- Low Cost Carrier Profitable all Four Quarters of 2009 - - Record
Load Factor and Income for 2009 - ORLANDO, Fla., Jan. 27
/PRNewswire-FirstCall/ -- AirTran Holdings, Inc., (NYSE:AAI), the
parent company of AirTran Airways, Inc., today reported net income
of $134.7 million or $0.95 per diluted share for the full-year 2009
and net income of $17.1 million or $0.11 per diluted share for the
fourth quarter of 2009. These results represent an all-time record
for annual net income with an improvement of over $400 million as
compared to last year. Operating income was $177.0 million and is
also a record for the Company. "Both our operating and financial
numbers clearly illustrate the hard work and dedication of each of
our 8,500 Crew Members," said Bob Fornaro, AirTran Airways'
chairman, president and chief executive officer. "Posting these
results during one of the most trying economic times in decades
also shows that customers are very attracted to our unique
combination of high-quality, low-cost service." Excluding $7.1
million of unrealized gains on the Company's future fuel hedge
portfolio recorded during the quarter, the economic net income for
the fourth quarter was $10.1 million or $0.07 per diluted share. In
addition, the annual net income results include $34.7 million of
unrealized gains on the Company's future fuel hedge portfolio, $3
million of gains on asset dispositions, and $3.3 million of gains
on extinguishment of debt, net of tax. Excluding these items, the
economic net income for 2009 was $93.6 million or $0.67 per diluted
share. Network Diversification: The Company continued to diversify
its coast-to-coast network and has increased its traffic to record
levels in the Milwaukee and Orlando markets. AirTran Airways now
offers flights to more cities from Orlando than any other airline
and serves 18 of the top 20 markets from Milwaukee. This continued
network diversification has paved the way for successful expansion
into the Caribbean from Atlanta, Baltimore, and Orlando. "Further
diversifying our network strengthens our Company and allows us to
maximize revenue opportunities," said Kevin Healy, AirTran Airways'
senior vice president, marketing and planning. "Expanding our
presence in key markets like Baltimore, Milwaukee, and Orlando has
been very successful and has allowed us to bring more of our
award-winning service to these markets and surrounding communities.
We have established a strong platform for future growth." Network
diversification highlights for 2009 and to date include: -- Added
service to the Caribbean with the following new destinations:
Cancun, Mexico; Montego Bay, Jamaica; Nassau, Bahamas and Aruba. --
Initiated domestic service to seven new cities: Allentown, Pa.;
Asheville, N.C.; Atlantic City, N.J.; Branson, Mo.; Charleston,
W.Va.; Key West, Fla.; and Knoxville, Tenn. -- Added over 30 new
routes, including nine from Atlanta, eight from Milwaukee, five
from Baltimore, and 12 from AirTran's hometown of Orlando bringing
the total number of destinations served nonstop from Orlando to 43.
-- Announced new domestic service to Lexington, Ky.; Des Moines,
Iowa; and Omaha, Neb. to begin in 2010. -- Established a marketing
partnership with SkyWest Airlines to support AirTran's Milwaukee
hub. Cost and Financial Performance In 2009, AirTran Airways
continued to lead the industry with the lowest non-fuel operating
cost per mile among major airlines on a stage-length adjusted
basis. AirTran has been able to maintain this advantage by
operating North America's newest all-Boeing fleet, high asset
utilization, and driving efficiencies from all levels of the
operation. "Maintaining our cost advantage is critical to the
sustained success of AirTran Airways," said Arne Haak, AirTran
Airways' senior vice president of finance, treasurer and chief
financial officer. "Our cost structure is fundamental to the value
we provide our customers in quality service and affordable fares.
