0001144204-13-044179.txt : 20130809 0001144204-13-044179.hdr.sgml : 20130809 20130809092248 ACCESSION NUMBER: 0001144204-13-044179 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130809 FILED AS OF DATE: 20130809 DATE AS OF CHANGE: 20130809 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: 131024683 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 v352213_6k.htm FORM 6-K

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 August, 2013

 

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

ParqueLefevre

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: 2Q13 Earnings Release 

 

 
 

 

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: 8/8/2013  
  By:  /s/ José Montero
   

Name: José Montero

Title: CFO

  

 

 

 

 EX-99.1 2 v352213_ex99-1.htm EXHIBIT 99.1

 

 

Copa Holdings Reports Net Income of US$74.4 Million and EPS of US$1.68 for the Second Quarter of 2013

Excluding special items, adjusted net income came in at $85.0 million, or EPS of $1.92 per share

 

Panama City, Panama — August 7, 2013. Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the second quarter of 2013 (2Q13). The terms “Copa Holdings" or "the Company" refer to the consolidated entity. The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the second quarter of 2012 (2Q12).

 

OPERATING AND FINANCIAL HIGHLIGHTS

 

§Copa Holdings reported net income of US$74.4 million for 2Q13, or diluted earnings per share (EPS) of US$1.68. Excluding special items, Copa Holdings would have reported an adjusted net income of $85.0 million, or $1.92 per share, a 45.3% increase over adjusted net income of US$58.5 million and US$1.32 per share for 2Q12.

 

§Operating income for 2Q13 came in at US$97.7 million, a 34.5% increase over operating income of US$72.6 million in 2Q12. Operating margin for the period came in at 16.5%, compared to 14.1% in 2Q12, as a result of lower unit costs.

 

§Total revenues increased 14.8% to US$592.0 million. Yield per passenger mile decreased 4.6% to 16.4 cents and operating revenue per available seat mile (RASM) decreased 2.5% to 12.8 cents. However, adjusting for a 7.3% increase in length of haul, yields decreased 1.2% and RASM increased 1.0%.

 

§For 2Q13, passenger traffic (RPMs) grew 20.4% on a 17.7% capacity expansion. Consolidated load factor came in at 75.3%, or 1.7 percentage points above 2Q12.

 

§Operating cost per available seat mile (CASM) decreased 5.2%, from 11.3 cents in 2Q12 to 10.7 cents in 2Q13. CASM, excluding fuel costs, decreased 2.6% to 6.7 cents.

 

§Cash, short term and long term investments ended 2Q13 at US$848.7 million, representing 35.0% of the last twelve months’ revenues.

 

§During the second quarter, Copa Airlines took delivery of one Boeing 737-800 aircraft. As a result, Copa Holdings ended the quarter with a consolidated fleet of 86 aircraft.

 

§For 2Q13, Copa Holdings reported consolidated on-time performance of 89.3% and a flight-completion factor of 99.7%, maintaining its position among the best in the industry.

 

SUBSEQUENT EVENTS

 

§On July 17, 2013, Copa Airlines announced it will begin nonstop service four times a week from Panama to Tampa, Fla., on December 16, 2013. Tampa will be Copa Airlines’ ninth U.S. destination and its 66th destination overall.

 

§On August 7, 2013, the Board of Directors of Copa Holdings resolved to change the Company’s dividend policy to increase the annual distribution to an amount equal to 40% of the prior years’ annual consolidated net income. In addition, dividends going forward will be distributed in equal quarterly installments during the months of March, June, September and December, subject to board approval each quarter.  On August 7, 2013, the Board of Directors also approved dividend payments payable at the end of both 3Q13 and 4Q13, in amounts equal to 10% of the consolidated net income of 2012.

 

 
 

 

 

