-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EgwdCRdwhEcLJ5Ff3bss77bjPdrPwSBkzYo2nsYnGh5H1Vec9lKI3wogaDtbkZW4 TNNjKYh2UtLQ2SH9aMQV9g== 0001144204-09-024496.txt : 20090506 0001144204-09-024496.hdr.sgml : 20090506 20090506171610 ACCESSION NUMBER: 0001144204-09-024496 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090506 FILED AS OF DATE: 20090506 DATE AS OF CHANGE: 20090506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Copa Holdings, S.A. CENTRAL INDEX KEY: 0001345105 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 000000000 STATE OF INCORPORATION: R1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32696 FILM NUMBER: 09802452 BUSINESS ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 BUSINESS PHONE: 011 507 227 2522 MAIL ADDRESS: STREET 1: AVENIDA PRINCIPAL, COSTA DEL ESTE STREET 2: COMPLEJO BUSINESS PARK, TORRE NORTE CITY: PANAMA CITY STATE: R1 ZIP: 00000 6-K 1 v148219_6k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
 
Report of Foreign Issuer
 
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
 
Report on Form 6-K dated for the month of May, 2009
 
 
Copa Holdings, S.A.
(Translation of Registrant's Name Into English)
 
 
Boulevard Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización Costa del Este
Complejo Business Park, Torre Norte
Parque Lefevre
Panama City, Panama
 (Address of principal executive offices)
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
 
Form 20-F x     Form 40-F ¨
 
(Indicate by check whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes ¨    No x
 
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b);82-             )
 
 Enclosure: Press Release - - Copa Holdings Reports Net Income of US$71.6 Million and  EPS of US$1.65 for the First Quarter of 2009

 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
 

 
Copa Holdings, S.A.
 
  (Registrant)
   
   
Date: 05/6/2009
  
 
By:
/s/ Victor Vial
  Name:    Victor Vial
  Title:       CFO

 
 
 

 
Copa Holdings Reports Net Income of US$71.6 Million and  EPS of US$1.65 for the First Quarter of 2009
Excluding special, items adjusted net income came in at $55.5 million, or $1.28 per share

Panama City, Panama — May 06, 2009.  Copa Holdings, S.A. (NYSE: CPA), parent company of Copa Airlines and Aero Republica, today announced financial results for the first quarter of 2009 (1Q09). The terms “Copa Holdings" or "the Company" refer to the consolidated entity, whose operating subsidiaries are Copa Airlines and Aero Republica. The following financial and operating information, unless otherwise indicated, is presented in accordance with U.S. GAAP.  Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2008 (1Q08).
 
OPERATING AND FINANCIAL HIGHLIGHTS
 
·
Copa Holdings reported net income of US$71.6 million for 1Q09, or diluted earnings per share (EPS) of US$1.65, an increase of 81.3% as compared to net income of US$39.5 million or diluted EPS of US$0.91 in 1Q08.
·
Excluding special items, which for 1Q09 included a US$16.2 million non-cash gain associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $55.5 million, or $1.28 per share, compared to an adjusted net income of US$37.7 million or US$0.87 per share for 1Q08.  See the accompanying reconciliation of non-GAAP financial information to GAAP financial information included in the financial tables section of this earnings release.
·
Operating income for 1Q09 came in at US$68.9 million, despite a $19.9 million fuel hedge loss, representing an increase of 33.3% as compared to operating income of US$51.7 million for 1Q08. Operating margin increased from 17.5% to 22.3%, maintaining our position among the most profitable airlines in the industry.
·
In 1Q09, total revenues increased to US$308.8 million, representing growth of 4.3%, on a 17.0% capacity expansion.  Yield per passenger mile decreased 6.2% to 16.2 cents and operating revenue per available seat mile (RASM) decreased 10.8% to 12.7 cents.
·
Revenue passenger miles (RPMs) increased 11.6% from 1.62 billion in 1Q08 to 1.81 billion in 1Q09, and available seat miles (ASMs) increased 17.0% from 2.08 billion in 1Q08 to 2.43 billion in 1Q09, with the Copa Airlines segment increasing 18.9% year-over-year and Aero Republica increasing 8.0%.  Consolidated load factor decreased 3.6 percentage points to 74.4%. Underlying Break-even load factor for 1Q09 decreased 7.7 percentage points to 57.5% from 65.2% in 1Q08.
·
Operating cost per available seat mile (CASM) decreased 16.0%, from 11.8 cents in 1Q08 to 9.9 cents in 1Q09.  CASM, excluding fuel costs, decreased 11.0% from 7.7 cents in 1Q08 to 6.8 cents in 1Q09.
·
Liquidity including cash, short term and long term investments, plus committed credit lines of US$31 million, ended the quarter at US$434.2 million, representing 33% of the last twelve months’ revenues.
·
Copa Airlines ended the quarter with a fleet of 43 aircraft, consisting of 28 Boeing 737 Next Generation aircraft and 15 Embraer-190 aircraft. Aero Republica received two Embraer-190 aircraft and ended the quarter with a fleet of 15 aircraft, consisting of 11 Embraer-190 and four MD-80 aircraft.  Copa Holdings ended the quarter with a consolidated fleet of 58 aircraft.
·
For 1Q09, Copa Airlines reported on-time performance of 90.6% and a flight-completion factor of 99.6%, maintaining its position among the best in the industry.
 
