Spirit Airlines Reports Profits

Spirit Airlines, the largest privately-held carrier in the U.S. joins a select few other air carriers as it reports an operating profit for the first quarter of the year. Spirit has seen an increase in revenue each year since it became a scheduled carrier in 1990.

“As a privately-held company we have never before chosen to divulge our financial data,” said Jacob Schorr, CEO of Spirit Airlines. “However, in light of the state of the airline industry we thought it was time. We want the public to know that we provide both value and performance for their dollar. Spirit, as one of the lowest cost airlines, is committed to providing safe, reliable service at a low fare. We are a low fare airline because we want to be, not because we have to be.”

“We also want to thank our passengers for their loyalty to Spirit as they navigate the new world of traveling,” added Schorr.

Revenues increased 27% for the 1st quarter when compared to the same period last year as available seat miles increased by 31%.

Spirit Airlines operates on one of the lowest operating costs per available seat mile (CASM), the standard industry measurement. Spirit’s CASM was 7.5 cents for the quarter. By comparison AirTran reported 8.6 cents and Southwest reported 7.5 cents, according to published reports.
Headquartered in Fort Lauderdale, Fla., Spirit Airlines is the largest privately-held airline in the U.S. With a fleet of modern aircraft for scheduled and charter service, Spirit brings low fares and friendly service to Atlantic City, N.J., Chicago/O’Hare, Denver, Detroit, Las Vegas, Los Angeles, Myrtle Beach, S.C., New York/LaGuardia, San Juan, Puerto Rico and the Florida cities of Fort Lauderdale, Fort Myers, Orlando, Tampa and seasonal service to West Palm Beach. Spirit’s website is www.spiritair.com.