Last10K.com

Spirit Airlines, Inc. (SAVE) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

Spirit Airlines, Inc.

CIK: 1498710 Ticker: SAVE





EXHIBIT 99.1

Spirit Airlines Reports 4th Consecutive Year of Profitability and Record Full Year 2012 Net Income

MIRAMAR, FLORIDA (February 19, 2013) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported fourth quarter 2012 and full year 2012 financial results.
Net income for the fourth quarter 2012 was $19.5 million, or $0.27 per diluted share. Results for the fourth quarter and full year 2012 include an estimated $25 million negative revenue impact ($24 million pre-tax income, $15 million after tax) from Hurricane Sandy.

Adjusted CASM ex-fuel for the fourth quarter 2012 decreased 2.5 percent year-over-year. See "Reconciliation of Adjusted CASM ex-fuel to CASM" table below for more details.

Net income, excluding special items, for the full year 2012 was a record $103.8 million, or $1.43 per diluted share1. GAAP net income for the full year 2012 was a record $108.5 million, or $1.49 per diluted share.

For the fourth quarter 2012, Spirit achieved an operating margin, excluding special items, of 9.7 percent (15.8 percent adjusted for Hurricane Sandy)1. For the full year 2012, Spirit's operating margin, excluding special items, was 12.6 percent (14.2 percent adjusted for Hurricane Sandy). Operating margin on a GAAP basis was 9.7 percent and 13.2 percent for the fourth quarter and full year 2012, respectively.

Spirit ended 2012 with $416.8 million in unrestricted cash.

Spirit's return on invested capital (before taxes and excluding special items) was 26.5 percent (28.8 percent adjusted for Hurricane Sandy) for the year ended December 31, 2012. See "Calculation for Return on Invested Capital" table below for more details.

“2012 was a very exciting year for Spirit.  We successfully grew our business, delivered strong financial results and remained committed to our low-cost, low-fare strategy.  This low-cost, low-fare strategy helped us to achieve among the highest margins in the industry,” said Ben Baldanza, Spirit's President and Chief Executive Officer. "I want to thank and congratulate our team members that contributed to our success.”
Revenue Performance
For the fourth quarter 2012, Spirit's total operating revenue was $328.3 million, an increase of 19.8 percent, compared to fourth quarter 2011.

Total revenue per available seat mile (“RASM”) for the fourth quarter 2012 was 11.10 cents, a decrease of 6.6 percent compared to the fourth quarter 2011 due to the negative revenue impact from Hurricane Sandy and a 5.3 percent increase in average stage length.

Passenger flight segment ("PFS") volume grew 22.0 percent year-over-year in the fourth quarter 2012 with average non-ticket revenue per PFS for the fourth quarter 2012 increasing 9.4 percent year-over-year to $52.73 and average ticket revenue per PFS for the quarter decreasing 8.6 percent year-over-year to $71.30. The growth in non-ticket revenue per PFS was primarily driven by a passenger usage fee increase implemented late in the fourth quarter of 2011.

For the full year 2012, total operating revenue increased 23.1 percent to $1.3 billion compared to the same period last year on a 21.3 percent increase in available seat miles.

1


The following information was filed by Spirit Airlines, Inc. (SAVE) on Tuesday, February 19, 2013 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.

View differences made from one year to another to evaluate Spirit Airlines, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Spirit Airlines, Inc..

Continue

Assess how Spirit Airlines, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Spirit Airlines, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
Balance Sheets
Balance Sheets (parenthetical)
Statement Of Operations
Statements Of Cash Flows
Statements Of Shareholders’ Equity (deficit)
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies - Employees (details)
Common Stock And Preferred Stock
Common Stock And Preferred Stock (details)
Credit Card Processing Arrangements
Credit Card Processing Arrangements (details)
Debt, Related-party Transactions And Other Obligations
Debt, Related-party Transactions And Other Obligations - Debt (narrative) (details)
Debt, Related-party Transactions And Other Obligations - Related Party (narrative) (details)
Defined Contribution 401(k) Plan
Defined Contribution 401(k) Plan (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (details)
Financial Instruments And Risk Management
Financial Instruments And Risk Management (details)
Financial Instruments And Risk Management (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of The Provision For Income Taxes (details)
Income Taxes - Deferred Taxes (details)
Income Taxes - Income Tax Reconciliation (details)
Income Taxes - Narrative (details)
Initial Public Offering And Tax Receivable Agreement
Initial Public Offering And Tax Receivable Agreement (details)
Leases And Prepaid Maintenance Deposits
Leases And Prepaid Maintenance Deposits (tables)
Leases And Prepaid Maintenance Deposits - Fixed Maintenance Reserve Payments (narrative) (details)
Leases And Prepaid Maintenance Deposits - Future Minimum Lease Payments Under Noncancelable Operating Leases (details)
Leases And Prepaid Maintenance Deposits - Operating Leases (narrative) (details)
Leases And Prepaid Maintenance Deposits - Sale And Leaseback Transactions (narrative) (details)
Letters Of Credit
Letters Of Credit (details)
Net Income Per Share
Net Income Per Share (details)
Net Income Per Share (tables)
Operating Segments And Related Disclosures
Operating Segments And Related Disclosures (details)
Operating Segments And Related Disclosures (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Recent Accounting Developments
Special Charges And Credits
Special Charges And Credits (details)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Narrative (details)
Stock-based Compensation - Performance Share Awards (details)
Stock-based Compensation - Restricted Stock Activity (details)
Stock-based Compensation - Share Option Activity (details)
Stock-based Compensation - Simulation Model Input Variables (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Cash Proceeds Received From The Sale Of Mileage Credits (details)
Summary Of Significant Accounting Policies - Frequent Flier Program (details)
Summary Of Significant Accounting Policies - Maintenance Costs (details)
Summary Of Significant Accounting Policies - Narrative (details)
Summary Of Significant Accounting Policies - Primary Components Of Non-ticket Revenue (details)
Summary Of Significant Accounting Policies - Property And Equipment (details)
Ticker: SAVE
CIK: 1498710
Form Type: 10-K Annual Report
Accession Number: 0001498710-13-000034
Submitted to the SEC: Mon Feb 25 2013 4:27:44 PM EST
Accepted by the SEC: Mon Feb 25 2013
Period: Monday, December 31, 2012
Industry: Air Transportation Scheduled

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/save/0001498710-13-000034.htm