Pinnacle Airlines Corp. ended the fourth quarter and 2009 with improved income and cash reserves despite lower operating revenues.
The Memphis-based airline holding company reported net income of $5.6 million for the fourth quarter, a 154.4 percent increase compared to $2.2 million in net income in the same quarter a year ago.
Pinnacle also reported consolidated operating income of $17.8 million in the fourth quarter, a 9.2 percent increase compared to $16.3 million in fourth quarter 2008.
The company reported 2009 full-year net income of $41.9 million.
However, those numbers include a number of non-recurring special items that increased net income by $18.7 million.
Excluding those items, the company reported net income of $23.2 million or $1.28 per diluted share for full year 2009, an increase of 68.1 percent compared to net income of $13.8 million, or $0.77 per diluted share, in full year 2008.
Pinnacle reported operating revenue of $209.2 million in the fourth quarter, a 3.8 percent decrease compared to $217.4 million.
It reported operating revenue of $845.5 million for full-year 2009, down 2.2 percent compared to $864.7 million in full-year 2008.
Pinnacle completed the repayment of $31 million in senior convertible notes on Feb. 16, giving the company $60 million in unrestricted cash and cash equivalents.
The company ended the quarter with $91.6 million in unrestricted cash and cash equivalents.
"2009 was a significant year for Pinnacle Airlines Corp.," Phil Trenary, company president and chief executive officer, said in a statement. "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 is an airline holding company for Pinnacle Airlines Inc., its regional jet operating subsidiary, and Colgan Air Inc., its regional turboprop operating subsidiary.