 
 
RECENT DEVELOPMENTS
 
·
On May 6, the Copa Holdings Board of Directors declared an annual dividend of $0.37 per share.  Although this dividend is the same amount per share paid in 2008, it represents 14% of 2008 consolidated net income.  The determination to pay dividends in excess of the Company’s current 10% policy was made due to the Company’s strong operating earnings, balance sheet and liquidity position. The dividend will be paid on June 15, 2009 to stockholders of record as of May 29, 2009.
 
·
Recently, Continental Airlines announced its intention to leave SkyTeam effective October 24, 2009. Due to the long-standing alliance relationship with Continental, and in order to ensure Copa remains fully aligned with Continental on a number of important joint initiatives, Copa will also be leaving SkyTeam concurrently with Continental on October 24, 2009.
 
Consolidated Financial & Operating
Highlights
  
1Q09
    
1Q08
    
% Change
    
4Q08
    
% Change
  
RPMs (millions)
     1,807       1,619       11.6 %     1,760       2.7 %
ASMs (mm)
     2,430       2,077       17.0 %     2,375       2.3 %
Load Factor
     74.4 %     78.0 %  
-3.6 p.p.
       74.1 %  
0.3 p.p.
  
Yield
     16.2       17.3       -6.2 %     18.5       -12.4 %
PRASM (cents)
     12.1       13.5       -10.6 %     13.7       -12.0 %
RASM (cents)
     12.7       14.2       -10.8 %     14.6       -12.8 %
CASM (cents)
     9.9       11.8       -16.0 %     11.0       -10.5 %
CASM Excl. Fuel (cents)
     6.8       7.7       -11.0 %     7.2       -4.7 %
Breakeven Load Factor (2)
     57.5 %     65.2 %  
-7.7 p.p.
       56.9 %  
0.6 p.p.
  
Operating Revenues (US$ mm)
     308.8       295.9       4.3 %     346.1       -10.8 %
EBITDAR (US$ mm) (1)
     111.4       75.8       46.9 %     66.6       67.2 %
Adjusted EBITDAR (US$ mm) (1)(2)
     95.3       74.1       28.6 %     106.1       -10.2 %
EBITDAR Margin (1)
     36.1 %     25.6 %  
10.5 p.p.
       19.3 %  
16.8 p.p.
  
Adjusted EBITDAR Margin (1)(2)
     30.9 %     25.0 %  
5.8 p.p.
       30.7 %  
0.2 p.p.
  
Operating Income (US$ mm)
     68.9       51.7       33.3 %     84.0       -18.0 %
Operating Margin
     22.3 %     17.5 %  
4.8 p.p.
       24.3 %  
-2.0 p.p.
  
Net Income (US$ mm)
     71.6       39.5       81.3 %     25.8       178.1 %
Adjusted Net Income (US$ mm) (2)
     55.5       37.7       47.0 %     65.2       -15.0 %
EPS - Basic (US$)
     1.67       0.92       81.6 %     0.60       179.9 %
Adjusted EPS - Basic (US$) (2)
     1.29       0.88       47.3 %     1.51       -14.4 %
EPS - Diluted (US$)
     1.65       0.91       81.2 %     0.59       177.8 %
Adjusted EPS - Diluted (US$) (2)
     1.28       0.87       46.9 %     1.50       -15.0 %
Weighted Avg. # of Shares - Basic (000)
     42,908       42,985       -0.2 %     43,195       -0.7 %
Weighted Avg. # of Shares - Diluted (000)
     43,464       43,433       0.1 %     43,426       0.1 %
(1) EBITDAR means earnings before interest, taxes, depreciation, amortization and rent.
(2) Break-even load factor, adjusted EBITDAR, Adjusted EBITDAR margin, Adjusted Net Income and Adjusted EPS (Basic and Diluted) exclude non-cash charges/gains associated with the mark-to-market of fuel hedges.
Note: A reconciliation of non-GAAP financial measures to the comparable US GAAP measures appears at the end of this press release.
 
2

 
MANAGEMENT’S COMMENTS ON 1Q09 RESULTS
 
Copa Holdings first quarter results were positively impacted by lower unit costs, mainly related to lower fuel costs. For 1Q09 the company reported record operating income of US$68.9 million, a 33.3% increase over 1Q08.  Operating margin increased 4.8 percentage points from 17.5% to 22.3%, maintaining our position as one of the most profitable airlines in the world.
 
