Tag: Purchase (Page 6 of 13)

Alaska Air Group Reports Fourth Quarter 2020 and Full-Year Results

January 26, 2021 / WIL BALDWIN

Financial Results:

Reported net loss for the fourth quarter and full year 2020 under Generally Accepted Accounting Principles (GAAP) of $430 million, or $3.47 per diluted share, and $1.3 billion, or $10.59 per diluted share. These results compare to fourth quarter 2019 net income of $181 million, or $1.46 per diluted share, and full year 2019 net income of $769 million, or $6.19 per diluted share.
Reported adjusted net loss for the fourth quarter and full year 2020, excluding payroll support program wage offsets, special items, and mark-to-market fuel hedging adjustments, of $316 million, or $2.55 per diluted share, and $1.3 billion, or $10.17 per diluted share. These results compare to fourth quarter 2019 adjusted net income of $181 million, or $1.46 per diluted share, and full year 2019 adjusted net income of $798 million, or $6.42 per diluted share.
Reported adjusted net debt of $1.7 billion, flat from December 2019 despite a 59% decline in operating revenues for the year.
Reported a debt-to-capitalization ratio, including certain short-term borrowings, of 61%.
Held $3.3 billion in unrestricted cash and marketable securities as of Dec. 31, 2020.

Liquidity and Fleet Updates:

Accessed approximately $5 billion in new liquidity in 2020, including $1.2 billion raised in the capital markets and approximately $600 million in bank financing.
Reached an agreement with the U.S. Treasury in January 2021 to receive an extension of payroll support totaling $533 million, $266 million of which was received on Jan. 15, 2021.
Extended the period available to draw funds under the CARES Act loan program from March 26, 2021 to May 28, 2021.
Announced plans to expand the mainline fleet and restructure the existing aircraft purchase agreement with Boeing. In total, Air Group will take delivery of 68 737-9 MAX aircraft between 2021 and 2024, inclusive of 32 previous purchase commitments and 13 aircraft to be leased from Air Lease Corporation.
Took delivery of Alaska’s first 737-9 MAX aircraft on January 24, 2021, which is expected to enter revenue service on March 1, 2021.
Permanently removed an additional 20 Airbus A320 aircraft from the fleet in the fourth quarter, resulting in 40 Airbus aircraft removed in 2020. A total of 31 Airbus aircraft remain in the operating fleet as of the end of the year.
Held $3.4 billion in cash and marketable securities as of Jan. 22, 2021, and total liquidity of $5.2 billion.

Operational and Guest Safety Updates

Announced seven new routes in the fourth quarter, including three “fun and sun” destinations connecting Anchorage to Las Vegas, Denver and San Francisco, and expanded service from Southern California to Austin and New York.
Eliminated change fees and extended the flexible travel policy for tickets purchased through March 31, 2021.
Implemented Next-Level Care initiative, which includes more than 100 measures designed to create a safe experience for guests and employees. These efforts were highlighted in the Alaska Safety Dance video.
Named the safest U.S. airline by AirlineRatings.com in their annual Top 20 Safest Airline report.
Launched the West Coast International Alliance with American Airlines on Jan. 1, 2021, which will unlock new benefits for Alaska Mileage Plan members in the spring.
Partnered with healthcare providers to offer rapid and standardized COVID-19 testing for those guests traveling to destinations that require a negative result.
Received diamond level certification from the Airline Passenger Experience Association for the health and safety standards Alaska and Horizon Air implemented to keep guests safe throughout their journey.
Launched pre-clearance program for guests traveling to the Hawaiian Islands from the West Coast with an approved negative COVID-19 test.
Announced a partnership with Microsoft to use sustainable aviation fuel to offset the environmental impact of certain business air travel.
Announced oneworld benefits for elite Mileage Plan members, providing tier status in the global alliance to Alaska’s elite members, as the company works toward joining oneworld on March 31, 2021.

