Exhibit 99.1
Media contact:
 
Investor/analyst contact:
Bobbie Egan
 
Lavanya Sareen
Corporate Communications
 
Managing Director of Investor Relations
(206) 392-5134
 
(206) 392-5656
 
 
 

FOR IMMEDIATE RELEASE 
 
January 21, 2016

Alaska Air Group Reports Record Adjusted Fourth Quarter 2015 and Full-Year Results
and Raises Dividend 38%

Financial Highlights:
Reported record fourth quarter net income, excluding special items, of $186 million, a 49% increase over the fourth quarter of 2014. Adjusted diluted earnings per share of $1.46 was a 55% increase over the fourth quarter of 2014. This quarter's results compare to a First Call analyst consensus estimate of $1.40 per share.
Reported record full-year net income, excluding special items, of $842 million, a 47% increase over 2014. Adjusted diluted earnings per share of $6.51 was a 56% increase compared to 2014.
Reported net income for the fourth quarter and full year under Generally Accepted Accounting Principles (GAAP) of $191 million, or $1.51 per diluted share, and $848 million, or $6.56 per diluted share, respectively. These results compare to net income of $148 million, or $1.11 per diluted share, and $605 million, or $4.42 per diluted share, respectively, in 2014.
Announced a 38% increase in the quarterly dividend, from $0.20 per share to $0.275 per share in January 2016. This is the third time the company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 175% since that time.
Paid $0.20 per-share quarterly cash dividend in the fourth quarter, bringing total dividend payments in 2015 to $102 million.
Repurchased 7,208,328 shares of common stock at an average price of $70 during 2015 for $505 million, or approximately 6% of market capitalization at the beginning of 2015. Since 2007, Air Group has used $1.3 billion to repurchase 56 million shares at an average price of $23.66, representing about 35% of the Company's outstanding shares on December 31, 2006.
Generated nearly $1.6 billion of operating cash flow and $760 million of free cash flow in 2015. Since the beginning of 2010 Air Group has generated $5.6 billion of operating cash flow, and $2.6 billion of free cash flow.
Grew passenger revenues by 6% compared to the fourth quarter of 2014, and by 5% compared to full-year 2014.
Reached a new long-term agreement with Bank of America for the Alaska Airlines Visa credit card. The new agreement adds customer benefits, such as no foreign transaction fees, and is expected to generate an incremental $60 million of revenue in 2016.
Generated record full-year adjusted pretax margin of 24% in 2015, compared to 17.2% in 2014.


1

The following information was filed by Alaska Air Group, Inc. (ALK) on Thursday, January 21, 2016 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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