Exhibit 99.1
Media contact:
 
Investor/analyst contact:
Bryan Zidar
 
Lavanya Sareen
Managing Director
 
Managing Director of Investor Relations
Strategic & Corporate Communications
 
(206) 392-5656
(206) 392-5134
 
 

FOR IMMEDIATE RELEASE 
 
January 22, 2015

Alaska Air Group Reports Record Adjusted Fourth Quarter 2014 and Full-Year Results
and Raises Dividend 60%

Financial Highlights:
Reported record fourth quarter net income, excluding special items, of $125 million, or $0.94 per diluted share, compared to $77 million, or $0.55 per diluted share in 2013. This quarter's results compare to a First Call analyst consensus estimate of $0.93 per share.
Reported record full-year net income, excluding special items, of $571 million, or $4.18 per diluted share, compared to $383 million, or $2.70 per diluted share in 2013.
Reported net income for the fourth quarter under Generally Accepted Accounting Principles (GAAP) of $148 million, or $1.11 per diluted share, compared to net income of $78 million, or $0.56 per diluted share in 2013.
Reported net income for the full year under GAAP of $605 million, or $4.42 per diluted share, compared to net income of $508 million, or $3.58 per diluted share in 2013.
Declared a $0.20 per share dividend, up 60% from the prior quarter. The dividend will be paid on March 10, to shareholders of record as of February 24, 2015.
Paid $0.125 per-share quarterly cash dividend on December 3, bringing total dividend payments in 2014 to $68 million.
Repurchased 7,316,731 shares of common stock for an average price of $47.63 during 2014 for $348 million, or 6.9% of market capitalization at the beginning of 2014. Since 2007, Air Group has used $827 million to repurchase 49 million shares at an average price of $16.85.
Grew passenger revenues by 8% compared to the fourth quarter of 2013, and by 7% compared to full-year 2013.
Generated record full-year adjusted pretax margin of 17.2% in 2014 compared to 12.4% in 2013.
Achieved return on invested capital of 18.6% in 2014, compared to 13.6% in 2013.
Generated over $1.0 billion in operating cash flows and $344 million in free cash flows in 2014.
Lowered adjusted debt-to-total capitalization ratio to 31% as of December 31, 2014.
Held $1.2 billion in unrestricted cash and marketable securities as of December 31, 2014.
Became one of only two U.S. airlines with investment grade credit ratings.



1

The following information was filed by Alaska Air Group, Inc. (ALK) on Thursday, January 22, 2015 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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