Alaska Air Group Inc. (NYSE: ALK) today reported a fourth quarter 2020 GAAP net loss of $430 million, or $3.47 per diluted share, compared to net income of $181 million, or $1.46 per diluted share in 2019. Excluding the impact of payroll support program wage offsets, special items and mark-to-market fuel hedge adjustments, the company reported a fourth quarter adjusted net loss of $316 million, or $2.55 per diluted share, compared to adjusted net income of $181 million, or $1.46 per diluted share in the fourth quarter of 2019.

The company reported a full-year 2020 GAAP net loss of $1.3 billion, compared to net income of $769 million in the prior year. Excluding the impact of payroll support program wage offsets, special items and mark-to-market fuel hedge adjustments, the company reported an adjusted net loss of $1.3 billion, or $10.17 per diluted share for 2020, compared to adjusted net income of $798 million, or $6.42 per diluted share in 2019.

Click the link below to view the full results!

https://newsroom.alaskaair.com/2021-01-26-Alaska-Air-Group-reports-fourth-quarter-2020-and-full-year-results

Lufthansa Announces dean&david and Dallmayr Partnership for New Catering Concept

January 26, 2021 / WIL BALDWIN

In autumn 2020, Deutsche Lufthansa AG (LHA.DE) announced that it would soon be offering Economy Class passengers a range of high-quality food and beverages for purchase on board short- and medium-haul flights.

The airline has now decided on its catering partners: With dean&david, Lufthansa was able to win over a young gastronomy company from Munich that represents freshness, quality and a sense of responsibility – for healthy food, high-quality ingredients and sustainable nutrition as well as environmentally friendly packaging. The culinary offer, which will be available on flights with a duration of at least 60 minutes, will be high quality and full of variety. Gate Gourmet, Lufthansa’s new main caterer for Europe, prepares essential components of the assortment, such as salads, bowls, wraps and sandwiches, fresh daily according to dean&david recipes. The menu includes a salmon avocado bowl, falafel tahini salad, crunchy chicken bowl or sweet chilli chicken sandwich as well as freshly made Birchermuesli. There will also be “Best of dean&david Boxes” with a fine selection from the dean&david assortment.

The menu selection will be complemented by cake specialities and snacks from other manufacturers, such as vegetable crisps. The prices for meals and snacks will range from two to about 12 Euros. The range of fresh products will be updated every three months.

Lufthansa will be expanding its long-standing cooperation with the traditional Munich-based company Dallmayr for hot beverages, confectionery and patisserie specialties. One highlight of this assortment is the project coffee Dano. The name stands for a cultivation region in Ethiopia. Dallmayr supports local people there with projects such as building a school and establishing a coffee cooperation. The product range is complemented by various organic teas, such as Alpine Herbs and First Flush Darjeeling, as well as chocolate milk. Furthermore, chocolates from the Dallmayr praline factory and a selection of cake specialities in cooperation with Gate Gourmet will also be offered.

There will also be a large selection of alcoholic and non-alcoholic beverages. A bottle of tomato juice or orange juice, for example, will be available for three Euros, as will a cup of coffee, hot chocolate or tea. A bottle of water and a small chocolate surprise will be served free of charge.

The focus of the new in-flight offer is on quality, freshness and sustainability. Christina Foerster, Executive Board Lufthansa Group Customer, IT & Corporate Responsibility, explains: “Our partners dean&david and Dallmayr represent outstanding quality and responsible action. In addition to the satisfaction of our guests, the topic of responsibility for the environment is also very important to us. We use almost exclusively sustainable materials for our packaging. Furthermore, we ensure that less food is wasted through more accurate production. We are pleased to be able to offer our passengers fresh products on European flights that taste delicious.”

The new food and beverage offer scheduled to be available on Lufthansa’s short- and medium-haul flights starting in the course of the summer timetable 2021. Orders will be placed directly on board.

Boeing 747-8 Lives On With Atlas Air Worldwide Purchases of Four Freighters

January 14, 2021 / WIL BALDWIN

Boeing [NYSE: BA] and Atlas Air Worldwide announced an agreement to purchase four 747-8 Freighters. The order enables Atlas Air to leverage the operational advantages of the 747-8 Freighter to meet growing cargo demand around the globe.