Total revenues increased 4.3% during the quarter, at a slower rate than capacity expansion of 17.0%, which resulted in a 10.8% decrease in revenues per ASM (RASM) from 14.2 cents to 12.7 cents.  Passenger revenues, which represented 95% of total revenues, increased 4.6% to US$293.2 million, due to a 17.0% increase in capacity, partly offset by a 10.6% decline in passenger revenue per ASM (PRASM).  The latter was driven by a 6.2% drop in yield and a 3.6 percentage point decline in consolidated load factor from 78.0% to 74.4%.
 
In 1Q09, Copa Airlines’ yields came in at 15.5 cents, representing a decline of 3.2% compared to 1Q08.  Copa Airlines yields declined mainly as a result of an increased length of haul and lower average fares as a result of a less robust demand environment and lower fuel surcharges.  Aero Republica’s yields decreased 16.9% to 20.9 cents for the most part due to a weaker Colombian currency.
 
Consolidated operating expenses for 1Q09 decreased 1.8% to US$239.8 million, while consolidated operating expenses per ASM (CASM) decreased 16.0% to 9.9 cents.  Excluding fuel costs, unit costs decreased 11.0% to 6.8 cents, mostly as a result of lower distribution costs, the timing of certain maintenance events at Aero Republica and overall higher aircraft utilization.
 
Aircraft fuel expense decreased 12.9% or US$10.9 million compared to 1Q08, despite a 17.0% increase in miles flown.  The Company’s effective jet fuel price, which includes a US$19.9 million negative fuel hedge effect in 1Q09 and a US$4.0 million positive fuel hedge effect in 1Q08, decreased from an average of US$2.82 in 1Q08 to US$2.16 in 1Q09. 
 
For 1Q09, the Company had fuel hedges in place representing 36% of its consolidated volume.  Continuing with the execution of its fuel hedge policy, the Company currently has hedged approximately 30% in 2Q09, 25% in 3Q09 and 16% in 4Q09.  For 2010 and 2011 the Company has hedged 6% and 9% of its consolidated volume, respectively.
 
The Company recorded a non-operating gain of US$8.3 million for 1Q09 compared to an US$8.1 million non-operating expense in 1Q08.  This gain was mainly due to a US$16.4 million increase in Other, net as a result of an unrealized fuel hedge mark-to-market gain of US$16.2 million, as compared to an unrealized fuel hedge mark-to-market gain of US$1.8 million in 1Q08.
 
Copa Holdings closed the quarter with a strong cash position totaling US$403.1 million in cash, short term and long term investment, representing approximately 31% of last twelve months´ revenues.  This figure includes US$29.3 million in restricted cash, of which $22.9 million is collateral for out-of-money hedge contracts related to future quarters.  Additionally, the company has committed lines of credit totaling $31.1 million. Total debt at the end of the year amounted to US$926.9 million, most of which relates to aircraft and equipment financing.  
 
3
 
 
During 2009, the Company expects to receive six aircraft, four Boeing 737-800s for Copa Airlines and two Embraer-190s for Aero Republica. Related to the purchased 737-800s, the Company has already secured final commitment from US EXIM Bank and arranged financing for one aircraft which was delivered in February.  Additionally, for the remaining two purchased 737-800s, the Company has secured preliminary commitments from US EXIM Bank.  The two Embraer-190s, which have already been delivered, are operating leases.
 
For 1Q09, Aero Republica recorded operating income of US$6.3 million, compared to an operating loss of US$0.7 million in 1Q08.  Operating margin for 1Q09 came in at 11.8%.  Aero Republica continues to benefit from its international expansion and fleet transition strategy aimed at replacing its MD-80 fleet with modern and fuel efficient Embraer-190 aircraft.  For 1Q09, Aero Republica’s capacity, in terms of ASMs flown in Embraer-190 aircraft as a percentage of its total capacity, increased from 50% in 1Q08 to 66% in 1Q09. 
 
Additionally, as part of its international expansion, Aero Republica’s international capacity increased nearly 90% year-over-year, reaching 26% of total capacity during 1Q09, as compared to 15% in 1Q08.  Furthermore, according to statistics from Colombia’s Civil Aeronautics Authority (Aerocivil)  Aero Republica has increased its international passenger market share to 9.1%, up from 5.8% in 2008.
 
Copa Holdings’ first quarter results highlight the Company’s ability to operate profitably and grow in a challenging economic environment.  In 2009, Copa Airlines’ capacity is expected to grow approximately 16%, mostly as a result of the full year effect of capacity introduced during the course of 2008. At the same time, Aero Republica’s capacity growth will remain flat or increase slightly as the airline continues its transition to all Embraer-190 fleet.  This should result in a consolidated capacity growth of approximately 13%.  Copa Holdings’ consolidated fleet is expected to end the year flat at 55 aircraft, made up of 18 737-700s, 11 737-800s and 26 Embraer-190s.
 
