Pinnacle Airlines Corporation has reported a first quarter 2009 net income of $18.8 million.
The company's first quarter financial results include a number of nonrecurring items that increased net income. These nonrecurring items include a gain of $16.5 million related to the settlement of certain federal income tax matters, a gain of $1.9 million related to the purchase of $12.0 million par amount of the company's outstanding 3.25% senior convertible notes, and a charge of $0.6 million associated with the loss of a Q400 aircraft during the quarter. In total, these items increased net income by $16.1 million.
Excluding these nonrecurring items, the company achieved net income of $2.7 million during 1Q09, an increase of 119% over net income of $1.2 million in 1Q08.
Again excluding the noted nonrecurring items, the company reported consolidated operating income of $16.1 million, an increase of 137% over consolidated operating income of $6.8 million in 1Q08. During 1Q09, Pinnacle Airlines, Inc. reported operating income and an operating margin of $13.9 million and 8.9%, respectively, while Colgan Air reported operating income and an operating margin of $2.2 million and 4.2%, respectively, excluding the nonrecurring items noted above.
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