SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
Report
on Form 6-K dated for
the month of February,
2007
Copa
Holdings, S.A.
(Translation
of Registrant's Name Into English)
Boulevard
Costa del Este, Avenida Principal y Avenida de la Rotonda
Urbanización
Costa del Este
Parque
Lefevre
Panama
City, Panama
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form
20-F x Form
40-F o
(Indicate
by check whether the registrant by furnishing the information contained in
this
Form is also thereby furnishing the information to the Commission pursuant
to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes o No x
(If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b);82- )
Copa
Holdings Reports Fourth Quarter and Full Year 2007 Results
Panama
City, Panama
--- February 21, 2008. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa
Airlines and Aero Republica, today announced financial results for the fourth
quarter of 2007 (4Q07) and full year 2007. The terms “Copa Holdings" or "the
Company" make reference to the consolidated entity, whose operating subsidiaries
are Copa Airlines and Aero Republica. The following financial and operating
information, unless otherwise indicated, is presented pursuant to US GAAP.
Unless otherwise stated all comparisons with prior periods refer to the fourth
quarter of 2006 (4Q06).
OPERATING
AND FINANCIAL HIGHLIGHTS
| · |
Copa
Holdings reported net income of US$34.1 million for 4Q07, or diluted
earnings per share (EPS) of US$0.79, as compared to net income of
US$41.5
million or diluted EPS of US$0.96 in 4Q06. Fourth quarter 2007 results
include special charges at Aero Republica totaling US$6.3 million
related
to the accrual of costs associated with terms negotiated for the
early
termination of three MD-80 aircraft as a result of Aero Republica’s
ongoing transition to a more fuel efficient all EMBRAER-190 fleet.
Excluding the impact of these special charges, the company would
have
reported 4Q07 net income of $40.4 million, or diluted EPS of $0.93.
|
| · |
Net
income for full year 2007 reached a record US$160.4 million or diluted
EPS
of US$3.69, compared to US$133.8 million or diluted EPS of US$3.10
for
full year 2006. Excluding special charges of US$7.3 million related
to the
accrual of costs associated with the early termination of five MD-80
aircraft leases as a result of Aero Republica’s ongoing transition to a
more fuel efficient all EMBRAER-190 fleet and a non-recurring pre-tax
gain
of US$8.0 related to insurance proceeds in excess of aircraft book
value,
net income for full year 2007 would have been US$159.7 Million or
diluted
EPS of US$3.67.
|
| · |
Operating
income for 4Q07 came in at US$43.0 million, representing an operating
margin of 15.1%, as compared to operating income for 4Q06 of US$50.7
million. Excluding special charges of US$6.3 million, operating
income would have been US$49.3 million, which would have represented
an
operating margin of 17.3% for the quarter, down from 21.3% in 4Q06.
These
strong results were achieved despite US$14.6 million in additional
fuel
costs as a result of a 23% increase in the all-in average price per
gallon
of jet fuel.
|
| · |
In
4Q07, total revenues increased to US$284.6 million, representing
growth of
19.9%. Yield per passenger mile increased 9.0% to 17.5 cents and
operating
revenue per available seat mile (RASM) increased 6.7% to 13.8 cents.
RASM
for full year 2007 came in at 13.0 cents, up 4.7% from 12.4 cents
in
2006.
|
| · |
Revenue
passenger miles (RPMs) increased 10.5% from 1.38 billion in 4Q06
to 1.52
billion in 4Q07. Available seat miles (ASMs) increased 12.4% from
1.84
billion in 4Q06 to 2.07 billion in 4Q07. As a result, average load
factor
decreased 1.3 percentage points to 73.8%. Load factor for full year
2007
reached 74.0%, up from 73.1% in
2006.
|
| · |
Operating
cost per available seat mile (CASM), increased 15.1% from 10.2 cents
in
4Q06 to 11.7 cents in 4Q07. Excluding special charges, CASM would
have
increased 12.1% from 10.2 cents in 4Q06 to 11.4 cents in 4Q07. CASM,
excluding fuel costs and special charges, would have increased 7.1%
from
7.1 cents in 4Q06 to 7.6 cents in 4Q07, primarily as a result of
the
effect of Aero Republica’s down gauge to an EMBRAER-190 fleet and the
strengthening of the Colombian currency.
|
| · |
CASM
for full year 2007 came in at 10.6 cents, up from 10.0 cents in 2006.
Excluding fuel and special charges, CASM for full year 2007 would
have
come in at 7.1 cents, up from 6.8 cents in
2006.
|
| · |
In
the fourth quarter, Copa Airlines took delivery of two aircraft -
one
EMBRAER-190 and one Boeing 737-800 - ending 2007 with a fleet of
37
aircraft with an average age of 3.7 years. During the quarter, Aero
Republica took delivery of two additional EMBRAER 190 aircraft, ending
2007 with a fleet of 13 aircraft - 7 EMBRAER 190s and 6 MD-80s. For
the
full year, Copa Holdings took delivery of 14 aircraft.
|
| · |
On
October 11, Copa Airlines and KLM Royal Dutch Airlines announced
a broad
code share alliance, which will enable passengers of both carriers
to
travel more easily between Copa's extensive Latin American network
and
Europe via two of the world's most convenient hubs. KLM will begin
service
from Amsterdam to Panama City in March
2008.
|
| · |
For
full year 2007, Copa Airlines reported an on-time performance of
86.7% and
a flight-completion factor of 99.4%, maintaining the airline amongst
the
best in the industry.
|
|
Consolidated
Financial & Operating Highlights
|
4Q07
|
4Q06
|
%
Change
|
3Q07
|
%
Change
|
FY
2007
|
FY
2006
|
%
Change
|
|
RPMs
(millions)
|
1,524
|
1,379
|
10.5%
|
1,565
|
-2.6%
|
5,861
|
5,017
|
16.8%
|
|
ASMs
(mm)
|
2,066
|
1,838
|
12.4%
|
2,104
|
-1.8%
|
7,918
|
6,866
|
15.3%
|
|
Load
Factor
|
73.8%
|
75.0%
|
-1.3p.p.
|
74.4%
|
-0.6p.p.
|
74.0%
|
73.1%
|
1.0p.p.
