Spirit Airlines announces fourth quarter and full year results

Spirit Airlines reported fourth quarter 2011 and full year 2011 financial results. Net income for the fourth quarter 2011 was $24.0m compared to $9.6m in 2010. Full year pro forma adjusted net income was $95.5m, full year 2011 GAAP net income was $76.4m. EBITDAR for the fourth quarter 2011 was $70.7m, resulting in an EBITDAR margin of 25.8% excluding unrealized fuel hedge gains and special items. For the full year 2011 EBITDAR was $275.0 million, resulting in an EBITDAR margin of 25.7% excluding unrealized fuel hedge losses and special items. Spirit ended the year with $343.3 million in unrestricted cash.