Independence Air iClub - Year end results... Finally
Feb 26, 05, 5:39 pm
Ouch... 53.2% load factor for the fourth quarter and 190 million dollar loss for the year.
Hopefully their loads will get better now that FlyI is on Orbitz, travelocity, etc and more people know them now. But still around 50% is pretty bad.
Feb 27, 05, 6:20 pm
In the 4th Q their breakeven load factor worked out to 106%. :eek:
Feb 27, 05, 9:33 pm
I came up with a 104.9% BELF. But as with horseshoes & hand grenades, you and I are close enough.
The appaling thing is the cash burn. In 141 days (Oct 1 to Feb 18), they went through somewhere around $170 million in cash. Roughly $1.2 million per day. They had $126.3 million cash on hand on Feb 18; not a lot of cushion going into bankruptcy.
If they don't file chap 11 soon, they won't have enough cash on hand to be able to reorganize. Even if they file soon, it's dicey on whether or not they can emerge from bankruptcy. This is looking more and more like a straight chap 7 liquidation.
Feb 28, 05, 5:44 am
o.k. 105% give or take for the last quarter. Now minus ($93.5 Million per year savings / 4 quarters = $23.375 million ), what does the break even load factor come out to now?