|
|
Yield
|
17.5
|
16.0
|
9.0%
|
15.9
|
9.6%
|
16.5
|
15.9
|
3.6%
|
|
PRASM
(cents)
|
12.9
|
12.0
|
7.1%
|
11.8
|
8.7%
|
12.2
|
11.6
|
5.0%
|
|
RASM
(cents)
|
13.8
|
12.9
|
6.7%
|
12.6
|
9.5%
|
13.0
|
12.4
|
4.7%
|
|
CASM
(cents)
|
11.7
|
10.2
|
15.1%
|
10.4
|
12.9%
|
10.6
|
10.0
|
6.0%
|
|
Adjusted
CASM (cents)
(1)
|
11.4
|
10.2
|
12.1%
|
10.3
|
10.5%
|
10.5
|
10.0
|
5.1%
|
|
Adjusted
CASM Excl. Fuel (cents)
(1)
|
7.6
|
7.1
|
7.1%
|
6.9
|
9.8%
|
7.1
|
6.8
|
4.9%
|
|
Breakeven
Load Factor
|
60.2%
|
57.7%
|
2.5
p.p.
|
60.6%
|
-0.4
p.p.
|
59.2%
|
58.0%
|
1.2
p.p.
|
|
Operating
Revenues (US$ mm)
|
284.6
|
237.4
|
19.9%
|
264.6
|
7.5%
|
1,027.3
|
851.2
|
20.7%
|
|
EBITDAR
(US$ mm) (2)
|
72.0
|
70.3
|
2.4%
|
80.6
|
-10.7%
|
301.1
|
239.9
|
25.5%
|
|
Adjusted
EBITDAR (US$ mm) (3)
|
78.3
|
70.3
|
11.4%
|
73.6
|
6.4%
|
293.1
|
239.9
|
22.2%
|
|
EBITDAR
Margin (2)
|
25.3%
|
29.6%
|
-4.3p.p.
|
28.6%
|
-3.3p.p.
|
28.5%
|
28.2%
|
0.3p.p.
|
|
Adjusted
EBITDAR Margin
(3)
|
27.5%
|
29.6%
|
-2.1p.p.
|
28.5%
|
-1.0p.p.
|
29.3%
|
28.2%
|
1.1p.p.
|
|
Operating
Income (US$ mm)
|
43.0
|
50.7
|
-15.1%
|
46.7
|
-7.9%
|
189.5
|
166.1
|
14.1%
|
|
Adjusted
Operating Income (US$ mm) (1)
|
49.3
|
50.7
|
-2.7%
|
47.7
|
3.3%
|
196.8
|
166.1
|
18.5%
|
|
Operating
Margin
|
15.1%
|
21.3%
|
-6.2p.p.
|
17.6%
|
-2.5p.p.
|
18.4%
|
19.5%
|
-1.1p.p.
|
|
Adjusted
Operating Margin (US$ mm)
(1)
|
17.3%
|
21.3%
|
-4.0p.p.
|
18.0%
|
-0.7p.p.
|
19.2%
|
19.5%
|
-0.4p.p.
|
|
Net
Income (US$ mm)
|
34.1
|
41.5
|
-17.7%
|
46.8
|
-27.1%
|
160.4
|
133.8
|
19.9%
|
|
Adjusted
Net Income (US$ mm) (3)
|
40.4
|
41.5
|
-2.5%
|
39.8
|
1.5%
|
159.7
|
133.8
|
19.3%
|
|
Net
Margin
|
12.0%
|
17.5%
|
-5.5p.p.
|
17.6%
|
-5.7p.p.
|
15.6%
|
15.7%
|
-0.1p.p.
|
|
Adjusted
Net Margin (3)
|
14.2%
|
17.5%
|
-3.3p.p.
|
15.0%
|
-0.5p.p.
|
15.5%
|
15.7%
|
-0.2p.p.
|
|
EPS
- Basic (US$)
|
0.79
|
0.97
|
-17.9%
|
1.09
|
-27.1%
|
3.74
|
3.13
|
19.6%
|
|
Adjusted
EPS - Basic (US$)
(3)
|
0.94
|
0.97
|
-2.8%
|
0.93
|
1.5%
|
3.72
|
3.13
|
19.1%
|
|
EPS
- Diluted (US$)
|
0.79
|
0.96
|
-17.9%
|
1.08
|
-27.0%
|
3.69
|
3.10
|
19.2%
|
|
Adjusted
EPS - Diluted (US$) (3)
|
0.93
|
0.97
|
-3.8%
|
0.92
|
1.7%
|
3.67
|
3.10
|
18.7%
|
|
Weighted
Avg. # of Shares - Basic (000)
|
42,938
|
42,813
|
0.3%
|
42,938
|
0.0%
|
42,908
|
42,813
|
0.2%
|
|
Weighted
Avg. # of Shares - Diluted (000)
|
43,401
|
43,304
|
0.2%
|
43,479
|
-0.2%
|
43,464
|
43,223
|
0.6%
|
(1)Adjusted
Operating Income and Adjusted CASM exclude special charges of US$1.0 million
recorded in 3Q07 and US$6.3 million recorded in 4Q07, resulting in special
charges of US$7.3 million for full year 2007 related to the early termination
of
MD-80 aircraft leases, as a result of Aero Republica’s ongoing transition to an
all EMBRAER-190 fleet.
(2)EBITDAR
means earnings before interest, taxes, depreciation, amortization and
rent.
(3)Adjusted
EBITDAR, Adjusted Net Income and Adjusted EPS (Basic and Diluted): a) Excludes
special charges of US$1.0 million recorded in 3Q07 and US$6.3 million recorded
in 4Q07, resulting in special charges of US$7.3 million for full year 2007
related to the early termination of MD-80 aircraft leases, as a result of
Aero
Republica’s ongoing transition to an all EMBRAER-190 fleet.
b)Excludes
for 3Q07 and full year 2007 an US$8.0 million pre-tax non-recurring gain
related
to insurance proceeds in excess of aircraft book value recorded in 3Q07.
Note:
Attached
to this press release is a reconciliation of non-GAAP
financial measures to the comparable US GAAP measures.
MANAGEMENT’S
COMMENTS ON 4Q07 RESULTS
The
fourth quarter marked a strong end of another record year for Copa Holdings.
The
company recorded operating income of US$43.0 million and net income of US$34.1
million. Excluding US$6.3 million in special charges at Aero Republica related
to the accrual of costs associated with terms negotiated for the early
termination of three MD-80 aircraft leases, operating income and net income
reported would have been US$49.3 million and US$40.4 million,
respectively.
Total
revenues increased 19.9% during the quarter, while operating margin decreased
6.2 percentage points from 21.3% to 15.1%. Excluding special charges for the
quarter, operating margin would have come in at 17.3%, or 4.0 percentage points
below 4Q06, mainly as a result of increased fuel prices. Copa Holdings strong
fourth quarter performance underscores the company’s ability to deliver
exceptional results even in a high fuel price environment.
