CPA FY 2008 Earnings Report — Copa Holdings, S.A. Revenue & Financial Results | Market Cap Arena

Copa Holdings, S.A.CPA

FY 2008 Earnings

Reported May 6, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$1.3B	—	$1.0B	—	25.5%
Op. Income	$224M	—	$197M	—	13.8%
Gross Margin	31.4%	—	35.6%	—	-4.2pp
Net Margin	9.2%	—	15.8%	—	-6.5pp
EPS (Diluted)	$2.71	—	$3.72	—	-27.2%
Free Cash Flow	-$18M	—	-$82M	—	78.3%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$884M
GROSS PROFIT	$405M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$122M
Other Expenses	-$59M
Operating Expenses	$181M
Cost & Expenses	$1.1B
OPERATING INCOME	$224M
Interest Income	$11M
Interest Expense	$40M
Other Income/Expenses	-$88M
INCOME BEFORE TAX	$136M
Income Tax Expense	$17M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$43M
EBIT	$176M
EBITDA	$219M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$884M
GROSS PROFIT	$405M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$122M
Other Expenses	-$59M
Operating Expenses	$181M
Cost & Expenses	$1.1B
OPERATING INCOME	$224M
Interest Income	$11M
Interest Expense	$40M
Other Income/Expenses	-$88M
INCOME BEFORE TAX	$136M
Income Tax Expense	$17M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$119M
D&A	$43M
EBIT	$176M
EBITDA	$219M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$119M
Depreciation & Amortization	$43M
Stock-Based Compensation	$6M
Deferred Income Tax	$5M
Other Non-Cash Items	$57M
Change in Working Capital	-$30M
OPERATING CASH FLOW	$198M
Capital Expenditure	-$216M
Acquisitions (Net)	$0
Purchases of Investments	-$240M
Sales/Maturities of Investments	$133M
Other Investing Activities	$954.0K
NET CASH FROM INVESTING	-$323M
Net Debt Issuance	$76M
Common Stock Repurchased	$0
Common Dividends Paid	-$16M
Other Financing Activities	$0
NET CASH FROM FINANCING	$60M
FREE CASH FLOW	-$18M
Net Change in Cash	-$65M

Balance Sheet

Item	Amount
Cash & Equivalents	$221M
Short-Term Investments	$176M
Net Receivables	$75M
Inventory	$18M
Other Current Assets	$4M
TOTAL CURRENT ASSETS	$522M
PP&E (Net)	$1.3B
Goodwill	$22M
Intangible Assets	$32M
Long-Term Investments	$11M
Tax Assets	$1M
Other Non-Current Assets	$28M
TOTAL NON-CURRENT ASSETS	$1.4B
TOTAL ASSETS	$2.0B
Account Payables	$66M
Short-Term Debt	$116M
Deferred Revenue	$0
Other Current Liabilities	$243M
TOTAL CURRENT LIABILITIES	$502M
Long-Term Debt	$800M
Deferred Revenue NC	$2M
Deferred Tax Liabilities	$9M
Other Non-Current Liabilities	$9M
TOTAL NON-CURRENT LIABILITIES	$820M
TOTAL LIABILITIES	$1.3B
Common Stock	$0
Additional Paid-In Capital	$13M
Retained Earnings	$594M
Treasury Stock	$0
Accum. Other Comp. Income	-$5M
Other Equity	$29M
TOTAL STOCKHOLDERS' EQUITY	$632M
Minority Interest	$0
TOTAL EQUITY	$632M
TOTAL LIABILITIES & EQUITY	$2.0B
Total Debt	$916M
Net Debt	$695M