We remain focused on managing costs, improving our balance sheet
and positioning ourselves to compete successfully in a difficult
marketplace." During 2009, AirTran Airways significantly
strengthened its liquidity and cash position through a number of
transactions including extending and enhancing a $175 million
credit facility and completing over $165 million in equity and debt
financing. Cost and financial performance highlights for 2009 to
date include: -- Annual non-fuel cost per available seat mile
(CASM), adjusted of 6.39 cents - lowest among major airlines when
adjusted for stage length. -- Full-time equivalent (FTE) positions
per aircraft were 56.8 at year-end. -- Ended the year with $543
million in unrestricted cash. -- Received improvements in credit
rating and outlook from major credit rating agencies. -- Annual
fuel expense decreased $516 million compared to 2008. -- Hedged 40
percent of 2010 fuel requirements with benefits beginning at $60
per barrel. Other AirTran Airways Highlights: Other highlights of
AirTran Airways' accomplishments in 2009 and to date include: --
Awarded the prestigious Market Leadership Award from the leading
industry publication, Air Transport World, for AirTran's innovative
combination of low-cost, high-quality service and response to the
global financial crisis. -- Ranked #1 among all low-cost carriers
for the second consecutive year in the Airline Quality Rating
(http://www.aqr.aero/). This is the fifth consecutive year AirTran
Airways ranked third or higher for quality among all U.S. carriers
in this prestigious rating. -- Successfully ratified collective
bargaining agreement with Teamsters Local 528 which represents
mechanics and related Crew Members. -- Completed installation of
Gogo Inflight Internet on all 138 AirTran Airways aircraft,
becoming the first and only major airline to be 100 percent Wi-Fi
equipped. -- Launched special livery aircraft in partnership with
the Atlanta Falcons, Baltimore Ravens, Indianapolis Colts and
Orlando Magic. -- Entered into a multi-year partnership with the
Orlando Magic to become "Champions of the Community" sponsors while
signing all-star center Dwight Howard. -- Partnered with the
Milwaukee Brewers to establish the AirTran Airways Landing Zone at
Miller Park and by signing Milwaukee Brewers slugger Ryan Braun. --
Signed Baltimore Ravens tackle and inspiration for the box office
hit The Blind Side, Michael Oher, to a multi-year endorsement deal.
-- Signed multi-year agreement to be a Presenting Sponsor of
Marquette University Athletics and a Premier Corporate Partner of
Marquette University. AirTran Holdings, Inc. will conduct a
conference call to discuss the year-end and quarter's results today
at 9:30 a.m. Eastern Standard Time. A live broadcast of the
conference call will be available via the Internet in the investor
relations section at http://www.airtran.com/. AirTran Airways, a
subsidiary of AirTran Holdings, Inc. (NYSE:AAI) and a Fortune 1000
company, has been ranked the number one low cost carrier in the
Airline Quality Rating study for the past two years. AirTran is the
only major airline with Gogo Inflight Internet on every flight and
offers coast-to-coast service on North America's newest all-Boeing
fleet. Its low-cost, high-quality product also includes assigned
seating, Business Class and complimentary XM Satellite Radio on
every flight. To book a flight, visit http://www.airtran.com/.
Editor's note: Statements regarding the Company's operational and
financial success, business model, expectation about future
success, improved operational performance and our ability to
maintain or improve our low costs are forward-looking statements
and are not historical facts. Instead, they are estimates or
projections involving numerous risks or uncertainties, including
but not limited to, consumer demand and acceptance of services
offered by the Company, the Company's ability to maintain current
cost levels, fare levels and actions by competitors, regulatory
matters and general economic conditions. Additional information
concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is
contained from time to time in the Company's SEC filings, including
but not limited to the Company's annual report on Form 10-K for the
year ended December 31, 2008. The Company disclaims any obligation
or duty to update or correct any of its forward-looking statements.
AirTran Airways: Christopher White (Media) 678-254-7442 Jason
Bewley (Investor Relations) 407-318-5188 AirTran Holdings, Inc.
Consolidated Statements of Operations (In thousands, except per
share data and statistical summary) (Unaudited) Three Months Ended
December 31, Percent 2009 2008 Change ---- ---- ------ Operating
Revenues: Passenger $536,458 $553,230 (3.0) Other 61,974 36,185
71.3 ------ ------ Total operating revenues 598,432 589,415 1.5
Operating Expenses: Aircraft fuel 195,827 194,487 0.7 Salaries,
wages and benefits 124,739 112,420 11.0 Aircraft rent 60,615 60,440
0.3 Maintenance, materials and repairs 52,968 38,555 37.4
Distribution 24,148 23,319 3.6 Landing fees and other rents 36,034
32,748 10.0 Aircraft insurance and security services 5,289 5,246
0.8 Marketing and advertising 7,150 9,361 (23.6) Depreciation
14,751 15,491 (4.8) (Gain) loss on asset dispositions 109 (4,218) -
Other operating 50,698 48,147 5.3 ------ ------ Total operating
expenses 572,328 535,996 6.8 ------- ------- Operating Income
26,104 53,419 (51.1) Other (Income) Expense: Interest income (490)
1,693 - Interest expense 22,899 22,144 3.4 Capitalized interest
(448) (679) (34.0) Net (gains) losses on derivative financial
instruments (12,680) 147,686 - ------- ------- Other (income)
expense, net 9,281 170,844 (94.6) ----- ------- Income (Loss)
Before Income Taxes 16,823 (117,425) - Income Tax Expense (Benefit)
(268) 4,169 - Net Income (Loss) $17,091 $(121,594) - =======
========= Income (Loss) per Common Share Basic $0.13 $(1.03) -
Diluted $0.11 $(1.03) - Weighted-average Shares Outstanding Basic
133,909 118,034 13.4 Diluted 168,602 118,034 42.8 Operating margin
4.4 percent 9.1 percent (4.7) pts. Net margin 2.9 percent (20.6)
percent 23.5 pts. Net margin, adjusted* 1.7 percent (21.7) percent
23.4 pts. Fourth Quarter Statistical Summary: Revenue passengers
5,911,553 5,754,446 2.7 Revenue passenger miles (000s) 4,511,080
4,218,819 6.9 Available seat miles (000s) 5,795,856 5,359,177 8.1
Passenger load factor 77.8 percent 78.7 percent (0.9) pts.
