Air Lease Corporation Announces the Placement of Airbus A320-200neo with Atlantic Airways

Feb 12, 2018

Air Lease Corporation Announces the Placement of Airbus A320-200neo with Atlantic Airways

LOS ANGELES, Feb. 12, 2018 (GLOBE NEWSWIRE) — Air Lease Corporation (NYSE:AL) announced a long term lease agreement for one Airbus A320-200neo with Atlantic Airways, the national airline of the Faroe Islands.  The aircraft will deliver in March 2019 from ALC’s order book with Airbus. 

“We are very pleased to announce this new lease placement with Atlantic Airways, a new customer for ALC,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.  “Atlantic Airways connects the Faroe Islands in the North Atlantic with multiple destinations in Scandinavia and a growing route network in Europe.  The A320neo will help add capacity and efficiency to Atlantic’s all-Airbus fleet.”

Grant Levy, Air Lease Corporation’s Executive Vice President added, “ALC is delighted to welcome Atlantic Airways as our newest customer, and we expect the addition of the A320neo to enhance their fleet operations and provide their passengers with an even better experience than the great service already provided by Atlantic Airways.”

“The addition of this modern, fuel-efficient A320neo aircraft supports our main objective to connect the Faroe Islands with the world, providing good fares to Faroese travelers and further developing the Faroese tourist industry,” said Jóhanna á Bergi, CEO of Atlantic Airways. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates.  Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law.  Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE:AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world.  ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions.  For more information, visit ALC’s website at www.airleasecorp.com.

About Atlantic Airways

Atlantic Airways is an international company whose corporate culture is known by its focus on safety, punctuality, the customer and the result. The Sørvágur-based company, which is the Faroese flag carrier airline, currently employs around 172 people. The Atlantic Airways fleet consists of three aircraft and two helicopters. The aircraft provide regular service between the Faroes and a range of cities in Denmark as well as neighboring countries, with direct routes to Copenhagen, Billund, Aalborg, Bergen, Reykjavik, Edinburgh, Barcelona, ​​Mallorca, Lisbon, Malta and Gran Canaria.  In addition, the company’s activities include charter operation outside the Faroes. The helicopter department provides regular service to the different islands in the Faroes and search-and-rescue activities.

Investors:

Mary Liz DePalma
Assistant Vice President, Investor Relations
Email: mdepalma@airleasecorp.com

Media:

Laura Woeste
Manager, Media and Investor Relations
Email: lwoeste@airleasecorp.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/acf726f8-c433-47a9-9df3-b3767c1cea63


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VistaJet Presents Exceptional Travel Experiences for The Collection of Peggy and David Rockefeller

Feb 8, 2018

VistaJet Presents Exceptional Travel Experiences for The Collection of Peggy and David Rockefeller

LONDON, Feb. 08, 2018 (GLOBE NEWSWIRE) —

VistaJet, the first and only global private aviation company, showcases today three exclusive experiences to enrich the exhibitions and global tour of The Collection of Peggy and David Rockefeller, the most valuable auction of a private collection entirely dedicated to raising funds for philanthropic causes. 

Following the unveiling of early highlights in Hong Kong last November, the global public tour will move to London (February 21 – March 8), Paris (March 16 – 21), Beijing (April 6 – 7), Los Angeles (April 6 – 12) and Shanghai (April 10 – 11), ahead of the final exhibition in New York at Christie’s Rockefeller Center from April 28 until the sale on May 7 – 11. With each stop on the pre-sale tour, additional works of art and objects will be revealed.

With 80% of customers regularly investing in art, VistaJet flies some of the world’s most prominent collectors. Art has always integrated organically into the brand and as the company continuously strives to provide exceptional and curated experiences for members, anytime and anywhere, VistaJet’s three fully customizable The Art of Flying Experiences* will offer exclusive previews, private dinners, lectures and talks, enriching their engagement with the Rockefeller pieces.

The World of Art Experience will offer customers the opportunity to travel to all of The Collection of Peggy and David Rockefeller exhibitions on-board VistaJet for a private tour of the emblematic collection at each location. By booking this multi-leg journey, VistaJet will transport clients and their art at no additional cost on flights anytime, anywhere** and the experience will also include a year-long membership*** to The Cultivist, the global arts club.

The Direct Experience will offer any guest flying with VistaJet to any of The Collection of Peggy and David Rockefeller exhibitions in London, Paris, Beijing, Shanghai, Los Angeles or New York, an invitation to receive a complimentary membership to VistaJet Direct worth $10,000. The Direct membership gives clients access to available VistaJet private flights at special rates from any mobile device, through the world’s first end-to-end business jet app.

The third exclusive opportunity, The Rockefeller Experience, will allow up to 10 guests traveling with VistaJet on one of its iconic silver and red jets to New York, a rare opportunity for a behind the scenes private discovery tour of Kykuit, the historical National Trust landmark of the Rockefeller Estate in Pocantico Hills, before enjoying a Rockefeller-inspired multi-taste feast at an exclusive Upstate New York venue. Guests will then be invited for a personal tour of The Collection of Peggy and David Rockefeller exhibition in New York, and to view the live auction at Christie’s New York with leading art experts.

“The Collection of Peggy and David Rockefeller is a unique collection of the finest works of art and objects,” said Nina Flohr of VistaJet. “The fact that 100% of the proceeds from the auction of the collection will be donated to charities worldwide is a remarkable philanthropic effort.  We fully support the Rockefellers’ commitment to giving back, and our sponsorship is VistaJet’s way to facilitate and contribute to the exhibitions, auctions, and ultimately, the Rockefeller family’s charitable mission. We are very proud to support their initiative as the key global partner.”

The global nature of the auction and exhibitions aligns seamlessly with the VistaJet brand and its global reach. With a fleet of over 70 super-mid and long range identically designed aircraft, VistaJet guarantees availability within 24 hours to its customers, no matter where in the world they are based. The sponsorship of such a landmark collection is a way for VistaJet to support not only the arts, but David and Peggy Rockefeller’s philanthropic endeavours.

Sales of The Collection of Peggy and David Rockefeller will be conducted in keeping with David Rockefeller’s pledge to direct the majority of his wealth to philanthropy. All the Estate proceeds will be donated to charities, directly benefiting the philanthropic missions that have been maintained by the family for decades.

