I finally decided to take a look at TWA's earnings after reading so many remarks about them. To my eye things are looking pretty rosy compared to year-ago.

EBITDA is positive $22MM for the 3 months vs. ($24MM) in the year-ago period. YTD numbers are similar.

Revenues are up 11% while cash OPEX is only up 9% and RPM's were up only 7%.

These are good figures for a company most are ready to call dead. As long as they can service their debt and contine with reasonable necessary capital expenditures there is no reason to assume they are going out of business.