continental
(NYSE:CAL) , AMR(NYSE:AMR) or American Airlines, and United Airlines parent UAL(NASDAQ:UAUA) . - Pinnacle also sold $335 million of unsecured claims owed by Northwest for $0.84 on the dollar, or $283 million. This removes the credit risk from Pinnacle's balance sheet -- a risk the company couldn't afford to take.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
Q4 2006 |
Q4 2005 |
Change |
|
|---|---|---|---|
|
Sales |
$204,520 |
$213,031 |
(4.0%) |
|
Operating Income Excluding Provisions |
$19,566 |
$22,118 |
(11.5%) |
|
Net Income |
$36,755.00 |
$9,962.00 |
269.0% |
|
EPS |
$1.67 |
$0.45 |
271.1% |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q4 2006 |
Q4 2005 |
Change* |
|
|---|---|---|---|
|
Operating Margin Excluding Provisions |
9.57% |
10.38% |
(0.82) |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q4 2006 |
Q4 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$73,405 |
$75,727 |
(3.1%) |
|
Accounts Rec. |
$100,925 |
$29,569 |
241.3% |
|
Net PPE* |
$40,895 |
$42,535 |
(3.9%) |
|
Liabilities |
Q4 2006 |
Q4 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$18,201 |
$12,945 |
40.6% |
|
Long-Term Debt |
$121,000 |
$121,000 |
0.0% |
Learn the ways of the balance sheet.
Cash Flow Highlights
|
Q4 2006 |
Q4 2005 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$21,101 |
$27,284 |
(22.7%) |
|
Cash From Investing Activities |
($34,963) |
($57,237) |
N/A |
|
Cash From Financing Activities |
($17,000) |
$26,608 |
N/A |
Find out why Fools always follow the money.
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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
Fool contributor Emil Lee is an analyst and a disciple of value investing. He doesn't own shares in any of the companies mentioned above. Emil appreciates your comments, concerns, and complaints. The Motley Fool has a disclosure policy.
