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Agreed
I'm hearing $45-$53...
Hearing yahoo bid could come in around $50-$53. Pick up a few shares if you missed out on the VA buyout.
Buying back tomorrow!
They're buying back but it means nothing if Wall Street can simply drop the price and keep us down here compared to other carriers. Been over a year of this. Maybe in the much distant future it'll pay off, but I doubt any of us will still be here.
These past 3-4 red days IMO have been bracing to price that in it seems as I believe PRASM is still expected to be -6%-8% on the quarter...
Probably be a mixed day tomorrow.
Looking for a quick big drop tomorrow morning and bounce. Looking to go heavy on some fluff trade shares heading up to earnings. Then dumping them before the report...
Got my eyes on .57-.63...
Too much uncertainty about the shares...
Southwest Airlines Reports March Traffic
Source: PR Newswire (US)
DALLAS, April 7, 2016 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") today reported its March and first quarter preliminary traffic statistics.
The Company flew 10.9 billion revenue passenger miles (RPMs) in March 2016, an increase of 6.2 percent from the 10.2 billion RPMs flown in March 2015. Available seat miles (ASMs) increased 6.1 percent to 12.9 billion in March 2016, compared with March 2015 ASMs of 12.1 billion. The March 2016 load factor was a record for the month of March at 84.6 percent, compared with 84.5 percent in March 2015. The Company continues to estimate its first quarter 2016 operating revenue per ASM (RASM) will be in line with first quarter 2015.
Agreed!
"During the fourth quarter, the company returned $1.2 billion to its shareholders through the payment of $72 million in dividends and share buyback of $1.1 billion. The company returned approximately 3.9 billion to its shareholders in 2015."
Returned $3.9B to shareholders? Means squat when we get humped on our core holdings with this beaten down price. We don't see any of those returns...
Yeah I saw that earlier this morning. They also have the tendency to be wrong...often.
Touché
Why is this heading back to the bottom end of the range?
Looks that way
Are you still holding?
That's a long shot IMO. But JBLU is one to accumulate AFTER they report traffic as they will drop on more capacity issues.
I'm sure DOJ will have something to say, but I think it's a done deal. DOJ cares more about harassing legacy carriers. Wall Street wants this done..
American Airlines Group Inc: Why You Should Avoid AAL Stock
AAL stock is tanking in bad times and muddling through in good times
By Lior Alkalay, InvestorPlace Contributor | Apr 4, 2016, 10:15 am EDT
Airline travel, nowadays, has become exceedingly commonplace. No longer is there a need for a travel agency to book a flight. Travelers basically buy the cheapest deal they can find on one of the travel sites, irrespective of the carrier. And the simple fact is cheaper fuel is not going to change that outcome.
American Airlines Group Inc: Why You Should Avoid AAL StockFor an airline stock to be an attractive investment, management has to do a couple of things. They have to cap expenses quickly, invest in growth carefully and, always, generate enough cushion for the bad times.
Unfortunately, none of this is true for American Airlines Group Inc (AAL) and that’s why American Airlines stock is one to avoid.
The 10 Best Stocks to Buy for 2016 Through Q1
American Airlines: Too Slow, Too Heavy
Fuel costs have always been a big deal for airlines. Certainly, that was the case when fuel prices surged. But, even now, it’s still a big deal, though prices have fallen to a record low.
With fuel costs being such a wild card, an airline stock needs to maximize its profits when fuel prices are low. In that way, they’re able to compensate investors in the bad times. Unfortunately, this is where American Airlines stock fails.
When we compare American Airlines to JetBlue Airways Corp (JBLU), it’s clear how much less profitable American Airlines stock really is.
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In this case, we’ve used earnings margin (before tax) as an indicator. Earnings margin shows the percentage a company earns from every dollar of revenue. It’s relevant here because it demonstrates efficiency; in other words, how many cents on the dollar the stock is earning before tax.
During the bad times, from 2007 to 2013, American Airlines earnings margin was negative, i.e. they were losing money. Over the same period, however, JetBlue was rather profitable.
But even more recently (2014 onwards), while fuel prices are comparatively low, American Airlines still lags JetBlue with a lower earnings margin.
But wait! There’s more! American Airlines is burdened with debt. The company’s poor earnings record meant that the money for operations had to come from somewhere. That somewhere is debt — and quite a lot of it.
American Airlines’ debt is more than three times its equity. That is compared to about 0.5 equity for JetBlue stock. So not only do you have to worry about American Airlines’ profitability, but its debt burden as well.
American Airlines Click to Enlarge
Source: Morningstar
AAL Stock Is No Bargain
Of course, the counter argument for buying American Airlines stock is that it’s cheap. AAL stock is trading at a price-to-earnings multiple of 6. That’s pretty low compared to JetBlue’s P/E of 9.
Are investors being overly cautious? Not this time. Over the past 10 years, American Airlines was profitable only in four of them. So why would you pay more than six times earnings, when the company has barely been able to profit in four years?
You shouldn’t.
American airlines stock is just not worth the risk. No surprise there.
But, in the same breath, our analysis not only reveals the weakness in AAL stock, but highlights the strength in JBLU stock. JetBlue glows when it’s dark and shines when it’s bright.
In the rough playfield of airlines stocks, JetBlue is at the top of its game.
As of this writing, Lior Alkalay did not hold a position in any of the aforementioned securities.
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JETS ETF CEO: JetBlue-Hawaiian Merger Could Be Next After Alaska Air's Virgin America Buyout
by Nicholas Donato4 hours ago
AAL ALK DAL
After calling for a Virgin America Inc (NASDAQ: VA) buyout in the mid $50 range, U.S. Global JETS ETF CEO Frank Holmes spoke with Benzinga about the Alaska Air Group, Inc. (NYSE: ALK) deal.
Alaska Air confirmed it's buying Virgin America for $57 per share on Monday morning.
Holmes said this move was a way for Alaska Air to get into the East Coast route market; here, they can compete with other airlines such as Delta Air Lines, Inc. (NYSE: DAL) and American Airlines Group Inc (NASDAQ: AAL) for traffic on this coast.
