Spirit Airlines, Inc. - Shareholder/Analyst Call

Avis Budget Group, Inc. announced that it has signed a new partnership agreement with Spirit Airlines. Under the multi-year agreement, members of FREE SPIRIT(TM), the carrier's frequent flier program, can save money when they rent from Avis Car Rental and Budget Car Rental, and will also have the opportunity to earn miles when renting at Avis and Budget locations around the world. The new partnership agreement includes brand exposure and cross-marketing opportunities for each of the brands. For instance, Avis and Budget will be featured in FREE SPIRIT membership communications and will be listed as a partner on Spirit Airlines' official website, Spirit.com. Similarly, Spirit Airlines will be included in Avis and Budget email communications and listed on the partner pages of Avis.com and Budget.com.

Spirit Airlines, Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the period, the company reported total operating revenue of $370,437,000 against $301,495,000 for the same period in the last year. Operating income was $49,669,000 against $37,244,000 for the same period in the last year. Income before income taxes was $49,684,000 against $37,616,000 for the same period in the last year. Net income was $30,554,000 or $0.42 per basic and diluted share against $23,419,000 or $0.32 per basic and diluted share for the same period in the last year. Net cash provided by operating activities was $85,193,000 against $79,674,000 for the same period in the last year. During the first quarter 2013, the company incurred capital expenditures of $10.6 million, which includes the purchase of a spare engine that was financed under a sale leaseback transaction after it was delivered. The company paid $15.1 million in pre-delivery deposits (PDPs) for future deliveries of aircraft, and paid $6.8 million in maintenance reserves, net of reimbursements. Income before income taxes, non-GAAP was $53,258,000 against $38,251,000 for the same period in the last year. Adjusted net income, non-GAAP was $32,752,000 or $0.45 per basic and diluted share against $23,830,000 or $0.33 per basic and diluted share for the same period in the last year. Operating income, non-GAAP was $53,243,000 against $37,879,000 for the same period in the last year.