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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.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
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