Air- Pinnacle Airlines lost money in August – Memphis Business Journal

Posted: September 27, 2012 in Uncategorized

September 26, 2012

Pinnacle Airlines Corp. continues to lose money, according to a monthly operating report filed with the U.S. Bankruptcy Court.

In August, the Memphis-based airline holding company reported a net loss of $5.7 million as it operates under Chapter 11 bankruptcy protection.

Pinnacle reported operating revenue of $71.6 million in August; regional airline services accounted for $70.9 million of that.

The company’s revenue was outnumbered by $73.9 million in operating expenses. Salaries, wages and benefits were the largest expenses at $31.7 million, followed by aircraft maintenance at $14.4 million and aircraft rentals at $10.9 million.

In addition to the $2.3 million in August, the company paid $2.2 million in interest expenses and $1.1 million in reorganization items, among other expenses.

Pinnacle reported $36 million in cash and cash equivalents at the end of August.

It reported total assets of $890.1 million. Of that, $457.6 million is property and equipment.

Pinnacle Airlines is the parent company for subsidiaries Colgan Air Inc., Mesaba Aviation Inc, Pinnacle Airlines Inc. and Pinnacle East Coast Operations Inc. The company filed for bankruptcy protection on April 1

http://www.bizjournals.com/memphis/news/2012/09/26/pinnacle-airlines-lost-money-in-august.html

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