“The 747-8F is the best and most versatile widebody freighter in the market, and we are excited to bolster our fleet with the acquisition of these four aircraft,” said John W. Dietrich, Atlas Air Worldwide President and Chief Executive Officer. “This significant growth opportunity will enable us to capitalize on strong demand and deliver value for our existing and prospective customers. The efficiency and capability of the 747-8F further complements our longstanding focus on leading edge technology. Dedicated freighters – like those operated by our Atlas, Polar and Southern subsidiaries – will continue to be in demand as the global airfreight market, particularly the e-commerce and express sectors, continues to grow.”

With a maximum payload capacity of 137.7 metric tonnes (137,750 kg), the 747-8 Freighter allows customers to access 20% more payload capacity while using 16% less fuel compared to previous-generation 747s. The jet also features 30% quieter engines. The 747-8 airplanes in this agreement will be the final four aircraft to roll off the production line in Everett, Washington.

“The 747 will forever hold a special place in aviation history and we are honored by Atlas Air’s longstanding commitment to the airplane. Atlas Air began operations 28 years ago with a single 747 and it is fitting that they should receive the last 747 production airplanes, ensuring that the ‘Queen of the Skies’ plays a significant role in the global air cargo market for decades to come,” said Stan Deal, president and chief executive officer of Boeing Commercial Airplanes. “With the global air cargo fleet expected to grow by more than 60% over the next 20 years, we look forward to delivering these airplanes and supporting Atlas Air’s Boeing fleet well into the future.”

Atlas Air has 53 747s in its current fleet, making it the largest 747 operator in the world. Its world-class fleet also includes 737s, 767s and 777s. The 747 and 777 models, in particular, are capable of carrying tall and outsized cargo loads on 3-meter-high (10-foot-tall) pallets. This common main-deck pallet height supports interchangeable pallets, adding to the versatility of both models.

Boeing, the market leader in air cargo aircraft, provides more than 90% of the dedicated freighter capacity around the world, including new production and converted freighters. The 747 program has produced 1,560 aircraft since launching the jumbo jet more than 50 years ago. In July 2020, Boeing announced its decision to complete production of the 747-8 in 2022.

Mesa Air Group Adds Five Additional CRJ-900 Aircraft to American CPA

December 30, 2020 / WIL BALDWIN

Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it is amending its new Capacity Purchase Agreement with American Airlines (NASDAQ: AAL).

The amendment will see Mesa pick up flying at the beginning of 2021 over and above its new CPA levels, increasing to a total of five incremental aircraft by March. American retains the option to withdraw any of these incremental aircraft upon 60 days’ prior notice.

“We appreciate the opportunity to add this additional capacity at the request of American Airlines,” said Brad Rich, Executive Vice President and Chief Operating Officer. “We remain optimistic about our relationship with American Airlines and are well prepared to respond positively to future opportunities.”

FedEx Modernizes Fleet With Delivery of Regional ATR Freighter

December 25, 2020 / WIL BALDWIN

FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, announced the delivery of the first ever purpose-built turboprop regional freighter to the FedEx fleet. This follows the company’s 2017 signing of a firm order of 30 aircraft, with the option to purchase 20 more. The aircraft will arrive at Shannon Airport and will be operated by ASL Airlines Ireland, a FedEx ATR operator since 2000, as part of the FedEx Express Feeder fleet. This global fleet allows the company to provide fast, economical services to small and medium-sized business areas around the world.

The most fuel-efficient regional aircraft, the ATR turboprop is a popular choice for cargo and passenger operators committed to a more sustainable aviation industry for the future. ATR has extensive experience in the regional freighter market. There are currently around 130 converted ATR freighter aircraft in operation, representing one third of the global regional freighter fleet, and this brand-new ATR 72-600F incorporates the benefits of this knowledge to provide FedEx with a freighter that conforms to needed requirements. With the changing market and the growth of e-commerce, the ATR is perfectly fit to connect communities and economies around the world.