2
Passenger
revenues, which represented 94% of total revenues, increased 20.4% to US$266.2
million, due to a 12.4% increase in capacity and a 7.1% increase in passenger
revenue per ASM. The latter was driven by a 9.0% increase in yield, partly
offset by a 1.3 percentage point decrease in consolidated load factors from
75.0% to 73.8%.
In
4Q07,
Copa Airlines’ yields came in at 16.2 cents, representing an increase of 3.4%
vs. 4Q06 and 11.8% vs. 3Q07. Yield gains over 3Q07 were mainly the result of
the
re-calibration of the revenue management system and a healthy fare environment,
which resulted in increased fares and fuel surcharges. Aero Republica’s yields
increased 36.8% to 23.8 cents and continued to benefit from a stronger Colombian
currency and higher local currency fares as well as increased capacity into
higher yielding international flights. Aero Republica’s international load
factors increased from 50.4% in 4Q06 to 70.8% in 4Q07, despite a 143% increase
in international capacity, which represented 14.2% of total capacity in 4Q07
as
compared to 5.6% in 4Q06.
Consolidated
operating expenses for 4Q07 increased 29.4% to US$241.6 million, while
consolidated operating expenses per ASM (CASM) increased 15.1% to 11.7 cents.
CASM, excluding special charges, would have come in at 11.4 cents, representing
an increase of 12.1%. Incremental fuel costs as a result of higher fuel prices
totaled US$14.6 million. Excluding total fuel costs and special charges, unit
costs would have increased 7.1% to 7.6 cents, mainly as a result of the down
gauge AeroRepublca´s fleet and the strengthening of the Colombian currency.
Jet
fuel
prices, net of hedges, increased 23% from an average of US$2.12 in 4Q06 to
US$2.61 in 4Q07. For 4Q07, fuel hedges represented 19% of consolidated
volume at an average price of $2.07 per gallon (US Gulf Coast). The
company currently has hedges in place for 1Q08 representing 18% of consolidated
volume at $2.16 per gallon, 16% at $2.25 for 2Q08, 13% at $2.34 for 3Q08 and
9%
at $2.49 for 4Q08.
The
Company increased its already solid liquidity position, which includes US$34.5
million in committed credit lines to US$352 million in 4Q07, translating to
approximately 34% of last twelve-month revenues. Total debt amounted to US$842.9
million, which relates for the most part to aircraft and equipment
financing.
For
4Q07,
Aero Republica recorded operating income of US$0.7 million, compared to
operating income of US$3.4 million in 4Q06. Aero Republica’s operating income,
excluding the special charges, would have come in at US$7.0 million,
representing an operating margin of 10.8%.
In
the
fourth quarter, Aero Republica continued its fleet renewal program by receiving
two EMBRAER-190s, to end the year with a fleet of seven EMBRAER-190’s and six
MD-80’s, reducing it’s average fleet age by more than half to
7.4 years.
Capacity in terms of ASMs flown in EMBRAER-190 aircraft, as a percentage of
total Aero Republica capacity increased from 1.3% in 4Q06 to 35.4% in 4Q07.
In
2008, more than half of Aero Republica’s total capacity is expected to be flown
on more fuel efficient EMBRAER-190 aircraft.
Additionally,
Aero Republica continued to increase its international connectivity with Copa
Airlines’ Hub of the Americas. Aero Republica now serves Panama from five of
Colombia’s most important cities, having added in 4Q07 service from the city of
Bucaramanga - Colombia’s fifth largest city, with a metropolitan area population
of more than a million inhabitants.
Strong
results in 2007 set the stage for continued strengthening and expansion of
Copa
Airlines’ network through the addition of new aircraft, more destinations and
increased frequencies. On a consolidated level, capacity is expected to increase
by approximately 18% year-over-year or 9.3 billion ASMs, driven by a 21% Copa
Airlines capacity expansion.
3
OUTLOOK
FOR 2008
In
2008,
Copa Holdings will continue its focus on profitable growth and the execution
of
its proven business model of efficiently connecting the Americas through Copa
Airlines´ centrally located Hub of the Americas in Panama City. Copa Holdings
expects demand to be driven by regional economic growth and the growing
preference for its network and services. Copa Airlines is expected to have
another year of strong growth with capacity increasing approximately 21%, while
Aero Republica’s capacity will be flat as a result of the continuation of its
fleet transition program. Additionally, strong demand should lead to healthy
load factors and yields, while we expect a slight increase in CASM, ex-fuel
from
7.1 to 7.3 cents. Our operating margin outlook for 2008 reflects a fuel
assumption of an average cost per barrel of +/-$85 and a crack spread of +/$15.
|
Financial
Outlook (US GAAP)
|
2008
- Full Year
|
|
ASMs
(billion)
|
+/-9.3
|
|
Average
Load Factor
|
+/-75%
|
|
RASM
(cents)
|
+/-13.4
|
|
CASM
Ex-fuel (cents)
|
+/-
7.3
|
|
Operating
Margin
|
17%-19%
|
CONSOLIDATED
FOURTH QUARTER RESULTS
Operating
revenue
Consolidated
revenue for 4Q07 totaled US$284.6 million, a 19.9% or US$47.2 million
increase over operating revenue of US$237.4 million in 4Q06, mainly due to
an 18.1% or US$34.0 million increase in Copa Airlines’ operating revenue and a
30.8% or US$15.3 million increase in Aero Republica’s operating
revenue.
Copa
Airlines operating revenue
Copa
Airlines operating revenue for 4Q07 totaled US$222.2 million, an 18.1%
increase over operating revenue of US$188.2 million in 4Q06. This increase
was primarily due to an 18.4% increase in passenger revenue.
Passenger
revenue. For
4Q07
passenger revenue totaled US$207.1 million, an 18.4% increase over
passenger revenue of US$174.9 million in 4Q06 as ASMs increased by 17.5% in
4Q07 as compared to 4Q06. Passenger yield increased 3.4% to 16.2 cents, while
load factor decreased from 78.2% in 4Q06 to 76.1% in 4Q07.
Cargo,
mail and other. Cargo,
mail and other revenue totaled US$15.0 million in 4Q07, a 13.9% increase over
cargo, mail and other of US$13.2 million in 4Q06.