Find more info on how to enjoy The Collection of Peggy and David Rockefeller with VistaJet at VistaJet.com/TheArtOfFlying

* Price on request – dependent on origin location, availability, cabin size, airport and slot restrictions..
** Insurance and transportation terms and conditions apply.
*** Membership to The Cultivist upon application.

VistaJet Press Contacts:
Global and EMERI: Jennifer Farquhar | M: +44 7834 335505 | jennifer.farquhar@vistajet.com
APAC: Amy Yang | M: +852 9080 3985 | amy.yang@vistajet.com  

USA: Michael Salamanca | M: +1 917 755 3734 | michael.salamanca@vistajet.com  

                         
About VistaJet
VistaJet is the first and only global aviation company. On its fleet of silver and red business jets, VistaJet has flown corporations, governments and private clients to 187 countries worldwide. Founded in 2004 by Thomas Flohr, the company pioneered an innovative business model where customers pay only for the hours they fly, free of the responsibilities and asset risks linked to aircraft ownership. VistaJet’s signature Program service offers customers a bespoke subscription of flight hours on its fleet of mid and long-range jets, to fly them anywhere and at any time.

More VistaJet information and news at vistajet.com

Photos accompanying this announcement are available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/23769297-bca1-4a67-a687-3d839dcb602a 

http://www.globenewswire.com/NewsRoom/AttachmentNg/17a32814-f7d0-4bff-879f-7654a5747449


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SunExpress Reserves 66 WheelTug Systems

Feb 7, 2018

SunExpress Reserves 66 WheelTug Systems

GIBRALTAR, Feb. 07, 2018 (GLOBE NEWSWIRE) — SunExpress, a Deutsche Lufthansa / Turkish Airlines joint venture, has executed a slot option purchase agreement for the SunExpress fleet of Boeing 737NG/MAX aircraft.

This agreement brings the total number of WheelTug systems reserved by airline customers to 1,042 across more than 20 airlines.

The WheelTug system uses high-performance electric motors, installed in the nose gear wheels of an aircraft, to provide full mobility and enhanced autonomy while on the ground.  Pilots can use WheelTug to conduct pushback and taxi operations without needing to use tugs or the aircraft’s jet engines.  WheelTug systems are expected to improve the efficiency and reliability of SunExpress ground operations, leading to reduced costs and enhanced aircraft utilization.

WheelTug CEO Isaiah Cox said, “We are very happy to have SunExpress take us past the 1,000 aircraft milestone, and look forward to bringing their customers an even better journey.”

About SunExpress
For almost 30 years, SunExpress has offered non-stop leisure flights between Europe, Turkey, and vacation destinations all along the Mediterranean. The Lufthansa and Turkish Airlines joint venture offers 60 international destinations in more than 20 countries. Over 8 million passengers annually enjoy friendly on-board service and a comfortable flight experience. For more information, visit: www.SunExpress.com

About WheelTug plc
WheelTug plc is developing the WheelTug aircraft electric drive system, and is based in Gibraltar. A full listing of WheelTug partner companies and airline customers is on the company’s website at http://www.wheeltug.gi.

For more information:

Jan Vana
Director
WheelTug plc
+420 724 276 506
+1 410 419 0082
exec@wheeltug.gi
www.wheeltug.gi

Forward-looking statement at:http://www.wheeltug.gi/fls.shtml


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First Bahama Beach Skydiving Event, West End, Grand Bahama, February 2-12, 2018

Feb 6, 2018

First Bahama Beach Skydiving Event,
West End, Grand Bahama,
February 2-12, 2018

West End, Grand Bahama, Feb. 06, 2018 (GLOBE NEWSWIRE) — A group of some 60 licensed skydivers and aviation enthusiasts are at the Old Bahama Bay on Grand Bahama Island this week for its first Bahama Beach Skydiving event. The historic event which features skydivers, jumping from parachutes amid 14,000 feet, takes place daily between 10 am and 5 pm – February 2 through 12 from the West End International Airport.

Organized by Sky’s The Limit, a skydiving company based in East Stroudsburg, Pennsylvania, the event is also sanctioned by The Bahamas Ministry of Tourism and Aviation (MOTA). Sponsors for the event include Old Bahama Bay Resort, United Parachute Technologies, Vigil, Aerodyne, Great Wolf Lodge, Sun Path and Shooting Star.

According to Jeff Root, CEO and owner of Sky’s The Limit, “all of the skydivers are licensed jumpers and are excited to visit and participate in a sport they love in such a wonderful location as Grand Bahama Island and Old Bahama Bay Resort. It is our hope that we can make this event, in Grand Bahama, an annual one for our aviation members”.

Greg Rolle, pilot and Sr. Director of Sports and Vertical Markets for The Bahamas MOTA said, “the organizers of this event jumped full force, no pun intended, into planning and executing this event. This is a prime example of private enterprise working cohesively with the public sector, and we could not have been more excited to work alongside such a reputable and influential body. The economic injection, particularly into the West End community and the added interest generated from its marketing, are beneficial to the destination.”

Local residents and aviation enthusiasts can watch the exciting parachute jumps, complimentary, from bleachers erected at the Old Bahama Bay Resort. For more information on the Bahama Beach Skydiving event visit: https://skysthelimit.net/bahama-boogie.

About The Islands Of The Bahamas

The Islands Of The Bahamas have a place in the sun for everyone from Nassau and Paradise Island to Grand Bahama to The Abaco Islands, The Exuma Islands, Harbour Island, Long Island and others. Each island has its own personality and attractions for a variety of vacation styles with some of the world’s best golf, scuba diving, fishing, sailing, boating, as well as, shopping and dining. The destination offers an easily accessible tropical getaway and the Bahamian dollar on par with the U.S. dollar. Do everything or do nothing, just remember It’s Better in The Bahamas. For more information on travel packages, activities and accommodations, call 1-800-Bahamas or visit www.Bahamas.com. Look for The Bahamas on the web on Facebook, Twitter and YouTube.