Consolidated Financial & Operating
Highlights		  2Q13   2Q12   % Change   1Q13   % Change 
Revenue Passengers Carried ('000)   1,861    1,658    12.2%   1,899    -2.0%
RPMs (mm)   3,475    2,886    20.4%   3,529    -1.5%
ASMs (mm)   4,618    3,923    17.7%   4,590    0.6%
Load Factor   75.3%   73.5%   1.7 p.p.    76.9%   -1.6 p.p. 
Yield   16.4    17.2    -4.6%   17.6    -6.9%
PRASM (US$ Cents)   12.3    12.6    -2.3%   13.5    -8.9%
RASM (US$ Cents)   12.8    13.1    -2.5%   14.0    -8.2%
CASM (US$ Cents)   10.7    11.3    -5.2%   10.9    -1.5%
CASM Excl. Fuel (US$ Cents)   6.7    6.9    -2.6%   6.5    3.3%
Breakeven Load Factor (1)   61.6%   63.0%   -1.4 p.p.    58.7%   2.9 p.p. 
Fuel Gallons Consumed (Millions)   60.0    52.1    15.0%   60.1    -0.2%
Avg. Price Per Fuel Gallon (US$ Dollars)   3.08    3.32    -7.3%   3.34    -7.8%
Average Length of Haul (Miles)   1,868    1,740    7.3%   1,859    0.5%
Average Stage Length (Miles)   1,126    1,063    6.0%   1,123    0.2%
Departures   29,357    27,005    8.7%   29,428    -0.2%
Block Hours   84,985    74,678    13.8%   84,490    0.6%
Average Aircraft Utilization (Hours)   10.9    10.6    3.1%   11.3    -3.5%
Operating Revenues (US$ mm)   592.0    515.8    14.8%   641.3    -7.7%
Operating Income (US$ mm)   97.7    72.6    34.5%   142.6    -31.5%
Operating Margin   16.5%   14.1%   2.4 p.p.    22.2%   -5.7 p.p. 
Net Income (US$ mm)   74.4    32.0    132.6%   113.8    -34.6%
Adjusted Net Income (US$ mm) (1)   85.0    58.5    45.3%   124.4    -31.6%
EPS - Basic and Diluted (US$)   1.68    0.72    132.4%   2.56    -34.6%
Adjusted EPS - Basic and Diluted (US$) (1)   1.92    1.32    45.2%   2.80    -31.6%
# of Shares - Basic and Diluted ('000)   44,387    44,354    0.1%   44,387    0.0%

 

(1)Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 2Q13, 2Q12, and 1Q13 exclude non-cash charges/gains associated with the mark-to-market of fuel hedges. Additionally, for 1Q13 excludes a US$13.9 million charge related to the devaluation of the Venezuelan currency.

Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

 

MANAGEMENT’S COMMENTS ON 2Q13 RESULTS

 

Copa Holdings’ second quarter results continued to benefit from solid demand trends as well as lower unit costs. For 2Q13, the Company reported operating income of US$97.7 million, a 34.5% increase over 2Q12. As a result, the operating margin for the quarter stood at 16.5%, an increase of 2.4 percentage points over 2Q12.

 

Consolidated operating revenues increased 14.8% on a 17.7% capacity expansion during the period. Load factor came in at 75.3%, or 1.7 percentage points above 2Q12, while yields decreased 4.6% to 16.4 cents. As a result, passenger revenues per ASM (PRASM) decreased 2.3%, from 12.6 cents in 2Q12 to 12.3 cents in 2Q13. However, adjusting for a 7.3% increase in length of haul, PRASM increased 1.1% over 2Q12.

 

2
 

 

 

Consolidated operating expenses for 2Q13 increased 11.5% to US$494.3 million, while consolidated operating expenses per ASM (CASM) decreased 5.2% to 10.7 cents. Excluding fuel costs, unit costs decreased 2.6% to 6.7 cents, mainly as a result of the dilution of fixed costs associated with increased capacity and an increase in average stage length.

 

Aircraft fuel expense increased 6.6% or US$11.5 million compared to 2Q12, as a result of increased capacity. The Company’s effective jet fuel price, which includes realized hedge gains of US$1.5 million and US$1.8 million for 2Q13 and 2Q12, respectively, decreased from an average of US$3.32 in 2Q12 to US$3.08 in 2Q13.

 

For 2Q13, the Company had fuel hedges in place representing 31% of its consolidated volume. Continuing with the execution of its fuel hedge policy, the Company currently has hedged approximately 38% in 3Q13, and 37% in 4Q13. For 2014 and 2015, the Company had hedged approximately 18% and 10%, respectively, of its forecasted fuel consumption.

The Company recorded a net non-operating expense of US$15.3 million for 2Q13 compared to a net non-operating expense of US$36.8 million for 2Q12. Non-operating income (expense) included a fuel hedge mark-to-market loss of US$10.6 million, compared to a fuel hedge mark-to-market loss of US$26.5 million for 2Q12.

