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Copa Holdings Reports Net Income of US$113.9 Million for the Fourth Quarter of 2013

PANAMA CITY, Feb. 12, 2014 /PRNewswire/ -- Copa Holdings, S.A. (NYSE: CPA), today announced financial results for the fourth quarter of 2013 (4Q13) and full year 2013. The terms "Copa Holdings" or "the Company" refers to the consolidated entity.  The following financial information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS).  See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the fourth quarter of 2012 (4Q12).

OPERATING AND FINANCIAL HIGHLIGHTS

  • Copa Holdings reported net income of US$113.9 million for 4Q13 or earnings per share (EPS) of US$2.57, as compared to net income of US$86.6 million or EPS of US$1.95 in 4Q12. Excluding special items, which for 4Q13 includes a non-cash impairment charge of US$31.2 million on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia) and a non-cash gain of US$2.6 million associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported adjusted net income of US$142.5 million or adjusted EPS of US$3.21, compared to adjusted net income of US$89.3 million or adjusted EPS of US$2.01 in 4Q12. 
  • Net income for full year 2013 reached US$428.2 million or EPS of US$9.64, compared to US$326.5 million or EPS of US$7.35 for full year 2012. Excluding special items, which for 2013 includes a non-cash impairment charge of US$31.2 million on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia), a US$13.9 million loss related to the Venezuelan devaluation of February 2013, and a non-cash gain of US$5.2 million associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of US$468.1 million or EPS of US$10.54, compared to adjusted net income of US$336.1 or adjusted EPS of US$7.57 for full year 2012.
  • Operating income for 4Q13 came in at US$130.7 million, representing a 25% increase over operating income of US$104.3 million in 4Q12, mainly as a result of a 6.2% increase in unit operating revenue per available seat mile (RASM) and a 6.5% drop in the all-in price of jet fuel.  As a result, operating margin for 4Q13 came in at 18.7%, or 1.3 percentage points higher than 4Q12. Excluding special items, operating income would have been US$161.8 million, which would have represented an operating margin of 23.2%, or 5.8 percentage points higher than 4Q12.    
  • The Company reported operating income of US$518.5 million for full year 2013, representing an increase of 28.8% over operating income of US$402.5 million in 2012.  Operating margin for full year 2013 came in at 19.9%, as compared to an operating margin of 17.9% in 2012. However, excluding the intangible impairment charge of US$31.2 million recorded in 4Q13, the adjusted operating margin for 2013 would have been 21.1%.
  • Total revenues for 4Q13 increased 16.3% to US$697.8 million. Yield per passenger mile increased 5.8% to 18.1 cents and RASM came in at 14.3 cents, or 6.2% above 4Q12.  On a quarter-over-quarter basis, both yields and RASM increased over our third quarter high season, rising 4.9% and 3.1%, respectively. 
  • For 4Q13 consolidated passenger traffic grew 10.7%, led by international traffic growth which expanded a robust 12.2%.  At the same time, consolidated capacity grew 9.5%, led by a 10.9% increase in international capacity.  As a result, consolidated load factor for the quarter increased 0.8 percentage points to 76.5%.  For full year 2013, consolidated load factor came in at 76.7%, up 1.2 percentage points from 2012, on 14.4% capacity growth. 
  • Operating cost per available seat mile (CASM) increased 4.5%, from 11.1 cents in 4Q12 to 11.7 cents in 4Q13 as a result of the non-cash intangible impairment charge partly offset by a decrease in the all-in price of jet fuel. However, CASM excluding special items decreased 1.2% to 11.0 cents. CASM excluding fuel cost and special items increased 2.1% from 6.8 cents in 4Q12 to 6.9 cents in 4Q13, as a result of higher distribution unit costs related to the higher revenues, and aircraft rentals, which were partly offset mainly by lower maintenance costs and other rentals.
  • Cash, short term and long term investments ended 2013 at US$1,169.4 million, representing 45% of the last twelve months' revenues. 
  • During the fourth quarter, Copa Airlines took delivery of one Boeing 737-800 aircraft.  As a result, Copa Holdings ended the year with a consolidated fleet of 90 aircraft, composed of 18 Boeing 737-700s, 46 Boeing 737-800s and 26 Embraer-190s.
  • For 2013, Copa Holdings reported international on-time performance of 88.6%, 80.8% for domestic and 87.7% overall, as well as a flight-completion factor of 99.6%, maintaining its position among the best in the industry.
