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b9bdfa82-0d23-4ce8-b80d-79ce97c342d3

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4471ef98-5fa9-46d4-b676-6246ca9065f1

CONTACT: D. Earnestine Moxyz
Bahamas Ministry of Tourism
954-236-9292
emoxyz@bahamas.com


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EMCORE Introduces New EMCORE-Hawkeye™ Series of Precision Single-Axis Fiber Optic Gyroscope Modules

Feb 6, 2018

EMCORE Introduces New EMCORE-Hawkeye™ Series of Precision Single-Axis Fiber Optic Gyroscope Modules

ALHAMBRA, Calif., Feb. 06, 2018 (GLOBE NEWSWIRE) — EMCORE Corporation (NASDAQ:EMKR), a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems, announced today the introduction of the new EMCORE-HawkeyeTM series of precision, single-axis Fiber Optic Gyroscope (FOG) modules. The new EMCORE-HawkeyeTM EG-120 and EG-200 models will deliver the industry’s best Size, Weight and Power (SWaP) compared to competing products.

The EMCORE-HawkeyeTM EG-120 FOG module is an ultra-compact, state-of-the-art design that is the smallest, most affordable closed-loop FOG available on the market today. It is approximately 1/2 the weight with 1/3 the power requirements of current generation FOGs and is 35% smaller than EMCORE’s previous generation EMP series FOGs. The EMCORE-HawkeyeTM EG-120 incorporates advanced, next-generation Field Programmable Gate Array (FPGA) electronics that deliver increased performance and reliability combined with low cost. The model EG-200 shares these advanced electronics with the EG-120, but with even greater performance capabilities compared to the EG-120 and the EMP series.

The EMCORE-HawkeyeTM series features performance specifications ideal for medium accuracy platform stabilization applications such as camera systems used in aircraft, Unmanned Aerial Vehicles (UAVs) and gun stabilization systems. A wide variety of other guidance, navigation and aeronautics applications are supported. The differences between these new models provide customers with greater flexibility to choose the performance level and form-factor that best meets their application, and these are only the first models to be announced. The EMCORE-HawkeyeTM FOG platform will allow even greater selection of performance capabilities in the future to meet a broad range of customer requirements.

“We saw a market need for an ultra-compact, more cost-effective FOG than what is currently available on the market,” commented David Faulkner, EMCORE’s Vice President and General Manager of Aerospace & Defense. “Our new EMCORE-Hawkeye series delivers a high level of performance and at the same time can be easily customized to meet our customer’s needs. We are very pleased to have received initial orders for both these products from key customers for qualification into their systems,” added Mr. Faulkner.

“EMCORE now develops all its key FOG components internally including the next-generation, solid-state optical transceiver, lithium-niobate modulator and FPGA electronics,” added Dr. KK Wong, Sr. Director of Fiber Optic Gyro Products for EMCORE. “This allows performance parameters to be more easily customized to specific customer requirements at price levels equivalent to, or less than that of lower-performance open-loop designs.” 

EMCORE’s EG-120 has a typical in-run bias drift from 1-10 deg/hr with Angle Random Walk (ARW) from 0.1 to 1 deg/rt-hr. The bias drift of the EG-200 is <0.1 deg/hr with ARW of 0.01 deg/rt-hr. Bias drift is an important measure of accuracy and precision of the FOG, with lower bias models delivering higher performance overall. EMCORE’s new EG-120 and EG-200 FOG modules combine advanced, next-generation integrated optics and FPGA electronics to deliver higher accuracy, lower noise, greater efficiency, improved drift stability and higher linearity than competing units.

About EMCORE

EMCORE Corporation is a leading provider of advanced Mixed-Signal Optics products that provide the foundation for today’s high-speed communication network infrastructures and leading-edge defense systems. Our optical chips, components, subsystems and systems enable broadband and wireless providers to continually enhance their network capacity, speed and coverage to advance the free flow of information that empowers the lives of millions of people daily. The Mixed-Signal Optics technology at the heart of our broadband transmission products is shared with our fiber optic gyros and military communications links to provide the aerospace and defense markets state-of-the-art systems that keep us safe in an increasingly unpredictable world. EMCORE’s performance-leading optical components and systems serve a broad array of applications including cable television, fiber-to-the-premise networks, telecommunications, data centers, wireless infrastructure, satellite RF fiber links, navigation systems and military communications. EMCORE has fully vertically-integrated manufacturing capability through its world-class Indium Phosphide (InP) wafer fabrication facility at our headquarters in Alhambra, California, and is ISO 9001 certified in Alhambra and at our facility in Beijing, China. For further information about EMCORE, please visit http://www.emcore.com.

Forward-looking statements:

The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include statements regarding EMCORE’s plans, strategies, business prospects, growth opportunities, changes and trends in our business and expansion into new markets. These forward-looking statements are based on management’s current expectations, estimates, forecasts and projections about EMCORE and are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated in the forward-looking statements, including without limitation, the following: (a) the rapidly evolving markets for EMCORE’s products and uncertainty regarding the development of these markets; (b) EMCORE’s historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017, as updated by our subsequent periodic reports. Forward-looking statements contained in this press release are made only as of the date hereof, and EMCORE undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

EMCORE Corporation
David Faulkner
Vice President and General Manager, Aerospace & Defense
(626) 293-3698
David_Faulkner@emcore.com 

Media
Joel Counter
Manager, Corporate & Marketing Communications
(626) 999-7017
media@emcore.com

Investor
Erica Mannion
Sapphire Investor Relations, LLC 
(617) 542-6180 
investor@emcore.com

 


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Quantum Computer Market to Reach US$1.9 billion by 2023, says new CIR Report

Feb 5, 2018

Quantum Computer Market to Reach US.9 billion by 2023, says new CIR Report

CHARLOTTESVILLE, Va., Feb. 05, 2018 (GLOBE NEWSWIRE) — In its just-released report, “Quantum Computing: Applications, Software and End-User Markets: 2018-2027,” Communications Industry Researchers (CIR) pegs revenues from quantum computing at US$1.9 billion in 2023, increasing to US$8.0 billion by 2027.

This report focuses on opportunities from quantum computing software and cloud services as well as the computers themselves.  Applications/end user communities analyzed include Web search, materials/drug design, financial services, general business planning, healthcare, transportation and the energy industry.  This is in addition to coverage of “traditional” markets for quantum computing in aerospace, defense and R&D.

