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Alaska Air Group Reports Record Adjusted Fourth Quarter 2015 and Full-Year Results and Raises Dividend 38%

SEATTLE, Jan. 21, 2016 /PRNewswire/ --

Financial Highlights:

  • Reported record fourth quarter net income, excluding special items, of $186 million, a 49% increase over the fourth quarter of 2014. Adjusted diluted earnings per share of $1.46 was a 55% increase over the fourth quarter of 2014. This quarter's results compare to a First Call analyst consensus estimate of $1.40 per share. 
  • Reported record full-year net income, excluding special items, of $842 million, a 47% increase over 2014. Adjusted diluted earnings per share of $6.51 was a 56% increase compared to 2014.
  • Reported net income for the fourth quarter and full year under Generally Accepted Accounting Principles (GAAP) of $191 million, or $1.51 per diluted share, and $848 million, or $6.56 per diluted share, respectively. These results compare to net income of $148 million, or $1.11 per diluted share, and $605 million, or $4.42 per diluted share, respectively, in 2014.
  • Announced a 38% increase in the quarterly dividend, from $0.20 per share to $0.275 per share, in January 2016. This is the third time the company has raised the dividend since initiating the quarterly dividend in July 2013, with a cumulative increase of 175% since that time.
  • Paid $0.20 per-share quarterly cash dividend in the fourth quarter, bringing total dividend payments in 2015 to $102 million.
  • Repurchased 7,208,328 shares of common stock at an average price of $70 during 2015, for $505 million, or approximately 6% of market capitalization at the beginning of 2015. Since 2007, Air Group has used $1.3 billion to repurchase 56 million shares at an average price of $23.66, representing about 35% of the Company's outstanding shares on Dec. 31, 2006.
  • Generated nearly $1.6 billion of operating cash flow and $760 million of free cash flow in 2015. Since the beginning of 2010, Air Group has generated $5.6 billion of operating cash flow and $2.6 billion of free cash flow.
  • Grew passenger revenues by 6% compared to the fourth quarter of 2014 and by 5% compared to full-year 2014.
  • Reached a new long-term agreement with Bank of America for the Alaska Airlines Visa credit card. The new agreement adds customer benefits, such as no foreign transaction fees, and is expected to generate an incremental $60 million of revenue in 2016.
  • Generated record full-year adjusted pretax margin of 24% in 2015, compared to 17.2% in 2014.
  • Achieved return on invested capital of 25.2% in 2015, compared to 18.6% in 2014.
  • Lowered adjusted debt-to-total capitalization ratio to 27% as of Dec. 31, 2015. Air Group currently has no net debt.
  • Lowered consolidated unit costs excluding fuel and special items for the sixth consecutive year, to the lowest level ever. Mainline unit costs excluding fuel have declined 13 of the last 14 years.
  • Held $1.3 billion in unrestricted cash and marketable securities as of Dec. 31, 2015. 

2015 Accomplishments and Highlights:

Recognition and Awards

  • Ranked the best airline in the U.S. by The Wall Street Journal's "Middle Seat" scorecard for three consecutive years.
  • Ranked "Highest in Customer Satisfaction Among Traditional Network Carriers" by J.D. Power and Associates for the eighth year in a row.
  • Ranked highest by frequent fliers in the J.D. Power Airline Loyalty/Rewards Program Satisfaction Report for the second year in a row.
  • Rated the #1 Airline Rewards Program by U.S. News and World Report.
  • Named "Airline Market Leader" by Air Transport World, becoming the only U.S. airline honored by the magazine in its 2016 Industry Achievement Awards.
  • Named No. 1 on-time carrier in North America for the sixth year in a row by FlightStats in January 2016.
  • Named Top Performing Airline among mid-sized carriers worldwide by Aviation Week magazine.
  • Ranked as the most fuel-efficient airline for U.S. airlines by the International Council on Clean Transportation for the fifth year in a row.
  • Awarded Fast Travel Platinum status from the International Air Transport Association, which is awarded to airlines offering four or more Fast Travel options to at least 80% of their passengers.
  • Ranked as a top 100 of America's Best Employers by Forbes Magazine.
  • Ranked first in the Leadership 500 Excellence Awards, recognizing the success of Alaska's Gear Up leadership training.