 

Copa Holdings closed the quarter with US$848.7 million in cash, short term and long term investments, representing 35.0% of last twelve months´ revenues. Of such cash, 32.2% or $273.6 million was subject to exchange controls in Venezuela and was pending repatriation.

 

Total debt at the end of 2Q13 amounted to US$1.1 billion, all of which is related to aircraft and equipment financing.   As a result of placing firm orders for five Boeing narrow-body aircraft during 2Q13, Copa Airlines ended the quarter with firm orders for 37 aircraft and options for up to 14 aircraft.

 

Copa Holdings’ strong second quarter results are the product of a solid and well executed business model which leverages the Company’s unique competitive advantages, such as geographic position and infrastructure, among others, to operate the best and most convenient network for intra-Latin America travel from the Hub of the Americas in Panama. Going forward, the Company will continue to strengthen its long-term competitive position by taking advantage of new growth opportunities and implementing initiatives to further strengthen its network and product.

 

3
 

 

 

OUTLOOK FOR 2013

 

For 2013, the Company is updating its full year guidance to reflect a slight increase in CASM ex-fuel, from 6.6 cents to 6.7 cents. Guidance in terms of capacity growth, load factor, unit revenues (RASM) and operating margin remain unchanged. Factored into the current guidance is an estimated effective price per gallon of jet fuel, including the effect of current hedge contracts and into-plane costs, of US$3.20 per gallon.

 

Financial Outlook  2013 - Full Year
Revised		   2013 - Full Year
Prior 		   2012
Actual		 
Capacity - YOY ASM Growth   +/-14%   +/-14%   24.1%
Average Load Factor   +/-76%   +/-76%   75.4%
RASM (cents)   +/-13.6    +/-13.6    13.6 
CASM Ex-fuel (cents)   +/-6.7    +/-6.6    6.8 
Operating Margin   19-21%   19-21%   17.9%

 

CONSOLIDATED SECOND QUARTER RESULTS

 

Operating revenue

 

Copa Holdings’ operating revenue for 2Q13 totaled US$592.0 million, a 14.8% increase over operating revenue of US$515.8 million in 2Q12. This increase was due to a 14.9% or US$76.2 million increase in passenger revenue.

 

Passenger revenue. For 2Q13 passenger revenue totaled US$569.0 million, a 14.9% increase over passenger revenue of US$495.0 million in 2Q12. A 4.6% decline in passenger yield, partly offset by a 1.7 percentage point increase in load factor led to a 2.3% decrease in passenger revenue per ASM (PRASM).

 

Cargo, mail and other. Cargo, mail and other revenue totaled US$23.0 million in 2Q13, a 10.7% increase over cargo, mail and other of US$20.8 million in 2Q12.

 

4
 

 

 

Operating expenses

 

For 2Q13, consolidated operating expenses increased 11.5% to US$494.3 million, representing operating cost per available seat mile (CASM) of 10.7 cents. CASM, excluding fuel costs, decreased 2.6% to 6.7 cents. An overview of the major variances on a consolidated basis follows:

 

Aircraft fuel. For 2Q13, aircraft fuel totaled US$184.8 million, an US$11.5 million or 6.6% increase over aircraft fuel of US$173.3 million in 2Q12. This increase was primarily a result of a 15.0% increase in gallons consumed, offset by a 7.3% decrease in the average price per gallon of jet fuel (all-in), which averaged US$3.08 in 2Q13 as compared to US$3.32 in 2Q12. The all-in average price per gallon of jet fuel for 2Q13 includes a $1.5 million fuel hedge gain, compared to a US$1.8 million gain in 2Q12. Excluding the effect of fuel hedge gains for both periods, fuel prices decreased 7.5%, from US$3.36 per gallon in 2Q12 to US$3.11 in 2Q13.

 

Salaries and benefits. For 2Q13, salaries and benefits totaled US$66.1 million, an 8.2% increase over salaries and benefits of US$61.1 million in 2Q12. The main driver was an increase in operating headcount to support additional capacity.

 

Passenger servicing. For 2Q13, passenger servicing totaled US$60.4 million, an 18.5% increase over passenger servicing of US$50.9 million in 2Q12. This increase resulted from the growth in operations, higher effective rates related to on-board and airport services.

 

Commissions. For 2Q13, commissions totaled US$24.3 million, a 14.1% increase over commissions of US$21.3 million in 2Q12. This increase was primarily a result a higher revenue base, partly offset by a lower average commission rate.

