Copa Holdings reports net income of $113.9m for fourth quarter 2013

Copa Holdings reported net income of $113.9m for 4Q13, as compared to net income of $86.6m in 4Q12. Excluding special items, which for 4Q13 includes a non-cash impairment charge of $31.2m on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia) and a non-cash gain of $2.6mn associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported adjusted net income of $142.5m compared to adjusted net income of $89.3m 4Q12. Net income for full year 2013 reached $428.2m, compared to $326.5m for full year 2012. Excluding special items, which for 2013 includes a non-cash impairment charge of $31.2m on Intangible Assets booked in 2005 related to the acquisition of AeroRepublica (now Copa Colombia), a $13.9m loss related to the Venezuelan devaluation of February 2013, and a non-cash gain of $5.2m associated with the mark-to-market of fuel hedge contracts, Copa Holdings would have reported an adjusted net income of $468.1m, compared to adjusted net income of $336.1 for full year 2012.