Aero
Republica operating revenue
During
4Q07, Aero Republica generated operating revenue of US$64.9 million,
representing a 30.8% increase over 4Q06. This increase resulted mainly from
an
US$13.0 million or 28.3% increase in passenger revenue. During the quarter
Aero
Republica’s capacity (ASMs) decreased by 5.4%, while traffic (RPMs) decreased by
6.2%, resulting in a load factor of 63.5% or 0.6 percentage points below 4Q06.
Yields increased by 36.8% primarily due to the strengthening of the Colombian
currency, as well as higher fares in both domestic and international
routes.
4
Operating
expenses
For
4Q07,
consolidated operating expenses rose 29.4% to US$241.6 million, representing
operating cost per available seat mile (CASM) of US$11.7 cents. Operating
expenses, excluding special charges, totaled US$235.3 million, a 26.0% increase
over operating expenses of US$186.7 million for 4Q06. Operating cost per
available seat mile (CASM), excluding fuel costs and special charges, increased
7.1% from 7.1 cents in 4Q06 to 7.6 cents in 4Q07. An overview of the major
variances on a consolidated basis follows:
Aircraft
fuel. For
4Q07,
aircraft fuel totaled US$78.4 million, a US$22.0 million or 39.1% increase
over aircraft fuel of US$56.4 million in 4Q06. This increase was primarily
a result of a 12.1% increase in gallons consumed resulting from increased
capacity and a 23% increase in the average price per gallon of jet fuel
(all-in), which net of hedges averaged US$2.61 in 4Q07 as compared to US$2.12
in
4Q06.
Salaries
and benefits. For
4Q07,
salaries and benefits totaled US$32.2 million, an 18.8% increase over
salaries and benefits of US$27.1 million in 4Q06. This was mainly a result
of an overall increase in operating headcount to support additional capacity
and
the effect of the Colombian currency appreciation.
Passenger
servicing. For
4Q07,
passenger servicing totaled US$23.1 million, a 28.8% increase over passenger
servicing of US$17.9 million in 4Q06. This increase was primarily a result
of an
increase in passengers carried by Copa Airlines and the effect of the Colombian
currency appreciation.
Commissions.
For
4Q07,
commissions totaled US$18.5 million, an 18.6% increase over commissions of
US$15.6 million in 4Q06. This increase was primarily a result of higher
passenger revenue partially offset by lower average commission rates in both
Copa Airlines and Aero Republica.
Reservations
and sales.
Reservations
and sales totaled US$12.0 million, a 19.3% increase over reservation and sales
of US$10.1 million in 4Q06. This increase was primarily a result of more
passengers carried and additional costs related to global distribution systems
at Aero Republica.
Maintenance,
material and repairs. For
4Q07,
maintenance, material and repairs totaled US$13.4 million, a 3.9% decrease
over
maintenance, material and repairs of US$13.9 million in 4Q06. This
decreased was primarily a result of less major overhaul events at Aero
Republica, partly offset by more maintenance events at Copa
Airlines.
Depreciation.
Depreciation
totaled US$9.8 million in 4Q07, a 31.7% increase over depreciation of
US$7.5 million in 4Q06. This increase was primarily related to the
depreciation of new aircraft and spares.
Flight
operations, aircraft rentals, landing fees and other
rentals.
Combined,
flight operations, aircraft rentals, landing fees and other rentals increased
17.3% from US$25.3 million in 4Q06 to US$29.7 million in 4Q07,
primarily as a result of increased capacity.
Other. Other
expenses totaled US$18.2 million in 4Q07, an increase of 40.6% over US$12.9
million in 4Q06, primarily as a result of Aero Republica prior year adjustments
totaling US$1.9 million related to additional provisions for accounts receivable
related to prior years and an increase in OnePass frequent flyer miles awarded.
Special
charges. During
4Q07 we registered a US$6.3 million charge related to the accrual of costs
associated with terms negotiated for the early termination of three MD-80
aircraft as a result of Aero Republica’s ongoing transition to a more fuel
efficient all EMBRAER-190 fleet.
Copa
Airlines operating expenses
Copa
Airlines’ operating expenses increased 27.6% to US$179.9 million from US$140.9
million in 4Q06. Operating expenses per available seat mile increased 8.6%
to
10.7 cents in 4Q07 from 9.9 cents in 4Q06. Excluding fuel costs, operating
expenses per available seat mile increased 2.6% from 7.0 cents in 4Q06 to 7.2
cents in 4Q07.
5
Aircraft
fuel.
For
4Q07,
aircraft fuel totaled US$60.0 million, a 44.4% increase over aircraft fuel
expense of US$41.5 million in the same period in 2006. This increase was
primarily a result of a 18.6% increase in gallons consumed resulting from
increased capacity and a 21% increase in the average price per gallon of jet
fuel (all-in), which net of hedges averaged US$2.56 in 4Q07 as compared to
US$2.12 in 4Q06.
Salaries
and benefits.
For
4Q07,
salaries and benefits totaled US$24.9 million, a 10.7% increase over
salaries and benefits of US$22.5 million in the same period in 2006. This
increase was mainly a result of an overall increase in operating headcount
to
support additional capacity.
Passenger
servicing.
Passenger
servicing totaled US$19.0 million for 4Q07, a 25.0% increase over passenger
servicing of US$15.2 million
in 4Q06. This increase was primarily a result of an increase in passengers
carried.
Commissions.
Commissions
totaled US$12.8 million for 4Q07, a 15.5% increase over commissions of
US$11.1 million in 4Q06. This increase was primarily a result of an 18.4%
increase in passenger revenue, partially offset by a lower average commission
rate.
Reservations
and sales.
Reservations
and sales totaled US$9.0 million, a 15.7% increase over reservation and sales
of
US$7.8 million in 4Q06. This increase was primarily a result of more passengers
carried.
Maintenance,
materials and repairs.
Maintenance,
materials and repairs totaled US$11.0 million in 4Q07, a 37.5% increase
over maintenance, materials and repairs of US$8.0 million in 4Q06. This
increase resulted from higher capacity and more major overhaul events during
the
period.
Depreciation.
Depreciation
totaled US$8.6 million in 4Q07, a 24.1% increase over depreciation of
US$6.9 million in 4Q06. This increase was primarily related to depreciation
of new aircraft and spares.
Flight
operations,
aircraft
rentals, landing fees and other rentals.
Combined,
flight operations, aircraft rentals, landing fees and other rentals increased
21.5% from US$19.1 million in 4Q06 to US$23.2 million in 4Q07,
primarily as a result of higher capacity.
Other.