Departures 63,118 61,142 3.2 Average stage length (miles) 733 700
4.7 Average fare $90.75 $96.14 (5.6) Average yield per RPM 11.89
cents 13.11 cents (9.3) Passenger revenue per ASM 9.26 cents 10.32
cents (10.3) Total revenue per ASM 10.33 cents 11.00 cents (6.1)
Operating cost per ASM 9.87 cents 10.00 cents (1.3) Operating cost
per ASM, adjusted* 9.87 cents 10.08 cents (2.1) Non-fuel operating
cost per ASM 6.50 cents 6.37 cents 2.0 Non-fuel operating cost per
ASM, adjusted* 6.49 cents 6.45 cents 0.6 Average cost of aircraft
fuel per gallon $2.15 $2.32 (7.3) Average economic cost of aircraft
fuel per gallon $2.09 $4.10 (49.0) Gallons of fuel burned (000s)
90,951 84,000 8.3 Operating aircraft in fleet at end of period 138
136 1.5 Average daily aircraft utilization (hours) 10.8 10.4 3.8
Full-time equivalent employees at end of period 7,844 7,489 4.7 *
Statistical calculations for 2009 and 2008, on an adjusted basis,
exclude gains and losses as detailed in the attached Reconciliation
of GAAP Financial Information to Non-GAAP Financial Information.
During the fourth quarter of 2009, we recorded a $2.4 million
reduction in advertising expense to correct overstatements of
Airtran is sending in addl graphs for their earns advertising
expense recognized in prior periods. Our fourth quarter 2008
financial data has been restated to reflect the required
retrospective application of our adoption of Accounting Standards
Codification (ASC) 470-20, "Debt with Conversion and Other Options
-Cash Conversion." The restatement resulted in a $1.4 million
decrease and $3.2 million increase to operating income and net
loss, respectively, for the three months ended December 31, 2008.
Twelve Months Ended December 31, Percent 2009 2008 Change ---- ----
------ Operating Revenues: Passenger $2,088,965 $2,413,609 (13.5)
Other 252,477 138,869 81.8 ------- ------- Total operating revenues
2,341,442 2,552,478 (8.3) Operating Expenses: Aircraft fuel 678,835
1,194,938 (43.2) Salaries, wages and benefits 488,366 474,889 2.8
Aircraft rent 242,236 242,674 (0.2) Maintenance, materials and
repairs 198,852 163,350 21.7 Distribution 94,688 100,400 (5.7)
Landing fees and other rents 144,756 137,738 5.1 Aircraft insurance
and security services 21,045 21,556 (2.4) Marketing and advertising
38,097 40,475 (5.9) Depreciation 56,871 59,049 (3.7) Gain on asset
dispositions (2,964) (20,015) (85.2) Impairment of goodwill - 8,350
- Other operating 203,650 204,895 (0.6) ------- ------- Total
operating expenses 2,164,432 2,628,299 (17.6) --------- ---------
Operating Income (Loss) 177,010 (75,821) - Other (Income) Expense:
Interest income (5,702) (3,679) 55.0 Interest expense 83,967 85,479
(1.8) Capitalized interest (1,692) (7,707) (78.0) Gain on
extinguishment of debt (4,278) - - Net (gains) losses on derivative
financial instruments (30,624) 150,836 - ------- ------- Other
(income) expense, net 41,671 224,929 (81.5) ------ ------- Income
(Loss) Before Income Taxes 135,339 (300,750) - Income Tax Expense
(Benefit) 677 (34,416) - Net Income (Loss) $134,662 $(266,334) -
======== ========= Income (Loss) per Common Share Basic $1.09
$(2.44) - Diluted $0.95 $(2.44) - Weighted-average Shares
Outstanding Basic 123,624 109,153 13.3 Diluted 146,891 109,153 34.6
Operating margin 7.6 percent (3.0) percent 10.6 pts. Net margin 5.8
percent (10.4) percent 16.2 pts. Net margin, adjusted* 4.0 percent
(9.9) percent 13.9 pts. Twelve Month Statistical Summary: Revenue
passengers 23,997,810 24,619,120 (2.5) Revenue passenger miles
(000s) 18,588,036 18,955,843 (1.9) Available seat miles (000s)
23,294,117 23,809,190 (2.2) Passenger load factor 79.8 percent 79.6
percent 0.2 pts. Departures 251,694 260,120 (3.2) Average stage
length (miles) 738 728 1.4 Average fare $87.05 $98.04 (11.2)
Average yield per RPM 11.24 cents 12.73 cents (11.7) Passenger
revenue per ASM 8.97 cents 10.14 cents (11.5) Total revenue per ASM
10.05 cents 10.72 cents (6.3) Operating cost per ASM 9.29 cents