Holmes continued, adding that he though Alaska Air would be a good culture fit for Virgin America, where both airliners focus on customer experience. In addition to adding new flights, Holmes said he believes Alaska Air may have also been fueled to buying Virgin for asset protection over its West Coast flight market.
When asked if he saw further consolidation in the industry, Holmes said a deal between JetBlue Airways Corporation (NASDAQ: JBLU) and Hawaiian Holdings, Inc. (NASDAQ: HA) would make sense. Both airliners compete for East and West Coast traffic.
JetBlue shares fell 4 percent on Monday, while Hawaiian rose 3.5 percent.
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And call me crazy, but don't be surprised to see JBLU, SKYW etc to come through with an acquisition somewhere at some point. In JBLU's mind, that $2B they were willing to put up has already been spent... Curious to see what they do with that money.
Looks like Delta has their laws all over RJETQ. Curious to hear more of how it may turn out with retail shares. Need to hear more developments. Watching that closely too.
Your guess is as good as mine at this point. I just try and take in profits where I can like VA and RJET tho I missed that betting on a bottom that didn't come.
Well we know JBLU is in the acquisition market.. Looking forward to more deals. JBLU SKYW etc..
Perhaps many see the merger as a sign of things to come godmother Regionals. That then poses a threat to legacy carriers like AAL especially being the biggest. My 2 cents at least.
Oh no I just meant today's action. You're right though I agree.
Here's why...
Brussels Attacks Clip Delta's Results
Source: Dow Jones News
Delta Air Lines Inc. on Monday said the deadly terrorist attack in Brussels had a $5 million negative impact on its March results, leading to a decline in a closely followed revenue metric.
Brussels' main airport reopened on Sunday to a small number of passenger flights after being closed since twin suicide bombings devastated its departure hall on March 22, killing at least 16 people and injuring scores more. An equal number died in the center of the Belgian capital in a bombing attack on a subway station.
Delta said its consolidated passenger unit revenue—a key measure of performance for the airline sector—fell 5% in March from a year earlier. For the first quarter, unit revenue is projected to have declined by about 4.5%
Delta said its overall traffic rose 1.2 in March. Capacity increased 1.5% for the month, while load factor, or the percentage of seats, slipped to 84.8% from 85% a year earlier.
The carrier said it projects it paid an adjusted $1.33 to $1.37 a gallon for fuel in the first quarter. Sustained low fuel costs around the world have boosted profits for airlines, as fuel is one of their biggest expenses.
For the first quarter last year, Delta generated $9.39 billion in revenue. Analysts polled by Thomson Reuters expect $9.24 billion in revenue when the company reports its first-quarter results.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 04, 2016 11:15 ET (15:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Delta Reports Financial and Operating Performance for March 2016
Source: PR Newswire (US)
ATLANTA, April 4, 2016 /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial and operating performance for March 2016.
Delta Air Lines and the Delta Connection carriers offer service to nearly 370 destinations on six continents. For more information visit news.delta.com.
Consolidated passenger unit revenue (PRASM) for the month of March declined 5.0% year over year. Results for the month include a 1.5 point headwind from foreign exchange and a $5 million impact from the recent events in Brussels. While there was pressure on close-in yields during the month, demand remains solid with forward bookings tracking ahead of last year.
In an Investor Update issued this morning, Delta announced that it expects operating margin to be in the 18% - 19% range and its unit revenue to decline approximately 4.5% for the March quarter.
The company's financial and operating performance is detailed below.
Preliminary Financial and Operating Results
March consolidated PRASM change year over year
(5.0)%
March mainline completion factor
99.9%
March on-time performance (preliminary DOT A14)
87.8%
Delta Air Lines serves nearly 180 million customers each year. In 2016, Delta was named to Fortune's top 50 Most Admired Companies in addition to being named the most admired airline for the fifth time in six years. Additionally, Delta has ranked No.1 in the Business Travel News Annual Airline survey for an unprecedented five consecutive years. With an industry-leading global network, Delta and the Delta Connection carriers offer service to 324 destinations in 58 countries on six continents. Headquartered in Atlanta, Delta employs nearly 80,000 employees worldwide and operates a mainline fleet of more than 800 aircraft. The airline is a founding member of the SkyTeam global alliance and participates in the industry's leading trans-Atlantic joint venture with Air France-KLM and Alitalia as well as a joint venture with Virgin Atlantic. Including its worldwide alliance partners, Delta offers customers more than 15,000 daily flights, with key hubs and markets including Amsterdam, Atlanta, Boston, Detroit, Los Angeles, Minneapolis/St. Paul, New York-JFK and LaGuardia, London-Heathrow, Paris-Charles de Gaulle, Salt Lake City, Seattle and Tokyo-Narita. Delta has invested billions of dollars in airport facilities, global products and services, and technology to enhance the customer experience in the air and on the ground. Additional information is available on the Delta News Hub, as well as delta.com, Twitter @DeltaNewsHub, Google.com/+Delta, Facebook.com/delta and Delta's blog takingoff.delta.com.
Forward Looking Statements
Statements in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or strategies for the future, may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the cost of aircraft fuel; the impact of rebalancing our hedge portfolio, recording mark-to-market adjustments or posting collateral in connection with our fuel hedge contracts; the availability of aircraft fuel; the effects of terrorist attacks or geopolitical conflict; the possible effects of accidents involving our aircraft; the restrictions that financial covenants in our financing agreements will have on our financial and business operations; labor issues; interruptions or disruptions in service at one of our hub or gateway airports; disruptions or security breaches of our information technology infrastructure; our dependence on technology in our operations; the effects of weather, natural disasters and seasonality on our business; the effects of an extended disruption in services provided by third party regional carriers; failure or inability of insurance to cover a significant liability at Monroe's Trainer refinery; the impact of environmental regulation on the Trainer refinery, including costs related to renewable fuel standard regulations; our ability to retain management and key employees; competitive conditions in the airline industry; the effects of extensive government regulation on our business; the sensitivity of the airline industry to prolonged periods of stagnant or weak economic conditions; and the effects of the rapid spread of contagious illnesses.
Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of Apr. 4, 2016, and which we have no current intention to update.
Non-GAAP Reconciliation
Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Under the U.S. Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures.