FedEx Express operations can now benefit from the unique advantages offered by the ATR 72-600F’s 75m³ freight capacity. The purpose-built freighter’s fuselage is a clean design, optimised for cargo and has been delivered by the turboprop manufacturer’s Italian shareholder Leonardo, from their facilities in Naples. The aircraft’s large cargo door facilitates the optimal loading of nine tonnes of payload and offers the option of carrying either bulk cargo or, when in Unit Load Device (ULD) mode, five 88” x 108” pallets or up to seven LD3 containers. Pilots can benefit from the latest upgradable Standard 3 avionics suite in the ATR 72-600, allowing the introduction of continuous cockpit innovations that improve efficiency.

Jorn Van De Plas, Senior Vice President Air Network and GTS Europe, FedEx Express said: “Today’s delivery of the first ever purpose-built regional ATR freighter marks an exciting new chapter for our FedEx Express Feeder fleet. This is an important step in our fleet renewal strategy, ensuring we remain the most flexible, reliable, and responsible network in the business.

Stefano Bortoli, Chief Executive Office of ATR, said: “Every manufacturer is proud when it develops and delivers a brand new aircraft, and given the uniquely challenging year the industry and the whole world has faced, handing over to FedEx Express this very first ATR 72-600F is an exciting and rewarding moment for our whole team here in ATR. Freighters play a huge role in supplying essential connectivity between economies all over the world and the unique aspects of our modern purpose-built freighter mean it will deliver operational benefits to companies that integrate them into their fleet.

As part of the FedEx Express commitment to circularity, the two aircraft being replaced by the new ATRs will be donated to Madrid airport where they will be used for fire services training. These will be the 97th and 98th planes FedEx has donated at the end of their service in the fleet.

This delivery is an encouraging move for the logistics and air cargo industry in how they can continue to support the economy around the globe.

Canadian Pacific Completes Acquisition of Detroit River Rail Tunnel

December 22, 2020 / WIL BALDWIN

CALGARY, Dec. 22, 2020 /PRNewswire/ – Canadian Pacific Railroad (NYSE: CP) announced today it has completed its previously announced agreement to purchase an 83.5 percent stake in the Detroit River Rail Tunnel from certain affiliates of OMERS, the defined benefit pension plan for municipal employees in the province of Ontario. CP previously owned a 16.5 percent stake of the tunnel in partnership with OMERS. The purchase price for the transaction is approximately US$312 million, subject to customary closing adjustments.

Southwest Airlines Announces Winter Sale Fares as Low as $49 One-Way

December 8, 2020 / WIL BALDWIN

Southwest Airlines (NYSE: LUV) launched a fare sale today through Dec. 10, 2020, 11:59 p.m., Central Time. Customers can coast their way to a winter getaway for continental U.S. travel Dec. 29, 2020, through April 11, 2021.

Fly to Chicago (Midway) or Chicago (O’Hare)—beginning Feb. 14, 2021—and grab some deep-dish pizza in the Windy City, or simply feel the warmth of the sun by heading to one of our warmer destinations in Florida or Hawaii. Take time this Valentine’s Day to enjoy our low fares, legendary Hospitality, and friendly policies and book now at Southwest.com.

Seats, days, and markets are limited. Blackout dates and 21-day advance purchase requirements apply. See a full list of fares, fare rules, and terms and conditions below and at Southwest.com. Examples of one-way low fares include:

– As low as $49 one-way nonstop between Baltimore/Washington and Pittsburgh

– As low as $79 one-way nonstop between Charleston and Fort Lauderdale

– As low as $89 one-way nonstop between Nashville and Chicago (O’Hare)

– As low as $99 one-way nonstop between Memphis and Chicago (Midway)

– As low as $99 one-way nonstop between Oakland/San Jose and Honolulu (Oahu)

– As low as $128 one-way nonstop between San Diego and Honolulu (Oahu)

COVID-19 Impacts KiwiRail’s Fiscal Year 2020 Result

November 29, 2020 / WIL BALDWIN

The COVID-19 pandemic had a significant impact on KiwiRail’s bottom line for the past financial year, but rigorous operational changes and cost savings measures have helped stabilise the business, KiwiRail chairman Brian Corban says.

