PORTERS Q1 AND MARCH STATS-WESTJET COMPARABLE

[vikingwarrior]

Porter Airlines reports March traffic

TORONTO, April 5 /CNW/ - Porter Airlines reported a 49.6 per cent load factor in March. The change is 0.6 points lower compared to 50.2 per cent in the same month for 2010.

Overall figures for the month show 97.6 million ASMs (Available Seat Miles) and 48.4 million RPMs (Revenue Passenger Miles). ASMs grew 22.5 per cent from 79.7 million and RPMs increased 21 per cent from 40 million over the same period.

"Porter had its highest-ever day of sales in March," said Robert Deluce, president and CEO of Porter Airlines. "First quarter numbers have improved and set a good foundation for further growth as peak seasons approach. Combined with improved yield, we're pleased with the overall 2011 trend based on current market conditions."

Porter accepted its 21st Bombardier Q400 aircraft on March 31. It is currently in service as the first of four new Q400 aircraft scheduled for delivery in the coming month. These aircraft bring Porter's total fleet to 24.

The deliveries occur ahead of numerous schedule improvements this spring. Cities receiving new or improved Porter service during this period include Windsor, Sault Ste. Marie, Sudbury, Thunder Bay, Ottawa, Toronto, Montreal, Moncton, Halifax and St. John's, N.L.

Traffic report

March Q1 / Year-to-date 2011 2010 Change 2011 2010 Change RPMs (millions) 48.4 40.0 +21.0% 133.3 103.9 28.3% ASMs (millions) 97.6 79.7 +22.5% 263.5 220.9 19.3% Load factor 49.6% 50.2% -0.6 pts 50.6% 47.0% +3.6 pts About Porter Airlines

Porter Airlines is Canada's third-largest scheduled carrier, based at Billy Bishop Toronto City Airport. Porter is an Official 4 Star Airline® in the World Airline Star Rating® by Skytrax, committed to offering speed, convenience and service as part of a premium travel experience. A refined journey begins on the ground with comfortable airport lounges and service-oriented team members. The experience continues seamlessly in the air with spacious interiors and well-appointed crew. Passengers enjoy complimentary services, including free in-flight wine, beer and premium snacks, all aboard modern aircraft.

The airline currently offers flights to Toronto, Ottawa, Montreal, Quebec City, Moncton, Halifax, St. John's, Thunder Bay, Sault Ste. Marie, Sudbury, Windsor, New York (Newark), Chicago (Midway), Boston (Logan), and has seasonal service to Mt. Tremblant, Que. and Myrtle Beach, S.C.

http://www.newswire....1/05/c9443.html

WestJet reports record March traffic

Airline flies 87,000 more guests this month compared to last MarchCALGARY,

April 5 /PRNewswire/ - WestJet today announced March traffic results with a load factor of 84.8 per cent. Revenue passenger miles (RPMs), or traffic, set a record and also increased 13.3 per cent year over year. Capacity, measured in available seat miles (ASMs), grew 12.1 per cent resulting in a load factor improvement of one point over the same period last year.

"Thus far, we are pleased with the strength of consumer demand and the market's ability to absorb fare increases as we navigate through a period of elevated fuel costs," said WestJet President and CEO Gregg Saretsky.

March 2011 traffic results ------------------------------------------------------------------------- March 2011 March 2010 Change ------------------------------------------------------------------------- Load factor 84.8% 83.8% 1.0 pts. ------------------------------------------------------------------------- ASMs (billions) 1.831 1.634 12.1% ------------------------------------------------------------------------- RPMs (billions) 1.552 1.370 13.3% ------------------------------------------------------------------------- ------------------------------------------------------------------------- First First quarter quarter 2011 2010 Change ------------------------------------------------------------------------- Load factor 82.0% 81.7% 0.3 pts. ------------------------------------------------------------------------- ASMs (billions) 5.230 4.700 11.3% ------------------------------------------------------------------------- RPMs (billions) 4.290 3.840 11.7% -------------------------------------------------------------------------Traffic has kept pace with significant capacity additions on transborder and international routes. WestJet Vacations is having a strong winter season and continues to support WestJet's scheduled service expansion to southern sun destinations.