Copa Holdings continues to deliver industry-leading results, despite negative factors that have affected the industry as a whole.  This is the result of a solid and well executed business model based on developing the most comprehensive and convenient network for intra Latin America travel and a very competitive cost structure.  Throughout the remainder of 2009, the Company will seek to continue strengthening its long term competitive position, with the advantages of a flexible fleet plan and a strong balance sheet and liquidity position.
 
4

 
OUTLOOK FOR 2009
 
Copa Holdings’ 2009 guidance remains unchanged.  Consolidated capacity for 2009 is expected to increase approximately 13%, mainly as a result of the full year effect of capacity introduced in 2008.  Load factors are expected to come in slightly below 2008 levels at approximately 74%, while unit revenues (RASM) are forecasted to decline approximately 14% mainly as a result of a decrease in fuel surcharges and slower traffic growth as a result of a weakening economic environment.  Unit costs excluding fuel are expected to come in at 7.5 cents.  We currently estimate the effective the estimated effective price of jet fuel for 2009, including the effect of current hedge contracts and into plane costs, remains at US$2.11 per gallon.  As a result, the Company maintains its operating margin guidance in the range of 16.0% to 18.0% for 2009, although expecting to come in at the high end of this range.
 
Financial Outlook (US GAAP) 
  
2009 - Full Year
  
ASMs (billion)
     +/-10.0  
Average Load Factor
     +/-74 %
RASM (cents)
     +/-12.6  
CASM Ex-fuel (cents)
     +/- 7.5  
Operating Margin
     16.0-18.0 %
 
CONSOLIDATED FIRST QUARTER RESULTS
 
Operating revenue
 
Consolidated revenue for 1Q09 totaled US$308.8 million, a 4.3% or US$12.9 million increase over operating revenue of US$295.9 million in 1Q08, mainly due to an 8.1% or US$19.2 million increase in Copa Airlines’ operating revenue, partly offset by a 13.2% or US$8.2 million decline in Aero Republica’s operating revenue.

Copa Airlines operating revenue

Copa Airlines operating revenue for 1Q09 totaled US$256.1 million, an 8.1% increase over operating revenue of US$236.9 million in 1Q08.  This increase was primarily due to an 8.8% or US$19.6 million increase in passenger revenue.

Passenger revenue. For 1Q09 passenger revenue totaled US$242.8 million, an 8.8% increase over passenger revenue of US$223.2 million in 1Q08 as ASMs increased by 18.9% in 1Q09 as compared to 1Q08.  Passenger yield decreased 3.2% to 15.5 cents, while load factor decreased  4.4 percentage points from the 81.2% to 76.8 in 1Q09..
Cargo, mail and other. Cargo, mail and other revenue totaled US$13.3 million in 1Q09, a 3.2% decline from cargo, mail and other of US$13.7 million in 1Q08.
 
5

 
Aero Republica operating revenue

During 1Q09, Aero Republica generated operating revenue of US$53.7 million, representing a 13.2% decline over 1Q08.  This decrease resulted mainly from a US$6.7 million or 11.7% decline in passenger revenue.  During the quarter Aero Republica’s capacity (ASMs) increased by 8.0% mainly as a result of increased international presence, while traffic (RPMs) increased 6.2%, resulting in a load factor of 61.6% or 1 percentage point below 1Q08.  Yields decreased by 16.9% primarily due a weaker demand environment, lower fuel surcharges and a weaker Colombian currency.

Operating expenses

For 1Q09, consolidated operating expenses decreased 1.8% to US$239.8 million, representing operating cost per available seat mile (CASM) of 9.9 cents.  Operating cost per available seat mile (CASM), excluding fuel costs, decreased 11.1% from 7.7 cents in 1Q08 to 6.8 cents in 1Q09.  An overview of the major variances on a consolidated basis follows:

Aircraft fuel. For 1Q09, aircraft fuel totaled US$73.5 million, a US$10.9 million or 12.9% decrease from aircraft fuel of US$84.3 million in 1Q08. This decline was primarily a result of a 23.4% decrease in the average price per gallon of jet fuel (all-in), which averaged US$2.16 in 1Q09 as compared to US$2.82 in 1Q08, offset by a 14.5% increase in gallons consumed resulting from increased capacity.  The all-in average price per gallon of jet fuel for 1Q09 includes $19.9 million fuel hedge loss.
Salaries and benefits. For 1Q09, salaries and benefits totaled US$36.7 million, a 7.6% increase over salaries and benefits of US$34.1 million in 1Q08. This increase was mostly a result of an overall increase in operating headcount to support additional capacity.
Passenger servicing. For 1Q09, passenger servicing totaled US$26.0 million, a 12.0% increase over passenger servicing of US$23.2 million in 1Q08. This increase was primarily a result of an increase in capacity and passengers carried.
Commissions. For 1Q09, commissions totaled US$13.2 million, a 22.0% decrease from commissions of US$17.0 million in 1Q08. This decrease was primarily a result of lower average commission rates at both Copa Airlines and Aero Republica.