 

Reservations and sales. Reservations and sales totaled US$24.8 million, a 20.3% increase over reservation and sales of US$20.6 million in 2Q12. This increase was primarily a result of a 14.9% increase in passenger revenues.

 

Maintenance, material and repairs. For 2Q13, maintenance, material and repairs totaled US$22.8 million, a 4.8% decrease from maintenance, material and repairs of US$24.0 million in 2Q12. This decrease was a result of higher costs recorded in 2Q12 related to the return of two leased aircraft.

 

Depreciation. Depreciation totaled US$26.9 million in 2Q13, a 26.6% increase over depreciation of US$21.2 million in 2Q12. This increase was primarily driven by additional aircraft and spares.

 

Flight operations, aircraft rentals, landing fees and other rentals. Combined, flight operations, aircraft rentals, landing fees and other rentals increased 22.3% from US$53.1 million in 2Q12 to US$64.9 million in 2Q13, primarily as a result of an increase in departures and additional aircraft rentals.

 

Other. Other expenses totaled US$19.4 million, an increase of US$1.7 million over 2Q12.

 

5
 

 

 

Non-operating income (expense)

 

Consolidated non-operating income (expense) totaled a net expense of US$15.3 million in 2Q13, compared to a net expense of US$36.8 million in 2Q12.

 

Interest expense. Interest expense totaled US$7.6 million in 2Q13, an 11.9% decline from interest expense of US$8.6 million in 2Q12, as a result of lower interest rates on our variable rate debt and a lower outstanding debt balance.

 

Interest income. Interest income totaled US$2.8 million, a 3.6% increase over interest income of US$2.7 million in 2Q12, mainly as a result of a higher average cash and investments balance.

 

Other, net. Other, net totaled a net loss of US$10.6 million in 2Q13, compared to a net loss of US$31.0 million in 2Q12. Other, net for 2Q13, includes a fuel hedge mark-to-market loss of US$10.6 million, compared to a fuel hedge mark-to-market loss of US$26.5 million for 2Q12.

 

About Copa Holdings:

 

Copa Holdings is a leading Latin American provider of passenger and cargo services.  The Company, through its operating subsidiaries, provides service to 65 destinations in 29 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 87 aircraft: 61 Boeing 737NG aircraft and 26 EMBRAER-190s. For more information visit: www.copaair.com.

 

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.

 

6
 

 

 

Copa Holdings, S.A.

Income Statement - IFRS

(US$ Thousands)

 

   Unaudited   Unaudited   %   Unaudited   % 
   2Q13   2Q12   Change   1Q13   Change 
Operating Revenues                         
Passenger Revenue   568,960    495,029    14.9%   620,488    -8.3%
Cargo, mail and other   23,038    20,814    10.7%   20,793    10.8%
Total Operating Revenue   591,998    515,843    14.8%   641,282    -7.7%
                          
Operating Expenses                         
Aircraft fuel   184,767    173,289    6.6%   200,773    -8.0%
Salaries and benefits   66,105    61,123    8.2%   66,728    -0.9%
Passenger servicing   60,389    50,943    18.5%   60,316    0.1%
Commissions   24,279    21,272    14.1%   24,260    0.1%
Reservations and sales   24,763    20,586    20.3%   21,449    15.5%
Maintenance, material and repairs   22,807    23,954    -4.8%   22,284    2.3%
Depreciation   26,866    21,214    26.6%   24,806    8.3%
Flight operations   30,028    24,991    20.2%   29,479    1.9%
Aircraft rentals   22,124    17,191    28.7%   19,952    10.9%
Landing fees and other rentals   12,789    10,931    17.0%   12,195    4.9%
Other   19,393    17,730    9.4%   16,412    18.2%
Total Operating Expense   494,309    443,224    11.5%   498,655    -0.9%
                          
Operating Income   97,689    72,619    34.5%   142,626    -31.5%
                          
Non-operating Income (Expense):                         
Interest expense   (7,560)   (8,583)   -11.9%   (7,660)   -1.3%
Interest capitalized   0    0    nm    0    nm 
Interest income   2,841    2,741    3.6%   2,706    5.0%
Other, net   (10,616)   (30,982)   -65.7%   (9,195)   15.5%
Total Non-Operating Income/(Expense)   (15,336)   (36,824)   n/a    (14,150)   8.4%
                          
Income before Income Taxes   82,354    35,796    130.1%   128,476    -35.9%
                          
Provision for Income Taxes   7,912    3,790    108.8%   14,646    -46.0%
                          
Net Income   74,441    32,006    132.6%   113,830    -34.6%
                          
EPS - Basic and Diluted   1.68    0.72    132.4%   2.56    -34.6%
Shares - Basic and Diluted   44,387,279    44,353,845    0.1%   44,387,148    0.0%

 

7
 

 

 

Copa Holdings, S.A.

