Virgin America reports first quarter 2012 operating loss of $49m

Virgin America reported its financial results for the first quarter of 2012. With overall fuel costs higher by 47% year-over-year, the financial pressure of the airline’s industry-leading capacity growth and a revenue shortfall associated with the carrier’s transition to a new reservations system, Virgin America reported a first quarter operating loss of $49 million on revenues of $267 million. Top line growth continued to outpace the expanding airline’s capacity growth. Year-over-year, total revenue grew by 33% for the first quarter on a 29% increase in Available Seat Miles (ASMs). The airline ended the quarter with $111m in unrestricted cash.