KiwiRail Holdings Limited, New Zealand’s national rail provider, which also operates the Interislander ferry service across Cook Strait, today reported an operating surplus of $40 million¹in FY20 for the KiwiRail Group, down $15 million compared with FY19².

FY20 was also notable for the additional $1.2 billion of Crown funding allocated in Budget 2020, including $400 million to progress the iReX project to replace the three ageing Interislander ferries with two brand new ones. When they arrive, they will be the first new purpose-built ferries in Interislander’s fleet for 25 years. The Budget 2020 allocation also allows the purchase of new locomotives.

Mr Miller explains that COVID-19 interrupted progress on some significant projects including the rejuvenation of the North Auckland Line where $35.5 million of $164.5 million allocated by the Provincial Growth Fund was spent during the year. More than 400 staff, contractors and sub-contractors are at work building tracks, replacing bridges and making tunnels suitable for wagons carrying hi-cube containers in Northland.

Other highlights during the year included the full return to service of the Main North line through Kaikōura and, in Wellington, work advanced on upgrading the metro network including construction starting on a second 2.7km track between Trentham and Upper Hutt.

¹ Operating surplus represents earnings before depreciation & amortisation, interest, impairment, capital grants and fair value changes.

² FY19 Operating surplus of $55m excludes impact of non-recurring items ($29m Holidays Act remediation).

Garmin Adds 4 New eLearning Courses for G1000 NXi Integrated Flight Deck

November 23, 2020 / WIL BALDWIN

– New courses include helicopter specific eLearning courses for G1000H NXi

Garmin^® International Inc., a unit of Garmin Ltd., is pleased to announce two new eLearning training courses for the G1000^® NXi, as well as two separate eLearning courses for the G1000H NXi integrated flight deck for helicopters. These training courses are available in a virtual eLearning format allowing pilots to learn at their own pace, with the G1000 NXi Fundamentals eLearning Course providing a foundational understanding of the system, while the G1000 NXi Essentials eLearning Course is focused on systems installed in high-performance piston and turbine engine aircraft. The two comprehensive eLearning courses for the G1000H NXi integrated flight deck titled G1000H NXi Fundamentals, and G1000H NXi Advanced-IFR, use scenario-based training to highlight helicopter-specific operations and are tailored for pilots new to the G1000H NXi system, in addition to those with experience wanting a deeper understanding of the system.

Core training topics
All four training courses build on a common core of training topics. These topics are common to all G1000 NXi and G1000H NXi systems but are tailored to the audience for each course. The topics include:

Primary Flight Display (PFD) and Multifunction Display (MFD) function
Audio Panel Features
Automatic Flight Control System
Hazard Avoidance Features
Safety Features
Abnormal Operations
Managing Databases
Operational Flight Scenario

Learn best-practices for G1000 NXi operational use

For those that are new to Garmin avionics, transitioning to advanced avionics, or perhaps want to refresh their understanding of the system, the G1000 NXi Fundamentals eLearning Course provides comprehensive training on the system designed for piston engine equipped aircraft. This course describes features of the system in detail and use a scenario to demonstrate how particular features function in different phases of flight in order to see this advanced system in action. In order to practice what you learned during this course, the Garmin G1000 NXi PC Trainer software is available for purchase online.

G1000 NXi for high-performance piston and turbine aircraft

For those operating high-performance piston or turbine-engine equipped aircraft, the G1000 NXi Essentials course presents best-practices for the G1000 NXi integrated flight deck by providing detailed training for pilots wanting to get the most out of the system. In addition to describing features in detail and showing how they can be used effectively in flight, scenario-based training demonstrates typical high-performance piston and turbine-engine aircraft operations, providing an opportunity to see the G1000 NXi system in full effect. For your specific or similar aircraft, the Garmin G1000 NXi PC Trainer software is available for purchase online, and provides the opportunity to take what you learned throughout the course and apply it. In addition to the core training topics, the G1000 NXi Essentials eLearning Course includes additional instruction on:

