AIR CANADA INC (OTCMKTS:AIDIF): Reports Record Results of 3Q13

On November 8, 2013, Air Canada Inc. (OTCMKTS:AIDIF) reported its highest quarterly adjusted net income and also EBITDAR Results in its history.

The amount of adjusted net income of the company for the 3Q13 was $365 million or $1.29 per diluted share as compared to $229 million or $0.82 per diluted share for the same quarter a year ago, which indicates an improvement of $136 million or 59.4%. The amount of EBITDAR was $626 million for the 3Q13 as compared to of $551 million of EBITDAR without including benefit plan amendments in the same third quarter a year ago, which indicates an improvement of $75 million.

On a GAAP basis including special items, the company’s net income was $299 million or $1.05 per diluted share as compared to net income of $359 million or $1.28 per diluted share in the same third quarter of last year, during which the company recorded a reduction in special operating expenses of $127 million, while in the third quarter of 2013, no comparable operating expense reduction was recorded.

“I am extremely pleased to report Air Canada’s best quarterly performance in the Corporation’s history, surpassing previous records for adjusted net income and EBITDAR,” said CalinRovinescu, President and Chief Executive Officer.

CalinRovinescu also further added that, the operating leverage of the company for the quarter was noteworthy, as the company achieved an improvement of 59.4% in adjusted net income based on improvement in total revenues of 4.6% for the quarter.These results of the company highlight the momentum which has been attained by executing on the foundations of its transformation strategy, sustainable profitability and also positioning the company as a stronger national and universal competitor.

During the quarter, the company announced a number of important developments for the achievement of its priorities. The company completed its refinancing of its 2010 notes for an amount of $1.4 billion successfully, by substantially reducing its cost structure, improving its credit profile and  also by strengthening its balance sheet.

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