At long last, Virgin America has decided to release their financial results which the Department of Transportation requires of all US-based carriers. The raw data is not yet available but Virgin America issued a press release with some highlights. Since inception, Virgin America has refused to file this data due to "competitive concerns." In essence, Virgin argued that because they operate a relatively simple fleet and route structure that competitors would be able to calculate Virgin's costs, yields, margins etc. Read all about it in the DOT filing here. Alaska Air finally said they wouldn't file any more either if Virgin didn't have to.
Load factor was impressive, clocking in at 81% in Q3 (the most recent quarter reported) but total losses were even more impressive - $174M on revenue of $260M.
Once the actual data is released, we'll have even more data to play with - should be interesting to look at those trans-con yields
Monday, February 2, 2009
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