Forward Looking Projections. Delta is unable to reconcile certain forward-looking projections to GAAP as the nature or amount of special items cannot be estimated at this time.
Operating Margin, adjusted for special items
We adjust for the following items to determine operating margin, adjusted for special items, for the reasons described below:
Mark-to-market ("MTM") adjustments and settlements. MTM adjustments are defined as fair value changes recorded in periods other than the settlement period. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period. Settlements represent cash received or paid on hedge contracts settled during the period. These items adjust fuel expense to show the economic impact of hedging, including cash received or paid on hedge contracts during the period. Adjusting for these items allows investors to better understand and analyze our core operational performance in the periods shown.
Restructuring and other. Because of the variability in restructuring and other, the adjustment for this item is helpful to investors to analyze our recurring core performance in the periods shown.
Refinery Sales. Delta's refinery segment provides jet fuel to the airline segment from its own production and from jet fuel obtained through agreements with third parties. Activities of the refinery segment are primarily for the benefit of the airline. However, from time to time, the refinery sells fuel by-products to third parties. These sales are recorded gross within other revenue and other operating expense. We believe adjusting for refinery sales allows investors to better understand and analyze the impact of fuel cost on our results in the periods shown.
Three Months Ended
March 31,
(Projected)
2016
2015
Operating margin
16.2% to 17.0%
14.9%
Adjusted for:
MTM adjustments and settlements
1.6% to 1.8%
(6.3)%
Restructuring and other
-
0.1%
Refinery sales
0.2%
0.1%
Operating margin, adjusted
18.0% to 19.0%
8.8%
Monthly Traffic Results (a)
Year to Date Traffic Results (a)
Mar 2016
Mar 2015
Change
Mar 2016
Mar 2015
Change
RPMs (000):
Domestic
11,306,473
10,902,638
3.7%
29,661,658
28,041,914
5.8%
Delta Mainline
9,477,252
9,059,253
4.6%
24,883,058
23,220,679
7.2%
Regional
1,829,221
1,843,385
(0.8%)
4,778,600
4,821,235
(0.9%)
International
6,452,634
6,643,003
(2.9%)
18,055,265
18,178,949
(0.7%)
Latin America
1,974,189
1,848,561
6.8%
5,677,934
5,274,578
7.6%
Delta Mainline
1,918,674
1,812,862
5.8%
5,519,729
5,179,094
6.6%
Regional
55,515
35,699
55.5%
158,205
95,484
65.7%
Atlantic
2,598,520
2,722,976
(4.6%)
6,870,786
7,102,327
(3.3%)
Pacific
1,879,925
2,071,466
(9.2%)
5,506,545
5,802,044
(5.1%)
Total System
17,759,107
17,545,641
1.2%
47,716,922
46,220,863
3.2%
ASMs (000):
Domestic
13,172,803
12,529,110
5.1%
35,835,297
33,712,247
6.3%
Delta Mainline
10,911,225
10,258,016
6.4%
29,603,343
27,416,335
8.0%
Regional
2,261,578
2,271,094
(0.4%)
6,231,954
6,295,912
(1.0%)
International
7,771,342
8,103,263
(4.1%)
22,304,514
22,884,861
(2.5%)
Latin America
2,354,004
2,269,923
3.7%
6,849,438
6,482,403
5.7%
Delta Mainline
2,285,093
2,223,966
2.7%
6,649,412
6,352,367
4.7%
Regional
68,911
45,957
49.9%
200,026
130,036
53.8%
Atlantic
3,269,334
3,438,637
(4.9%)
9,159,944
9,483,243
(3.4%)
Pacific
2,148,004
2,394,703
(10.3%)
6,295,133
6,919,215
(9.0%)
Total System
20,944,145
20,632,373
1.5%
58,139,811
56,597,108
2.7%
Load Factor:
Domestic
85.8%
87.0%
(1.2)
pts
82.8%
83.2%
(0.4)
pts
Delta Mainline
86.9%
88.3%
(1.4)
pts
84.1%
84.7%
(0.6)
pts
Regional
80.9%
81.2%
(0.3)
pts
76.7%
76.6%
0.1
pts
International
83.0%
82.0%
1.0
pts
80.9%
79.4%
1.5
pts
Latin America
83.9%
81.4%
2.5
pts
82.9%
81.4%
1.5
pts
Delta Mainline
84.0%
81.5%
2.5
pts
83.0%
81.5%
1.5
pts
Regional
80.6%
77.7%
2.9
pts
79.1%
73.4%
5.7
pts
Atlantic
79.5%
79.2%
0.3
pts
75.0%
74.9%
0.1
pts
Pacific
87.5%
86.5%
1.0
pts
87.5%
83.9%
3.6
pts
Total System
84.8%
85.0%
(0.2)
pts
82.1%
81.7%
0.4
pts
Mainline Completion Factor
99.9%
99.3%
0.6
pts
Passengers Boarded
15,773,717
15,454,167
2.1%
41,907,801
40,004,251
4.8%
Cargo Ton Miles (000):
162,674
197,247
(17.5%)
474,561
546,753
(13.2%)
aResults include flights operated under contract carrier arrangements
Logo - http://photos.prnewswire.com/prnh/20090202/DELTALOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/delta-reports-financial-and-operating-performance-for-march-2016-300245382.html
SOURCE Delta Air Lines
Copyright 2016 PR Newswire
Made a 40% gain and hopped all out at 8am. I'll prob reinvest it here, ALK, or JBLU.
All out, thanks again LWC23. Should have went harder at this but a gain is a gain.
Owe it all to lwc23 for the heads up a week ago..
Alaska Air Group to Acquire Virgin America, Creating West Coast's Premier Carrier
Source: PR Newswire (US)
SEATTLE and SAN FRANCISCO, April 4, 2016 /PRNewswire/ --
Highlights:
Deal combines two leading airlines known for outstanding customer service and low fares.
Alaska Airlines expands its California presence, while creating new opportunities for growth and competition.
Expanded route network benefits customers, with 1,200 daily departures.
Transaction is expected to be accretive to adjusted earnings per share in first full year, increases annual revenues 27 percent to more than $7 billion and offers $225 million total net synergies annually at full integration.
