transat a.t. inc-cl a (TRZ/A) Snapshot

Transat AT, Inc. reported consolidated earnings results for the second quarter and six months ended April 30, 2013. For the second quarter, the company reported revenue of CAD 1,106,824 million compared to CAD 1,212,426 million a year ago. Operating loss was CAD 1,185 million against CAD 26,226. Loss before taxes was CAD 30,288 million compared to CAD 19,504 million a year ago. Net loss attributable to shareholders was CAD 22,760 million or CAD 0.59 per diluted share compared to CAD 13,199 million or CAD 0.35 per diluted share a year ago. Adjusted loss was CAD 1,137 million compared to CAD 32,719 million a year ago. Adjusted after-tax loss was CAD 1,432 million or CAD 0.04 per share compared to CAD 24,536 million or CAD 0.64 per share a year ago. This revenue drop was caused by a 13.7% drop in the number of travellers, after the company reduced its travel offerings to French, transatlantic and warmer destinations. For the six months, the company reported revenue of CAD 1,912,538 million compared to CAD 2,041,722 million a year ago. Loss before taxes was CAD 50,430 million compared to CAD 59,557 million a year ago. Net loss attributable to shareholders was CAD 37,897 million or CAD 0.99 per diluted share compared to CAD 42,668 million or CAD 1.12 per diluted share a year ago. Adjusted loss was CAD 30,075 million compared to CAD 73,614 million a year ago. Adjusted after-tax loss was CAD 22,996 million or CAD 0.60 per share compared to CAD 54,477 million or CAD 1.43 per share a year ago. Operating loss was CAD 22,202 million compared with CAD 58,065 million last year. The company is expecting better results than last year in the second half of 2013.

Transat AT, Inc., Q2 2013 Earnings Call, Jun 13, 2013

Transat AT, Inc. announced that it is eliminating 47 office staff positions. The company also announced that its president Allen Graham, who will retire on June 30, 2013. Graham will be succeeded by Jean-François Lemay, vice-president of human resources and talent management for parent firm Transat A.T. But his title will be general manager of the airline rather than president. Lemay, a labour lawyer for 30 years, has worked closely with Transat for many years, but joined the company officially in October 2011. He became president and CEO of Air Transat in 2002.