11.04 cents (15.9) Operating cost per ASM, adjusted* 9.30 cents
11.09 cents (16.1) Non-fuel operating cost per ASM 6.38 cents 6.02
cents 6.0 Non-fuel operating cost per ASM, adjusted* 6.39 cents
6.07 cents 5.3 Average cost of aircraft fuel per gallon $1.87 $3.25
(42.5) Average economic cost of aircraft fuel per gallon $1.88
$3.60 (47.8) Gallons of fuel burned (000s) 363,215 367,169 (1.1)
Operating aircraft in fleet at end of period 138 136 1.5 Average
daily aircraft utilization (hours) 11.0 11.0 - Full-time equivalent
employees at end of period 7,844 7,489 4.7 * Statistical
calculations for 2009 and 2008, on an adjusted basis, exclude gains
and losses as detailed in the attached Reconciliation of GAAP
Financial Information to Non-GAAP Financial Information. During the
fourth quarter of 2009, we recorded a $2.4 million reduction in
advertising expense to correct overstatements of advertising
expense recognized in prior periods. Our 2008 financial data has
been restated to reflect the required retrospective application of
our adoption of Accounting Standards Codification (ASC) 470-20,
"Debt with Conversion and Other Options - Cash Conversion." The
restatement resulted in a $3.8 million increase and $7.5 million
decrease to operating loss and net loss, respectively, for the
twelve months ended December 31, 2008. Reconciliation of GAAP
Financial Information to Non-GAAP Financial Information Three and
Twelve Months Ended December 31, 2009 and 2008 We prepare our
financial statements in accordance with generally accepted
accounting principles (GAAP). Within our press release, we make
reference to certain non-GAAP financial measures including economic
net income and adjusted net margin. Our disclosures may also
exclude special or non-recurring items that we believe should be
taken into consideration to more accurately measure and monitor our
operating performance. Our disclosure of non-fuel operating cost
per available seat mile (non-fuel CASM) is consistent with
financial measures reported by other airlines and analysts. We
believe that non-fuel CASM and non-fuel CASM adjusted provide a
useful understanding of our operations. Both the cost and
availability of fuel are subject to many economic and political
factors and are therefore beyond our control. Our press release
also contains information regarding the components of GAAP fuel
expense and net gains and losses on derivative financial
instruments. These amounts have been included as supplemental
information. We disclose both the average fuel cost per gallon and
the average economic fuel cost per gallon. Average fuel cost per
gallon is based on fuel expense as measured by GAAP and includes
realized gains and losses on fuel related derivatives instruments
which are accounted for as hedges. Average economic fuel cost per
gallon includes realized gains and losses on all fuel related
derivative instruments, including those which were not accounted
for as hedges, but does not include unrealized gains and losses
recognized under GAAP. We consider our fuel derivative contracts an
important tool in managing costs related to jet fuel purchases. We
believe it is important to assess our financial performances by
including the effect of the net cash settlements and excluding the
mark-to-market adjustments for our unrealized gains and losses
recorded in the income statement for contracts settling in future
periods. We believe that these measures represent important
internal measures of performance. Accordingly, where these non-GAAP
measures are provided, it is done so that investors have the same
financial data that management uses in evaluating performance with
the belief that it will assist the investment community in
assessing our underlying performance on a year-over-year and a
quarter-over-quarter basis. However, because these measures are not
determined in accordance with accounting principles generally
accepted in the United States, such measures are susceptible to
varying calculations and not all companies calculate the measures