Reservations and sales. Reservations and sales totaled US$13.0 million, a 1.6% decrease from reservation and sales of US$13.3 million in 1Q08.
Maintenance, material and repairs. For 1Q09, maintenance, material and repairs totaled US$16.9 million, a 2.7% decrease over maintenance, material and repairs of US$17.3 million in 1Q08. This decrease was primarily a result of the timing of major overhaul events in Aero Republica.
Depreciation. Depreciation totaled US$11.9 million in 1Q09, a 19.3% increase over depreciation of US$10.0 million in 1Q08. This increase was primarily related to the depreciation of new aircraft and spares.
Aircraft Rentals. Aircraft rentals totaled US$12.4 million in 1Q09, a 15.9% increase over aircraft rentals of US$10.7 million in 1Q08.
Flight operations, aircraft rentals, landing fees and other rentals. Combined, flight operations, aircraft rentals, landing fees and other rentals increased 12.7% from US$31.7 million in 1Q08 to US$35.7 million in 1Q09, primarily as a result of increased capacity.
Other. Other expenses totaled US$12.9 million in 1Q09, a decrease of US$0.4 million.
 
6
 
 
Copa Airlines operating expenses

Copa Airlines’ operating expenses increased 4.8% to US$193.4 million from US$184.5 million in 1Q08.  Operating expenses per available seat mile decreased 11.8% to 9.5 cents in 1Q09 from 10.8 cents in 1Q08.  Excluding fuel costs, operating expenses per available seat mile decreased 7.1% from 6.9 cents in 1Q08 to 6.4 cents in 1Q09.

Aircraft fuel. For 1Q09, aircraft fuel totaled US$62.2 million, a 5.2% increase over aircraft fuel expense of US$65.7 million in the same period in 2008. This increase was primarily a result of a 17.2% increase in gallons consumed resulting from increased capacity, offset by a 18.4% decline in the average price per gallon of jet fuel (all-in), which averaged US$2.25 in 1Q09 as compared to US$2.76 in 1Q08. The all-in average price per gallon of jet fuel for 1Q09 includes $19.1 million fuel hedge loss.
Salaries and benefits. For 1Q09, salaries and benefits totaled US$29.9 million, a 13.9% increase over salaries and benefits of US$26.2 million in the same period in 2008. This increase was mainly a result of an overall increase in operating headcount to support additional capacity.
Passenger servicing. Passenger servicing totaled US$22.0 million for 1Q09, a 17.5% increase over passenger servicing of US$18.7 million in 1Q08.  This increase was primarily the result of an increase in capacity and passengers carried.
Commissions. Commissions totaled US$10.4 million for 1Q09, a 16.0% decrease from commissions of US$12.4 million in 1Q08. This decrease was primarily a result of a lower average commission rate.
Reservations and sales. Reservations and sales totaled US$10.1 million, a 1.1% increase over reservation and sales of US$10.0 million in 1Q08.
Maintenance, materials and repairs. Maintenance, materials and repairs totaled US$13.5 million in 1Q09, a 40.4% increase over maintenance, materials and repairs of US$9.6 million in 1Q08. This increase resulted from higher capacity, and more overhaul events.
Depreciation. Depreciation totaled US$10.8 million in 1Q09, a 22.1% increase over depreciation of US$8.8 million in 1Q08, primarily related to depreciation of new aircraft and spare parts.
Flight operations, aircraft rentals, landing fees and other rentals. Combined, flight operations, aircraft rentals, landing fees and other rentals increased 5.0% from US$23.7 million in 1Q08 to US$24.8 million in 1Q09, primarily as a result of increased capacity.
Other. Other expenses increased US$0.3 million from US$9.5 million in 1Q08 to US$9.8 million in 1Q09.

Aero Republica operating expenses

Aero Republica’s operating expenses decreased 24.2% to US$47.4 million in 1Q09 from US$62.6 million in 1Q08.  Operating expenses per available seat mile (CASM) decreased 29.9% to 12.1 cents in 1Q09 from 17.3 cents in 1Q08.  CASM, excluding fuel costs, decreased 23.7% from 12.1 cents in 1Q08 to 9.3 cents in 1Q09, mainly due to the timing of overhaul events and a weaker Colombian currency.

Non-operating income (expense)

Consolidated non-operating income (expense) totaled a gain of US$8.3 million in 1Q09, compared to an US$8.1 million expense in 1Q08.