Balance Sheet - IFRS

(US$ Thousands)

 

   June 30,   December 31, 
   2013   2012 
   (Unaudited)   (Audited) 
ASSETS          
Current Assets:          
Cash and cash equivalents  $327,385   $76,094 
Short-term investments   479,676    575,009 
Total cash, cash equivalents and short-term investments   807,061    651,103 
           
Accounts receivable, net of allowance for doubtful accounts   169,115    135,207 
Accounts receivable from related parties   2,054    1,129 
Expendable parts and supplies, net of allowance for obsolescence   49,111    50,603 
Prepaid expenses   63,502    63,120 
Other current assets   12,472    16,328 
Total Current Assets   1,103,315    917,490 
           
Long-term investments   41,591    69,445 
           
Property and Equipment:          
Owned property and equipment:          
Flight equipment   2,448,950    2,405,346 
Other equipment   70,953    66,330 
    2,519,903    2,471,676 
Less: Accumulated depreciation   (480,853)   (432,589)
    2,039,050    2,039,087 
Purchase deposits for flight equipment   284,238    245,544 
Total Property and Equipment   2,323,288    2,284,631 
           
Other Assets:          
Net pension asset   10,974    10,009 
Goodwill   25,277    27,575 
Intangible asset   57,748    59,382 
Other assets   111,643    110,968 
Total Other Assets   205,642    207,934 
Total Assets  $3,673,836   $3,479,500 
           
LIABILITIES AND SHAREHOLDER'S EQUITY          
Current Liabilities:          
Current maturities of long-term debt  $131,474   $136,268 
Accounts payable   102,209    104,975 
Accounts payable to related parties   14,232    20,255 
Air traffic liability   442,172    382,807 
Taxes and interest payable   98,519    85,436 
Accrued expenses payable   59,279    48,047 
Other current liabilities   11,883    10,902 
Total Current Liabilities   859,768    788,690 
           
Non-Current Liabilities:          
Long-term debt   999,549    1,069,836 
Post employment benefits liability   6,293    6,340 
Other long-term liabilities   46,910    43,726 
Deferred tax liabilities   36,803    34,364 
Total Non-Current Liabilities   1,089,555    1,154,266 
           
Total Liabilities   1,949,323    1,942,956 
           
Shareholders' Equity:          
Class A - 33,408,928 shares issued and outstanding   22,626    22,591 
Class B - 10,938,125 shares issued and outstanding   7,466    7,466 
Additional paid in capital   44,442    40,660 
Retained earnings   1,646,529    1,458,258 
Accumulated other comprehensive income (loss)   3,450    7,569 
Total Shareholders' Equity   1,724,513    1,536,544 
Total Liabilities and Shareholders' Equity  $3,673,836   $3,479,500 

 

8
 

 

 

NON-IFRS FINANCIAL MEASURE RECONCILIATION

 

This press release includes the following non IFRS financial measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted EPS. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is 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 IFRS measures, in particular operating income and net income. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:

 

Reconciliation of Net Income            
Excluding Special Items  2Q13   2Q12   1Q13 
             
Net income as Reported  $74,441   $32,006   $113,830 
                
Special Items (adjustments):               
Unrealized (gain) loss on fuel hedging instruments   10,582    26,510    (3,376)
Loss due to devaluation of Venezuelan Bolivar              13,927 
Adjusted Net Income  $85,023   $58,515   $124,381 
                
Shares used for Computation (in thousands)               
Basic and Diluted   44,387    44,354    44,387 
                
Adjusted earnings per share - Basic and Diluted   1.92    1.32    2.80 
                
Reconciliation Operating Costs per ASM               
Excluding Fuel and Special Items  2Q13   2Q12   1Q13 
                
Operating Costs per ASM as Reported   10.7    11.3    10.9 
Aircraft fuel per ASM   (4.0)   (4.4)   (4.4)
Operating Costs per ASM excluding fuel   6.7    6.9    6.5 
                

 

9

 

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