Pinnacle reports $9.4m profit for third quarter

Pinnacle Airlines Corporation (PNCL) has announced a third quarter 2010 net income of $9.4 million, an increase of 29% over net income in 3Q09, excluding special items.

The company reported consolidated operating 3Q10 income of $25.7 million, an increase of $1.9 million from 3Q09.

Mesaba Aviation, acquired on 1 July 2010, achieved operating income of $3.1 million in 3Q10. The EBITDA was $4.4 million, which is consistent with the company’s previously announced quarterly target under Mesaba’s operating agreements with Delta. Inclusive of interest expense on a $63.3 million note issued as part of the acquisition, Mesaba contributed $1.0 million to PNCL’s consolidated pre-tax earnings.

PNCL recorded consolidated operating revenue during 3Q10 of $302.3 million, an increase of $85.1 million, or 39%, over the same period in 2009. The increase in operating revenue was largely attributable to the acquisition of Mesaba, which contributed additional revenue of $71.5 million.

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