Positive net income for Pinnacle in third quarter
Pinnacle Airlines Corporation has reported third quarter 2009 net income of $11.4 million.
Excluding a gain related to the sale of the company's Auction Rate Securities (ARS) portfolio, the company achieved net income and EPS of $7.3 million and $0.40, respectively, in the third quarter of 2009. These represent increases of 6% and 5%, respectively, over net income of $6.9 million and EPS of $0.38 in the third quarter of 2008 (excluding certain special items).
The Company reported consolidated operating income of $23.8 million in the third quarter of 2009, an increase of 13% over consolidated operating income of $21.1 million in the third quarter of 2008, excluding special items.
"Once again, our people at Colgan Air and Pinnacle Airlines have delivered consistent financial performance for our shareholders, despite the many challenges facing our industry today," comented Phil Trenary, Pinnacle Airlines Corporation’s president and CEO. "I offer my thanks to all of our people for the outstanding job they perform day in and day out."
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