Pinnacle Airlines Corp. (PNCL, Financial) filed Quarterly Report for the period ended 2009-03-31.
Pinnacle Airlines Corp. a regional airline offers scheduled passenger service throughout the United States. The Company is a Northwest Airlink carrier and operates a fleet of aircraft consisting of Bombardier Canadair Regional Jets and Saab 340 turboprops. Pinnacle Airlines Corp. has a market cap of $57.8 million; its shares were traded at around $3.15 with a P/E ratio of 2.8 and P/S ratio of 0.1.
Net cash provided by investing activities for the three months ended March 31, 2008 was $42.6 million. This was primarily attributable to net proceeds of investments in ARS of $50.8 million, offset by $8.3 million in cash purchases of property and equipment, primarily consisting of flight equipment.
Financing activities. Net cash used in financing activities for the three months ended March 31, 2009 totaled $23.3 million. This was primarily related to $8.9 million used to repurchase a portion of the Company s Notes, $4.1 million for the early repayment of pre-delivery payment financing facilities for the last two CRJ-900 aircraft that the Company has on order, and $10.3 million in principal repayments on other debt obligations.
Net cash provided by financing activities for the three months ended March 31, 2008 totaled $24.7 million. During the quarter, we received $71.8 million in debt proceeds, primarily related to the Credit Facility. This was offset by $26.0 million of principal payments on debt obligations, primarily related to our pre-delivery payment facilities, and the $20.0 million purchase of our Series A Preferred Share from Northwest on January 4, 2008.
Guarantees and indemnifications. We maintain certain standby letter of credit facilities for various vendors. As of March 31, 2009 and December 31, 2008, we had $3.0 million outstanding under these facilities, which are collateralized by $3.0 million that we have invested in certificates of deposit or similar instruments. Total amounts invested in certificates of deposit and other similar instruments were $8.6 million and $5.4 million at March 31, 2009 and December 31, 2008, respectively.
Credit Facility. We are also exposed to interest rate risk on our revolving term loan with Citigroup (the “Credit Facility”), the balance of which was $90.0 million as of March 31, 2009. Should interest rates change by 100 basis points, aggregate interest expense related to the Credit Facility over the next twelve months would change by approximately $0.7 million.
Read the The complete ReportPNCL is in the portfolios of Mohnish Pabrai of Pabrai Mohnish, Mohnish Pabrai of Pabrai Mohnish.
Pinnacle Airlines Corp. a regional airline offers scheduled passenger service throughout the United States. The Company is a Northwest Airlink carrier and operates a fleet of aircraft consisting of Bombardier Canadair Regional Jets and Saab 340 turboprops. Pinnacle Airlines Corp. has a market cap of $57.8 million; its shares were traded at around $3.15 with a P/E ratio of 2.8 and P/S ratio of 0.1.
Highlight of Business Operations:
Investing activities. Net cash provided by investing activities for the three months ended March 31, 2009 was $5.0 million. This was primarily attributable to insurance proceeds of $3.6 million and proceeds from redemptions of ARS of $2.7 million, offset by $1.3 million in cash purchases of property and equipment.Net cash provided by investing activities for the three months ended March 31, 2008 was $42.6 million. This was primarily attributable to net proceeds of investments in ARS of $50.8 million, offset by $8.3 million in cash purchases of property and equipment, primarily consisting of flight equipment.
Financing activities. Net cash used in financing activities for the three months ended March 31, 2009 totaled $23.3 million. This was primarily related to $8.9 million used to repurchase a portion of the Company s Notes, $4.1 million for the early repayment of pre-delivery payment financing facilities for the last two CRJ-900 aircraft that the Company has on order, and $10.3 million in principal repayments on other debt obligations.
Net cash provided by financing activities for the three months ended March 31, 2008 totaled $24.7 million. During the quarter, we received $71.8 million in debt proceeds, primarily related to the Credit Facility. This was offset by $26.0 million of principal payments on debt obligations, primarily related to our pre-delivery payment facilities, and the $20.0 million purchase of our Series A Preferred Share from Northwest on January 4, 2008.
Guarantees and indemnifications. We maintain certain standby letter of credit facilities for various vendors. As of March 31, 2009 and December 31, 2008, we had $3.0 million outstanding under these facilities, which are collateralized by $3.0 million that we have invested in certificates of deposit or similar instruments. Total amounts invested in certificates of deposit and other similar instruments were $8.6 million and $5.4 million at March 31, 2009 and December 31, 2008, respectively.
Credit Facility. We are also exposed to interest rate risk on our revolving term loan with Citigroup (the “Credit Facility”), the balance of which was $90.0 million as of March 31, 2009. Should interest rates change by 100 basis points, aggregate interest expense related to the Credit Facility over the next twelve months would change by approximately $0.7 million.
Read the The complete ReportPNCL is in the portfolios of Mohnish Pabrai of Pabrai Mohnish, Mohnish Pabrai of Pabrai Mohnish.