in the same manner. As a result, the aforementioned measures as
presented may not be directly comparable to similarly titled
measures presented by other companies. The non-GAAP measures are
presented as supplemental information and not as alternatives to
any GAAP measurements. Three months ended December 31, ------------
Dollars in thousands, unless 2009 2008 otherwise noted ---- ----
The following table calculates net margin, adjusted: Net income
(loss) $17,091 $(121,594) (Gain) loss on extinguishment of debt,
net of taxes - - Unrealized (gains) losses on derivative financial
instruments, net of taxes (7,082) (2,010) Impairment of goodwill -
- (Gain) loss on asset dispositions, net of taxes 109 (4,218) ---
------ Net income (loss), adjusted $10,118 $(127,822) =======
========= Total operating revenues $598,432 $589,415 --------
-------- Net margin, adjusted 1.7% (21.7%) === ===== The following
table calculates operating cost per ASM, adjusted: Total operating
expenses $572,328 $535,996 Impairment of goodwill - - Gain (loss)
on asset dispositions (109) 4,218 ---- ----- Operating expenses,
adjusted $572,219 $540,214 ======== ======== ASMs (000) 5,795,856
5,359,177 --------- --------- Operating cost per ASM (cents),
adjusted 9.87 10.08 ==== ===== The following table calculates
non-fuel operating cost per ASM and non-fuel operating cost per
ASM, adjusted: Total operating expenses $572,328 $535,996 Aircraft
fuel (195,827) (194,487) -------- -------- Non-fuel operating cost
$376,501 $341,509 ======== ======== ASMs (000) 5,795,856 5,359,177
Non-fuel operating cost per ASM (cents) 6.50 6.37 ==== ==== Total
operating expenses $572,328 $535,996 Aircraft fuel (195,827)
(194,487) Impairment of goodwill - - Gain (loss) on asset
dispositions, net of taxes (109) 4,218 ---- ----- Non-fuel
operating cost, adjusted $376,392 $345,727 ======== ======== ASMs
(000) 5,795,856 5,359,177 Non-fuel operating cost per ASM (cents)
adjusted 6.49 6.45 ==== ==== The following table provides detail of
certain components of aircraft fuel expense and calculates average
economic cost of aircraft fuel per gallon: Aircraft fuel expense
$195,827 $194,487 Realized (gains) losses on derivatives that do
not qualify for hedge accounting, recorded in net (gains) losses on
derivative financial instruments (5,596) 40,327 Realized (gains)
losses on derivatives related to 2009 contracts terminated,
recorded in net (gains) losses on derivatives financial instruments
- 109,370 --- ------- Economic fuel expense $190,231 $344,184
======== ======== Gallons of fuel burned 90,951 84,000 ------
------ Economic cost of aircraft fuel per gallon (dollars) $2.09
$4.10 ===== ===== The following table calculates diluted earnings
(loss) per share, adjusted for the three and twelve months ended
December 31, 2009 and 2008: Net income (loss) $17,091 $(121,594)
(Gain) loss on extinguishment of debt, net of taxes - - Unrealized
(gains) losses on derivative financial instruments, net of taxes
(7,082) (2,010) Impairment of goodwill - - (Gain) loss on asset
dispositions, net of taxes 109 (4,218) --- ------ Net income
(loss), adjusted $10,118 $(127,822) ======= ======== Plus income
effect of assumed interest on convertible debt 956 - --- --- Income
(loss) after assumed conversion, diluted $11,074 $(18,452) =======
======== Adjusted weighted-average shares outstanding, diluted
152,402 127,822 ------- ------- Diluted earnings (loss)per share
(dollars), adjusted $0.07 $(1.08) ===== ====== Twelve months ended
December 31, Dollars in thousands, unless 2009 2008 otherwise noted
---- ---- The following table calculates net margin, adjusted: Net
income (loss) $134,662 $(266,334) (Gain) loss on debt
extinguishment, net of taxes (3,333) - Unrealized (gains) losses on
derivative financial instruments, net of taxes (34,746) 24,531
Impairment of goodwill - 8,350 (Gain) loss on asset dispositions,
net of taxes (2,964) (20,015) ------ ------- Net income (loss),
adjusted $93,619 $(253,468) ======= ========= Total operating
