Jazz Air announces 2009 profit

The Jazz Air Income Fund has announced its 2009 results featuring a net income of C$92.6 million.

Operating revenue for the year reached C$1,473.9 million, with operating income of C$88.8 million. "Despite the challenges faced by North American airlines during the year, Jazz posted strong operating and financial results every quarter in 2009," noted Joe Randell, president and chief executive officer of Jazz. "The service excellence delivered by our employees greatly contributed to the achievement of our best operational performance to date – earning a record C$4.6 million in performance incentives for the quarter and C$19 million for the year. More importantly, we accomplished this safely and as a team.

"Solid management practices and our successful focus on cost control have contributed to maintaining a healthy balance sheet, and our liquidity position was further strengthened by the successful closing of a 9.5% convertible debenture offering in November," Randell added. "Despite the volatility in capital markets, the offering was very well-received and gross aggregate proceeds were over C$86 million."

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