Posted on: 08 February 2011 by Ross McSweeny
Chorus Aviation, formerly Jazz Air Income Fund, has announced its 2010 financial results.
Operating revenue for 2010 was $1.5 billion, leading to a net income of $125.8 million, of which $70 million was related to the release of a valuation allowance on certain tax assets as a result of the successful completion of the corporate conversion arrangement.
The adjusted net income – equal to the net income before amortisation of the capacity purchase agreement (CPA) asset, and recovery of future income taxes – was $82.7 million.
"In 2010 we made significant progress as we moved forward on a number of strategic initiatives to grow and diversify our revenue base," reported Joe Randell, president and chief executive officer, Chorus. "Our employees rose to every challenge, never wavering from our top priority of safety. Despite the rapid start-up of the Boeing 757 operation and our corporate conversion, we provided consistent cash distributions to our investors and maintained amongst the strongest financial and operational results within the North American industry.
"Looking ahead, we remain focused on our stated strategies," added Randell. "With our conversion to a dividend paying corporation, Chorus Aviation Inc., we are confident in our ability to continue to build on these achievements and deliver value to our shareholders, employees and customers."
Randell also noted, "We are preparing for the arrival of our new Q400 NextGen aircraft, and we do not expect our decision to take an ownership stake in this fleet to affect our ability to provide the planned cash dividends to our investors in 2011."