Virgin America Files for U.S. IPO
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Virgin America Inc, filed with the U.S. SEC for an IPO of its Common Stock. The proposed maximum offering price is $115 million.
The offering is being made via Deutsche Bank and Barclays.
For 2013, we recorded operating revenues of $1.4 billion, operating income of $80.9 million and net income of $10.1 million. We increased our RASM in 2013 by 9.3% compared to 2012, the largest increase of any major U.S. airline. Furthermore, our CASM of 10.98 cents increased by only 0.7% and remained one of the lowest of all U.S. airlines in 2013. We completed a recapitalization of a majority of our operating lease and debt obligations in May 2013, leading to a $34.7 million decline in aircraft rent expense and a $44.8 million decline in interest expense for 2013 compared to 2012. As a result of our RASM increase and the reduction in rent and interest expense, our financial performance improved from a net loss of $145.4 million in 2012 to net income of $10.1 million in 2013. In 2014, we had a net loss of $22.4 million in the first quarter, which is typically our seasonally weakest quarter, compared to a net loss of $46.4 million in the first quarter of 2013. Our RASM in the first quarter of 2014 increased by 0.9% from the prior year period, while our CASM in the first quarter of 2014 increased by only 0.2% from the prior year period.
Virgin America is a premium-branded, low-cost airline based in California that provides scheduled air travel in the continental United States and Mexico. The company operates primarily from our focus cities of Los Angeles and San Francisco to other major business and leisure destinations in North America.
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