Our People

  • Awarded a record $120 million in incentive pay to employees for 2015, or more than one month's pay for most employees. Over the last five years, employees have earned more than $500 million in incentive pay, averaging 8.6% of annual pay.
  • Reached tentative agreements with Horizon's pilots and flight attendants on new contracts that will position Horizon for growth.
  • Signed a four-year agreement with Alaska's dispatchers in December 2015.
  • Completed "Gear Up 2" for over 1,200 leaders at Alaska and Horizon - a continuation of our award-winning leadership training workshop.
  • Delivered our "Beyond Service" customer service training to nearly 9,000 customer-facing employees.
  • Received a perfect score of 100% for workplace equality on the 2016 Corporate Equality Index (CEI).

Our Customers and Product

  • Launched Preferred Plus Seating, providing customers the ability to select bulkhead and exit-row seating 24 hours in advance of the flight. Preferred Plus Seating also includes priority boarding and complimentary beer, wine or cocktail.
  • Announced plans to introduce Premium Class seating in 2016, which will provide customers greater leg room, early boarding, and premium on-board amenities, among other things.
  • Became the launch customer of Boeing's new, innovative, high-capacity 737 Space Bins, which will increase bag capacity in the cabin by 50%.
  • Added a free first checked bag as a permanent feature of the Alaska Airlines Visa Signature affinity credit card.
  • Added 11 Boeing 737-900ERs and one Bombardier Q400 aircraft to the operating fleet in 2015.
  • Added five Embraer 175 (E175) regional jets, and announced plans to grow the number of E175s to 23 by the end of 2017, including E175s that will replace the eight CRJ700 regional jets operating in our network.
  • Added 20 new markets and 10 new cities to our growing network in 2015.
  • Increased fuel efficiency (as measured by seat-miles per gallon) by 2.2% over 2014.

Our Communities

  • Donated nearly $12 million to support local communities, including job training for workers at the Seattle-Tacoma airport, STEM-focused education at Seattle'sMuseum of Flight, the Alaska Native Science and Engineering Program, and Seattle's bicycle sharing program.
  • Announced a 10-year sponsorship agreement with the University of Washington which includes, among other things, exclusive naming rights for Alaska Airlines Field at Husky Stadium and Alaska Airlines Arena.

Alaska Air Group, Inc. (NYSE: ALK) today reported fourth quarter 2015 GAAP net income of $191 million, or $1.51 per diluted share, compared to GAAP net income of $148 million, or $1.11 per diluted share in 2014. Excluding mark-to-market fuel hedge losses of $1 million ($1 million after tax, or $0.01 per diluted share), a non-cash pension settlement charge and a litigation-related matter of $32 million in aggregate ($20 million after tax, or $0.16 per diluted share), and a tax benefit of $26 million related to amended multiple-year state tax returns, the company recorded fourth quarter 2015 net income of $186 million, or $1.46 per diluted share. This result compares to net income, excluding mark-to-market fuel hedge gains and special items, of $125 million, or $0.94 per diluted share, in 2014.            

The company reported full-year 2015 GAAP net income of $848 million, compared to $605 million in the prior year. Excluding the impact of the items noted in the table below, the company reported record net income of $842 million, or $6.51 per diluted share for 2015, compared to net income of $571 million, or $4.18 per diluted share in 2014.

"These record results reflect our strong performance in the areas that drive long-term value for our business," said CEO Brad Tilden. "We're operating safely and on time, our customer satisfaction ratings remain strong, our customer base is growing at a record pace, and our costs and fares are coming down - all a result of the hard work and dedication of our employees."

"With today's announcement, our dividend has increased by 175% since we initiated it two and one-half years ago.  This increase underscores our confidence in our business and our commitment to return capital to shareholders."