Alaska Airlines Mileage Plan™ to welcome Virgin America Elevate® members.
Company headquarters to remain in Seattle.
Alaska Air Group, Inc. (NYSE: ALK), parent company of Alaska Airlines, and Virgin America, Inc. (NASDAQ: VA) today announced that their boards of directors have unanimously approved a definitive merger agreement, under which Alaska Air Group will acquire Virgin America for $57.00 per share in cash. Including existing Virgin America indebtedness and capitalized aircraft operating leases, the aggregate transaction value is approximately $4.0 billion. With an expanded West Coast presence, a larger customer base, and an enhanced platform for growth, Alaska Airlines will be positioned to provide more choices for customers, increase competition and deliver attractive returns to investors.
Alaska Airlines and Virgin America today announced their intention to merge, creating the premier West Coast airline.
The combination expands Alaska Airlines' existing footprint in California, bolsters its platform for growth and strengthens the company as a competitor to the four largest U.S. airlines. Combining Alaska Airlines' well-established core markets in the Pacific Northwest and the state of Alaska with Virgin America's strong foundation in California will make Alaska Airlines the go-to airline for the more than 175,000 daily fliers in and out of Golden State airports, including San Francisco and Los Angeles.
For Virgin America customers, service will expand in the thriving technology markets in Silicon Valley and Seattle. The combined airline will also offer more frequent connections to international airline partners departing Seattle, San Francisco and Los Angeles. In addition, this transaction will open up growth opportunities in important East Coast business markets by increasing Alaska Airlines' access to slot-controlled airports like Ronald Reagan Washington National Airport and the two primary New York City-area airports, John F. Kennedy International Airport and LaGuardia Airport.
"Our employees have worked hard to earn the deep loyalty of customers in the Pacific Northwest and Alaska, while the Virgin America team has done the same in California. Together we will continue to deliver what customers tell us they want: low fares, unmatched reliability and outstanding customer service," said Brad Tilden, chairman and CEO of Alaska Air Group. "With our expanded network and strong presence in California, we'll offer customers more attractive flight options for nonstop travel. We look forward to bringing together two incredible groups of employees to build on the successes they have achieved as standalone companies to make us an even stronger competitor nationally."
David Cush, Virgin America president and CEO said, "Our mission has always been to create an airline that people love – and we accomplished that while changing the industry for the better. Joining forces with Alaska Airlines will ensure that our mission lives on, and that the stronger, combined company will continue to be a great place to work and an airline that focuses on an outstanding travel experience."
"Today's merger announcement of two great airlines coming together provides both pilot groups with an outstanding opportunity to benefit from the growth of the expanded Alaska Airlines' route network," said Captain Chris Notaro, chairman of the Alaska Airlines MEC of the Air Line Pilots Association. "We would like to welcome the professional pilots of Virgin America to the Alaska family and we look forward to a common goal of building a new joint pilot group that will benefit from a stronger and more prosperous airline that we have helped build."
"Alaska Airlines and Virgin America are both known for providing an exceptional in-flight experience, thanks in large part to the dedication of our respective flight attendants," said Jeffrey Peterson, president of the Association of Flight Attendants-CWA Master Executive Council at Alaska Airlines. "The combination of these two award-winning airlines provides an exciting opportunity for our members and for the Virgin America flight attendants, or Inflight Team Members. We look forward to joining together and building on our legacies of customer satisfaction to the benefit of both companies' passengers."
A Larger Network, More Choices and an Enhanced Mileage Plan
The transaction brings together two airlines that consistently earn customer admiration and the highest industry accolades:
Alaska Airlines has been ranked #1 among the nine largest carriers in the United States by The Wall Street Journal for overall operational performance for three years in a row, while Virgin America has placed #2 in the same study for the past two years.
Virgin America has been voted "Best Domestic Airline" in both Travel + Leisure's Annual World's Best Awards and Conde Nast Traveler's Readers' Choice Awards for the past eight consecutive years.
Alaska Airlines has been ranked "Highest in Customer Satisfaction Among Traditional Carriers" by J.D. Power for eight years running, and has been ranked #1 for on-time performance six years in a row by FlightStats.
Virgin America has been rated #1 for the past three years in the annual Airline Quality Rating report, an annual study of U.S. domestic airline performance based on public data submitted to the Department of Transportation and conducted by professors at Wichita State University and Embry-Riddle Aeronautical University.
Alaska Airlines has been named the most fuel-efficient airline by the International Council on Clean Technology for the last six years.
The combined airline will retain its safety-centric, employee-focused culture:
Alaska Airlines and Virgin America both have been named among America's 'best employers' by Forbes, which annually ranks 500 U.S. companies based on responses to a survey of American workers.
Both Alaska Airlines and Virgin America are listed on the International Air Transport Association's Operational Safety Audit (IOSA) registry, the globally recognized benchmark for the airline industry. Alaska Airlines has been on the registry for 10 years and Virgin America has qualified for six years.
Alaska Airlines expects that Virgin America's Pilots, Inflight Teammates, Guest Services Teammates and maintenance technicians will be protected in the combination.
Together, the combined airline will have:
1,200 daily departures, with hubs in Seattle, San Francisco, Los Angeles, Anchorage, Alaska, and Portland, Oregon.
Approximately 280 aircraft, which include regional planes, with an average age of 8.5 years.
Virgin America's fleet of 60 Airbus A319 and A320 aircraft boast three classes of service, in-flight WiFi and power outlets on every flight, as well as personal, touch-screen seatback entertainment.
Following closing, Alaska Airlines will welcome Virgin America Elevate loyalty program members into its Mileage Plan, ranked #1 by U.S. News and World Report. With Alaska Airlines Mileage Plan, members are able to redeem award miles for travel to more than 900 destinations worldwide, rivaling global alliances. Until the transaction closes, both loyalty programs will remain distinct – with no short-term impact on members. Upon closing, the programs will be merged. Alaska Airlines is committed to ensuring that loyalty members of both airlines maintain the same high-value rewards they've come to enjoy in both programs – with access to an even larger network.