Consolidated Financial &
Operating Highlights

4Q13

Variance vs. 4Q12

Variance vs. 3Q13

FY 2013

Variance vs. 2012



Revenue Passengers Carried ('000)

2,013

6.0%

0.3%

7,779

8.9%



RPMs (mm) 

3,725

10.7%

-2.1%

14,533

16.3%



ASMs (mm) 

4,870

9.5%

-0.1%

18,950

14.4%



Load Factor 

76.5%

0.8 p.p.

-1.6 p.p.

76.7%

1.2 p.p.



Yield

18.1

5.8%

4.9%

17.3

0.2%



PRASM (US$ Cents) 

13.8

6.9%

2.8%

13.3

1.8%



RASM (US$ Cents) 

14.3

6.2%

3.1%

13.8

1.4%



CASM (US$ Cents) 

11.6

4.5%

7.1%

11.0

-1.1%



Adjusted CASM (US$ Cents) (1)

11.0

-1.2%

1.2%

10.9

-2.5%



CASM Excl. Fuel (US$ Cents) 

7.6

11.6%

10.9%

6.9

1.9%



Adjusted CASM Excl. Fuel (US$ Cents) (1)

6.9

2.1%

1.5%

6.7

-0.5%



Breakeven Load Factor (2)

57.3%

-4.3 p.p.

-4.1 p.p.

59.7%

-1.6 p.p.



Fuel Gallons Consumed (Millions) 

63.9

9.4%

0.5%

247.5

12.8%



Avg. Price Per Fuel Gallon (US$ Dollars)

3.12

-6.5%

0.1%

3.16

-4.3%



Average Length of Haul (Miles)

1,850

4.4%

-2.4%

1,868

6.7%



Average Stage Length (Miles)

1,151

5.7%

-0.7%

1,140

6.0%



Departures

30,266

2.4%

0.5%

119,177

5.9%



Block Hours

89,783

8.0%

0.2%

348,882

11.3%



Average Aircraft Utilization (Hours)

10.9

-0.9%

-2.7%

11.1

1.2%



Operating Revenues (US$ mm) 

697.8

16.3%

3.0%

2,608.3

16.0%



Operating Income (US$ mm)

130.7

25.3%

-11.4%

518.5

28.8%



Adjusted Operating Income (US$ mm) (1)

161.8

55.2%

9.7%

549.6

36.5%



Operating Margin 

18.7%

1.3 p.p.

-3.0 p.p.

19.9%

2.0 p.p.



Adjusted Operating Margin (1)

23.2%

5.8 p.p.

1.4 p.p.

21.1%

3.2 p.p.



Net Income (US$ mm)

113.9

31.5%

-9.6%

428.2

31.2%



Adjusted Net Income (US$ mm) (2)

142.5

59.6%

22.7%

468.1

39.3%



EPS - Basic and Diluted (US$)

2.57

31.6%

-9.5%

9.64

31.1%



Adjusted EPS - Basic and Diluted (US$) (2)

3.21

59.7%

22.7%

10.54

39.2%



# of Shares - Basic and Diluted ('000) 

44,379

-0.1%

0.0%

44,424

0.1%



 

(1) Adjusted CASM, Adjusted Operating Income, Adjusted Operating Margin for 4Q13 and 2013 exclude non-cash impairment charge on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia).
(2) Breakeven Load Factor, Adjusted Net Income and Adjusted EPS for 4Q13, 4Q12, 3Q13, 2013 and 2012 exclude non-cash impairment charge on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia), non-cash charges/gains associated with the mark-to-market of fuel hedges, and the impact of the Venezuelan currency devaluation.

 




















Note: Attached to this press release is a reconciliation of non-IFRS financial measures to the comparable IFRS measures.

 

FULL 4Q13 EARNINGS RELEASE AVAILABLE FOR DOWNLOAD AT: http://investor.shareholder.com/copa/results.cfm

4Q13 EARNINGS RESULTS CONFERENCE CALL AND WEBCAST

Date:

February 13, 2014



Time:

10:00 AM US ET (10:00 AM Local Time)



Conference telephone number: 

877-293-5456 (US Domestic Callers)




707-287-9357 (International Callers)



Webcast:

http://investor.shareholder.com/copa/events.cfm



Speakers:

Pedro Heilbron, Chief Executive Officer




Jose Montero, Chief Financial Officer



About Copa Holdings
Copa Holdings is a leading Latin American provider of passenger and cargo services.  The Company, through its operating subsidiaries, provides service to 66 destinations in 29 countries in North, Central and South America and the Caribbean with one of the youngest and most modern fleets in the industry, consisting of 90 aircraft: 64 Boeing 737NG aircraft and 26 EMBRAER-190s.