Other
expenses totaled US$11.5 million in 4Q07, a 29.4% increase over other expenses
of US$8.9 million in 4Q06, primarily as a result of higher transaction
taxes and fees and an increase in OnePass frequent flyer program miles awarded.
Aero
Republica operating expenses
Aero
Republica’s operating expenses increased 39.0% to US$64.2 million in 4Q07 from
US$46.2 million in 4Q06. Operating expenses per available seat mile (CASM)
increased 46.9% to 16.4 cents in 4Q07 from 11.2 cents in 4Q06. CASM, excluding
fuel costs and special charges, increased 33.1% from 7.6 cents in 4Q06 to 10.1
cents in 4Q07, mainly due the effect of the stronger Colombian currency.
Non-operating
income (expense)
Consolidated
non-operating expenses totaled US$2.6 million in 4Q07, a 54.4% decrease
over non-operating expenses of US$5.7 million in 4Q06.
Interest
expense.
Interest expense totaled US$12.6 million in 4Q07, a 53.4% increase over interest
expense of US$8.2 million in 4Q06, mostly as a result of increased aircraft
related debt.
Interest
capitalized.
Interest capitalized totaled US$0.6 million in 4Q07, a 61.8% increase over
interest capitalized of US$0.4 million in 4Q06.
Interest
income. Interest
income totaled US$3.4 million, a 36.2% increase over interest income of US$2.5
million in 4Q06, mostly a result of increased cash, cash equivalents and
investments.
Other,
net. Other
net
totaled US$6.0 million in 4Q07, mainly as a result of gains related to the
mark-to-market of fuel hedge contracts.
6
About
Copa Holdings
Copa
Holdings, through its Copa Airlines and Aero Republica operating subsidiaries,
is a leading Latin American provider of international airline passenger and
cargo service. Copa Airlines currently offers approximately 116 daily scheduled
flights to 40 destinations in 21 countries in North, Central and South America
and the Caribbean. In addition, Copa Airlines provides passengers with
access to flights to more than 120 other international destinations through
code
share agreements with Continental Airlines and other airlines. Aero Republica,
the second-largest domestic carrier in Colombia, provides service to 12 cities
in Colombia as well as international connectivity with Copa Airlines’ Hub of the
Americas through flights from Bogota, Bucaramanga, Cali, Cartagena and
Medellin.
This
release includes “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
based on current plans, estimates and expectations, and are not guarantees
of
future performance. They are based on management’s expectations that involve a
number of business risks and uncertainties, any of which could cause actual
results to differ materially from those expressed in or implied by the
forward-looking statements. The Company undertakes no obligation to update
or
revise any forward-looking statement. The risks and uncertainties relating
to
the forward-looking statements in this release are among those disclosed in
Copa
Holdings’ filed disclosure documents and are, therefore, subject to change
without prior notice.
7
|
Copa
Holdings, S.A.
|
||||||||
|
Operating
data
|
|
Unaudited
|
Unaudited
|
%
|
Unaudited
|
%
|
Unaudited
|
Audited
|
%
|
||||||||
|
|
4Q07
|
4Q06
|
Change
|
3Q07
|
Change
|
2007
|
2006
|
Change
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Copa
Holdings (Consolidated)
|
|
|
|
|
|
|
|
|
|||||||
|
Revenue
passengers carried (thousands)
|
1,249
|
1,248
|
0.1%
|
1,253
|
-0.3%
|
4,729
|
4,573
|
3.4%
|
|||||||
|
Revenue
passengers miles (RPMs) (mm)
|
1,524
|
1,379
|
10.5%
|
1,565
|
-2.6%
|
5,861
|
5,017
|
16.8%
|
|||||||
|
Available
seat miles (ASMs) (mm)
|
2,066
|
1,838
|
12.4%
|
2,104
|
-1.8%
|
7,918
|
6,866
|
15.3%
|
|||||||
|
Load
factor
|
73.8%
|
75.0%
|
-1.3
p.p.
|
74.4%
|
2.8
p.p.
|
74.0%
|
73.1%
|
1.0
p.p.
|
|||||||
|
Break-even
load factor
|
60.2%
|
57.7%
|
2.5
p.p.
|
60.6%
|
-0.4
p.p.
|
59.2%
|
58.0%
|
1.2
p.p.
|
|||||||
|
Yield
(cents)
|
17.5
|
16.0
|
9.0%
|
15.9
|
9.6%
|
16.5
|
15.9
|
3.6%
|
|||||||
|
RASM
(cents)
|
13.8
|
12.9
|
6.7%
|
12.6
|
9.5%
|
13.0
|
12.4
|
4.7%
|
|||||||
|
CASM
(cents)
|
11.7
|
10.2
|
15.1%
|
10.4
|
12.9%
|
10.6
|
10.0
|
6.0%
|
|||||||
|
Adj.CASM
- excl. special charges and fuel (cents)
|
7.6
|
7.1
|
7.1%
|
6.9
|
9.8%
|
7.1
|
6.8
|
4.9%
|
|||||||
|
Fuel
gallons consumed (mm)
|
29.5
|
26.4
|
12.1%
|
29.9
|
-0.4%
|
112.5
|
99.1
|
13.5%
|
|||||||
|
Average
price of Fuel - Net of Hedges (US$)
|
2.61
|
2.12
|
24.5%
|
2.34
|
12.4%
|
2.32
|
2.17
|
7.1%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Copa
Segment
|
|
|
|
|
|
|
|
|
|||||||
|
Revenue
passengers miles (RPMs) (mm)
|
1,276
|
1,115
|
14.5%
|
1,315
|
-3.0%
|
4,935
|
4,075
|
21.1%
|
|||||||
|
Available
seat miles (ASMs) (mm)
|
1,676
|
1,426
|
17.5%
|
1,676
|
0.0%
|
6,298
|
5,239
|
20.2%
|
|||||||
|
Load
factor
|
76.1%
|
78.2%
|
-2.0
p.p.
|
78.5%
|
1.7
p.p.
|
78.4%
|
77.8%
|
0.8%
|
|||||||
|
Break-even
load factor
|
57.7%
|
55.0%
|
2.7
p.p.
|
63.6%
|
-5.9
p.p.
|
59.0%
|
56.0%
|
3.0
p.p.
