US lawmakers warn that “more military spending is absolutely necessary” to ensure Pentagon’s readiness
The US Congress has raised concerns about how inflation rates and cuts in main acquisition programmes could affect the US military.
Pinnacle Airlines Corporation (PNCL) has reported fourth quarter 2009 net income of $5.6 million and a net income of $41.9 million for the last calendar year.
This fourth quarter figure represents an increase of 153% over net income recorded in the fourth quarter of 2008 of $2.2 million, excluding special charges. PNCL reported consolidated operating income of $17.8 million in the fourth quarter of 2009, an increase of 9% over consolidated operating income of $16.3 million in the fourth quarter of 2008.
For the year ended 31 December 2009, PNCL reported net income of $41.9 million and earnings per share of $2.31. The company's financial results during 2009 include a number of previously announced special items that increased net income by $18.7 million. Excluding these special items, PNCL achieved net income of $23.2 million for the full year 2009, an increase of 68% over net income of $13.8 million in 2008, excluding special charges.
"2009 was a significant year for Pinnacle Airlines Corporation," said Phil Trenary, the company's president and chief executive officer. "We began the year with many challenges, both operationally and financially, but our people delivered solid results for our customers and shareholders. With the full repayment of our convertible notes, we are better positioned to take advantage of opportunities in the regional airline industry in 2010 and beyond."
Pinnacle Airlines Inc reported fourth quarter 2009 operating income and an operating margin of $13.5 million and 8.8%, respectively, a decrease of $0.4 million and 0.2 points, respectively, from the fourth quarter of 2008. Pinnacle's operating income in the fourth quarter of 2009 was reduced by approximately $1.7 million due to an ongoing contractual disagreement with Delta Air Lines, PNCL's largest operating partner. Delta has disputed the contractual requirement to reimburse Pinnacle in full for its aviation hull and passenger liability insurance premiums. Under generally accepted accounting principles, Pinnacle will not record the unreimbursed insurance amounts as revenue until the parties resolve the issue.
Colgan Air reported operating income and an operating margin of $4.3 million and 7.6%, an increase of $1.8 million and 3.6 points, respectively, from the fourth quarter of 2008. Colgan's decreased fuel costs in its pro-rate operations were a primary factor leading to the increase in operating income. The decline in fuel costs was partially offset by a decrease in Colgan's revenue-per-available-seat-mile within its pro-rate operations of approximately 9%, and increases in Colgan's rising employee health insurance costs and wage and rate adjustments during 2009.
The US Congress has raised concerns about how inflation rates and cuts in main acquisition programmes could affect the US military.
Washington’s ageing inventory and the pace Moscow and Beijing have been modernising their capabilities put in check the US Nuclear deterrence.
The Pentagon has been operating under temporary funding since October 2023, which has impacted its main acquisition and development programmes, increasing the capability gap between the US and China.
In 2023, defence spending increased by an unprecedented 11% across European NATO countries and Canada. Since 2014, the group has spent an additional US$600 billion on defence.
The DoD requested nearly US$850 billion to fund operations over the next fiscal year. Despite the amount being 1% higher than the FY2024 budget request, it has not covered the 3% inflation rate, which could impact the DoD’s main programmes in the medium and long term.
As gangs gain control of Port-au-Prince, Haiti’s Caribbean neighbours have been preparing to intervene in the failed state, with the US and other partners waiting in the wings with equipment and financial support.