The following table reconciles the Company's adjusted net income and earnings per diluted share (EPS) during the full year and fourth quarters of 2015 and 2014 to amounts as reported in accordance with GAAP:


Three Months Ended December 31,


2015


2014

(in millions, except per share amounts)

Dollars


Diluted EPS


Dollars


Diluted EPS

Reported GAAP net income

$

191



$

1.51



$

148



$

1.11


Mark-to-market fuel hedge adjustments, net of tax

1



0.01



(4)



(0.03)


Special items, net of tax

20



0.16



(19)



(0.14)


Special tax benefit

(26)



(0.22)






Non-GAAP adjusted income and per share amounts

$

186



$

1.46



$

125



$

0.94


 


Twelve Months Ended December 31,


2015


2014

(in millions, except per share amounts)

Dollars


Diluted EPS


Dollars


Diluted EPS

Reported GAAP net income

$

848



$

6.56



$

605



$

4.42


Mark-to-market fuel hedge adjustments, net of tax





(15)



(0.11)


Special items, net of tax

20



0.15



(19)



(0.13)


Special tax benefit

(26)



(0.20)






Non-GAAP adjusted income and per share amounts

$

842



$

6.51



$

571



$

4.18


 

Statistical data, as well as a reconciliation of the reported non-GAAP financial measures, can be found in the accompanying tables. A glossary of financial terms can be found on the last page of this release.

A conference call regarding the fourth quarter and full year results will be simulcast via the Internet at 8:30 a.m. Pacific time on Jan. 21, 2016. It can be accessed through the company's Web site at alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this news release to "Air Group," "company," "we," "us" and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified. Alaska Airlines, Inc. and Horizon Air Industries, Inc. are referred to as "Alaska" and "Horizon," respectively, and together as our "airlines."

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by any forward-looking statements. For a comprehensive discussion of potential risk factors, see Item 1A of the company's Annual Report on Form 10-K for the year ended December 31, 2014. Some of these risks include competition, labor costs and relations, general economic conditions, increases in operating costs including fuel, inability to meet cost reduction goals, seasonal fluctuations in our financial results, an aircraft accident, and changes in laws and regulations. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed therein. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements after the date of this report to conform them to actual results. Over time, our actual results, performance or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such differences might be significant and materially adverse.

Alaska Airlines, a subsidiary of Alaska Air Group (NYSE: ALK), together with its partner regional airlines, serves more than 100 cities through an expansive network in the United States, Canada, Mexico and Costa Rica. Alaska Airlines ranked "Highest in Customer Satisfaction Among Traditional Carriers in North America" in the J.D. Power North America Airline Satisfaction Study for eight consecutive years from 2008 to 2015. Alaska Airlines' Mileage Plan also ranked "Highest in Customer Satisfaction with Airline Loyalty Rewards Programs" in the J.D. Power 2014 and 2015 Airline Loyalty/Rewards Program Satisfaction Report. For reservations, visit www.alaskaair.com. For more news and information, visit the Alaska Airlines Newsroom at www.alaskaair.com/newsroom.


CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Alaska Air Group, Inc.

























Three Months Ended December 31,


Twelve Months Ended December 31,

(in millions, except per share amounts)

2015


2014


Change


2015


2014


Change

Operating Revenues:












Passenger












Mainline

$

962



$

916



5

%


$

3,939



$

3,774



4

%

Regional

216



200



8

%


854



805



6

%

Total passenger revenue

1,178



1,116



6

%


4,793



4,579



5

%

Freight and mail

25



26



(4)

%


108



114



(5)

%

Other - net

174



164



6

%


697



675



3

%

Total Operating Revenues

1,377



1,306



5

%


5,598



5,368



4

%













Operating Expenses:












Wages and benefits

331



304



9

%


1,254



1,136



10

%

Variable incentive pay

30



32



(6)

%


120



116



3

%

Aircraft fuel, including hedging gains and losses

213



306



(30)

%


954



1,418



(33)

%

Aircraft maintenance

71



63



13

%


253



229



10

%

Aircraft rent

27



26



4

%


105



110



(5)

