Air Canada records best quarterly performance in its history

Air Canada records best quarterly performance in its historyMONTREAL — Air Canada is reporting net income of $365 million in the third quarter of 2013 compared to adjusted net income of $229 million in the third quarter of 2012, an increase of 59.4%.

Third quarter 2013 EBITDAR amounted to $626 million compared to EBITDAR (excluding benefit plan amendments) of $551 million in the third quarter of 2012, an increase of $75 million. On a GAAP basis (which includes special items), Air Canada’s net income was $299 million compared to net income of $359 million in the same quarter of the previous year, during which Air Canada recorded a special operating expense reduction of $127 million in benefit plan amendments relating to changes to the retirement age under one of its collective agreements.

No comparable operating expense reduction was recorded in the third quarter of 2013.

“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 Calin Rovinescu, President and Chief Executive Officer. “Our operating leverage for the quarter was significant, as we achieved a 59.4% improvement in adjusted net income based on increased total revenues of 4.6% for the quarter. These results underscore the momentum that has been achieved in executing on the foundations of our transformation strategy – sustainable profitability and positioning Air Canada as a stronger national and global competitor.”