Attractive Returns for Shareholders
Under the terms of the agreement, Alaska Air Group will acquire Virgin America for $57.00 per share in cash, representing a total equity value of $2.6 billion. The combined company expects to achieve $225 million annually in total net synergies at full integration. One-time integration costs are expected to be between $300-350 million. The combined airline is projected to have annual revenues of more than $7 billion. Alaska Air Group expects the transaction to be accretive to adjusted earnings per share in the first full year, excluding integration costs.
The transaction builds on both companies' strong financial performance. In 2015, Alaska Air Group achieved a record full-year adjusted net income of $842 million, which increased 47 percent over 2014. Alaska Airlines also grew passenger revenues by 5 percent year-over-year, and has increased dividend payments 175 percent since initiation in 2013. In 2015, Alaska Airlines added 20 new markets and 10 new cities to its growing network and 11 new aircraft. As of March 31, 2016, Alaska Airlines had $1.6 billion in unrestricted cash and short-term investments.
Since its successful IPO in 2014, Virgin America has reached a number of milestones, most recently reporting a record annual year-over-year net income of $201 million, an increase of 139 percent in FY 2015, the highest in company history. In 2015, Virgin America also outperformed the industry in domestic unit revenue growth and began growing the airline with 10 new aircraft deliveries.
Preparing for Takeoff
The combined organization will be based in Seattle under the leadership of Tilden and his senior leadership team, who collectively have nearly 15 decades of combined airline industry experience. Until receiving regulatory approval to close, Tilden and Cush will co-lead a transition team, which will develop a specific integration plan.
Alaska Airlines and Virgin America are two of the most respected aviation brands in the United States (and globally in the case of Virgin). While the companies apply for a single operating certificate, Alaska will maintain its new, refreshed brand and will work closely with Virgin America to learn more about the award-winning Virgin America brand and customer experience. And over the next few months Alaska will explore with the Virgin Group how the Virgin America brand could continue to serve a role in driving customer acquisition and loyalty to get the best from both brands.
The merger, which has been approved unanimously by the boards of directors of both companies, is conditioned on receipt of regulatory clearance, approval by Virgin America shareholders and satisfaction of other customary closing conditions. The companies expect to complete the transaction with regulators' approval no later than Jan. 1, 2017.
Advisors
BofA Merrill Lynch and UBS Investment Bank acted as lead financial advisors to Alaska Airlines on the transaction. Cowen & Company also acted as a financial advisor to the company. Evercore Group LLC acted as financial advisors to Virgin America. O'Melveny & Myers LLP acted as legal advisors to Alaska Airlines, and Latham & Watkins LLP acted as legal advisors to Virgin America.
Microsite and multimedia assets
Additional details about the transaction, including multimedia assets, are posted at www.FlyingBetterTogether.com and include:
A video featuring Alaska Airlines CEO Brad Tilden discussing the announcement;
A blog post with Tilden's take on merging the two West Coast airlines;
Customer and investor FAQs; and
High-resolution, broadcast quality b-roll footage and images.
Investor and Media Conference Call and Webcast
Executives from Alaska Airlines and Virgin America will host a call for the investment community and media today at 5:30 a.m. Pacific time/8:30 a.m. Eastern time to discuss the transaction. To access the conference call, please dial 1-800-300-0356, referencing conference ID # 82998792. A slide presentation and the live audio webcast will be available and archived on the investor relations section of the Alaska Air Group website approximately one hour after the call concludes.
About Alaska Airlines
Alaska Airlines, a subsidiary of Alaska Air Group (NYSE: ALK), together with its partner regional airlines, serves more than 100 cities through an expansive network in Alaska, the Lower 48, Hawaii, Canada, Costa Rica and Mexico. Alaska Airlines ranked "Highest in Customer Satisfaction Among Traditional Carriers" in the J.D. Power North American Airline Satisfaction Study for eight consecutive years from 2008 to 2015. Alaska Airlines' Mileage Plan also ranked "Highest in Customer Satisfaction among Airline Loyalty/Rewards Programs" for the second year in a row in the J.D. Power 2015 Airline Loyalty/Rewards Program Satisfaction Report. For reservations, visit www.alaskaair.com. For more news and information, visit the Alaska Airlines Newsroom at www.alaskaair.com/newsroom.
About Virgin America
Known for its mood-lit cabins, three beautifully designed classes of service and innovative fleetwide amenities — like touch-screen personal entertainment, WiFi and power outlets at every seat, Virgin America has earned a host of awards since launching in 2007 — including being named the "Best U.S. Airline" in Condé Nast Traveler's Readers' Choice Awards years and "Best Domestic Airline" in Travel + Leisure's World's Best Awards for the past eight consecutive years. For information, visit www.virginamerica.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking information about Alaska Airlines, Virgin America and the proposed transaction. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "likely," "should," "project," "could," "plan," "goal," "potential," "pro forma," "seek," "estimate," "intend" or "anticipate" or the negative thereof, and may include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions and statements about the future performance, operations, products and services of Virgin America and/or Alaska Airlines. Alaska Airlines and Virgin America caution readers not to place undue reliance on these statements. These forward-looking statements are subject to a variety of risks and uncertainties. Consequently, actual results and experience may differ materially from those contained in any forward-looking statements. Such risks and uncertainties include: the failure to obtain Virgin America stockholder approval of the proposed transaction; the possibility that the closing conditions to the proposed transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; delay in closing the transaction or the possibility of non-consummation of the transaction; the occurrence of any event that could give rise to termination of the merger agreement; the risk that stockholder litigation in connection with the contemplated transaction may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; risks inherent in the achievement of anticipated synergies and the timing thereof; risks related to the disruption of the transaction to Virgin America and its management; the effect of announcement of the transaction on Virgin America's ability to retain and hire key personnel and maintain relationships with suppliers and other third parties; labor costs and relations, general economic conditions, increases in operating costs including fuel, inability to meet cost reduction goals, an aircraft accident, and changes in laws and regulations. These risks and others relating to Alaska Airlines and Virgin America are described in greater detail in their respective SEC filings, including (i) as to Alaska Airlines, Alaska Airlines' Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, as well as in other documents filed by Alaska Airlines with the SEC after the date thereof, and (ii) as to Virgin America, Virgin America's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, as well as in other documents filed by Virgin America with the SEC after the date thereof. Alaska Airlines and Virgin America make no commitment to revise or update any forward- looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
Additional Information About the Merger and Where to Find It
This communication may be deemed to be solicitation material in respect of the merger of Virgin America with a wholly owned subsidiary of Alaska Air Group. Virgin America intends to file relevant materials with the Securities and Exchange Commission (the "SEC"), including a proxy statement in preliminary and definitive form, in connection with the solicitation of proxies for the merger. The definitive proxy statement will contain important information about the proposed merger and related matters. BEFORE MAKING A VOTING DECISION, STOCKHOLDERS OF VIRGIN AMERICA ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT VIRGIN AMERICA AND THE MERGER. Stockholders will be able to obtain copies of the proxy statement and other relevant materials (when they become available) and any other documents filed by Virgin America with the SEC for no charge at the SEC's website at www.sec.gov. In addition, stockholders will be able to obtain free copies of the proxy statement from Virgin America by contacting Virgin America's Investor Relations Department by telephone at (650) 762-7000, by mail to Virgin America Inc., Attention: Investor Relations Department, 555 Airport Boulevard, Burlingame, California 94010, or by going to Virgin America's Investor Relations page on its corporate website at http://ir.virginamerica.com.
