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Exhibit 99.1

February 8, 2017
 
 
 
 
 
Media contact:
 
Investor/analyst contact:
Media Relations
 
Lavanya Sareen
(206) 304-0008
 
Managing Director of Investor Relations
 
 
(206) 392-5656

Alaska Air Group reports fourth quarter 2016 and full-year results and raises dividend 9%

Acquisition of Virgin America Inc.:
Air Group completed its acquisition of Virgin America Inc. ("Virgin America") on December 14, 2016.
Fourth quarter 2016 results reflect the results of operations and cash flows for Virgin America from December 14, 2016 through December 31, 2016, including the impacts associated with purchase accounting. Periods presented prior to the acquisition date do not include Virgin America's results, except in the supplementary combined comparative financial information.

Dividend Increase:
Announced today a 9% increase in the quarterly dividend, from $0.275 per share to $0.30 per share. This is the fourth time the Company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 200% since that time.

Financial Highlights:
Reported net income for the fourth quarter and full year under Generally Accepted Accounting Principles ("GAAP") of $114 million, or $0.92 per diluted share, and $814 million, or $6.54 per diluted share, respectively. These results compared to fourth quarter 2015 net income of $191 million, or $1.51 per diluted share, and full year 2015 net income of $848 million, or $6.56 per diluted share.
Reported adjusted fourth quarter 2016 diluted earnings per share of $1.56, a 7% increase over the fourth quarter of 2015. Fourth quarter net income, excluding special items, was $193 million, a 4% increase from the fourth quarter of 2015. This quarter's adjusted results compare to the First Call analyst consensus estimate of $1.40 per share.
Reported full year 2016 net income, excluding special items, of $911 million, an 8% increase from 2015, and adjusted diluted earnings per share of $7.32, a 12% increase from 2015.
Paid a $0.275 per-share quarterly cash dividend in the fourth quarter, bringing total dividend payments in 2016 to $136 million.
Generated approximately $1.4 billion of operating cash flow and $708 million of free cash flow in 2016.
Achieved return on invested capital of 21% in 2016, including Virgin America's results beginning December 14, 2016.
Grew passenger revenues by 9% compared to the fourth quarter of 2015, and by 4% compared to full-year 2015.
Generated full-year adjusted pretax margin of 24% in 2016, in line with 2015.
Lowered consolidated unit costs excluding fuel and special items for the seventh consecutive year, to the lowest level ever. Mainline unit costs excluding fuel and special items have declined 14 of the last 15 years.

1

The following information was filed by Alaska Air Group, Inc. (ALK) on Wednesday, February 8, 2017 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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