Pinnacle subsidiary Colgan Air’s Flight 3407’s crash near Buffalo, New York shouldn’t hurt Pinnacle Airlines Corp.’s financial picture or its relationship with Continental Airlines, company officials said.
The statement came Thursday as Pinnacle reported modest overall losses for 2008, one of the airline industry’s most challenging times ever.
Bob McAdoo, an analyst with Avondale Partners, said Pinnacle put up solid numbers that show that the company is well-positioned for growth and future profits.
Excluding special charges, such as a loss on auction rate securities and costs associated with restructuring Colgan, Pinnacle made $4 million in the fourth quarter of 2008 and $19.9 million for the year.
“I think they’re doing fine,” McAdoo said. “They’ve got a great future ahead of them. There’s a lot of misunderstanding about what Pinnacle is and what it’s doing. I think the story they tell and the results they’ve generated are very encouraging.”