Interest expense.  Interest expense totaled US$8.9 million in 1Q09, an 18.6% decrease from interest expense of US$11.0 million in 1Q08, primarily as a result of lower rates on variable rate debt.
Interest capitalized.  Interest capitalized totaled US$0.3 million in 1Q09, a 39.0% decrease from 1Q08.
 
7


Interest income. Interest income totaled US$2.6 million, a 7.4% decrease from interest income of US$2.8 million in 1Q08, mostly a result of lower rates.
Other, net.  Other net totaled a gain of US$14.4 million in 1Q09, mainly related to a US$16.2 million non-cash gain related to the mark-to-market of fuel hedge contracts.

About Copa Holdings
Copa Holdings, through its Copa Airlines and Aero Republica operating subsidiaries, is a leading Latin American provider of passenger and cargo service. Copa Airlines currently offers approximately 144 daily scheduled flights to 45 destinations in 24 countries in North, Central and South America and the Caribbean. In addition, Copa Airlines provides passengers with access to flights to more than 120 other international destinations through code share agreements with Continental Airlines and other airlines. Aero Republica, the second-largest domestic carrier in Colombia, provides service to 12 cities in Colombia as well as international connectivity with Copa Airlines' Hub of the Americas through flights from Bogota, Bucaramanga, Cali, Cartagena, Medellin and Pereira. Additionally, Aero Republica has direct daily flights to Caracas, Venezuela, from the cities of Bogota and Medellin.
 
CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: (507) 304-2677
www.copaair.com (IR section)
 
This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.
 
8
 
 
Copa Holdings, S.A.
Operating data

   
Unaudited
    
Unaudited
    
%
    
Unaudited
    
%
  
   
1Q09
    
1Q08
    
Change
    
4Q08
    
Change
  
                               
Copa Holdings (Consolidated)
                              
Revenue passengers carried (thousands)
     1,287       1,217       5.7 %     1,338       -3.9 %
Revenue passengers miles (RPMs) (mm)
     1,807       1,619       11.6 %     1,760       2.7 %
Available seat miles (ASMs) (mm)
     2,430       2,077       17.0 %     2,375       2.3 %
Load factor
     74.4 %     78.0 %  
-3.6 p.p.
       74.1 %  
0.3 p.p.
  
Break-even load factor
     57.5 %     65.2 %  
-7.7 p.p.
       56.9 %  
0.6 p.p.
  
Yield (cents)
     16.2       17.3       -6.2 %     18.5       -12.4 %
RASM (cents)
     12.7       14.2       -10.8 %     14.6       -12.8 %
CASM (cents)
     9.9       11.8       -16.0 %     11.0       -10.5 %
CASM - excl. fuel (cents)
     6.8       7.7       -11.0 %     7.2       -4.7 %
Fuel gallons consumed (mm)
     33.9       29.6       14.5 %     33.4       1.4 %
Average price of Fuel - Net of Hedges (US$)
     2.16       2.82       -23.4 %     2.73       -20.8 %
                                         
Copa Segment
                                        
Revenue passengers miles (RPMs) (mm)
     1,566       1,393       12.4 %     1,503       4.2 %
Available seat miles (ASMs) (mm)
     2,039       1,715       18.9 %     1,981       3.0 %
Load factor
     76.8 %     81.2 %  
-4.4 p.p.
       75.9 %  
0.9 p.p.
  
Break-even load factor
     58.1 %     63.0 %  
-4.9 p.p.
       55.3 %  
2.8 p.p.
  
Yield (US$ cents)
     15.5       16.0       -3.2 %     17.4       -10.9 %
RASM (cents)
     12.6       13.8       -9.1 %     14.1       -10.8 %
CASM (cents)
     9.5       10.8       -11.8 %     10.5       -9.9 %
CASM - excl. fuel (cents)
     6.4       6.9       -7.1 %     6.8       -5.5 %
Fuel gallons consumed (mm)
     27.5       23.5       17.2 %     26.9       2.1 %
Average price of Fuel - Net of Hedges (US$)
     2.25       2.76       -18.4 %     2.72       -17.2 %
                                         
Aero Republica Segment
                                        
Revenue passengers miles (RPMs) (mm)
     241       226       6.2 %     257       -6.3 %
Available seat miles (ASMs) (mm)
     390       361       8.0 %     395       -1.1 %
Load factor
     61.6 %     62.6 %  
-1.0 p.p.
       65.0 %  
-3.4 p.p.
  
Break-even load factor
     52.9 %     67.8 %  
-14.9 p.p.
       58.9 %  
-6.0 p.p.
  
