Virgin America reports third quarter 2011 financial results

Virgin America reported its financial results for the third quarter of 2011. During a period of significantly higher fuel prices, Virgin America reported a $16.2m operating profit for the quarter, resulting in a 6% operating margin. The airline achieved strong revenue growth, with a 44%increase in operating revenue as compared to the third quarter of 2010.  Virgin America reported a $3.3 million net loss and unrestricted cash of $24m. Total fuel costs for the quarter increased by 86% and the Company’s average price per gallon of fuel increased by 43% year-over-year. The increase in fuel costs was the primary factor in a $4.8m decrease in Virgin America’s operating income, as compared to the third quarter of 2010.