In 2017, CIR published two reports on markets for quantum encryption and quantum networking. It now offers full coverage of quantum technology markets in a program that will include reports, market analysis, forecasting and due diligence appraisal of quantum computing, quantum networking, quantum sensor and quantum components opportunities.  The full program can be located at:

https://www.cir-inc.com/images/uploads/general/Quantum_Program.pdf

According to Lawrence Gasman, the author of this report, 2018 will see a new era for quantum computing. “IBM, Google and Microsoft, have made quantum computing a central part of their enterprise computing strategy,” says Gasman. “In the next year or so, problems that cannot be solved using classical supercomputers will find solutions using quantum computers.” Gasman spoke at the recent Q2B Quantum Computing for Business conference — the first conference to focus on quantum computing as a business, rather than just a technical topic.  He has personally tracked the evolution of quantum computers for 20 years.

About the Report:

The new CIR report identifies the main future inflection points for quantum computing markets and determines adoption timeframes for key end user communities. For marketing strategists, product managers and investors interested in where the money will be made in quantum computing, the report answers the following questions:

  • Will quantum computing just be delivered via a cloud or are there opportunities for on-premises quantum computers?  Although, the conventional wisdom says that quantum computing is a cloud services play, the history of computers suggests the emergence of on-premises quantum computing on premises in the not-too-distant future
  • What operating systems, middleware, simulators, compilers applications software will be required for enterprise quantum computing? What can quantum computing software do today and what will it be able to do in the future?
  • How are today’s quantum computing start-ups preparing to generate short-term revenues and where are they getting their investment money from?  The report includes detailed strategic profiles of more than 20 leading quantum software and cloud services firms.

This report includes ten-year revenue forecasts for quantum computing applications with breakouts by hardware, software, services, geography and end user. These forecasts are the most realistic available. Other forecasters apparently confuse government funding with business revenues – leading to exaggerated estimates for quantum computing markets.

From the report:

  • Quantum enterprise computing to boom: In 2018, quantum computing users, other than R&D and cloud providers, will account for just 6% of quantum computer revenues.  By 2024 their share will be around 30%. The biggest commercial expenditures on quantum computing will come from defense/aerospace, pharmaceuticals/specialty chemical and banking/finance
  • No sure winners in the quantum hardware market yet: D-Wave currently leads the quantum computing market with its quantum annealer. Google, IBM and Microsoft are investing heavily in the future of quantum computers. Future market shares will depend not just on the number of qubits particular quantum computers can process, but on the stability of those qubits. With many different technologies contending for the quantum computing space, there may be breakthroughs that will ultimately give new firms a lion’s share of the market. By 2023, quantum computing hardware revenues will be approximately $803 million.
  • A new quantum software market emerges: By 2023 the market for quantum computing software will reach $408 million, with 60 percent of these revenues from applications packages for cloud service providers. Early revenues for quantum software start-ups will also come from compilers, simulators and a few applications packages.

About CIR:

Communications Industry Researchers (CIR) has published hype-free industry analysis for the optical networking and enterprise computing for almost 30 years.  Visit www.cir-inc.com for a full listing of CIR’s reports and other services.

Contact:
Robert Nolan
Tel: 804-938-0030
Rob@cir-inc.com


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Advanced Defense Technologies, Inc. Announces Name Change to Star Jets International, Inc., Trading Symbol Change to JETR, and Reverse Stock Split

Feb 5, 2018

Advanced Defense Technologies, Inc. Announces Name Change to Star Jets International, Inc., Trading Symbol Change to JETR, and Reverse Stock Split

NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) — Advanced Defense Technologies, Inc. (OTC PINK:ADCF) (OTC PINK:ADCFD) announces that FINRA  approved its corporate actions application for a corporate name change to Star Jets International, Inc., a new stock symbol-JETR representing its business as the premier private jet charter company, and a 1-for-100 reverse stock split; all to be effective as of February 12, 2018.  An intermediary symbol, ADCFD (a “D” added to the old symbol) becomes effective on the approved FINRA date, which notifies the “STREET” of these corporate actions. The Company’s new stock symbol, JETR, goes active approximately 20 business days from the corporate action date. 

CUSIP assigned the Company a new number 855140109 associated with JETR’s new name, symbol, and recapitalization.

The 1-for-100 reverse stock split automatically converts one hundred current shares of ADCF common stock into one new share of common stock, with fractional shares rounded up to the next full share.   

“These corporate actions represent an important next step in moving our Company forward toward becoming a fully reporting, OTCQB company,” said Ricky Sitomer, CEO of Star Jets. “We plan to take additional steps in the near future to audit our financial statements and then start filing our financial statements with the SEC, and apply to the OTCQB for trading.  We hope to have that process done in the next few months.  We are very excited for our name change, our symbol change, and our reverse split.   We look forward to executing our plan for Star Jets International.”

About Advanced Defense Technologies, Inc.:

Advanced Defense Technologies, Inc. acquired Star Jets International, LLC in September 2017 by reverse merger. Star Jets International offers its customers all the advantages of owning a corporate jet, without the burdens associated with ownership. This includes unprecedented flexibility through access to over 5,000 private jets domestically and 15,000 private jets worldwide. Star Jets executives have over 18 years of experience in aviation and marketing, www.starjetsinternational.com.

For further information, please contact Ricky Sitomer, Star Jets International: 917.331.5152.

Forward-Looking Statements: 

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements. The company assumes no obligation to update these forward-looking statements.

Contact: Ricky Sitomer
917-331-5152

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/98dd9f14-42dc-4882-9c76-a2158994da20


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Woodward Announces Relocation of Duarte, CA Operations to Fort Collins, CO

Feb 2, 2018

Woodward Announces Relocation of Duarte, CA Operations to Fort Collins, CO

FORT COLLINS, Colo., Feb. 01, 2018 (GLOBE NEWSWIRE) — Woodward, Inc. (NASDAQ:WWD) today announced its intention to relocate its Duarte, CA operations to the company’s newly renovated Drake Campus in Fort Collins, CO. The Duarte facility, which manufactures thrust reverser actuation systems (“TRAS”), is part of the company’s Airframe Systems business group, with approximately 350 employees.