Yield (cents)
     20.9       25.2       -16.9 %     25.0       -16.4 %
RASM (cents)
     13.8       17.1       -19.6 %     17.5       -21.2 %
CASM (cents)
     12.1       17.3       -29.9 %     14.0       -13.4 %
CASM - excl. fuel (cents)
     9.3       12.1       -23.7 %     9.9       -6.3 %
Fuel gallons consumed (mm)
     6.3       6.1       4.3 %     6.4       -1.5 %
Average price of Fuel - Net of Hedges (US$)
     1.77       3.07       -42.2 %     2.78       -36.2 %
 
9
 
 
Income Statement - USGAAP
(US$ Thousands)

   
Unaudited
    
Unaudited
    
%
    
Unaudited
    
%
  
   
1Q09
    
1Q08
    
Change
    
4Q08
    
Change
  
Operating Revenues
                              
Passenger Revenue
     293,152       280,224       4.6 %     325,849       -10.0 %
Cargo, mail and other
     15,604       15,662       -0.4 %     20,210       -22.8 %
Total Operating Revenue
     308,756       295,886       4.3 %     346,059       -10.8 %
                                         
Operating Expenses
                                        
Aircraft fuel
     73,472       84,344       -12.9 %     91,408       -19.6 %
Salaries and benefits
     36,733       34,147       7.6 %     37,484       -2.0 %
Passenger servicing
     26,019       23,235       12.0 %     26,280       -1.0 %
Commissions
     13,223       16,961       -22.0 %     14,798       -10.6 %
Reservations and sales
     13,040       13,256       -1.6 %     13,187       -1.1 %
Maintenance, material and repairs
     16,860       17,323       -2.7 %     17,737       -4.9 %
Depreciation
     11,928       10,000       19.3 %     11,326       5.3 %
Flight operations
     14,935       12,979       15.1 %     14,680       1.7 %
Aircraft rentals
     12,366       10,673       15.9 %     10,078       22.7 %
Landing fees and other rentals
     8,376       8,008       4.6 %     8,305       0.9 %
Other
     12,886       13,246       -2.7 %     16,766       -23.1 %
Special fleet charges
     -       -       -       -       -  
Total Operating Expense
     239,838       244,172       -1.8 %     262,049       -8.5 %
                                         
Operating Income
     68,918       51,714       33.3 %     84,010       -18.0 %
                                         
Non-operating Income (Expense):
                                        
Interest expense
     (8,936 )     (10,980 )     -18.6 %     (10,891 )     -18.0 %
Interest capitalized
     318       521       -39.0 %     525       -39.4 %
Interest income
     2,563       2,768       -7.4 %     2,863       -10.5 %
Other, net
     14,394       (420 )     -3527.3 %     (42,639 )     -133.8 %
Total Non-Operating Income/(Expense)
     8,339       (8,111 )     -202.8 %     (50,142 )     -116.6 %
                                         
Income before Income Taxes
     77,256       43,603       77.2 %     33,868       128.1 %
                                         
Provision for Income Taxes
     5,641       4,104       37.5 %     8,113       -30.5 %
                                         
Net Income
     71,615       39,499       81.3 %     25,755       178.1 %
                                         
Basic EPS
     1.67       0.92       81.6 %     0.60       179.9 %
Basic Shares
     42,907,967       42,985,220       -0.2 %     43,194,566       -0.7 %
                                         
Diluted EPS
     1.65       0.91       81.2 %     0.59       177.8 %
Diluted Shares
     43,463,759       43,432,584       0.1 %     43,425,896       0.1 %
 
10
 
 
Copa Holdings, S.A.
                  
Balance Sheet - USGAAP
                  
(US$ Thousands)
  
March 31,
    
December 31,
    
March 31,
  
   
2009
    
2008
    
2008
  
   
(Unaudited)
    
(Audited)
    
(Unaudited)
  
ASSETS
                  
Current Assets:
                  
Cash and cash equivalents
   $ 302,905     $ 220,808     $ 234,593  
Short-term investments
     92,568       176,018       70,500  
Total cash, cash equivalents and short-term investments
     395,473       396,826       305,093  
                         
Accounts receivable, net of allowance for doubtful accounts
     82,021       70,609       84,194  
Accounts receivable from related parties
     3,169       4,592       3,462  
Expendable parts and supplies, net of allowance for obsolescence
     20,751       18,405       16,526  
Prepaid expenses
     23,270       26,694       25,317  
Other current assets
     5,419       5,338       15,593  
Total Current Assets
     530,103       522,464       450,185  
                         
Long-term investments
     7,652       11,145       17,538  
                         
Property and Equipment:
                        
Owned property and equipment:
                        
Flight equipment
     1,415,590       1,372,352       1,195,518  
Other equipment
     57,109       55,291       53,352  
      1,472,699       1,427,643       1,248,870  
Less: Accumulated depreciation
     (186,222 )     (174,835 )     (147,667 )
      1,286,477       1,252,808       1,101,203  
Purchase deposits for flight equipment
     80,674       84,861       74,046  
Total Property and Equipment
     1,367,151       1,337,669       1,175,249  
                         
