CCAIR REPORTS QUARTERLY RESULTS
CCAIR REPORTS QUARTERLY RESULTS CHARLOTTE, N.C., Nov. 14 /PRNewswire/ -- CCAIR, Inc. (NASDAQ: CCAR),
operating as USAir Express reported net income for the quarter ended Sept. 30, 1991 of $5,859,118 or $.95 per share as compared to a net loss of $1,286,442 or $(.22) per share in the quarter ending Sept. 30, 1990.
The primary reason for the amount of net income was an extraordinary gain of $5,831,268 resulting from the compromise of liabilities through the Chapter 11 reorganization of the Company. The Company filed for bankruptcy protection in July 1990. A Plan of Reorganization was approved by the Court in July, 1991, and the Company emerged from bankruptcy in September 1991. If the effects of the Chapter 11 proceeding are disregarded for the three-month period ending Sept. 30, 1991, the Company had a net income of $104,511 or $.02 per share. This is compared to a net loss of $1,178,191 or $(.20) per share in the same period in the prior year. The following table sets forth selected operating comparisons for the three-month period ending Sept. 30, 1991 and 1990: Quarter ended Sept. 30, Percent 1991 1990 Variance Operating revenue $13,046,538 $15,935,582 - 18.1 Operating expense 12,863,271 17,055,454 - 24.6 Revenue passengers carried 205,399 242,494 - 15.3 Revenue passenger miles 27,735,193 34,642,367 - 19.9 Available seat miles 50,704,976 77,097,259 - 34.2 Passenger load factor 54.7 pct. 44.9 pct. 21.8 Yield per revenue passenger mile 45.9 cents 44.9 cents 2.2 CCAIR president and chief executive officer, Kenneth W. Gann, said, "The Company continued to make marketing and operational changes during the three-month period ending Sept. 30, 1991, and these changes contributed to an increase in yield and load factor." The net result was an increase of 24.6 percent for revenue per available seat mile. CCAIR provides feeder service for USAir's largest hub in Charlotte, North Carolina and service to twenty-one (21) cities in seven (7) states. -0- 11/14/91 /CONTACT: Wesley C. Moore, CCAIR, Inc., 704-359-8990/ (CCAR) CO: CCAIR, Inc. ST: North Carolina IN: AIR SU: ERN DF -- CH005 -- 4373 11/14/91 11:13 EST
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|Date:||Nov 14, 1991|
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