Friday, 6 May 2011

Pinnacle Airlines records $3M loss

 

 

Delta cutting flights from Memphis

 

Pinnacle Airlines Corp.’s first quarter profits suffered from winter conditions paired with the moving cost of a subsidiary acquired in 2010.

The Memphis-based regional airline holding company reported a net loss of $3 million in first quarter 2011, down from net income of $1.7 million in the same year-ago quarter.

 

Pinnacle’s loss per share was 16 cents in the quarter compared to a profit of 9 cents in first quarter 2010.

Pinnacle (NASDAQ: PNCL) incurred $5.8 million in integration, severance and contract implementation costs in the quarter due to moving Mesaba Aviation Inc.’s headquarters from Minneapolis to Memphis, among other factors.

“Winter storms throughout our system affected our operations during the first quarter, causing cancellations and delays for our customers,” Don Breeding, the company’s interim CEO, said. “We also began moving forward with our integration plans during the quarter, which will ultimately lead to an operationally and financially stronger company for our customers, employees and shareholders.”

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