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VOL. 126 | NO. 27 | Wednesday, February 9, 2011

Pinnacle Fourth Quarter Numbers To Be Lower Than Expected

By Bill Dries

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When Pinnacle Airlines Corp. reports its fourth quarter earnings next week, the diluted earnings per share won’t be up to what analysts thought.

Executives of the Memphis based airline notified the Securities and Exchange Commission Tuesday of the lower than expected earnings report.

In the SEC filing, the company estimates it will report a loss per share of 22 cents to 25 cents.

The company cited three factors including a tentative contract agreement with the Air Line Pilots Association covering all three Pinnacle operating subsidiaries and its $10.9 million one time signing bonus for Pinnacle Airlines Inc. pilots.

Other factors are the delivery of six Q400 aircraft to Colgan Air Inc., another of Pinnacle’s three subsidiaries, that Colgan bought from United Airlines. Three of the six were put into service during the fourth quarter meaning start up costs.

The third factor was the cost of cancelled flights from severe winter weather in December.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 91 158 16,219
MORTGAGES 98 179 18,735
FORECLOSURE NOTICES 13 36 2,497
BUILDING PERMITS 136 349 33,738
BANKRUPTCIES 63 115 10,429
BUSINESS LICENSES 30 47 5,350
UTILITY CONNECTIONS 24 53 6,326
MARRIAGE LICENSES 19 52 3,563