The Duarte facility is unable to support the significant amount of new business recently awarded, including a major TRAS contract with Airbus, while maintaining the highest quality and customer service levels. After conducting a thorough study, which centered on specific criteria including facilities that meet world class standards, are not encumbered by threats of eminent domain, and have a ready and capable workforce with the ability to transition quickly, the company selected its newly renovated Drake Campus location.

“This has been a difficult decision, and we acknowledge the impacts to our members in Duarte,” said Thomas A. Gendron, Chairman and Chief Executive Officer. “However, this move will allow us to produce world-class products in a facility that can accommodate growth, and deliver high levels of quality and customer service to our customers.”

Working closely with the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”), the company will begin the transition process, expected to span 18-24 months. 

About Woodward, Inc.

Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company’s innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com, and connect with us at www.facebook.com/woodwardinc.

Notice Regarding Forward-Looking Statements

The statements in this release contain forward-looking statements that involve risks and uncertainties, including statements concerning the relocation of its Duarte, CA operations to the company’s Drake Campus in Fort Collins, CO, the intention to produce world-class products in a facility that can accommodate growth and deliver high levels of quality and customer service, and the anticipated transition process of 18-24 months. Actual results could differ materially from projections or any other forward-looking statements and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward’s Annual Report on Form 10-K for the year ended September 30, 2017 and any subsequently filed Quarterly Report on Form 10-Q.

CONTACT:
Don Guzzardo
Corporate Director, Investor Relations & Treasury
970-498-3580
Don.Guzzardo@woodward.com


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Iridium Announces Release Date for Fourth-Quarter 2017 Financial Results

Feb 1, 2018

Iridium Announces Release Date for Fourth-Quarter 2017 Financial Results

MCLEAN, Va., Feb. 01, 2018 (GLOBE NEWSWIRE) — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) will host a conference call on Thursday, February 22, 2018 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s fourth-quarter 2017 financial results.  In advance of the call on February 22, 2018, Iridium will issue its fourth-quarter 2017 earnings press release, which will be available at http://www.iridium.com.  To participate in the teleconference, callers can dial the toll-free number 1-877-334-1964 (U.S. callers only) or 1-631-291-4574 (from outside the U.S.).  The conference call ID is 2659408.  To help ensure the conference call begins in a timely manner, please dial in five minutes prior to the scheduled start time.  The conference call will also be simultaneously webcast at http://www.iridium.com

For those unable to participate in the live call, an archived replay of the webcast will be available at http://www.iridium.com.

About Iridium Communications Inc.

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe.  Iridium enables connections between people, organizations and assets to and from anywhere, in real time.  Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications.  The company has a major development program underway for its next-generation network – Iridium NEXT.  Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM.  For more information about Iridium products, services and partner solutions, visit www.iridium.com.  IRDM-F

Investor Contact:                               

Kenneth Levy 
Iridium Communications Inc.
+1 (703) 287-7570
ken.levy@iridium.com

Press Contact:

Jordan Hassin
Iridium Communications Inc.
+1 (703) 287-7421
jordan.hassin@iridium.com


Source: Av News Feed

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Allegiant Travel Company Full Year and Fourth Quarter 2017 Financial Results

Jan 31, 2018

Allegiant Travel Company Full Year and Fourth Quarter 2017 Financial Results

Full year 2017 Fully Diluted Earnings per Share of $11.93
Full year 2017 Fully Diluted Earnings per Share Excluding Fourth Quarter Special Items1 was $9.55
Fourth Quarter 2017 Fully Diluted Earnings per Share of $5.13
Fourth Quarter 2017 Fully Diluted Earnings per Share Excluding Fourth Quarter Special Items1 was $2.71

LAS VEGAS, Jan. 31, 2018 (GLOBE NEWSWIRE) — Allegiant Travel Company (NASDAQ:ALGT) today reported the following financial results for the full year as well as fourth quarter 2017, as well as comparisons to the prior year:

      
 Three Months Ended
 December 31,
  Twelve Months Ended
 December 31,
 
Unaudited 2017 2016Change  2017 2016Change
Total operating revenue (millions)$378.6 $335.9 12.7% $1,503.8 $1,362.8 10.3%
Operating income (millions)$26.2 $68.1 (61.6)% $227.2 $370.6 (38.7)%
Adjusted operating income (millions)*$61.5 $68.1 (9.7)% $262.5 $370.6 (29.2)%
Net income (millions)$82.5 $41.3 99.7% $194.9 $219.6 (11.2)%
Adjusted net income (millions)*$43.7 $41.3 5.8% $156.1 $219.6 (28.9)%
Diluted earnings per share$5.13 $2.48 106.9% $11.93 $13.21 (9.7)%
Adjusted diluted earnings per share*$2.71 $2.48 9.3% $9.55 $13.21 (27.7)%

* – see appendix for reconciliation of non-GAAP financial measures

“We are proud to have produced another profitable year and our 60th consecutive profitable quarter,” stated Maurice J. Gallagher, Jr., chairman and CEO of Allegiant Travel Company.  “We have achieved this record, even as oil climbed above $145 per barrel, and during one of the worst recessions in the country’s history.  Our positioning for the next 60 quarters is equally exciting.  Our transition to an all-Airbus fleet by the year end is progressing on schedule.  This return to a single fleet type will allow us to maintain the same corporate model and nimbleness we have shown in the past, able to react to both economic and competitive changes.  These industry-leading results would not have been possible without the hard work of our professional team members across all departments during the past 15 years.”