"Our flight attendants were recently voted Canada's best in a poll conducted by the online travel website FlightNetwork.com," commented Gregg Saretsky. "It is their high level of caring and friendliness, attributes shared by all WestJetters, that is the foundation to our success."

http://www.prnewswir...-119241904.html

[Ex 9A Guy]

Sure a load factor of 49.6 down .6% from an equally dismal 50.2 is comparable to 84.8% up 1%. Just what are u smoking???

But will the PROFIT numbers be in the same ratio?????????

Hardly unless Porter has come up with a formula to get at least a 100% premium for the privilege of flying out of YTZ which judging by their ads and website that clearly have not. The red ink will continue to flow and Air Canada Express hasn't even shown up yet.

[vikingwarrior]

But can we really trust Porter to tell you the whole story on load factor and how they got there....the 100% truth not just their news release version of events?

The published load factor of 49.6% is not the true or normalized load factor-Porter got lucky at someone else's expense near month end, namely Via Rail.

http://montreal.ctv....ub=MontrealHome

A train delrailed just outside of Toronto Sunday the 27th and was closed until Wednesday the 30th; Via Rail suspended service between Toronto and Ottawa and Toronto and Montreal.

Train patrons were stuck or didn't want to ride a bus to Ottawa or Montreal-Porter had one time passenger gains (not likely to ever be repeated again) for 4 days. In fact, "Porter had its highest-ever day of sales in March," said Robert Deluce according to the release.

Porter Airlines saw an increase in same-day bookings on its Toronto-Ottawa and Toronto-Montreal flights in the aftermath of the derailment, said spokesman Brad Cicero,her adding the airline has been able to accommodate the extra passengers

http://www.thestar.c...-wednesday?bn=1

So we have planes that are less than 50% full that get a one time bump for 4 days (13.3% of the month) with the Ottawa and Montreal flights closer to 100% full-if you normalize this extrodinary event for the one time load factor increase, a true load factor for March 2011 likely would be in the range of 48%, possibly less.

Let's remember that the Triangle creates the lions share of Porters volume in any given month. A significant increase will move the load factor around significantly-consequently, if the air traffic is one time, that will have an equal negative effect on the passenger loads.

Compare the adjusted 48.0% to the dismal 50.2 of March 2010 and a calculated BELF of 51.1% in Q1 2010 (from prospectus), your looking at an airline with a negative 3.1 % operating margin minimum before extraordinary items. As revenues increase with the negative margins, losses get magnified.

Advertising, fuel, depreciation, salaries, etc have all gone up significantly since the prospectus, especially fuel and the advert side. Throw Porters heavy 30% discounting in as almost standard fare now adays, revenues are challenged, loads are down and Q1 2011 BELF is very likely much higher than 51.1%, in Q1 2010. Porter lost just shy of $6.0 million in Q1 2010.

Good luck to them at making a go but like another poster said previously, great product-terrible business model.

Wouldn't touch this IPO with a bamboo pole from China.

Sure a load factor of 49.6 down .6% from an equally dismal 50.2 is comparable to 84.8% up 1%. Just what are u smoking???

Hardly unless Porter has come up with a formula to get at least a 100% premium for the privilege of flying out of YTZ which judging by their ads and website that clearly have not. The red ink will continue to flow and Air Canada Express hasn't even shown up yet.

[CanadaEH]

Did Deluce go to the school of Leblanc?

[anonymous]

"Porter had its highest-ever day of sales in March," said Robert Deluce, president and CEO of Porter Airlines.

Angus Kinnear had a very similar comment of C3000, in the weeks before C3000 went down in flames ...

[blues deville]

Angus Kinnear had a very similar comment of C3000, in the weeks before C3000 went down in flames ...

Similar comment but a very different situation.

bd

[Thebean]

Did Deluce go to the school of Leblanc?

I'm glad you pointed this out.

It's is reminiscent of C3 claiming record sales a few weeks before their meltdown.

It's a given they'd have record sales, indeed, it's imperative they have record sales because they have a record number of seats being forward sold into the market.

They also have record expenses as well, something I didn't see mentioned in the press release....

With much cheaper oil in 1Q 2010, Porter had a BELF of close to 55%. There is precious little chance they made money, (yet again), this past quarter with an l/f below 50%. Competition arrives in a month and it's only going to get worse for the Raccoon.

WJ operated comfortably above it's BELF in March, yet again. I suspect WJ will turn in a record, or very near record profit in the quarter.