7e72004
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What Is Up With Spirit Airlines Lately?

Tue Aug 16, 2005 10:43 pm

Hello...i have noticed that we have heard something from/about almost every airline...almost everyone except Spirit lately. What is up with them? How is their financial health? I do remember that they were in the middle of a fleet transition to airbus jets...but anything else? thanks and cheers  Smile
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FLAIRPORT
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RE: What Is Up With Spirit Airlines Lately?

Tue Aug 16, 2005 10:46 pm

Spirit is not a public company and does not disclose their financial status. However, just based on the fact that they are adding flights and new aircraft, I'd venture to say they are most likely profitable.
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MAH4546
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RE: What Is Up With Spirit Airlines Lately?

Tue Aug 16, 2005 10:51 pm

Quoting FLAIRPORT (Reply 1):
However, just based on the fact that they are adding flights and new aircraft, I'd venture to say they are most likely profitable.

So is Delta. And Spirit isn't adding any aircraft. Right now, for every Airbus they get, two MD80s leave.

Spirit has been losing money as of late, but the losses are very small, and mainly due to rising fuel costs and fleet replacements. They are in good shape, though.
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SHUPirate1
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RE: What Is Up With Spirit Airlines Lately?

Tue Aug 16, 2005 10:53 pm

FLAIRPORT-According to DOT filings, Spirit Airlines lost 5.3 million dollars in Q1 2005, the last quarter those numbers for "national" carriers were released, on 137 million dollars of revenue, with a loadfactor of 78.6%, and a breakeven loadfactor of 81.9%. For more information, go to http://ostpxweb.dot.gov/aviation/finance/nat0503p.pdf
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7e72004
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RE: What Is Up With Spirit Airlines Lately?

Wed Aug 17, 2005 5:15 am

I have not flown Spirit...do they good service?
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mariner
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RE: What Is Up With Spirit Airlines Lately?

Wed Aug 17, 2005 5:19 am

aeternum nauta
 
Ivo
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RE: What Is Up With Spirit Airlines Lately?

Wed Aug 17, 2005 6:58 am

From "FlightInternational"

NEW EQUITY LIFTS SPIRIT

Spirit Airlines, the Florida based low-fare carrier that has yet to join the low cost airline profit trend, has attracted $100 million in new equity to hasten its move to an all-Airbus A320 family fleet.

The carrier, the largest privately held airline in the USA, will also extend fuel hedging to full coverage for the rest of this year and into 2006. In this year's first quarter it lost $5.4 million on $132 million in revenues, filings with the US Department of Transportation show.

Spirit's largest investor, Los Angeles-based Oaktree Capital, joined Spirit management for $70 million of new equity, while Goldman Sachs fund supplied the emaining $30 millio. When Oaktree took a 51% stake in Spirit in february 2004, the carrier announced it would replace its Boeing MD80s with 35 A320 family twinjets.

The high price of fuel has made the MD80 uncompetitive with AirTrans 717's, JetBlues A320s and Southwests 737s.

Spirit's new funding will bring the fleet transition forward from 2008 to early 2007; the order will include three additional A321s ordered days after the cash infusion. At catalogue prices, the total order is worth over $2 billion to Airbus.

Spirit has received 11 of its 35-aircraft Airbus order and will take 5 more by year-end. Its president Ben Baldanza says Spirit will increase its Caribbean and Latin-American network to about 25% of its capacity, to balance its US destinations.


Hope this give some info,

Ivo
 
planesailing
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RE: What Is Up With Spirit Airlines Lately?

Wed Aug 17, 2005 7:02 am

Quoting SHUPirate1 (Reply 3):
with a loadfactor of 78.6%, and a breakeven loadfactor of 81.9%

Im correct in saying they need to raise their load factor by 3.3% to just break even? That is a pretty high load factor, I know Ryanairs used to be just over 50%, according to the book about them.

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