CCAIR REPORTS FISCAL YEAR RESULTS
CCAIR REPORTS FISCAL YEAR RESULTS CHARLOTTE, N.C., Sept. 21 /PRNewswire/ -- CCAIR, Inc.
(NASDAQ: CCAR), an independent airline providing service as USAir Express in the southeast United States released its results for fiscal year ended June 30, 1992. The Company reported an annual operating profit of $934,077 and profit of $356,146 before reorganization items, income taxes and extraordinary gains on revenue of $53,173,782. The operating profit of $934,077 and profit of $356,146 excluding the impact of Chapter 11 reorganization for the 1992 fiscal year showed significant improvement over the 1991 fiscal year operating loss of $2,203,064 and net loss of $3,716,889. Net income in fiscal 1992 was $6,354,854 after including the extraordinary gain on debt restructuring of $6,089,358 accomplished through the bankruptcy proceeding.
The Company attributed improved operating performance to measures taken during the Company's reorganization under Chapter 11 to reduce the capacity of the airline and improve reliability. Management of the Company has recently implemented a plan to further reduce expense to match the airline's cost to lower passenger fares caused by fare wars. Fiscal Year 1992 (000) Operating Net Load Quarter Revenues Income (Loss) Income(Loss) Factor (Pct.) First Quarter $13,047 $183 $5,859 54.7 Second Quarter 13,079 324 211 54.8 Third Quarter 13,246 649 635 45.8 Fourth Quarter 13,802 (222) (350) 49.8 Fiscal Year 1991 (000) Quarter Revenues Operating Net Load Income (Loss) Income (Loss) Factor (Pct.) First Quarter $15,396 $(1,120) $(1,286) 44.9 Second Quarter 14,136 (1,753) (2,273) 44.3 Third Quarter 12,146 ( 396) ( 884) 43.1 Fourth Quarter 13,518 1,066 726 53.5 Passenger demand was strong for fiscal year 1992 as 780,518 passengers were carried vs 783,827 in fiscal year 1991, a .04 percent decrease, with 12.3 percent fewer available seat miles. Load factor increased 11.3 percent from 46.0 percent for fiscal 1991 to 51.2 percent in 1992. Available seat miles (ASMs) were 210,631,000 compared to 240,258,000 in 1991. Revenue passenger miles (RPMs) were 107,906,000 compared to 110,603,000 in 1991. The Company added four (4) Dash 8 aircraft to the system in June. The new Dash 8 service start-up cost along with industrywide fare discounting caused less than favorable financial results for the fourth quarter. Kenneth W. Gann, CCAIR's president and chief executive officer, said "The past year, like the previous year, has been a real challenge for our employees. We all planned and pulled together to position the Company for stability and future profitable growth opportunities." CCAIR, Inc. is publicly traded on the NASDAQ over-the-counter market under the symbol "CCAR" and closed September 18, 1992 at 4 3/8 bid and 4 3/8 ask. The carrier provides feeder service for USAir's large hub in Charlotte, N.C. and service to twenty-eight (28) cities in ten (10) states. -0- 9/21/92 /CONTACT: Kenneth W. Gann, CCAIR Inc., 704-359-8990/ (CCAR) CO: CCAIR, Inc. ST: North Carolina IN: AIR SU: ERN
CM -- CH007 -- 1821 09/21/92 16:00 EDT
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|Date:||Sep 21, 1992|
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