revenues $2,341,442 $2,552,478 ---------- ---------- Net margin,
adjusted 4.0% (9.9%) === ==== The following table calculates
operating cost per ASM, adjusted: Total operating expenses
$2,164,432 $2,628,299 Impairment of goodwill - (8,350) Gain (loss)
on asset dispositions 2,964 20,015 ----- ------ Operating expenses,
adjusted $2,167,396 $2,639,964 ========== ========== ASMs (000)
23,294,117 23,809,190 ---------- ---------- Operating cost per ASM
(cents), adjusted 9.30 11.09 ==== ===== The following table
calculates non-fuel operating cost per ASM and non-fuel operating
cost per ASM, adjusted: Total operating expenses $2,164,432
$2,628,299 Aircraft fuel (678,835) (1,194,938) -------- ----------
Non-fuel operating cost $1,485,597 $1,433,361 ========== ==========
ASMs (000) 23,294,117 23,809,190 Non-fuel operating cost per ASM
(cents) 6.38 6.02 ==== ==== Total operating expenses $2,164,432
$2,628,299 Aircraft fuel (678,835) (1,194,938) Impairment of
goodwill - (8,350) Gain (loss) on asset dispositions, net of taxes
2,964 20,015 ----- ------ Non-fuel operating cost, adjusted
$1,488,561 $1,445,026 ========== ========== ASMs (000) 23,294,117
23,809,190 Non-fuel operating cost per ASM (cents) adjusted 6.39
6.07 ==== ==== The following table provides detail of certain
components of aircraft fuel expense and calculates average economic
cost of aircraft fuel per gallon: Aircraft fuel expense $678,835
$1,194,938 Realized (gains) losses on derivatives that do not
qualify for hedge accounting recorded in net (gains) losses on
derivative financial instruments 4,122 16,936 Realized (gains)
losses on derivatives related to 2009 contracts terminated,
recorded in net (gains) losses on derivatives financial instruments
- 109,370 --- ------- Economic fuel expense $682,957 $1,321,244
======== ========== Gallons of fuel burned 363,215 367,169 -------
------- Economic cost of aircraft fuel per gallon (dollars) $1.88
$3.60 ===== ===== The following table calculates diluted earnings
(loss) per share, adjusted for the three and twelve months ended
December 31, 2009 and 2008: Net income (loss) $134,662 $(266,334)
(Gain) loss on extinguishment of debt, net of taxes (3,333) -
Unrealized (gains) losses on derivative financial instruments, net
of taxes (34,746) 24,531 Impairment of goodwill - 8,350 (Gain) loss
on asset dispositions, net of taxes (2,964) (20,015) ------ -------
Net income (loss), adjusted $93,619 $(253,468) ======= =========
Plus income effect of assumed interest on convertible debt 5,121 -
----- --- Income (loss) after assumed conversion, diluted $98,740
$(253,468) ======= ========= Adjusted weighted-average shares
outstanding, diluted 146,891 109,153 ------- ------- Diluted
earnings (loss) per share (dollars), adjusted $0.67 $(2.32) =====
====== COMPANY ESTIMATES/FORWARD LOOKING STATEMENTS The following
table contains our year-over-year capacity projection for 2010:
Period Forecasted ASMs ------ --------------- Q1 2010 Up
approximately 7% - 8% Q2 2010 Up approximately 4% - 4-1/2% Q3 2010
Up approximately 2% Q4 2010 Up approximately 2% 2010 Up
approximately 3%-4% The following table contains our year-over-year
projections for Q1 2010 total unit revenues, non-fuel operating
unit costs, and average cost per gallon of fuel, all in and 2010
non-fuel operating costs: Projection ---------- Total unit revenue
per ASM in Q1 Down 2-1/2% to 3-1/2% Non-fuel unit operating cost
per ASM in Q1 Up 2-1/2% to 3% Non-fuel unit operating cost per ASM
2010 Up 3% to 4% Average cost per gallon of fuel, all-in Q1 $2.25
to $2.30 The following table contains our percentage of fuel hedged
for 2010: % of Fuel Hedged ---------------- Q1 2010 46% Q2 2010 40%
Q3 2010 37% Q4 2010 39% 2010 40% DATASOURCE: AirTran Holdings, Inc.
CONTACT: Media, Christopher White, +1-678-254-7442, or Investor
Relations, Jason Bewley, +1-407-318-5188, both of AirTran Airways
Web Site: http://www.airtran.com/
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