Participants in the Solicitation
Alaska Air Group, Virgin America and certain of their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Virgin America's stockholders in respect of the merger. Information concerning the ownership of Virgin America securities by Virgin America's directors and executive officers is included in their SEC filings on Forms 3, 4, and 5, and additional information about Virgin America's directors and executive officers is also available in Virgin America's proxy statement for its 2016 annual meeting of stockholders filed with the SEC on March 25, 2016, and is supplemented by other public filings made, and to be made, with the SEC by Virgin America. Information concerning Alaska Air Group's directors and executive officers is available in Alaska Air Group's proxy statement for its 2016 annual meeting of stockholders filed with the SEC on April 1, 2016. Other information regarding persons who may be deemed participants in the proxy solicitation, including their respective interests by security holdings or otherwise, will be set forth in the definitive proxy statement that Virgin America intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above.
Photo - http://photos.prnewswire.com/prnh/20160404/350811
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alaska-air-group-to-acquire-virgin-america-creating-west-coasts-premier-carrier-300245272.html
SOURCE Alaska Air Group
Copyright 2016 PR Newswire
Alaska Air Group to Acquire Virgin America, Creating West Coast's Premier Carrier
Source: PR Newswire (US)
SEATTLE and SAN FRANCISCO, April 4, 2016 /PRNewswire/ --
Highlights:
Deal combines two leading airlines known for outstanding customer service and low fares.
Alaska Airlines expands its California presence, while creating new opportunities for growth and competition.
Expanded route network benefits customers, with 1,200 daily departures.
Transaction is expected to be accretive to adjusted earnings per share in first full year, increases annual revenues 27 percent to more than $7 billion and offers $225 million total net synergies annually at full integration.
Alaska Airlines Mileage Plan™ to welcome Virgin America Elevate® members.
Company headquarters to remain in Seattle.
Alaska Air Group, Inc. (NYSE: ALK), parent company of Alaska Airlines, and Virgin America, Inc. (NASDAQ: VA) today announced that their boards of directors have unanimously approved a definitive merger agreement, under which Alaska Air Group will acquire Virgin America for $57.00 per share in cash. Including existing Virgin America indebtedness and capitalized aircraft operating leases, the aggregate transaction value is approximately $4.0 billion. With an expanded West Coast presence, a larger customer base, and an enhanced platform for growth, Alaska Airlines will be positioned to provide more choices for customers, increase competition and deliver attractive returns to investors.
Alaska Airlines and Virgin America today announced their intention to merge, creating the premier West Coast airline.
The combination expands Alaska Airlines' existing footprint in California, bolsters its platform for growth and strengthens the company as a competitor to the four largest U.S. airlines. Combining Alaska Airlines' well-established core markets in the Pacific Northwest and the state of Alaska with Virgin America's strong foundation in California will make Alaska Airlines the go-to airline for the more than 175,000 daily fliers in and out of Golden State airports, including San Francisco and Los Angeles.
For Virgin America customers, service will expand in the thriving technology markets in Silicon Valley and Seattle. The combined airline will also offer more frequent connections to international airline partners departing Seattle, San Francisco and Los Angeles. In addition, this transaction will open up growth opportunities in important East Coast business markets by increasing Alaska Airlines' access to slot-controlled airports like Ronald Reagan Washington National Airport and the two primary New York City-area airports, John F. Kennedy International Airport and LaGuardia Airport.
"Our employees have worked hard to earn the deep loyalty of customers in the Pacific Northwest and Alaska, while the Virgin America team has done the same in California. Together we will continue to deliver what customers tell us they want: low fares, unmatched reliability and outstanding customer service," said Brad Tilden, chairman and CEO of Alaska Air Group. "With our expanded network and strong presence in California, we'll offer customers more attractive flight options for nonstop travel. We look forward to bringing together two incredible groups of employees to build on the successes they have achieved as standalone companies to make us an even stronger competitor nationally."
David Cush, Virgin America president and CEO said, "Our mission has always been to create an airline that people love – and we accomplished that while changing the industry for the better. Joining forces with Alaska Airlines will ensure that our mission lives on, and that the stronger, combined company will continue to be a great place to work and an airline that focuses on an outstanding travel experience."
"Today's merger announcement of two great airlines coming together provides both pilot groups with an outstanding opportunity to benefit from the growth of the expanded Alaska Airlines' route network," said Captain Chris Notaro, chairman of the Alaska Airlines MEC of the Air Line Pilots Association. "We would like to welcome the professional pilots of Virgin America to the Alaska family and we look forward to a common goal of building a new joint pilot group that will benefit from a stronger and more prosperous airline that we have helped build."
"Alaska Airlines and Virgin America are both known for providing an exceptional in-flight experience, thanks in large part to the dedication of our respective flight attendants," said Jeffrey Peterson, president of the Association of Flight Attendants-CWA Master Executive Council at Alaska Airlines. "The combination of these two award-winning airlines provides an exciting opportunity for our members and for the Virgin America flight attendants, or Inflight Team Members. We look forward to joining together and building on our legacies of customer satisfaction to the benefit of both companies' passengers."