%

Landing fees and other rentals

79



72



10

%


296



279



6

%

Contracted services

57



51



12

%


214



196



9

%

Selling expenses

51



45



13

%


211



199



6

%

Depreciation and amortization

84



76



11

%


320



294



9

%

Food and beverage service

30



25



20

%


113



93



22

%

Third-party regional carrier expense

20



15



33

%


72



58



24

%

Other

97



79



23

%


356



308



16

%

Special items

32



(30)



NM


32



(30)



NM

Total Operating Expenses

1,122



1,064



5

%


4,300



4,406



(2)

%

Operating Income

255



242



5

%


1,298



962



35

%













Nonoperating Income (Expense):












Interest income

5



6





21



21




Interest expense

(10)



(12)





(42)



(48)




Interest capitalized

9



6





34



20




Other - net







1



20





4







14



13




Income Before Income Tax

259



242



7

%


1,312



975



35

%

Income tax expense

68



94





464



370




Net Income

$

191



$

148



29

%


$

848



$

605



40

%













Basic Earnings Per Share:

$

1.52



$

1.12



36

%


$

6.61



$

4.47



48

%

Diluted Earnings Per Share:

$

1.51



$

1.11



36

%


$

6.56



$

4.42



48

%













Shares Used for Computation:












Basic

125.900



132.368



(5)

%


128.373



135.445



(5)

%

Diluted

126.818



133.705



(5)

%


129.372



136.801



(5)

%













Cash dividend declared per share

$

0.200



$

0.125





$

0.800



$

0.500





NM - Not Meaningful

 

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)




Alaska Air Group, Inc.








(in millions)

December 31, 2015


December 31, 2014

Cash and marketable securities

$

1,328



$

1,217






Total current assets

1,663



1,639


Property and equipment-net

4,802



4,299


Other assets

68



126


Total assets

$

6,533



$

6,064






Air traffic liability

669



631


Current portion of long-term debt

115



117


Other current liabilities

1,022



923


Current liabilities

$

1,806



$

1,671


Long-term debt

571



686


Other liabilities and credits

1,745



1,580


Shareholders' equity

2,411



2,127


Total liabilities and shareholders' equity

$

6,533



$

6,064






Debt to Capitalization, adjusted for operating leases(a)

27%:73%



31%:69%






Number of common shares outstanding

125.175



131.481




(a) 

Calculated using the present value of remaining aircraft lease payments for aircraft that are in our operating fleet as of the balance sheet date.

 


OPERATING STATISTICS SUMMARY (unaudited)

Alaska Air Group, Inc.













Three Months Ended December 31,


Twelve Months Ended December 31,


2015


2014


Change


2015


2014


Change

Consolidated Operating Statistics:(a)












Revenue passengers (PAX) (000)

7,927


7,282


8.9%


31,883


29,278


8.9%

RPMs (000,000) "traffic"

8,526


7,640


11.6%


33,578


30,718


9.3%

ASMs (000,000) "capacity"

10,340


9,156


12.9%


39,914


36,078


10.6%

Load factor

82.5%


83.4%


(0.9) pts


84.1%


85.1%


(1.0) pts

Yield

13.82¢


14.61¢


(5.4)%


14.27¢


14.91¢


(4.3)%

PRASM

11.39¢


12.19¢


(6.6)%


12.01¢


12.69¢


(5.4)%

RASM

13.32¢


14.27¢


(6.7)%


14.03¢


14.88¢


(5.7)%

CASM excluding fuel and special items(b)

8.48¢


8.60¢


(1.4)%


8.30¢


8.36¢


(0.7)%

Economic fuel cost per gallon(c)

$1.62


$2.64


(38.6)%


$1.88


$3.08


(39.0)%

Fuel gallons (000,000)

131


118


11.0%


508


469


8.3%

ASMs per gallon

78.9


77.6


1.7%


78.6


76.9


2.2%

Average number of full-time equivalent employees (FTEs)

14,360


13,059


10.0%


13,858


12,739


8.8%

Employee productivity (PAX/FTEs/months)

184.0


185.9


(1.0)%


191.7


191.5


0.1%













Mainline Operating Statistics:












Revenue passengers (PAX) (000)

5,676


5,177


9.6%


22,869


20,972


9.0%

RPMs (000,000) "traffic"

