Continued expansion in the B737 segment with a 21 percent growth in revenue Q3 year-on-year July - September in brief * Revenue TSEK 330 940 (272 679) * Performed flights 6 822 (6 056) * EBITDA TSEK 44 033 (42 661) * Income before tax TSEK 3 526 (1 450) * Net income for the period TSEK 1 409 (1 917) * Earnings per share SEK 0,05 (0,07) * Cash flow from operating activities TSEK 54 492 (22 846) Comments by the CEO "West Atlantic's third quarter performance resulted in an income before tax of TSEK 3 526 (1 450) and an EBITDA of TSEK 44 033 (42 661). The cash flow from operating activities amounted to TSEK 54 492 (22 846), indicating a continuously solid operational performance. The Group's financial position remains basically unchanged and planned investments in the aircraft fleet will continue during 2014 and 2015. Revenue for the quarter increased by 21 per cent Q3 year-on-year indicating a continued solid growth for the Group. The increase in revenue derives primarily from additional B737 operations. Operational factors reported during Q2 continued to reduce profitability during Q3 compared to the corresponding period in 2013. The most notable still being the introduction issues with the B737-400 aircraft type. This, combined with delivery issues with the first aircraft, left it grounded for the period April - September. Due to this situation and to meet its contractual commitments, West Atlantic was forced to subcharter capacity from other operators. However, the aircraft is now deployed in the EU network and an increase in contribution from this operation is expected going forward. The delayed start of B767 operation has further contributed to lower overall profitability. The aircraft fleet expanded with one B737-300, delivered in September. The aircraft will primarily be deployed for peak and ad-hoc charter operations but will also be utilised as a spare aircraft for heavy maintenance as West Atlantic has reached a sizeable fleet in the B737 segment. In scheduled air cargo traffic, the Group looks forward to the peak season of Q4 and has further secured additional short-term holiday peak operations for the existing fleet. Combined with the deployment of the B737-400, the final quarter of 2014 should reflect an increase in fleet utilisation and profitability for the period." - says Gustaf Thureborn, CEO & Group president. West Atlantic traffic statistics Q3, 2014 2014 2013 | Q3 YTD| Q3 YTD | Jul - Sep Jan-Sep|Jul - Sep Jan-Sep -------------------------------------------+----------------- Performed flights 6 822 19 387| 6 056 17 623 | Regularity (target >99%) 98,4% 98,9 %| 98,7% 99,2% | Number of hours flown 7 012 20 205| 6 692 19 354 | Scheduled destinations 49 49| 42 42 West Atlantic financial calendar for fiscal year 2014 Interim report Q4 (October - December) February 26(th), 2015 Annual report 2014 (January - December) April 28(th), 2015 All reports are available in Swedish and English and can be found on the West Atlantic webpage. The reports can also be ordered electronically via investor.relations@westatlantic.eu. Gothenburg 2014-11-27 Gustaf Thureborn CEO and president West Atlantic discloses the information contained in this interim report pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act. Contact For further information please contact: West Atlantic AB (publ) CEO Gustaf Thureborn Telephone: +46 10 - 452 95 07 E-mail: gustaf.thureborn@westatlantic.eu About West Atlantic Group West Atlantic Group is a European dedicated cargo airline specialised in mail and express freight. Developing from many years' experience the Group can offer its customers customised efficient solutions for airfreight services, maintenance and airworthiness services and aircraft leasing. West Atlantic AB (publ) Org. no: 556503-6083 Box 5433, SE-402 29 Gothenburg, Sweden Phone: +46 (0) 10 - 452 95 00 Contact Email: info@westatlantic.eu Investor Relations: investor.relations@westatlantic.eu Webpage: www.westatlantic.eu [HUG#1874788]
West Atlantic AB (publ): Financial Interim Report January - September 2014, published
| Source: West Atlantic AB (publ)