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39
2005 Compared to 2004
Operating Statistics. The following table sets forth our major operational statistics and the
percentage-of-change for the years identifiedbelow.
Year ended
December 31,
20052004%Change
Blockhours........................................ 866,975 589,129 47.2
Departures........................................ 623,307 464,697 34.1
Passengers carried .................................. 20,343,97513,424,520 51.5
Revenuepassengermiles (000)....................... 9,538,906 5,546,069 72.0
Availableseat miles(000). ........................... 12,718,9737,546,318 68.5
Passenger load factor ............................... 75.0%73.5%1.5pts
Passengerbreakeven load factor...................... 68.6%65.5%3.1pts
Yieldper revenuepassengermile..................... 20.3¢20.5¢(1.0)
Revenueper availableseat mile ...................... 15.4¢15.3¢0.7
Cost peravailable seat mile .......................... 14.1¢13.6¢3.7
Fuel cost peravailableseat mile ...................... 4.6¢3.3¢39.4
Averagepassengertrip length (miles)................. 469413 13.6
Our total ASMs generated during theyear ended December 31, 2005increased 68.5%from the year
ended December 31, 2004. The increase in ASMs wasprimarily a result of increasing the size of our
aircraft fleet, including our acquisition of ASA, from 206 aircraft as of December 31, 2004, to 380 aircraft
as of December31,2005. On the date we acquired ASA, ASA’s fleet consisted of 149aircraft(35 CRJ700s,
102 CRJ200s and 12 ATRs). In addition to theaircraftacquired in connection with theacquisition of ASA,
we took delivery of 30 CRJ700s andtwo CRJ200sduringtheyear ended December31,2005.
Net Income.Net income increased to $112.3 million, or $1.90 per diluted share, for theyear ended
December31, 2005, compared to $81.9 million, or $1.40 per diluted share, for the year ended
December31,2004. Factors relating to thechange in net income are discussed below.
Operatingrevenues increased69.9% for theyear ended December 31, 2005, compared to the year
ended December 31, 2004. The increase in total operating revenues wasprimarily due to theacquisition of
ASA. Airline operating and interest expenses, excluding fuel charges, per ASM decreased7.8% to 9.5¢ for
the year ended December 31, 2005, from 10.3¢ for the year ended December 31, 2004. Theprimary reason
for the decrease wastheincreased capacity of ourregional jetaircraftand the increase in stagelengths
flown by ourregional jet aircraft.
Passenger Revenues. Passenger revenues, which represented 98.7% of consolidated operating
revenues forthe year ended December 31, 2005, increased70.1% to $1.94 billion for the year ended
December31, 2005, from $1.14 billion, or 98.6% of consolidated operating revenues, for theyear ended
December31, 2004. Our passenger revenues,excluding fuel reimbursements from major partners,
increased 51.9% forthe year ended December 31, 2005. The increase in passenger revenues excluding fuel
was primarily due to a68.5% increasein ASMs, principally as a result of our increase in operating aircraft
to 380 aircraft as of December 31,2005,from 206 aircraft as of December 31, 2004.Revenue per ASM
increased 0.7% to 15.4¢, from 15.3¢ for the year ended December 31,2004, primarily dueto an increase in
fuel reimbursements from ourmajor partners.Passenger revenues include an amount designed to
reimburse us for aircraft ownership costs. The amount deemed to be rental incomefor theyearended 2005
was$308.3 million.