A Larger Network, More Choices and an Enhanced Mileage Plan
The transaction brings together two airlines that consistently earn customer admiration and the highest industry accolades:
Alaska Airlines has been ranked #1 among the nine largest carriers in the United States by The Wall Street Journal for overall operational performance for three years in a row, while Virgin America has placed #2 in the same study for the past two years.
Virgin America has been voted "Best Domestic Airline" in both Travel + Leisure's Annual World's Best Awards and Conde Nast Traveler's Readers' Choice Awards for the past eight consecutive years.
Alaska Airlines has been ranked "Highest in Customer Satisfaction Among Traditional Carriers" by J.D. Power for eight years running, and has been ranked #1 for on-time performance six years in a row by FlightStats.
Virgin America has been rated #1 for the past three years in the annual Airline Quality Rating report, an annual study of U.S. domestic airline performance based on public data submitted to the Department of Transportation and conducted by professors at Wichita State University and Embry-Riddle Aeronautical University.
Alaska Airlines has been named the most fuel-efficient airline by the International Council on Clean Technology for the last six years.
The combined airline will retain its safety-centric, employee-focused culture:
Alaska Airlines and Virgin America both have been named among America's 'best employers' by Forbes, which annually ranks 500 U.S. companies based on responses to a survey of American workers.
Both Alaska Airlines and Virgin America are listed on the International Air Transport Association's Operational Safety Audit (IOSA) registry, the globally recognized benchmark for the airline industry. Alaska Airlines has been on the registry for 10 years and Virgin America has qualified for six years.
Alaska Airlines expects that Virgin America's Pilots, Inflight Teammates, Guest Services Teammates and maintenance technicians will be protected in the combination.
Together, the combined airline will have:
1,200 daily departures, with hubs in Seattle, San Francisco, Los Angeles, Anchorage, Alaska, and Portland, Oregon.
Approximately 280 aircraft, which include regional planes, with an average age of 8.5 years.
Virgin America's fleet of 60 Airbus A319 and A320 aircraft boast three classes of service, in-flight WiFi and power outlets on every flight, as well as personal, touch-screen seatback entertainment.
Following closing, Alaska Airlines will welcome Virgin America Elevate loyalty program members into its Mileage Plan, ranked #1 by U.S. News and World Report. With Alaska Airlines Mileage Plan, members are able to redeem award miles for travel to more than 900 destinations worldwide, rivaling global alliances. Until the transaction closes, both loyalty programs will remain distinct – with no short-term impact on members. Upon closing, the programs will be merged. Alaska Airlines is committed to ensuring that loyalty members of both airlines maintain the same high-value rewards they've come to enjoy in both programs – with access to an even larger network.
Attractive Returns for Shareholders
Under the terms of the agreement, Alaska Air Group will acquire Virgin America for $57.00 per share in cash, representing a total equity value of $2.6 billion. The combined company expects to achieve $225 million annually in total net synergies at full integration. One-time integration costs are expected to be between $300-350 million. The combined airline is projected to have annual revenues of more than $7 billion. Alaska Air Group expects the transaction to be accretive to adjusted earnings per share in the first full year, excluding integration costs.
The transaction builds on both companies' strong financial performance. In 2015, Alaska Air Group achieved a record full-year adjusted net income of $842 million, which increased 47 percent over 2014. Alaska Airlines also grew passenger revenues by 5 percent year-over-year, and has increased dividend payments 175 percent since initiation in 2013. In 2015, Alaska Airlines added 20 new markets and 10 new cities to its growing network and 11 new aircraft. As of March 31, 2016, Alaska Airlines had $1.6 billion in unrestricted cash and short-term investments.
Since its successful IPO in 2014, Virgin America has reached a number of milestones, most recently reporting a record annual year-over-year net income of $201 million, an increase of 139 percent in FY 2015, the highest in company history. In 2015, Virgin America also outperformed the industry in domestic unit revenue growth and began growing the airline with 10 new aircraft deliveries.
Preparing for Takeoff
The combined organization will be based in Seattle under the leadership of Tilden and his senior leadership team, who collectively have nearly 15 decades of combined airline industry experience. Until receiving regulatory approval to close, Tilden and Cush will co-lead a transition team, which will develop a specific integration plan.
Alaska Airlines and Virgin America are two of the most respected aviation brands in the United States (and globally in the case of Virgin). While the companies apply for a single operating certificate, Alaska will maintain its new, refreshed brand and will work closely with Virgin America to learn more about the award-winning Virgin America brand and customer experience. And over the next few months Alaska will explore with the Virgin Group how the Virgin America brand could continue to serve a role in driving customer acquisition and loyalty to get the best from both brands.
The merger, which has been approved unanimously by the boards of directors of both companies, is conditioned on receipt of regulatory clearance, approval by Virgin America shareholders and satisfaction of other customary closing conditions. The companies expect to complete the transaction with regulators' approval no later than Jan. 1, 2017.
Advisors
BofA Merrill Lynch and UBS Investment Bank acted as lead financial advisors to Alaska Airlines on the transaction. Cowen & Company also acted as a financial advisor to the company. Evercore Group LLC acted as financial advisors to Virgin America. O'Melveny & Myers LLP acted as legal advisors to Alaska Airlines, and Latham & Watkins LLP acted as legal advisors to Virgin America.
Microsite and multimedia assets
Additional details about the transaction, including multimedia assets, are posted at www.FlyingBetterTogether.com and include:
A video featuring Alaska Airlines CEO Brad Tilden discussing the announcement;
A blog post with Tilden's take on merging the two West Coast airlines;
Customer and investor FAQs; and
High-resolution, broadcast quality b-roll footage and images.
Investor and Media Conference Call and Webcast
Executives from Alaska Airlines and Virgin America will host a call for the investment community and media today at 5:30 a.m. Pacific time/8:30 a.m. Eastern time to discuss the transaction. To access the conference call, please dial 1-800-300-0356, referencing conference ID # 82998792. A slide presentation and the live audio webcast will be available and archived on the investor relations section of the Alaska Air Group website approximately one hour after the call concludes.