7,707


6,907


11.6%


30,340


27,778


9.2%

ASMs (000,000) "capacity"

9,303


8,233


13.0%


35,912


32,430


10.7%

Load factor

82.8%


83.9%


(1.1) pts


84.5%


85.7%


(1.2) pts

Yield

12.48¢


13.25¢


(5.8)%


12.98¢


13.58¢


(4.4)%

PRASM

10.34¢


11.12¢


(7.0)%


10.97¢


11.64¢


(5.8)%

RASM

12.28¢


13.18¢


(6.8)%


12.98¢


13.80¢


(5.9)%

CASM excluding fuel and special items(b)

7.54¢


7.70¢


(2.1)%


7.39¢


7.45¢


(0.8)%

Economic fuel cost per gallon(c)

$1.60


$2.64


(39.4)%


$1.87


$3.07


(39.1)%

Fuel gallons (000,000)

113


102


10.8%


439


407


7.9%

ASMs per gallon

82.3


80.7


2.0%


81.8


79.7


2.6%

Average number of FTEs

11,069


10,171


8.8%


10,750


9,910


8.5%

Employee productivity (PAX/FTEs/months)

170.9


169.7


0.7%


177.3


176.4


0.5%

Aircraft utilization

10.7


10.3


3.9%


10.8


10.5


2.9%

Average aircraft stage length

1,225


1,190


2.9%


1,195


1,182


1.1%













Regional Operating Statistics:(d)












Revenue passengers (PAX) (000)

2,253


2,106


7.0%


9,015


8,306


8.5%

RPMs (000,000) "traffic"

819


734


11.6%


3,238


2,940


10.1%

ASMs (000,000) "capacity"

1,037


923


12.4%


4,002


3,648


9.7%

Load factor

79.0%


79.5%


(0.5) pts


80.9%


80.6%


0.3 pts

Yield

26.37¢


27.38¢


(3.7)%


26.37¢


27.40¢


(3.8)%

PRASM

20.83¢


21.76¢


(4.3)%


21.34¢


22.08¢


(3.4)%



(a) 

Except for full-time equivalent employees, data includes information related to third-party regional capacity purchase flying arrangements.

(b) 

See a reconciliation of this non-GAAP measure and Note A for a discussion of why these measures may be important to investors in the accompanying pages.

(c) 

See a reconciliation of economic fuel cost in the accompanying pages.

(d) 

Data presented includes information related to flights operated by Horizon Air and third-party carriers.

 

OPERATING SEGMENTS (unaudited)







Alaska Air Group, Inc.





























Three Months Ended December 31, 2015


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items(b)


Consolidated

Operating revenues














Passenger














Mainline

$

962



$



$



$



$

962



$



$

962


Regional



216







216





216


  Total passenger revenues

962



216







1,178





1,178


Revenue from CPA with Alaska





105



(105)








Freight and mail

24



1







25





25


Other-net

156



17



1





174





174


Total operating revenues

1,142



234



106



(105)



1,377





1,377
















Operating expenses














Operating expenses, excluding fuel and special items

702



181



101



(107)



877



32



909


Economic fuel

182



30







212



1



213


Total operating expenses

884



211



101



(107)



1,089



33



1,122
















Nonoperating income (expense)














Interest income

4







1



5





5


Interest expense

(7)





(2)



(1)



(10)





(10)


Other

7





1



1



9





9



4





(1)



1



4





4


Income (loss) before income tax

$

262



$

23



$

4



$

3



$

292



$

(33)



$

259

















Three Months Ended December 31, 2014


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items(b)


Consolidated

Operating revenues














Passenger














Mainline

$

916



$



$



$



$

916



$



$

916


Regional



200







200





200


  Total passenger revenues

916



200







1,116





1,116


Revenue from CPA with Alaska





94



(94)








Freight and mail

25



1







26





26


Other-net

144



19



1





164





164


Total operating revenues

1,085



220



95



(94)



1,306





1,306
















Operating expenses














Operating expenses, excluding fuel

634



159



92



(97)



788



(30)



758


Economic fuel

271



41







312



(6)



306


Total operating expenses

905



200



92



(97)



1,100



(36)



1,064
















Nonoperating income (expense)














Interest income

5







1



6





6


Interest expense

(7)



1



(2)



(4)



(12)





(12)


Other

5



(1)



2





6





6



3







(3)








Income (loss) before income tax

$

183



$

20



$

3



$



$

206



$

36



$

242


 

OPERATING SEGMENTS (unaudited)







Alaska Air Group, Inc.





