Fourth quarter special items

  • MD-80 write down in the fourth quarter was $35 million
    •  Impairment caused by the accelerated retirement of the MD-80 fleet
  • Tax benefit – Received a one time tax benefit of approximately $74 million
    •  Remeasurement of deferred tax assets and liabilities due to the passage of the Tax Cuts and Jobs Act of 2017

Shareholder returns

  • 2017 shareholder returns – Returned $132 million in 2017 through dividends and open market share repurchases
    •  Will pay dividends of $0.70 per share on March 16, 2018 to shareholders of record as of March 2, 2018
    •  Current share repurchase authority of $100 million as of January 31, 2018

Balance sheet update

  • Additional secured debt – Raised $191 million, net of revolver payoff, in the fourth quarter
    •  Thirteen Airbus aircraft are unencumbered as of January 31, 2018

2018 outlook

  • 2018 tax rate impact – 2018 effective tax rate is expected to be between 24 and 25 percent
  • First quarter scheduled and system ASMs are expected to grow between ten and fourteen percent vs last year

Guidance, subject to revision     
      
Full year 2018 guidance Previous*   Current
Fuel cost per gallon $2.17   $2.17
Available seat miles (ASMs) / gallon 77.5 to 79.5   77.5 to 79.5
       
Interest expense (millions) $50 to $60   $50 to $60
Tax rate 37 to 38%   24 to 25%
Share count (millions)  15.9    15.9
Earnings per share $8 to $10   $10 to $12
       
System ASMs – year over year change 11 to 15%   11 to 15%
Scheduled service ASMs – year over year change 11 to 15%   11 to 15%
       
Depreciation expense / aircraft / month (thousands) $120 to $130   $120 to $130
Maintenance expense / aircraft / month (thousands) $95 to $105   $95 to $105
       
Full year 2018 CAPEX guidance      
Capital expenditures (millions) ** $290   $290
Capitalized Airbus deferred heavy maintenance (millions) *** $45   $45

* – Previous guidance as of November 29, 2017
** – Excludes Sunseeker Resorts
*** – Not included in capital expenditure total

Aircraft fleet plan by end of period      
       
Aircraft – (seats per AC) YE171Q182Q183Q18YE18
MD-80 (166 seats) 37 32 27 19  
A319 (156 seats) 22 26 31 31 32 
A320 (177/186 seats) 30 33 42 45 50 
Total 89 91 100 95 82 

Aircraft listed in table above include only in-service aircraft, planned retirements and future aircraft under contract (subject to change)

Allegiant Travel Company will host a conference call with analysts at 4:30 p.m. ET Wednesday, January 31, 2018 to discuss its full year and fourth quarter 2017 financial results. A live broadcast of the conference call will be available via the Company’s Investor Relations website homepage at http://ir.allegiant.com. The webcast will also be archived in the “Events & Presentations” section of the website.

Allegiant.®

Las Vegas-based Allegiant (NASDAQ:ALGT) is focused on linking travelers in small cities to world-class leisure destinations. The airline offers industry-low fares on an all-jet fleet while also offering other travel-related products such as hotel rooms and rental cars. All can be purchased only through the company website, Allegiant.com. Beginning with one aircraft and one route in 1999, the company has grown to more than 80 aircraft and 400 routes across the country with base airfares less than half the cost of the average domestic roundtrip ticket. For downloadable press kit, including photos, visit: http://gofly.us/iiFa303wrtF.

Media Inquiries: mediarelations@allegiantair.com

Investor Inquiries: ir@allegiantair.com

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, statements in this press release that are not historical facts are forward-looking statements. These forward-looking statements are only estimates or predictions based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include our statements regarding future expenses, ASM growth, departure growth, expected capital expenditures, number of contracted aircraft to be placed in service in the future, timing of aircraft retirements, as well as other information concerning future results of operations, business strategies, financing plans, industry environment and potential growth opportunities. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “guidance,” “anticipate,” “intend,” “plan,” “estimate”, “project”, “hope” or similar expressions.

Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in the forward-looking statements. Important risk factors that could cause our results to differ materially from those expressed in the forward-looking statements generally may be found in our periodic reports filed with the Securities and Exchange Commission at www.sec.gov. These risk factors include, without limitation, an accident involving, or problems with, our aircraft, our reliance on our automated systems, limitation on growth as we transition to a single fleet type, risk of breach of security of personal data, volatility of fuel costs, labor issues and costs, the ability to obtain regulatory approvals as needed , the effect of economic conditions on leisure travel, debt covenants and balances, the ability to finance aircraft under contract, terrorist attacks, risks inherent to airlines, our competitive environment, our reliance on third parties who provide facilities or services to us, the possible loss of key personnel, economic and other conditions in markets in which we operate, the ability to successfully develop a hotel-condo project in Southwest Florida, governmental regulation, increases in maintenance costs and cyclical and seasonal fluctuations in our operating results.

Any forward-looking statements are based on information available to us today and we undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.

Detailed financial information follows:

 
Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 Three Months Ended December 31, Percent
  2017  2016 change
OPERATING REVENUE:     
Scheduled service revenue$202,359  $185,325  9.2 
Ancillary revenue:     
Air-related charges 138,689   122,598  13.1 
Third party products 13,313   10,458  27.3 
Total ancillary revenue 152,002   133,056  14.2 
Fixed fee contract revenue 14,588   9,282  57.2 
Other revenue 9,609   8,220  16.9 
Total operating revenue 378,558   335,883  12.7 
OPERATING EXPENSES:     
Aircraft fuel 92,863   74,363  24.9 
Salary and benefits 94,291   80,789  16.7 
Station operations 34,602   27,739  24.7 
Maintenance and repairs 25,870   29,054  (11.0)
Depreciation and amortization 29,142   29,254  (0.4)
Sales and marketing 15,967   3,753  325.4 
Other 24,402   22,813  7.0 
Special charge 35,253     NM*
Total operating expense 352,390   267,765  31.6 
OPERATING INCOME 26,168   68,118  (61.6)
OTHER (INCOME) EXPENSE:     
Interest income (1,616)  (908) 78.0 
Interest expense 11,659   7,269  60.4 
Other, net (305)  (254) 20.1 
Total other (income) expense 9,738   6,107  59.5 
INCOME BEFORE INCOME TAXES 16,430   62,011  (73.5)
PROVISION FOR INCOME TAXES (66,072)  20,699  NM*
NET INCOME$82,502  $41,312  99.7 
Earnings per share to common shareholders (1):     
Basic$5.13  $2.49  106.0 
Diluted$5.13  $2.48  106.9 
Weighted average shares outstanding used in computing earnings per share to common shareholders (1):     
Basic 15,868   16,382  (3.1)
Diluted 15,879   16,404  (3.2)

*NM – Not meaningful
(1) The Company’s unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share calculations for the periods presented reflect the two-class method mandated by ASC Topic 260, “Earnings Per Share.” The two-class method adjusts both the net income and the shares used in the calculation. Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.

