Air Canada Reports Full Year and Fourth Quarter 2012 Results

Published on : Thursday, February 7, 2013

Air Canada today reported full year and fourth quarter earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (“EBITDAR”) of $1.451 billion (or $1.327 billion before the impact of benefit plan amendments) compared to EBITDAR of $1.242 billion in 2011.  Including the favourable impact of benefit plan amendments, EBITDAR of $1.451 billion increased $209 million year-over-year (or $85 million before the impact of benefit plan amendments).

On a GAAP basis, in 2012, net income was $131 million or $0.45 per diluted share compared to a net loss of $249 million or $0.92 per diluted share in 2011.  On an adjusted basis, net income was $53 million or $0.19 per diluted share compared to a net loss of $122 million or $0.44 per diluted share in 2011.

For the fourth quarter of 2012, Air Canada reported EBITDAR of $284 million compared to EBITDAR of $162 million in the fourth quarter of 2011, an improvement of $122 million.  On a GAAP basis, in the fourth quarter of 2012, Air Canada reported net income of $8 million or $0.03 per diluted share compared to a net loss of $60 million or $0.22 per diluted share in the fourth quarter of 2011.  Air Canada reported an adjusted net loss of $6 million or $0.02 per diluted share compared to an adjusted net loss of $167 million or $0.60 per diluted share in the same quarter in 2011.

“I am extremely pleased to report a strong fourth quarter and a full year net profit for Air Canada of $131 million in 2012,” said Calin Rovinescu, President and Chief Executive Officer. “These results reflect the success of Air Canada’s ongoing transformation aligned with strict cost control and disciplined capacity management.  In particular, the strong revenue performance of our international network was led by significant improvements, not only in the Pacific region but also on the Atlantic where we overcame challenges faced by the industry earlier in the year. Our focus remains firmly fixed on further cost reduction and increased revenue generation, including improved yields, positioning us well for the future.

“Air Canada marked its 75th anniversary in 2012 by proving it is dynamic and adaptable to an ever-changing industry. In pursuing our global strategy we will continue to build our international network with expanding services to Asia and new routes and destinations such as Istanbul, Venice and Edinburgh. Our commitment to this priority is underscored by our ongoing fleet modernization with the addition of five new Boeing 777s.

The further enhancement of our range of international product and service offerings, including the introduction of a Premium Economy product and launch of our leisure carrier Air Canada rougeTM, gives us the tools to more effectively compete in a wider range of international markets. I thank our 27,000 employees for taking care of our customers as recognized by our many awards and accolades throughout the year, culminating in Air Canada recently receiving a Four-Star rating in the Skytrax Airline Star Ranking, the only international network carrier in North America to earn this distinction.

Source:- AIR CANADA

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