Pinnacle Airlines Corp. posted $6 million in profits for second quarter 2009, a drastic bounce back from the $13 million net loss in it posted in second quarter 2008. This represents an increase of 107% over net income of $3.5 million in the second quarter of 2008.
Pinnacle reported consolidated operating income of $23.7 million in the second quarter of 2009, an increase of 57% over consolidated operating income of $15.1 million in the second quarter of 2008, excluding nonrecurring items.
"Despite a challenging year for our industry, I am pleased to report solid financial performance for the second quarter of 2009 at both of our operating subsidiaries," said Phil Trenary, the Company's President and Chief Executive Officer. "Our investments in new aircraft and improvements to our pro-rate operations are beginning to produce positive results for all of our stakeholders."
The second quarter also brought a tentative agreement between Pinnacle Airlines, a Pinnacle Airlines Corp. subsidiary, and the Air Line Pilots Association. The agreement will likely give Pinnacle pilots more pay. Pinnacle and its pilots have been working on the agreement since April 2005.
Pinnacle Airlines Corp., an airline holding company, is the parent company of Pinnacle Airlines, Inc. and Colgan Air, Inc. Pinnacle Airlines, Inc. operates under Delta brands and operates 124 CRJ-200 and 16 CRJ-900 regional jet aircraft throughout the United States and in the District of Columbia, Belize, Mexico, Turks and Caicos Islands, and the U.S. Virgin Islands. Colgan Air, Inc. operates as Continental Connection, United Express and US Airways Express and operates a fleet of 14 Q400 and 34 Saab aircraft throughout the United States and Canada.