 
Allegiant Travel Company
Operating Statistics
(Unaudited)
 Three Months Ended December 31, Percent
 2017 2016 change*
OPERATING STATISTICS     
Total system statistics:     
Passengers3,077,039  2,717,769  13.2 
Revenue passenger miles (RPMs) (thousands)2,766,503  2,451,391  12.9 
Available seat miles (ASMs) (thousands)3,430,711  3,073,455  11.6 
Load factor80.6% 79.8% 0.8 
Operating expense per ASM (CASM) (cents)**10.27  8.71  17.9 
Fuel expense per ASM (cents)2.71  2.42  12.0 
Operating CASM, excluding fuel (cents)**7.56  6.29  20.2 
ASMs per gallon of fuel75.4  71.6  5.3 
Departures23,322  21,070  10.7 
Block hours53,224  48,191  10.4 
Average stage length (miles)872  868  0.5 
Average number of operating aircraft during period89.3  83.3  7.2 
Average block hours per aircraft per day6.5  6.3  3.2 
Full-time equivalent employees at end of period3,752  3,416  9.8 
Fuel gallons consumed (thousands)45,509  42,933  6.0 
Average fuel cost per gallon$2.04  $1.73  17.9 
Scheduled service statistics:     
Passengers3,027,401  2,682,148  12.9 
Revenue passenger miles (RPMs) (thousands)2,717,524  2,416,503  12.5 
Available seat miles (ASMs) (thousands)3,284,429  2,954,118  11.2 
Load factor82.7% 81.8% 0.9 
Departures22,077  20,003  10.4 
Block hours50,764  46,225  9.8 
Total scheduled service revenue per ASM (TRASM) (cents)***10.79  10.78  0.1 
Average fare – scheduled service$66.84  $69.10  (3.3)
Average fare – ancillary air-related charges$45.81  $45.71  0.2 
Average fare – ancillary third party products$4.40  $3.90  12.8 
Average fare – total$117.05  $118.70  (1.4)
Average stage length (miles)881  879  0.2 
Fuel gallons consumed (thousands)43,392  41,237  5.2 
Average fuel cost per gallon$2.02  $1.70  18.8 
Percent of sales through website during period93.9% 93.8% 0.1 

* Except load factor and percent of sales through website, which is percentage point change.
** These numbers reflect the special charge (impairment charge) in 2017. CASM without regard to the impairment charge is shown on Appendix A.
*** Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.

 
Allegiant Travel Company
Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
 Twelve Months Ended December 31, Percent
  2017  2016 change
OPERATING REVENUE:     
Scheduled service revenue$818,136  $753,414  8.6 
Ancillary revenue:     
Air-related charges 546,476   499,542  9.4 
Third party products 52,707   44,940  17.3 
Total ancillary revenue 599,183   544,482  10.0 
Fixed fee contract revenue 48,708   31,972  52.3 
Other revenue 37,751   32,963  14.5 
Total operating revenue 1,503,778   1,362,831  10.3 
OPERATING EXPENSES:     
Aircraft fuel 343,333   257,332  33.4 
Salary and benefits 371,599   291,974  27.3 
Station operations 142,581   124,052  14.9 
Maintenance and repairs 113,481   111,070  2.2 
Depreciation and amortization 121,713   105,216  15.7 
Sales and marketing 52,711   20,527  156.8 
Aircraft lease rentals 3,098   924  235.3 
Other 92,840   81,178  14.4 
Special charge 35,253     NM*
Total operating expense 1,276,609   992,273  28.7 
OPERATING INCOME 227,169   370,558  (38.7)
OTHER (INCOME) EXPENSE:     
Interest income (5,808)  (3,010) 93.0 
Interest expense 38,990   28,836  35.2 
Other, net (1,559)  (1,226) 27.2 
Total other (income) expense 31,623   24,600  28.5 
INCOME BEFORE INCOME TAXES 195,546   345,958  (43.5)
PROVISION FOR INCOME TAXES 644   126,368  (99.5)
NET INCOME 194,902   219,590  (11.2)
Earnings per share to common shareholders (1):     
Basic$11.94  $13.23  (9.8)
Diluted$11.93  $13.21  (9.7)
Weighted average shares outstanding used in computing earnings per share to common shareholders (1):     
Basic 16,073   16,465  (2.4)
Diluted 16,095   16,489  (2.4)

*NM – Not meaningful
(1) The Company’s unvested restricted stock awards are considered participating securities as they receive non-forfeitable rights to cash dividends at the same rate as common stock. The Basic and Diluted earnings per share calculations for the periods presented reflect the two-class method mandated ASC Topic 260, “Earnings Per Share.” The two-class method adjusts both the net income and shares used in the calculation. Application of the two-class method did not have a significant impact on the Basic and Diluted earnings per share for the periods presented.

 
Allegiant Travel Company
Operating Statistics
(Unaudited)
 Twelve Months Ended December 31, Percent
 2017 2016 change*
OPERATING STATISTICS     
Total system statistics:     
Passengers12,310,122  11,128,191  10.6 
Revenue passenger miles (RPMs) (thousands)11,106,772  10,282,827  8.0 
Available seat miles (ASMs) (thousands)13,612,003  12,375,505  10.0 
Load factor81.6% 83.1% (1.5)
Operating expense per ASM (CASM) (cents)**9.38  8.02  17.0 
Fuel expense per ASM (cents)**2.52  2.08  21.2 
Operating CASM, excluding fuel (cents)**6.86  5.94  15.5 
ASMs per gallon of fuel73.0  71.6  2.0 
Departures93,061  82,341  13.0 
Block hours212,405  190,706  11.4 
Average stage length (miles)870  889  (2.1)
Average number of operating aircraft during period87.3  83.3  4.8 
Average block hours per aircraft per day6.7  6.3  6.3 
Full-time equivalent employees at end of period3,752  3,416  9.8 
Fuel gallons consumed (thousands)186,563  172,796  8.0 
Average fuel cost per gallon**$1.84  $1.49  23.5 
Scheduled service statistics:     
Passengers12,138,146  11,003,864  10.3 
Revenue passenger miles (RPMs) (thousands)10,901,161  10,130,675  7.6 
Available seat miles (ASMs) (thousands)13,031,824  11,921,733  9.3 
Load factor83.7% 85.0% (1.3)
Departures88,432  78,747  12.3 
Block hours202,752  183,290  10.6 
Total scheduled service revenue per ASM (TRASM) (cents)***10.88  10.89  (0.1)
Average fare – scheduled service$67.41  $68.47  (1.5)
Average fare – ancillary air-related charges$45.02  $45.40  (0.8)
Average fare – ancillary third party products$4.34  $4.08  6.4 
Average fare – total$116.77  $117.95  (1.0)
Average stage length (miles)876  895  (2.1)
Fuel gallons consumed (thousands)178,298  166,528  7.1 
Average fuel cost per gallon**$1.83  $1.48  23.6 
Percent of sales through website during period94.0% 94.2% (0.2)