|
|||||||
|
Yield
(US$ cents)
|
16.2
|
15.7
|
3.4%
|
14.5
|
11.8%
|
15.3
|
15.5
|
-1.0%
|
|||||||
|
RASM
(cents)
|
13.3
|
13.2
|
0.5%
|
12.1
|
9.3%
|
12.8
|
12.9
|
-0.8%
|
|||||||
|
CASM
(cents)
|
10.7
|
9.9
|
8.6%
|
10.0
|
7.7%
|
10.1
|
9.7
|
3.6%
|
|||||||
|
Adj.CASM
- excl. special charges and fuel (cents)
|
7.2
|
7.0
|
2.6%
|
6.8
|
5.7%
|
6.9
|
6.8
|
1.8%
|
|||||||
|
Fuel
gallons consumed (mm)
|
22.9
|
19.3
|
18.6%
|
22.8
|
0.6%
|
85.5
|
70.8
|
20.8%
|
|||||||
|
Average
price of Fuel - Net of Hedges (US$)
|
2.56
|
2.12
|
20.9%
|
2.30
|
11.2%
|
2.29
|
2.14
|
7.0%
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Aero
Republica Segment
|
|
|
|
|
|
|
|
|
|||||||
|
Revenue
passengers miles (RPMs) (mm)
|
248
|
265
|
-6.2%
|
249
|
-0.5%
|
926
|
942
|
-1.7%
|
|||||||
|
Available
seat miles (ASMs) (mm)
|
391
|
413
|
-5.4%
|
428
|
-42.0%
|
1,620
|
1,627
|
-0.4%
|
|||||||
|
Load
factor
|
63.5%
|
64.1%
|
-0.6
p.p.
|
58.2%
|
5.6
p.p.
|
57.2%
|
57.9%
|
-1.3%
|
|||||||
|
Break-even
load factor
|
64.0%
|
65.1%
|
-1.1
p.p.
|
48.1%
|
15.9
p.p.
|
55.0%
|
62.3%
|
-7.3
p.p.
|
|||||||
|
Yield
(cents)
|
23.8
|
17.4
|
36.8%
|
23.4
|
1.9%
|
22.7
|
17.8
|
27.8%
|
|||||||
|
RASM
(cents)
|
16.6
|
12.0
|
38.2%
|
14.6
|
14.1%
|
13.9
|
10.8
|
29.1%
|
|||||||
|
CASM
(cents)
|
16.4
|
11.2
|
46.9%
|
12.1
|
35.6%
|
12.9
|
10.8
|
18.7%
|
|||||||
|
Adj.CASM
- excl. special charges and fuel (cents)
|
10.1
|
7.6
|
33.1%
|
7.7
|
30.7%
|
8.4
|
6.9
|
20.4%
|
|||||||
|
Fuel
gallons consumed (mm)
|
6.6
|
7.0
|
-5.9%
|
7.2
|
-4.1%
|
27.0
|
28.3
|
-4.5%
|
|||||||
|
Average
price of Fuel - Net of Hedges (US$)
|
2.79
|
2.11
|
32.0%
|
2.48
|
16.5%
|
2.43
|
2.24
|
8.6%
|
8
|
Copa
Holdings, S.A.
|
|||||||||||||||
|
Income
Statement - USGAAP
|
|||||||||||||||
|
(US$
Thousands)
|
|
Unaudited
|
|
Unaudited
|
|
%
|
|
Unaudited
|
|
%
|
|
Unaudited
|
|
Audited
|
|
%
|
|
|
|
4Q07
|
|
4Q06
|
|
Change
|
|
3Q07
|
|
Change
|
|
2007
|
|
2006
|
|
Change
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
Revenue
|
266,228
|
|
221,133
|
|
20.4%
|
|
249,346
|
|
6.8%
|
|
967,066
|
|
798,901
|
|
21.0%
|
|
Cargo,
mail and other
|
18,359
|
|
16,218
|
|
13.2%
|
|
15,288
|
|
20.1%
|
|
60,198
|
|
52,259
|
|
15.2%
|
|
Total
Operating Revenue
|
284,587
|
|
237,351
|
|
19.9%
|
|
264,634
|
|
7.5%
|
|
1,027,264
|
|
851,160
|
|
20.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel
|
78,400
|
|
56,353
|
|
39.1%
|
|
71,364
|
|
9.9%
|
|
265,387
|
|
217,730
|
|
21.9%
|
|
Salaries
and benefits
|
32,167
|
|
27,076
|
|
18.8%
|
|
29,001
|
|
10.9%
|
|
116,706
|
|
91,382
|
|
27.7%
|
|
Passenger
servicing
|
23,052
|
|
17,901
|
|
28.8%
|
|
22,944
|
|
0.5%
|
|
82,948
|
|
64,380
|
|
28.8%
|
|
Commissions
|
18,518
|
|
15,620
|
|
18.6%
|
|
15,820
|
|
17.1%
|
|
65,960
|
|
57,808
|
|
14.1%
|
|
Reservations
and sales
|
12,044
|
|
10,094
|
|
19.3%
|
|
13,050
|
|
-7.7%
|
|
48,234
|
|
38,212
|
|
26.2%
|
|
Maintenance,
material and repairs
|
13,376
|
|
13,912
|
|
-3.9%
|
|
13,384
|
|
-0.1%
|
|
51,249
|
|
50,057
|
|
2.4%
|
|
Depreciation
|
9,821
|
|
7,458
|
|
31.7%
|
|
9,056
|
|
8.4%
|
|
35,327
|
|
24,874
|
|
42.0%
|
|
Flight
operations
|
12,394
|
|
9,265
|
|
33.8%
|
|
12,242
|
|
1.2%
|
|
43,958
|
|
33,740
|
|
30.3%
|
|
Aircraft
rentals
|
9,692
|
|
9,518
|
|
1.8%
|
|
10,478
|
|
-7.5%
|
|
38,636
|
|
38,169
|
|
1.2%
|
|
Landing
fees and other rentals
|
7,629
|
|
6,546
|
|
16.5%
|
|
6,818
|
|
11.9%
|
|
27,017
|
|
23,929
|
|
12.9%
|
|
Other
|
18,201
|
|
12,943
|
|
40.6%
|
|
12,766
|
|
42.6%
|
|
55,040
|
|
44,758
|
|
23.0%
|
|
Special
fleet charges
|
6,300
|
|
-
|
|
nm
|
|
1,009
|
|
524.4%
|
|
7,309
|
|
-
|
|
nm
|
|
Total
Operating Expense
|
241,594
|
|
186,686
|
|
29.4%
|
|
217,932
|
|
10.9%
|
|
837,771
|
|
685,039
|
|
22.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
42,993
|
|
50,665
|
|
-15.1%
|
|
46,702
|
|
-7.9%
|
|
189,493
|
|
166,121
|
|
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(12,567)
|
|
(8,190)
|
|
53.4%
|
|
(11,524)
|
|
9.1%
|
|
(44,332)
|
|
(29,150)
|
|
52.1%
|
|
Interest
capitalized
|
584
|
|
361
|
|
61.8%
|
|
719
|
|
-18.8%
|
|
2,570
|
|
1,712
|
|
50.1%
|
|
Interest
income
|
3,361
|
|
2,467
|
|
36.2%
|
|
3,259
|
|
3.1%
|
|
12,193
|
|
7,257
|
|
68.0%
|
|
Other,
net
|
6,014
|
|
(357)
|
|
nm
|
|
11,514
|
|
-47.8%
|
|
18,804
|
|
185
|
|
nm
|
|
Total
Non-Operating Income/(Expense)
|
(2,608)
|
|
(5,719)
|
|
-54.4%
|
|
3,968
|
|
nm
|
|
(10,765)
|
|
(19,996)
|
|
-46.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before Income Taxes
|
40,385
|
|
44,946
|
|
-10.1%
|