Vertical Navigation
Automatic Flight Control System
Advanced Features
User Waypoints
Managing Databases
Multiple Operational Flight Scenarios with different performance profiles

Build helicopter-specific system knowledge

The G1000H NXi Fundamentals course is designed for VFR helicopter pilots who are new to Garmin avionics, transitioning to advanced avionics, or perhaps want a refresher on the G1000H NXi. This allows the pilot to be comfortable with the avionics and maximize learning during valuable flight time. Learn how to take full advantage of the capabilities of the G1000H NXi system while gaining experience with operational use best practices. This virtual course allows pilots to learn at their own pace, details system features and provides a VFR flight scenario to show how these features are used in various phases of flight. Those that sign up for this course receive an additional scripted scenario for more practice through the Bell 407GXi G1000H NXi PC Trainer software, available for purchase online. The core training topics in the G1000H NXi Fundamentals eLearning Course have been tailored to helicopter-specific features and functionality, including differences for:

PFD and MFD function
Audio Panel Features
Hazard Avoidance Features
Operational Flight Scenario
Scenario-Based Exercise

Enhance IFR helicopter skills with G1000H NXi

The G1000H Advanced-IFR course provides a detailed look at the G1000H NXi system and illustrates best practices for operational use of the flight deck, with a focus on Instrument Flight Rules (IFR). The course uses phase of flight scenarios to demonstrate typical IFR helicopter operation, and depicts common practices to maximize the benefits of system features and capabilities. For helicopter pilots who fly search-and-rescue missions, emphasis on user waypoints are included in the course scenarios. Pilots can further practice what they learned throughout the course with one of the additional scripted scenarios provided for use with the purchase of the Bell 407GXi G1000H NXi PC Trainer software. Some helicopter-tailored training topics covered in the Advanced IFR eLearning Course include:

PFD and MFD function
Automatic Flight Control System
Hazard Avoidance Features
Advanced Features
User waypoints
Operational Flight Scenarios

Proceed through the course at a pace that works best

Available immediately after purchase using a computer or tablet device with internet access, pilots can navigate through the virtual course at their own pace. Assessments throughout the course validate knowledge obtained of critical items while documenting the learning process. With the ability to pause lessons as needed to return to the lesson later, this is a convenient option for any pilot. Also, pilots can retake specific lessons or even the entire course during the subscription period.

The G1000 NXi Fundamentals eLearning course is available now for $94.95 USD, and the G1000 NXi Essentials eLearning Course is now available for $145.95 USD. Also available is the G1000H NXi Fundamentals eLearning Course for $74.95 USD, as well as the G1000H NXi Advanced IFR eLearning Course is available for $94.95 USD. For aviation training needs, including purchasing one of these eLearning courses, please visit www.fly.garmin.com/training.

Mesa Air Completes Second Closing On Secured Loan Facility

November 16, 2020 / WIL BALDWIN

Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has completed a second closing through its previously disclosed five-year Loan and Guarantee Agreement under the Coronavirus Air, Relief, and Economic Security Act (CARES Act).

The Loan Agreement provided a secured term loan facility of up to $200 million. On October 30, 2020, Mesa borrowed $43 million under the facility and today, completed a second closing to borrow an additional $152 million. These funds may be used for general corporate purposes and operating expenses, to the extent permitted by the CARES Act.

“I’d like to again express my sincere gratitude to everyone involved in making this deal happen. Our people have been working very hard to ensure Mesa and its employees are prepared to weather this storm”, said Jonathan Ornstein, Chairman and Chief Executive Officer. “These additional funds will substantially benefit our airline and the communities we serve as we continue to navigate the obstacles created by the pandemic”.

In connection with the additional $152 million drawn under the facility, Mesa issued warrants to the U.S. Treasury to purchase 3,819,095 shares of common stock, no par value. The Warrants have a five-year term from the date issued, were issued pursuant to the Warrant Agreement, and have substantially identical terms to the warrants issued on the initial closing.

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