* Except load factor and percent of sales through website, which is percentage point change.
** Includes effect of $8.3 million fuel tax refunds in the second quarter of 2016. Additionally, the CASM numbers reflect the special charge (impairment charge) in 2017. CASM without regard to the impairment charge is shown on Appendix A.
*** Various components of this measurement do not have a direct correlation to ASMs. These figures are provided on a per ASM basis to facilitate comparison with airlines reporting revenues on a per ASM basis.

Summary Balance Sheet

(millions)12/31/2017 12/31/2016 Change
 (unaudited)    
Unrestricted cash     
Cash and cash equivalents$59.4  $64.7  (8.2)%
Short-term investments352.7  269.3  31.0 
Long-term investments78.6  124.8  (37.0)
Total unrestricted cash and investments490.7  458.8  7.0 
Debt     
Current maturities of long-term debt, net of related costs214.8  86.2  149.2 
Long-term debt, net of current maturities and related costs950.1  722.0  31.6 
Total debt1,164.9  808.2  44.1 
Total Allegiant Travel Company shareholders’ equity$547.9  $473.6  15.7%

Summary Cash Flow

 Twelve Months Ended December 31,  
Unaudited (millions)2017 2016 Change
Cash provided by operating activities$384.8  $346.9  10.9%
Purchase of property and equipment, including capitalized interest*580.2  325.2  78.4 
Repurchase of common stock90.5  66.4  36.3 
Cash dividends paid to shareholders**45.7  67.5  (32.3)
Proceeds from the issuance of long-term debt497.5  321.2  54.9 
Principal payments on long-term debt$138.9  $154.1  (9.9)%

* Includes aircraft pre-delivery deposits.
** 2016 amount includes a special dividend declared in December 2015 and paid in January 2016.

Appendix A
Non-GAAP Presentations
Three and Twelve Months Ended December 31, 2017 and 2016
(Unaudited)

Adjusted operating income (also referred to as operating income excluding special item), adjusted net income (also referred to as net income as adjusted for special items), adjusted diluted earnings per share (also referred to as diluted earnings per share as adjusted for special items), total operating expense less special item and total operating expense less fuel and special item all eliminate the effect of the non-cash impairment charge for the accelerated retirement of the MD-80 fleet which is not reflective of our ongoing operating performance. As such, all of these are non-GAAP financial measures. The net income and earnings per share measures also eliminate the effect of the one-time adjustment to tax expense attributable to the Tax Cuts and Jobs Act of 2017.

The SEC has adopted rules (Regulation G) regulating the use of non-GAAP financial measures. Because of our use of non-GAAP financial measures in this press release to supplement our consolidated financial statements presented on a GAAP basis, Regulation G requires us to include in this press release a presentation of the most directly comparable GAAP measure, which is operating income, net income, earnings per share or operating expenses and a reconciliation of the non-GAAP measures to the most comparable GAAP measure. Our utilization of non-GAAP measurements is not meant to be considered in isolation or as a substitute for net income or other measures of financial performance prepared in accordance with GAAP. Neither adjusted operating income, adjusted net income, adjusted diluted earnings per share, total operating expenses less special item nor total operating expense less fuel and special item are GAAP measurements and our use of these measures may not be comparable to similarly titled measures employed by other companies in the airline and travel industry. The reconciliations of these measures to the most comparable GAAP measure for the periods indicated below follow.

Reconciliation of Non-GAAP Financial Measures

 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2017 2017
Reconciliation of operating income excluding special item (millions)   
Operating income as reported (GAAP)$26.2  $227.2 
Special item:   
Write down of MD-80 fleet35.3  35.3 
Operating income excluding special item*61.5  262.5 

 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2017 2017
Reconciliation of operating CASM, excluding special item (millions)   
Total operating expense (GAAP)$352.4  $1,276.6 
Special item:   
Write down of MD-80 fleet35.3  35.3 
Total operating expense less special item*317.1  1,241.3 
System available seat miles3,430.7  13,612.0 
Cost per available seat mile (cents) as reported10.27  9.38 
Cost per available seat mile excluding special item (cents)*9.24  9.12 

 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2017 2017
Reconciliation of operating CASM, excluding fuel and special item (millions)       
Total operating expense (GAAP)$352.4  $1,276.6 
Less aircraft fuel expense92.9  343.3 
Total operating expense less fuel*259.5  933.3 
Special item:   
Write down of MD-80 fleet35.3  35.3 
Total operating expense less fuel and special item*224.2  898.0 
System available seat miles3,430.7  13,612.0 
Cost per available seat mile (cents) as reported10.27  9.38 
Cost per available seat mile excluding fuel and special item (cents)*6.54  6.60 

 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2017 2017
Reconciliation of net income as adjusted for special items (millions)   
Net income as reported (GAAP)$82.5  $194.9 
Special items:   
Write down of MD-80 fleet35.3  35.3 
Less benefit related to tax reform(74.1) (74.1)
Net income as adjusted for special items*43.7  156.1 

 Three Months
Ended December 31,
 Twelve Months
Ended December 31,
 2017 2017
Reconciliation of diluted earnings per share as adjusted for special items   
Net income as reported (GAAP)$82.5  $194.9 
Net income as adjusted for special items (in millions)*$43.7  $156.1 
    
Diluted shares used for computation (thousands)15,879  16,095 
    
Diluted earnings per share as reported (per share) (GAAP)$5.13  $11.93 
    
Diluted earnings per share as adjusted for special items (per share)*$2.71  $9.55 

* Denotes Non-GAAP figure.

1Special items include a charge for the MD-80 impairment and the tax benefit due to the passage of the Tax Cuts and Jobs Act of 2017. See appendix for reconciliation of non-GAAP financial measures.


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