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VIRGIN AMERICA REPORTS FOURTH QUARTER AND FULL YEAR 2014 EARNINGS
Company Reports Record Annual Earnings
San Francisco February 18, 2015 Virgin America (NASDAQ: VA) today reports its financial results for the fourth quarter and full year 2014. Key points include:
|||Fourth quarter 2014 operating income of $34.2 million and net income of $28.1 million, excluding special items1. This represents the highest net income for a fourth quarter in Company history and the ninth consecutive quarter of year-over-year improvement in income, excluding special items. On a GAAP basis, operating and net income for the fourth quarter of 2014 and 2013 were $10.1 million and $3.9 million, respectively.|
|||2014 full year net income of $84.4 million, excluding special items. Full year net income increased by $74.2 million over 2013 a seven-fold increase, and was the highest in the Companys history. Operating and net income on a GAAP basis for the full year 2014 were $96.4 million and $60.1 million, respectively.|
|||2014 full year RASM increased 4.6 percent compared to 2013, to 12.17 cents.|
|||The Company successfully completed its initial public offering (IPO) in November 2014, increasing cash by $214.4 million and significantly reducing outstanding debt. Virgin America ended the year with $394.6 million in total unrestricted cash and cash equivalents.|
2014 was a remarkable year for Virgin America on every front, said David Cush, Virgin Americas President and Chief Executive Officer. We achieved record profitability and significantly strengthened our balance sheet by going public in the second largest airline IPO in history. Both our existing and new investors have shown confidence in our low-cost, high-amenity business model and weve continued to sweep the major travel awards for both operational excellence and our innovative service. Importantly, weve also continued to exceed the industry average in Revenue per Available Seat Mile (RASM) growth and also shown a significant RASM premium on some of the nations most competitive business routes. Our 2014 results are a credit to both our guest-focused Teammates and a consistent, award-winning product.
Fourth Quarter 2014 Financial Highlights
|||Operating Revenue: Total operating revenue of $372.2 million, an increase of 3.4 percent over the fourth quarter of 2013.|
|||Revenue per Available Seat Mile (RASM): RASM increased 3.7 percent compared to the fourth quarter of 2013, to 12.23 cents. Year-over-year RASM growth was driven by a 2.7 point increase in load factor, offset partially by a 1.8 percent decline in yield, and also by a 25.5 percent growth in other revenue attributable to Virgin Americas new co-branded credit card agreement that was implemented in early 2014 and strength in other ancillary products.|
|1||See Special Items below for a description of the special items excluded from fourth quarter and full year income measures and GAAP to Non-GAAP Reconciliations below for reconciliations of non-GAAP financial measures reported in this release and the reasons management uses these non-GAAP financial measures.|
The following information was filed by Virgin America Inc. (VA) on Wednesday, February 18, 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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