Twelve Months Ended December 31, 2015


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items(b)


Consolidated

Operating revenues














Passenger














Mainline

$

3,939



$



$



$



$

3,939



$



$

3,939


Regional



854







854





854


  Total passenger revenues

3,939



854







4,793





4,793


Revenue from CPA with Alaska





408



(408)








Freight and mail

103



5







108





108


Other-net

621



72



4





697





697


Total operating revenues

4,663



931



412



(408)



5,598





5,598
















Operating expenses














Operating expenses, excluding fuel and special items

2,653



695



375



(409)



3,314



32



3,346


Economic fuel

823



131







954





954


Total operating expenses

3,476



826



375



(409)



4,268



32



4,300
















Nonoperating income (expense)














Interest income

19







2



21





21


Interest expense

(28)





(10)



(4)



(42)





(42)


Other

28





1



6



35





35



19





(9)



4



14





14


Income (loss) before income tax

$

1,206



$

105



$

28



$

5



$

1,344



$

(32)



$

1,312

















Twelve Months Ended December 31, 2014


Alaska











(in millions)

Mainline


Regional


Horizon


Consolidating


Air Group Adjusted(a)


Special Items(b)


Consolidated

Operating revenues














Passenger














Mainline

$

3,774



$



$



$



$

3,774



$



$

3,774


Regional



805







805





805


  Total passenger revenues

3,774



805







4,579





4,579


Revenue from CPA with Alaska





371



(371)








Freight and mail

109



5







114





114


Other-net

592



78



5





675





675


Total operating revenues

4,475



888



376



(371)



5,368





5,368
















Operating expenses














Operating expenses, excluding fuel

2,417



623



349



(371)



3,018



(30)



2,988


Economic fuel

1,251



190







1,441



(23)



1,418


Total operating expenses

3,668



813



349



(371)



4,459



(53)



4,406
















Nonoperating income (expense)














Interest income

20







1



21





21


Interest expense

(32)





(12)



(4)



(48)





(48)


Other

39



(1)



2





40





40



27



(1)



(10)



(3)



13





13


Income (loss) before income tax

$

834



$

74



$

17



$

(3)



$

922



$

53



$

975




(a) 

The adjusted column represents the financial information that is reviewed by management to assess performance of operations and determine capital allocations and does not include certain charges. See Note A for further information in the accompanying pages.

(b) 

Includes accounting adjustments related to mark-to-market fuel-hedge accounting charges, and other special items described previously.

 


Alaska Air Group, Inc.
















CASM EXCLUDING FUEL RECONCILIATION (unaudited)


Three Months Ended December 31,


Twelve Months Ended December 31,

(in cents)

2015


2014


2015


2014

Consolidated:








CASM

10.85

¢


11.61

¢


10.77

¢


12.21

¢

Less the following components:








Aircraft fuel, including hedging gains and losses

2.06



3.34



2.39



3.93


 Special items

0.31



(0.33)



0.08



(0.08)


CASM excluding fuel

8.48

¢


8.60

¢


8.30

¢


8.36

¢









Mainline:








CASM

9.86

¢


10.56

¢


9.77

¢


11.15

¢

Less the following components:








Aircraft fuel, including hedging gains and losses

1.97



3.22



2.29



3.79


 Special items

0.35



(0.36)



0.09



(0.09)


CASM excluding fuel

7.54

¢


7.70

¢


7.39

¢


7.45

¢









FUEL RECONCILIATIONS (unaudited)








Alaska Air Group, Inc.

















Three Months Ended December 31,


2015


2014

(in millions, except for per gallon amounts)

Dollars


Cost/Gal


Dollars


Cost/Gal

Raw or "into-plane" fuel cost

$

208