CONTACT: Copa Holdings S.A.
Investor Relations:
Ph: (507) 304-2431
www.copaair.com (IR section)

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.

















Copa Holdings, S.A.
















Income Statement - IFRS
















(US$ Thousands)

































Unaudited


Unaudited


%


Unaudited


%


Unaudited


Audited


%


4Q13


4Q12


Change


3Q13


Change


2013


2012


Change

Operating Revenues
















Passenger Revenue

674,209


575,731


17.1%


655,991


2.8%


2,519,649


2,163,136


16.5%

Cargo, mail and other

23,562


24,109


-2.3%


21,288


10.7%


88,682


86,252


2.8%

Total Operating Revenue

697,771


599,839


16.3%


677,279


3.0%


2,608,331


2,249,388


16.0%

















Operating Expenses
















Aircraft fuel

199,388


194,754


2.4%


198,163


0.6%


783,092


725,763


7.9%

Salaries and benefits

73,382


65,782


11.6%


69,941


4.9%


276,156


247,405


11.6%

Passenger servicing

64,986


59,788


8.7%


64,913


0.1%


250,604


217,137


15.4%

Commissions

27,428


22,382


22.5%


27,717


-1.0%


103,685


89,378


16.0%

Reservations and sales

26,013


22,112


17.6%


27,588


-5.7%


99,812


84,992


17.4%

Maintenance, material and repairs

22,866


24,311


-5.9%


25,035


-8.7%


92,993


92,166


0.9%

Depreciation

27,082


24,446


10.8%


26,576


1.9%


105,331


89,217


18.1%

Flight operations

31,451


27,747


13.3%


30,829


2.0%


121,786


104,993


16.0%

Aircraft rentals

24,617


19,472


26.4%


23,540


4.6%


90,233


72,468


24.5%

Landing fees and other rentals

12,813


12,266


4.5%


12,607


1.6%


50,405


46,233


9.0%

Other

25,907


22,510


15.1%


22,878


13.2%


84,589


77,101


9.7%

Intangible Impairment

31,162


0


n/m


0


n/m


31,162


0


n/m

Total Operating Expense

567,097


495,570


14.4%


529,787


7.0%


2,089,848


1,846,852


13.2%

















Operating Income

130,675


104,269


25.3%


147,492


-11.4%


518,483


402,535


28.8%

















Non-operating Income (Expense):
















Interest expense

(7,447)


(8,130)


-8.4%


(7,513)


-0.9%


(30,180)


(32,795)


-8.0%

Interest income

3,963


3,427


15.6%


3,127


26.7%


12,636


11,689


8.1%

Other, net

(4,081)


(2,721)


50.0%


10,700


-138.1%


(13,192)


(15,086)


-12.6%

Total Non-Operating Income/(Expense)

(7,565)


(7,424)


n/a


6,314


-219.8%


(30,736)


(36,192)


n/a

















Income before Income Taxes

123,110


96,845


27.1%


153,807


-20.0%


487,747


366,343


33.1%

















Provision for Income
Taxes

9,189


10,222


-10.1%


27,798


-66.9%


59,546


39,867


49.4%

















Net Income

113,921


86,623


31.5%


126,008


-9.6%


428,200


326,476


31.2%

































EPS - Basic and Diluted

2.57


1.95


31.6%


2.84


-9.6%


9.64


7.35


31.1%

Shares - Basic and Diluted

44,379,289


44,409,211


-0.1%


44,379,507


0.0%


44,423,845


44,400,224


0.1%

































































  












Copa Holdings, S.A.