About Alaska Airlines
Alaska Airlines, a subsidiary of Alaska Air Group (NYSE: ALK), together with its partner regional airlines, serves more than 100 cities through an expansive network in Alaska, the Lower 48, Hawaii, Canada, Costa Rica and Mexico. Alaska Airlines ranked "Highest in Customer Satisfaction Among Traditional Carriers" in the J.D. Power North American Airline Satisfaction Study for eight consecutive years from 2008 to 2015. Alaska Airlines' Mileage Plan also ranked "Highest in Customer Satisfaction among Airline Loyalty/Rewards Programs" for the second year in a row in the J.D. Power 2015 Airline Loyalty/Rewards Program Satisfaction Report. For reservations, visit www.alaskaair.com. For more news and information, visit the Alaska Airlines Newsroom at www.alaskaair.com/newsroom.
About Virgin America
Known for its mood-lit cabins, three beautifully designed classes of service and innovative fleetwide amenities — like touch-screen personal entertainment, WiFi and power outlets at every seat, Virgin America has earned a host of awards since launching in 2007 — including being named the "Best U.S. Airline" in Condé Nast Traveler's Readers' Choice Awards years and "Best Domestic Airline" in Travel + Leisure's World's Best Awards for the past eight consecutive years. For information, visit www.virginamerica.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking information about Alaska Airlines, Virgin America and the proposed transaction. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "likely," "should," "project," "could," "plan," "goal," "potential," "pro forma," "seek," "estimate," "intend" or "anticipate" or the negative thereof, and may include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of announced transactions and statements about the future performance, operations, products and services of Virgin America and/or Alaska Airlines. Alaska Airlines and Virgin America caution readers not to place undue reliance on these statements. These forward-looking statements are subject to a variety of risks and uncertainties. Consequently, actual results and experience may differ materially from those contained in any forward-looking statements. Such risks and uncertainties include: the failure to obtain Virgin America stockholder approval of the proposed transaction; the possibility that the closing conditions to the proposed transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; delay in closing the transaction or the possibility of non-consummation of the transaction; the occurrence of any event that could give rise to termination of the merger agreement; the risk that stockholder litigation in connection with the contemplated transaction may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; risks inherent in the achievement of anticipated synergies and the timing thereof; risks related to the disruption of the transaction to Virgin America and its management; the effect of announcement of the transaction on Virgin America's ability to retain and hire key personnel and maintain relationships with suppliers and other third parties; labor costs and relations, general economic conditions, increases in operating costs including fuel, inability to meet cost reduction goals, an aircraft accident, and changes in laws and regulations. These risks and others relating to Alaska Airlines and Virgin America are described in greater detail in their respective SEC filings, including (i) as to Alaska Airlines, Alaska Airlines' Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, as well as in other documents filed by Alaska Airlines with the SEC after the date thereof, and (ii) as to Virgin America, Virgin America's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2015, as well as in other documents filed by Virgin America with the SEC after the date thereof. Alaska Airlines and Virgin America make no commitment to revise or update any forward- looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made.
Additional Information About the Merger and Where to Find It
This communication may be deemed to be solicitation material in respect of the merger of Virgin America with a wholly owned subsidiary of Alaska Air Group. Virgin America intends to file relevant materials with the Securities and Exchange Commission (the "SEC"), including a proxy statement in preliminary and definitive form, in connection with the solicitation of proxies for the merger. The definitive proxy statement will contain important information about the proposed merger and related matters. BEFORE MAKING A VOTING DECISION, STOCKHOLDERS OF VIRGIN AMERICA ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT VIRGIN AMERICA AND THE MERGER. Stockholders will be able to obtain copies of the proxy statement and other relevant materials (when they become available) and any other documents filed by Virgin America with the SEC for no charge at the SEC's website at www.sec.gov. In addition, stockholders will be able to obtain free copies of the proxy statement from Virgin America by contacting Virgin America's Investor Relations Department by telephone at (650) 762-7000, by mail to Virgin America Inc., Attention: Investor Relations Department, 555 Airport Boulevard, Burlingame, California 94010, or by going to Virgin America's Investor Relations page on its corporate website at http://ir.virginamerica.com.
Participants in the Solicitation
Alaska Air Group, Virgin America and certain of their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Virgin America's stockholders in respect of the merger. Information concerning the ownership of Virgin America securities by Virgin America's directors and executive officers is included in their SEC filings on Forms 3, 4, and 5, and additional information about Virgin America's directors and executive officers is also available in Virgin America's proxy statement for its 2016 annual meeting of stockholders filed with the SEC on March 25, 2016, and is supplemented by other public filings made, and to be made, with the SEC by Virgin America. Information concerning Alaska Air Group's directors and executive officers is available in Alaska Air Group's proxy statement for its 2016 annual meeting of stockholders filed with the SEC on April 1, 2016. Other information regarding persons who may be deemed participants in the proxy solicitation, including their respective interests by security holdings or otherwise, will be set forth in the definitive proxy statement that Virgin America intends to file with the SEC. These documents can be obtained free of charge from the sources indicated above.
Photo - http://photos.prnewswire.com/prnh/20160404/350811
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alaska-air-group-to-acquire-virgin-america-creating-west-coasts-premier-carrier-300245272.html
SOURCE Alaska Air Group
Copyright 2016 PR Newswire
Hey I gave the heads up a week prior as it was given to me by another ihubber.
Alaska Air is set to pay between $56 and $58 per share to acquire Virgin America, the people said. A deal could be announced as early as Monday, the people added, asking not to be identified because the agreement had not yet been finalized."
Alaska Air is set to pay between $56 and $58 per share to acquire Virgin America, the people said. A deal could be announced as early as Monday, the people added, asking not to be identified because the agreement had not yet been finalized."
Boom!
SoundGuy.. This is why I said you're smart for unloading on the way up. Opportunity Always presents itself to buy back and flip again. I'd probably be furious as usual had I not unloaded a bunch on the way up. No offense to anyone of course.
Should have known if Cramer was pumping airlines, it would be bad news eventually...