ACE Aviation reports 2009 full year and fourth quarter results
OVERVIEW - Consolidated operating losses of $244 million and $5 million in 2009 and fourth quarter. - Consolidated losses of $692 million and $656 million in 2009 and fourth quarter (including non-cash loss on Air Canada investment of $630 million). - 9.3 million Convertible preferred shares purchased at $20 per share in January and March 2009. Remaining 3.2 million shares acquired in September 2009 for $23 per share. - $259 million of Convertible senior notes purchased in January 2009 at a purchase price of $900 for each $1,000 principal amount. Remaining notes redeemed for $64 million in December 2009. - $150 million secured loan to Air Canada in July 2009. - Air Canada share issues in October 2009 reduce ACE's ownership interest in Air Canada to 27% - Launch of substantial issuer bid in December 2009 to purchase $20 million of its common shares. 3.2 million shares repurchased in January 2010 at $6.20 per share. - ACE cash of $50 million on January 31, 2010.
Effective
ACE recorded a 2009 consolidated operating loss of
In the fourth quarter of 2009, ACE recorded a consolidated operating loss of
At
For further information on ACE's public disclosure file, including ACE's Annual Information Form, please consult SEDAR at www.sedar.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION ---------------------------------------------
Certain statements in this news release may contain forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, energy prices, general industry, market, credit and economic conditions, war, terrorist acts, changes in demand due to the seasonal nature of the business, the ability to reduce operating costs and employee counts, employee relations, labour negotiations or disputes, pension issues, currency exchange and interest rates, changes in laws, adverse regulatory developments or proceedings, pending and future litigation and actions by third parties as well as the factors identified throughout ACE's filings with securities regulators in
For further information: Des Beaumont, (514) 205-7639; www.aceaviation.com
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