Balance Sheet - IFRS











(US$ Thousands)


December 31,


September 30,


December 31,







2013


2013


2012







 (Unaudited) 


 (Unaudited) 


 (Audited) 





Current Assets:











Cash and cash equivalents


$         139,240


$           475,181


$              76,094





Short-term investments


930,399


499,047


575,009





Total cash, cash equivalents and short-term investments


1,069,640


974,228


651,103
















Accounts receivable, net of allowance for doubtful accounts


132,001


173,175


135,207





Accounts receivable from related parties


2,189


2,109


1,129





Expendable parts and supplies, net of allowance for obsolescence


56,814


56,314


50,603





Prepaid expenses


59,160


62,163


63,120





Other current assets


22,783


19,073


16,328





Total Current Assets


1,342,586


1,287,062


917,490
















Long-term investments


99,770


46,590


69,445
















Property and Equipment:











Owned property and equipment:











Flight equipment


2,477,830


2,462,278


2,405,346





Other equipment


73,487


71,570


66,330







2,551,317


2,533,848


2,471,676





Less: Accumulated depreciation


(530,347)


(505,147)


(432,589)







2,020,970


2,028,701


2,039,087





Purchase deposits for flight equipment


327,544


302,371


245,544





Total Property and Equipment


2,348,514


2,331,072


2,284,631
















Other Assets:











Net pension asset


11,114


10,826


10,009





Goodwill


25,305


25,466


27,575





Intangible asset


28,214


57,767


59,382





Other assets


96,949


110,889


110,968





Total Other Assets


161,583


204,948


207,934





Total Assets


$      3,952,454


$        3,869,672


$         3,479,500



























LIABILITIES AND SHAREHOLDER'S EQUITY











Current Liabilities:











Current maturities of long-term debt


$         156,460


$           140,114


$            136,268





Accounts payable


95,046


101,128


104,975





Accounts payable to related parties


14,460


15,380


20,255





Air traffic liability


578,439


549,721


382,807





Taxes and interest payable


113,517


121,647


85,436





Accrued expenses payable


74,963


65,993


48,047





Other current liabilities


8,133


7,835


10,902





Total Current Liabilities


1,041,019


1,001,818


788,690
















Non-Current Liabilities:











Long-term debt


913,507


960,462


1,069,836





Post employment benefits liability


6,223


6,309


6,340





Other long-term liabilities


51,223


49,912


43,726





Deferred tax liabilities


38,743


32,274


34,364





Total Non-Current Liabilities


1,009,696


1,048,957


1,154,266
















Total Liabilities


2,050,715


2,050,775


1,942,956
















Shareholders' Equity:











Class A - 33,407,876 shares issued and outstanding


22,626


22,626


22,591





Class B - 10,938,125 shares issued and outstanding


7,466


7,466


7,466





Additional paid in capital


47,031


45,594


40,660





Retained earnings


1,821,243


1,739,740


1,458,258





Accumulated other comprehensive income (loss)


3,372


3,470


7,569





Total Shareholders' Equity


1,901,738


1,818,896


1,536,544





Total Liabilities and Shareholders' Equity


$      3,952,454


$        3,869,672


$         3,479,500
















Copa Holdings, S.A.
NON-IFRS FINANCIAL MEASURE RECONCILIATION
This press release includes the following non IFRS financial measures: CASM Excluding Fuel, Adjusted Net Income and Adjusted EPS.   This supplemental information is presented because we believe it is a useful indicator of our operating performance and is 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 IFRS measures, in particular operating income and net income. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:  












Reconciliation of Net Income











Excluding Special Items


4Q13


4Q12


3Q13


2013


2012












Net income as Reported


$113,921


$86,623


$126,008


$428,200


$326,476












Special Items (adjustments):











     Intangible Impairment


$31,162


$0


$0


$31,162


$0

     Unrealized (gain) loss on fuel hedging instruments 


-$2,553


$2,673


-$9,820


-$5,167


$9,577

     Venezuela Devaluation


$0


$0


$0


$13,927


$0

Adjusted Net Income


$142,530


$89,296


$116,188


$468,123


$336,053












Shares used for Computation (in thousands)











     Basic and Diluted


44,379


44,409


44,380


44,424


44,400












Adjusted earnings per share - Basic and Diluted


3.21


2.01


2.62


10.54


7.57












Reconciliation Operating Costs per ASM











Excluding Fuel and Special Items


4Q13


4Q12


3Q13


2013


2012












Operating Costs per ASM as Reported


11.6


11.1


10.9


11.0


11.1

Intangible Impairment


(0.6)


-


-


(0.2)


-

Aircraft fuel per ASM


(4.1)


(4.4)


(4.1)


(4.1)


(4.4)

Adjusted Operating Costs per ASM excluding fuel 


6.9


6.8


6.8


6.7


6.8


































CPA-G

SOURCE Copa Holdings, S.A.

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There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.