|
50,670
|
|
-20.3%
|
|
178,728
|
|
146,125
|
|
22.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes
|
6,269
|
|
3,491
|
|
79.6%
|
|
3,848
|
|
62.9%
|
|
18,317
|
|
12,286
|
|
49.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
34,116
|
|
41,455
|
|
-17.7%
|
|
46,822
|
|
-27.1%
|
|
160,411
|
|
133,839
|
|
19.9%
|
|
Basic
EPS
|
0.79
|
|
0.97
|
|
-17.9%
|
|
1.09
|
|
-27.1%
|
|
3.74
|
|
3.13
|
|
19.6%
|
|
Basic
Shares
|
42,937,844
|
|
42,812,500
|
|
0.3%
|
|
42,937,844
|
|
0.0%
|
|
42,907,967
|
|
42,812,500
|
|
0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS
|
0.79
|
|
0.96
|
|
-17.9%
|
|
1.08
|
|
-27.0%
|
|
3.69
|
|
3.10
|
|
19.2%
|
|
Diluted
Shares
|
43,401,305
|
|
43,303,549
|
|
0.2%
|
|
43,479,214
|
|
-0.2%
|
|
43,463,759
|
|
43,222,686
|
|
0.6%
|
9
|
Copa
Holdings, S.A.
|
|||||
|
Balance
Sheet - USGAAP
|
|||||
|
(US$
Thousands)
|
|
December
31,
2007
|
|
September
30,
2007
|
|
December
31,
2006
|
||||||
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|||||
|
ASSETS
|
|
|
|
|||||||
|
Current
Assets:
|
|
|
|
|||||||
|
Cash
and cash equivalents
|
$
|
285,839
|
$
|
244,127
|
$
|
169,880
|
||||
|
Short-term
investments
|
22,500
|
22,500
|
27,500
|
|||||||
|
Total
cash, cash equivalents and short-term investments
|
308,339
|
266,627
|
197,380
|
|||||||
|
Accounts
receivable, net of allowance for doubtful accounts
|
71,572
|
106,581
|
60,319
|
|||||||
|
Accounts
receivable from related parties
|
780
|
1,440
|
1,818
|
|||||||
|
Expendable
parts and supplies, net of allowance for obsolescence
|
14,088
|
11,686
|
8,667
|
|||||||
|
Prepaid
expenses
|
25,179
|
18,211
|
16,590
|
|||||||
|
Other
current assets
|
12,400
|
9,430
|
5,877
|
|||||||
|
Total
Current Assets
|
432,358
|
413,976
|
290,651
|
|||||||
|
|
||||||||||
|
Long-term
investments
|
17,038
|
21,038
|
29,032
|
|||||||
|
|
||||||||||
|
Property
and Equipment:
|
||||||||||
|
Owned
property and equipment:
|
||||||||||
|
Flight
equipment
|
1,188,641
|
1,107,952
|
857,598
|
|||||||
|
Other
equipment
|
50,909
|
48,628
|
43,713
|
|||||||
|
|
1,239,550
|
1,156,580
|
901,311
|
|||||||
|
Less:
Accumulated depreciation
|
(137,367
|
)
|
(127,760
|
)
|
(104,178
|
)
|
||||
|
|
1,102,183
|
1,028,820
|
797,133
|
|||||||
|
Purchase
deposits for flight equipment
|
64,079
|
73,004
|
65,150
|
|||||||
|
Total
Property and Equipment
|
1,166,262
|
1,101,824
|
862,283
|
|||||||
|
|
||||||||||
|
Other
Assets:
|
||||||||||
|
Net
pension asset
|
1,034
|
868
|
645
|
|||||||
|
Goodwill
|
24,201
|
24,100
|
21,779
|
|||||||
|
Intangible
asset
|
35,484
|
35,336
|
31,933
|
|||||||
|
Other
assets
|
27,497
|
27,455
|
18,692
|
|||||||
|
Total
Other Assets
|
88,216
|
87,759
|
73,049
|
|||||||
|
Total
Assets
|
$
|
1,703,874
|
$
|
1,624,596
|
$
|
1,255,015
|
||||
|
|
||||||||||
|
|
||||||||||
|
LIABILITIES
AND SHAREHOLDER'S EQUITY
|
||||||||||
|
Current
Liabilities:
|
||||||||||
|
Current
maturities of long-term debt
|
$
|
110,658
|
$
|
110,777
|
$
|
91,453
|
||||
|
Accounts
payable
|
55,138
|
52,828
|
47,627
|
|||||||
|
Accounts
payable to related parties
|
10,824
|
6,040
|
8,819
|
|||||||
|
Air
traffic liability
|
153,422
|
152,352
|
116,812
|
|||||||
|
Taxes
and interest payable
|
36,359
|
43,622
|
31,490
|
|||||||
|
Accrued
expenses payable
|
52,724
|
40,858
|
32,104
|
|||||||
|
Other
current liabilities
|
3,901
|
9,544
|
11,268
|
|||||||
|
Total
Current Liabilities
|
423,026
|
416,020
|
339,573
|
|||||||
|
|
||||||||||
|
Non-Current
Liabilities:
|
||||||||||
|
Long-term
debt
|
732,209
|
696,692
|
529,802
|
|||||||
|
Post
employment benefits liability
|
1,894
|
1,996
|
1,701
|
|||||||
|
Other
long-term liabilities
|
9,775
|
9,209
|
7,713
|
|||||||
|
Deferred
tax liabilities
|
6,740
|
5,291
|
4,557
|
|||||||
|
Total
Non-Current Liabilities
|
750,618
|
713,188
|
543,773
|
|||||||
|
|
|
|
|
|||||||
|
Total
Liabilities
|
1,173,644
|
1,129,209
|
883,346
|
|||||||
|
|
||||||||||
|
Shareholders'
Equity:
|
||||||||||
|
Class
A - 30,159,719 shares issued and outstanding
|
20,586
|
20,586
|
20,501
|
|||||||
|
Class
B - 12,778,125 shares issued and outstanding
|
8,722
|
8,722
|
8,722
|
|||||||
|
Additional
paid in capital
|
8,064
|
6,827
|
3,340
|
|||||||
|
Retained
earnings
|
490,189
|
456,123
|
343,390
|
|||||||
|
Accumulated
other comprehensive loss
|
2,669
|
3,129
|
(4,284
|
)
|
||||||
|
Total
Shareholders' Equity
|
530,230
|
495,387
|
371,669
|
|||||||
|
Total
Liabilities and Shareholders' Equity
|
$
|
1,703,874
|
$
|
1,624,596
|
$
|
1,255,015
|
||||
10
Copa
Holdings, S.A.
