Printer Friendly

RENO AIR ANNOUNCES UNAUDITED FIRST QUARTER RESULTS

 RENO, Nev., May 13 /PRNewswire/ -- In its third quarter of operation, Nevada-based Reno Air Inc. (NASDAQ: RENO (common stock), RENOU (units), RENOW (warrants)) today reported a net income of $1.8 million, or 25 cents per share primary and 23 cents per share fully diluted per common share and common share equivalent, for the quarter ended March 31, 1993.
 Operating revenues for the first quarter of 1993 were $21,635,703, an increase of 24.4 percent over fourth quarter 1992 revenues of $17,386,526. Operating expenses, which included the addition of a sixth and seventh aircraft and a fifth flight between Reno/Tahoe and Seattle, increased 16.2 percent to $19,313,317 in the first quarter of 1993, as compared to $16,613,694 in the fourth quarter of 1992. Revenue passenger miles (RPM) rose 16.6 percent to 148,683,247 in the first quarter from 127,482,599 in the last quarter of 1992. Yield increased from 13.1 cents to 14.1 cents and cost per available seat mile (ASM) rose from 8.3 cents to 9.3 cents. Load factor for the third operating quarter was 71.7 percent as opposed to 63.7 percent in the second operating quarter.
 "We attribute a good portion of our first quarter load factor to our leisure market and our ski traffic," said Jeff Erickson, president and chief executive officer of Reno Air. "Reno/Tahoe experienced the best ski season it's had in many years and customer demand for a low-cost, full-service carrier in the West has proven to be very significant."
 Reno Air currently operates nine 140-seat (20 first class) McDonnell Douglas MD-80 series jets, and is scheduled to take delivery of one more MD-80 within the next 30 days. Yesterday, Reno Air and American Airlines announced an agreement in principle which will allow Reno Air to sublease gates at American's San Jose, Calif. terminal and participate in American's AAdvantage frequent flyer program. The Nevada-based carrier currently serves eight cities from its hometown in Reno/Tahoe.
 RENO AIR INC.
 Financial and Operating Highlights
 First Quarter Fourth Quarter
 1993 1992
 Operating revenues $ 21,635,703 $ 17,386,526
 Operating expenses 19,313,317 16,613,694
 Pre-operating and development
 expenses - net --- (7,300)
 Total operating expenses 19,313,317 16,606,394
 Operating income 2,322,386 780,132
 Non-operating income/(expense)
 - net 3,841 (45,493)
 Income before income taxes 2,326,227 734,639
 Income taxes 511,770 ---
 Net income 1,814,457 734,639
 Net income per common share and
 and common share equivalent
 Primary $ 0.25 $ 0.11
 Fully diluted $ 0.23 ---
 Selected Operating Data First Quarter Fourth Quarter
 1993 1992
 Revenue passenger miles (RPMs) 148,683,247 127,482,599
 Available seat miles (ASMs) 207,507,212 200,146,764
 Load factor (percent) 71.7 63.7
 Revenue passengers 317,267 257,512
 Yield (cents) 14.1 13.1
 Cost per ASM (cents) 9.3 8.3
 Break even load factor (percent) 63.7 60.8
 -0- 5/13/93
 /CONTACT: Sue Putnam, manager of public relations, of Reno Air, 702-686-3874/
 (RENO)


CO: Reno Air Inc. ST: California IN: AIR SU: ERN

SG-GT -- SF002 -- 7903 05/13/93 08:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 13, 1993
Words:540
Previous Article:PREMIERE RADIO NETWORKS ANNOUNCES FIRST QUARTER RESULTS
Next Article:APPLE ANNOUNCES QUICKTIME FOR WINDOWS 1.1
Topics:


Related Articles
RENO AIR ANNOUNCES DISCOUNTED THANKSGIVING FARES
RENO AIR ANNOUNCES FOURTH QUARTER RESULTS
RENO AIR ANNOUNCES FIRST QUARTER TRAFFIC
RENO AIR ANNOUNCES FIRST QUARTER RESULTS
RENO AIR ANNOUNCES PROFITABLE FIRST QUARTER RESULTS
RENO AIR ANNOUNCES RECORD SECOND QUARTER PROFIT
Reno Air Stock Available on the German Stock Exchange
Reno Air Announces Improved 0perational Reliability
Reno Air Announces Record Third Quarter Earnings And Revenue
Reno Air Begins Flying Three Routes

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters