Exhibit 99.1
 

 
Media contact:                                                                                   Investor/analyst contact:
Paul McElroy                                                                          Chris Berry
Alaska Airlines                                                                                  Alaska Air Group
(206) 392-5101                                                      (206) 392-5218

FOR IMMEDIATE RELEASE                                                                                                                                      Jan. 25, 2011
 
ALASKA AIR GROUP REPORTS RECORD FOURTH QUARTER AND FULL-YEAR RESULTS; ANNOUNCES ORDER FOR 15 BOEING 737 AIRCRAFT

Highlights:
 
·
Record fourth-quarter net income excluding special items of $47.4 million, or $1.28 per diluted share, compared to $4.4 million, or $0.12 per diluted share, in the fourth quarter of 2009. This quarter’s results compared to a First Call mean estimate of $1.02 per share.
 
 
·
Record full-year net income excluding special items of $262.6 million, or $7.14 per diluted share, compared to $88.7 million, or $2.45 per diluted share in 2009.
 
 
·
Net income for the fourth quarter under Generally Accepted Accounting Principles (GAAP) of $64.8 million, or $1.75 per diluted share, compared to net income of $24.1 million, or $0.67 per diluted share, in 2009. Full year GAAP net income of $251.1, or $6.83 per diluted share, compared to net income of $121.6 million, or $3.36 per diluted share, in 2009.
 
 
·
Alaska Airlines orders 15 new Boeing 737 aircraft, including 13 B737-900ER (extended range) aircraft, for delivery in 2012 through 2014.
 
 
·
Alaska Airlines holds the No. 1 spot in U.S. Department of Transportation on-time performance among the 10 largest U.S. airlines for the last twelve months.
 
 
·
Air Group employees earn record incentive pay of $92 million.
 
 
·
Alaska Airlines contributes $100 million to its defined-benefit pension plans in December 2010, bringing the full-year total contribution to nearly $150 million for the second year in a row.
 
 
·
Alaska Airlines reaches a tentative agreement with its IAM-represented employees – including customer service agents, reservations agents, and certain clerical staff.
 
 
·
Horizon Air’s mechanics and pilots ratify long-term labor contracts.
 
 
·
Air Group announces change in Horizon aircraft livery to retire Horizon external brand, and replace it with the Alaska brand including the recognizable Eskimo on the tail.  Examples of the new livery can be found today at alaskaair.com/newsroom.
 
 
·
Horizon Air announces final transition to all-Q400 fleet in 2011.
 
 
·
Air Group had $1.2 billion in unrestricted cash and marketable securities at December 31, 2010. Adjusted debt-to-total capital ratio of 67% -- lowest leverage since 1999.
 
 
- more -

 
 

The following information was filed by Alaska Air Group, Inc. (ALK) on Tuesday, January 25, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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