0001498710-13-000106.txt : 20130710 0001498710-13-000106.hdr.sgml : 20130710 20130710161911 ACCESSION NUMBER: 0001498710-13-000106 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130710 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130710 DATE AS OF CHANGE: 20130710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Spirit Airlines, Inc. CENTRAL INDEX KEY: 0001498710 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 381747023 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35186 FILM NUMBER: 13962095 BUSINESS ADDRESS: STREET 1: 2800 EXECUTIVE WAY CITY: MIRAMAR STATE: FL ZIP: 33025 BUSINESS PHONE: 954-447-7920 MAIL ADDRESS: STREET 1: 2800 EXECUTIVE WAY CITY: MIRAMAR STATE: FL ZIP: 33025 8-K 1 form8-ktrafficjune2013.htm 8-K Form 8-K Traffic June 2013


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 10, 2013
____________________
SPIRIT AIRLINES, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation)

001-35186
(Commission File Number)
38-1747023
(IRS Employer Identification Number)

2800 Executive Way
Miramar, Florida 33025
(Address of principal executive offices, including Zip Code)

(954) 447-7920
(Registrant's telephone number, including area code)
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
  






Item 2.02
Results of Operations and Financial Condition.
Item 7.01
Regulation FD
The information in this report furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), if such subsequent filing specifically references the information furnished pursuant to Item 2.02 or Item 7.01 of this report.
On July 10, 2013, Spirit Airlines, Inc. reported certain traffic statistics for June 2013 and an update regarding the Company's guidance for the second quarter 2013.
A copy of Spirit's traffic results is filed as Exhibit 99.1 to this Current Report of Form 8-K and incorporated herein by this reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits


Exhibit No.
Description
99.1
June 2013 Traffic Results











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


Date: July 10, 2013
SPIRIT AIRLINES, INC.
 
 
 
 
 
By:  /s/ Thomas Canfield
 
 
Name: Thomas Canfield
 
 
Title: Senior Vice President and General
 
 
Counsel










EXHIBIT INDEX

Exhibit No.
Description
 
 
99.1
June 2013 Traffic Results
 
 
 
 




EX-99.1 2 june2013trafficreport.htm JUNE 2013 TRAFFIC June 2013 Traffic Report



    
EXHIBIT 99.1

 

Spirit Airlines Reports June 2013 Traffic

Miramar, Florida (July 10, 2013) - Spirit Airlines (NASDAQ: SAVE) today reported its preliminary traffic results for June 2013 and year-to-date 2013.
Traffic (revenue passenger miles) in June 2013 increased 25.2 percent versus June 2012 on a capacity (available seat miles) increase of 22.0 percent. Load factor for June 2013 was 88.3 percent, an increase of 2.2 points as compared to June 2012. Spirit's preliminary completion factor for June 2013 was 98.3 percent.
"We continue to be pleased with how customers are responding to our strategy of liberating cities from high fares," said Ben Baldanza, Spirit's Chief Executive Officer.  "We experienced strong demand during the second quarter which produced revenue that was in line to slightly better than our expectations.  Based on our current booking trends we expect to see continued demand strength throughout the summer."
The following table summarizes Spirit's traffic results for the month and year-to-date ended June 30, 2013 and 2012.
 
June 2013

June 2012

Change

Revenue passenger miles (RPMs) (000)
1,030,017
822,653
25.2
%
Available seat miles (ASMs) (000)
1,165,979
955,670
22.0
%
Load Factor
88.3
%
86.1
%
2.2 pts

Passenger flight segments
1,082,497
913,166
18.5
%
Average stage length (miles)
941

891
5.6
%
Total departures
7,783
6,770
15.0
%
 
 
 
 
 
YTD 2013

YTD 2012

Change

Revenue passenger miles (RPMs) (000)
5,592,403
4,592,013
21.8
%
Available seat miles (ASMs) (000)
6,547,470
5,415,930
20.9
%
Load Factor
85.4
%
84.8
%
0.6 pts

Passenger flight segments
5,878,652
4,962,319
18.5
%
Average stage length (miles)
938
907
3.4
%
Total departures
43,623
37,769
15.5
%
 
Second Quarter 2013 Guidance
The Company estimates its total revenue per ASM (RASM) for the second quarter 2013 decreased 2.5 to 3.5 percent year-over-year, which is in line to slightly better than we previously expected.

The Company's second quarter 2013 cost per available seat mile (CASM), excluding special items and unrealized mark-to-market hedge gains, is estimated to be between 9.76 cents and 9.81 cents. Spirit estimates its CASM ex-fuel for the second quarter was between 5.98 cents and 6.03 cents. This CASM ex-fuel estimate is in line with the Company's previous guidance range.


1




The following table summarizes Spirit's updated guidance for the second quarter 2013. All data is based on preliminary estimates and is subject to change.

 
 
2Q13E
 
 
Total revenue per ASM (RASM) year-over-year % change
(2.5)% to (3.5)%
 
 
 
 
Operating Expense per ASM (CASM) (cents)
 
 
 
CASM (1)
9.97

-
10.02
Less: Unrealized mark-to-market losses per ASM (2)
0.21
CASM excluding unrealized mark-to-market losses
9.76

-
9.81
Less: Economic fuel expense per ASM (3)
3.78
CASM ex-fuel
5.98

-
6.03
 
 
 
 
 
 
 
 
 
 
Fuel Expense per Gallon($)
 
 
 
Fuel cost
$3.20
Less: Unrealized mark-to-market losses (2)
0.17
Economic fuel cost (3)
$3.03
 
 
 
 
 
Fuel gallons (thousands)
42,683
 
 
 
 
 
Effective Tax Rate
37%
 
 
 
 
 
Wtd. Average Share Count (thousands)
 
 
 
Basic
72,593
Diluted
72,922





Footnotes
(1)
Excludes special items.
(2)
Unrealized mark-to-market losses are comprised of estimated non-cash adjustments to aircraft fuel expense.
(3)
Includes fuel taxes, into-plane fuel cost, and fuel hedge losses currently expected to be realized during the second quarter 2013.


About Spirit Airlines
Spirit Airlines (NASDAQ: SAVE) empowers customers to save money on air travel by offering ultra low base fares with a range of optional services, allowing customers the freedom to choose only the extras they value. This innovative approach grows the traveling market and stimulates new economic activity while creating new jobs. Spirit's modern fleet, configuration and other innovations enable Spirit to burn less fuel per seat than competitors, making Spirit one of the most environmentally-friendly U.S. carriers. Spirit's all-Airbus fleet currently operates approximately 250 daily flights to over 50 destinations in the U.S., Latin America and Caribbean. Visit Spirit at www.spirit.com.


2





Forward-Looking Statements
Statements in this release contain various forward-looking statements within the meaning Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words “expects,” “estimates,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's guidance and estimates for the second quarter 2013, including expectations regarding revenue, RASM, load factor, capacity, CASM, CASM ex-fuel, fuel expense, economic fuel cost, expected unrealized mark-to-market fuel hedge gains and losses, fuel volume, and tax rate. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company has no intent, nor undertakes any obligation to, publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenues; and government regulation. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.




 

##



Investor Relations Contact:
DeAnne Gabel
Director, Investor Relations
InvestorRelations@spirit.com
954-447-7920

Media Contact:
Misty Pinson
Director, Corporate Communications
mediarelations@spirit.com
954-628-4827






3
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