NON-GAAP
FINANCIAL MEASURE RECONCILIATION
This
press release includes the following non GAAP financial measures: Adjusted
CASM,
Adjusted CASM Excluding Fuel, Adjusted EBITDAR, Adjusted Operating Income,
Adjusted Net Income and Adjusted EPS. This supplemental information is presented
because we believe they are useful indicators of our operating performance
and
are useful in comparing our performance with other companies in the airline
industry. These measures should not be considered in isolation, and should
be
considered together with comparable US GAAP measures, in particular operating
income and net income. The following is a reconciliation of these non-GAAP
financial measures to the comparable US GAAP measures:
|
EBITDAR
(Figures in US$ thousands)
|
4Q07
|
4Q06
|
3Q07
|
2007
|
2006
|
|||||||||||
|
Net
Income
|
$
|
34,116
|
$
|
41,455
|
$
|
46,822
|
$
|
160,411
|
$
|
133,839
|
||||||
|
|
||||||||||||||||
|
Interest
Expense
|
(12,567
|
)
|
(8,190
|
)
|
(11,524
|
)
|
(44,332
|
)
|
(29,150
|
)
|
||||||
|
Capitalized
Interest
|
584
|
361
|
719
|
2,570
|
1,712
|
|||||||||||
|
Interest
Income
|
3,361
|
2,467
|
3,259
|
12,193
|
7,257
|
|||||||||||
|
Income
Taxes
|
(6,269
|
)
|
(3,491
|
)
|
(3,848
|
)
|
(18,317
|
)
|
(12,286
|
)
|
||||||
|
EBIT
|
49,007
|
50,308
|
58,216
|
208,297
|
166,306
|
|||||||||||
|
|
||||||||||||||||
|
Depreciation
and Amortization
|
9,821
|
7,458
|
9,056
|
35,327
|
24,874
|
|||||||||||
|
EBITDA
|
58,828
|
57,766
|
67,272
|
243,624
|
191,180
|
|||||||||||
|
|
||||||||||||||||
|
Aircraft
Rent
|
9,692
|
9,518
|
10,478
|
38,636
|
38,169
|
|||||||||||
|
Other
Rentals
|
3,461
|
2,988
|
2,814
|
11,536
|
10,524
|
|||||||||||
|
EBITDAR
|
$
|
71,981
|
$
|
70,272
|
$
|
80,564
|
$
|
293,796
|
$
|
239,873
|
||||||
|
|
||||||||||||||||
|
Special
Charges
|
6,300
|
-
|
1,009
|
7,309
|
-
|
|||||||||||
|
Non-recurring
gain
|
-
|
-
|
(8,019
|
)
|
(8,019
|
)
|
-
|
|||||||||
|
Adjusted
EBITDAR
|
$
|
78,281
|
$
|
70,272
|
$
|
73,555
|
$
|
293,087
|
$
|
239,873
|
||||||
|
|
||||||||||||||||
|
EARNINGS
PER SHARE
|
4Q07
|
|
|
4Q06
|
|
|
3Q07
|
|
|
2007
|
|
|
2006
|
|||
|
Diluted
Earnings per Share
|
$
|
0.79
|
$
|
0.96
|
$
|
1.08
|
$
|
3.69
|
$
|
3.10
|
||||||
|
|
||||||||||||||||
|
Adjustments:
|
||||||||||||||||
|
Special
Charges
|
0.15
|
-
|
0.02
|
0.17
|
-
|
|||||||||||
|
Non-recurring
gain
|
-
|
-
|
(0.18
|
)
|
(0.18
|
)
|
-
|
|||||||||
|
Adjusted
Diluted EPS
|
$
|
0.93
|
$
|
0.96
|
$
|
0.92
|
$
|
3.67
|
$
|
3.10
|
||||||
|
|
||||||||||||||||
|
|
||||||||||||||||
|
CASM
(cents)
|
4Q07
|
|
|
4Q06
|
|
|
3Q07
|
|
|
2007
|
|
|
2006
|
|||
|
Cost
per available seat mile (CASM)
|
$
|
11.7
|
$
|
10.2
|
$
|
10.4
|
$
|
10.6
|
$
|
9.98
|
||||||
|
|
||||||||||||||||
|
Less:
Special Charges per ASM
|
(0.3
|
)
|
-
|
(0.0
|
)
|
(0.1
|
)
|
-
|
||||||||
|
Adjusted
CASM
|
11.4
|
10.2
|
10.3
|
10.5
|
10.0
|
|||||||||||
|
|
||||||||||||||||
|
Less:
Fuel Cost per ASM
|
(3.8
|
)
|
(3.1
|
)
|
(3.4
|
)
|
(3.4
|
)
|
(3.2
|
)
|
||||||
|
Adjusted
CASM Excluding Fuel
|
$
|
7.6
|
$
|
7.1
|
$
|
6.9
|
$
|
7.1
|
$
|
6.8
|
||||||
11
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
|
Copa
Holdings, S.A.
|
||
|
|
(Registrant)
|
|
|
Date:
2/21/2008
|
||
|
By:
|
/s/ Victor
Vial
|
|
|
Name:
|
Victor
Vial
|
|
|
Title:
|
CFO
|
|