Great Lakes announces December and calendar year 2011 traffic plus share news

Great Lakes Aviation has announced preliminary passenger traffic results for the month of December 2011, the year ending 31 December 2011, plus a decrease in the number of shares of common stock outstanding.

Revenue passenger miles (RPMs) in December 2011 numbered 14,054,000, compared with 13,022,000 in December 2010, a 7.9% increase. Available seat miles (ASMs), however, were cut by 8.1% to 29,854,000 from 32,487,000 for the respective periods.

These figures created a load factor increase of 7.0 percentage points with December 2011’s figure reaching 47.1%, compared with December 2010’s 40.1%. In total, 43,897 passengers were carried in December 2011, compared with 42,462 in the same month in 2010, a 3.4% increase.

The airline’s revenue per ASM (RASM) rose by 9.9% to 34.32 cents from 31.24 cents for the respective periods.

Over the 2011 calendar year, RPMs increased by 9.2% to 162,893,000 from 149,131,000 in 2010, while the respective ASMs were cut by 4.6% to 370,376,000 from 388,162,000.

The load factor thus increased to 44.0%, which was 5.6 pp more than the 38.4% achieved in 2010. Great Lakes carried 523,601 passengers in 2011, a 4.8% increase compared with 2010’s total of 499,439. The RASM in 2011 was 33.08, compared with 31.36 in 2010, a 5.5% increase.

Great Lakes Aviation has also reported that on 16 November 2011, the company obtained $29.5 million of funding available under a new financing facility. On that day, the debt obligations with Great Lakes’ previous lender, Raytheon Aircraft Credit Corporation, were extinguished and 5,371,980 shares of the company’s common stock owned by Raytheon Aircraft Credit Corporation were returned. The Company has subsequently cancelled these shares and returned such shares to the company’s authorised but unissued common stock. After giving effect to the cancellation of these shares, the number of shares of common stock issued and outstanding was reduced from 14,291,970 shares to 8,919,990 shares.

Pic:Martin Rottler

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