here it is with the press releases:
Spirit Airlines Places Orders for New Aircraft
Friday March 19, 9:00 am ET
35 Aircraft Ordered, Up to 95 Possible
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 19, 2004--Spirit Airlines announces today that it has entered into agreements to entirely replace its MD
-80 fleet with orders for up to 95 new Airbus aircraft. "The firm commitment for 35 aircraft, valued at approximately $2 billion, will allow us to accelerate our significant growth plans and more than double our size," said Jacob Schorr, Chairman and CEO of Spirit Airlines.
"This is the second phase of a three-point growth plan for Spirit," Schorr said. "Phase one was completed just three weeks ago when we received a $125 million investment from a group of investors led by Oaktree Capital Management, LLC. This order signifies the beginning of phase two as we invest the capital to grow. Phase three will be detailed as we make additional announcements about future growth plans."
"Spirit already has one of the lowest costs of operation in the airline industry, and the new Airbus aircraft which are technologically advanced and fuel efficient will assure our continued leadership. Spirit chose the Airbus aircraft in part because of its wider cabin providing more comfort to our passengers and superior customer amenities. Thus, the choice of the Airbus A320 Family of aircraft was a clear one," said Schorr. "IAE V2500 engines were chosen for their superior fuel efficiency which Spirit feels will become an ever increasing factor in maintaining its low cost structure," said Schorr.
The value of these agreements, including 60 options, could be as high as $5 billion. "This is a combination of deals with three major global corporations; Airbus, IAE International Aero Engines and ILFC (International Lease Finance Corporation)," explained Schorr.
Currently Spirit Airlines has a fleet of 32 MD
-80 aircraft which will be replaced on an expedited basis as the new aircraft are delivered.
About Spirit Airlines
In 2003, Spirit had the 2nd highest load factor of any U.S. airline. In the past five years the airline doubled its revenues to a reported $450 million in 2003. During this period of extraordinary growth, Spirit made significant investments in its systems, technology, product and brand, all focused on improving customer service and satisfaction.
In addition, Spirit developed state-of-the-art, proprietary reservation and departure control systems and initiated a new class of service, Spirit Plus. Spirit Plus offers business class leather seating with complimentary beverages and a snack. During this time, Spirit also successfully introduced a new, easy-to-use website that currently accounts for approximately 60 percent of total bookings.
The company expects to continue to invest in new technologies, including in-flight entertainment and facilities to provide value to its customers. The company will introduce e-service kiosks beginning next month, and Spirit has launched a number of web enhancements that improve the customer's ease of booking online.
Headquartered in Fort Lauderdale, Fla.
Founded in 1990 in Eastpointe, Michigan
Spirit Airlines is the largest privately-held airline in the U.S.
Ranks as the 14th largest airline in the U.S.
115 flights daily to 16 cities
2,700 employees nationwide
Spirit's website is http://www.spiritair.com
Headquartered in Fort Lauderdale, Fla., 13 year old Spirit Airlines is the largest privately-held airline in the U.S. Spirit brings low fares and friendly service to 16 cities, including: Atlantic City, N.J., Cancun, Mexico, Chicago/O'Hare, Denver, Detroit, Las Vegas, Los Angeles, Myrtle Beach, S.C., New York/LaGuardia, San Juan, Puerto Rico, Washington, D.C., the Florida cities of Fort Lauderdale, Fort Myers, Orlando, Tampa and seasonal service to West Palm Beach. Spirit's website is http://www.spiritair.com.