Other Assets:
                        
Net pension asset
     1,658       1,486       1,171  
Goodwill
     19,038       21,732       26,767  
Intangible asset
     27,913       31,865       39,247  
Other assets
     28,977       27,864       30,604  
Total Other Assets
     77,586       82,947       97,789  
Total Assets
   $ 1,982,493     $ 1,954,225     $ 1,740,761  
                         
LIABILITIES AND SHAREHOLDER'S EQUITY
                        
Current Liabilities:
                        
Current maturities of long-term debt
   $ 114,741     $ 115,833     $ 96,243  
Accounts payable
     50,333       54,066       51,193  
Accounts payable to related parties
     7,892       11,510       9,439  
Air traffic liability
     154,469       182,490       150,383  
Taxes and interest payable
     39,746       37,194       34,397  
Accrued expenses payable
     37,418       40,642       57,342  
Other current liabilities
     46,337       60,349       4,631  
Total Current Liabilities
     450,937       502,084       403,628  
                         
Non-Current Liabilities:
                        
Long-term debt
     812,124       800,196       739,886  
Post employment benefits liability
     2,060       2,072       1,866  
Other long-term liabilities
     9,052       8,694       10,273  
Deferred tax liabilities
     8,135       8,747       8,119  
Total Non-Current Liabilities
     831,371       819,709       760,144  
                         
Total Liabilities
     1,282,308       1,321,793       1,163,772  
                         
Shareholders' Equity:
                        
Class A - 30,416,440 shares issued and outstanding
     20,858       20,761       20,761  
Class B - 12,778,125 shares issued and outstanding
     8,722       8,722       8,722  
Additional paid in capital
     14,664       13,481       10,037  
Retained earnings
     665,617       594,004       531,098  
Accumulated other comprehensive income (loss)
     (9,676 )     (4,536 )     6,371  
Total Shareholders' Equity
     700,185       632,432       576,989  
Total Liabilities and Shareholders' Equity
   $ 1,982,493     $ 1,954,225     $ 1,740,761  
 
11
 
 
Copa Holdings, S.A.
 
NON-GAAP FINANCIAL MEASURE RECONCILIATION

This press release includes the following non GAAP financial measures: Adjusted EBITDAR, Adjusted Net Income and Adjusted EPS.   This supplemental information is presented because we believe they are useful indicators of our operating performance and are useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation, and should be considered together with comparable U.S. GAAP measures, in particular operating income and net income. The following is a reconciliation of these non-GAAP financial measures to the comparable U.S. GAAP measures:

Reconciliation of EBITDAR
                  
Excluding Special Items
  
1Q09
    
1Q08
    
4Q08
  
                         
Net income as Reported
   $ 71,615     $ 39,499     $ 25,755  
                         
Interest Expense
     (8,936 )     (10,980 )     (10,891 )
Capitalized Interest
     318       521       525  
Interest Income
     2,563       2,768       2,863  
Income Taxes
     (5,641 )     (4,104 )     (8,113 )
EBIT
     83,311       51,294       41,371  
                         
Depreciation and Amortization
     11,928       10,000       11,326  
EBITDA
     95,239       61,294       52,697  
                         
Aircraft Rent
     12,366       10,673       10,078  
Other Rentals
     3,812       3,883       3,873  
EBITDAR
   $ 111,417     $ 75,850     $ 66,648  
                         
Special Items (adjustments):
                        
     Unrealized (gain) loss on fuel hedging instruments (1)
     (16,163 )     (1,786 )     39,462  
Adjusted EBITDAR
   $ 95,254     $ 74,064     $ 106,111  
 
12
 
 
Reconciliation of Net Income
                  
Excluding Special Items
  
1Q09
    
1Q08
    
4Q08
  
                         
Net income as Reported
   $ 71,615     $ 39,499     $ 25,755  
                         
Special Items (adjustments):
                        
     Unrealized (gain) loss on fuel hedging instruments (1)
     (16,163 )     (1,786 )     39,462  
Adjusted Net Income
   $ 55,452     $ 37,713     $ 65,217  
                         
Shares used for Computation (in thousands)
                        
     Basic
     42,908       42,985       43,195  
     Diluted
     43,464       43,433       43,426  
                         
Adjusted earnings per share
                        
     Basic
     1.29       0.88       1.51  
     Diluted
     1.28       0.87       1.50  

FOOTNOTE:

(1)
The 1Q09 and 1Q08 periods included a non-cash gains of US$16.2 million and $1.8 Million, respectively, and 4Q08 period included non-cash charge of US$39.5 million resulting from the mark-to-market accounting for changes in the fair value of fuel hedging instruments.
 
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