Exhibit 99.1
Media contact:
 
Investor/analyst contact:
Bobbie Egan
 
Chris Berry
Media Relations Manager
 
Managing Director of Investor Relations
(206) 392-5134
 
(206) 392-5260

FOR IMMEDIATE RELEASE 
 
January 23, 2014

ALASKA AIR GROUP REPORTS RECORD ADJUSTED FOURTH QUARTER 2013 AND FULL-YEAR RESULTS

Financial Highlights:
Record fourth quarter net income, excluding special items, of $77 million, or $1.10 per diluted share, compared to $50 million, or $0.70 per diluted share in 2012. This quarter's results compare to a First Call analyst consensus estimate of $1.07 per share.
Record full-year net income, excluding special items, of $383 million, or $5.40 per diluted share, compared to $339 million, or $4.73 per diluted share in 2012.
Net income for the fourth quarter under Generally Accepted Accounting Principles (GAAP) of $78 million, or $1.11 per diluted share, compared to net income of $44 million, or $0.61 per diluted share in 2012. Full-year GAAP net income of $508 million, or $7.16 per diluted share, compared to net income of $316 million, or $4.40 per diluted share in 2012.
Air Group employees earned $105 million in incentive pay in 2013, or nearly five weeks of pay for most employees. Over the last four years, employees have earned more than $357 million in incentive pay, averaging 8.8% of annual pay for most employees.
Achieved return on invested capital of 13.6% in 2013, compared to 13% in 2012.
Lowered adjusted debt-to-total capitalization ratio to 35.0% as of December 31, 2013.
Fully funded the Company's defined benefit pension plans in 2013.
Held $1.3 billion in unrestricted cash and marketable securities as of December 31, 2013.
Repurchased 2,492,093 shares of common stock for approximately $159 million in 2013. Since 2007, Air Group has used $478 million to repurchase 21 million shares.
Modified affinity card agreement with Bank of America and extended through 2017, estimated to generate $55 million in additional cash flows on an annual basis.
Received credit rating upgrade from Standard and Poor's to "BB+" with a stable outlook.
Other Highlights and Achievements:
Ranked "Highest in Customer Satisfaction Among Traditional Network Carriers" by J.D. Power and Associates for the sixth year in a row.
Ranked as the best major airline in the U.S. by The Wall Street Journal's "Middle Seat" scorecard.
Named Airline Industry Leader in the 2013 Temkin Customer Service Rankings.
Held the top spot in U.S. Department of Transportation on-time performance among major U.S. airlines for the twelve months ended November 2013.


1

The following information was filed by Alaska Air Group, Inc. (ALK) on Thursday, January 23, 2014 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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