Virgin America Q1 2016 net income up 74%

Virgin America (NASDAQ: VA) reported first quarter 2016 net income excluding special items was USD18.4 million, an increase of 74.5 percent from the first quarter of 2015, the company said.

Operating income and operating margin excluding special items were USD33.2 million and 9.1 percent, improving 152.8 percent and 5.1 points, respectively.

On a GAAP basis, net income was USD17.5 million. Operating income and operating margin on a GAAP basis were USD31.9 million and 8.8 percent, respectively.

Fully diluted earnings per share excluding special items was USD0.41. On a GAAP basis, fully diluted earnings per share was USD0.39.

On April 1, 2016, subsequent to quarter end, Virgin America entered into a merger agreement with Alaska Air Group, Inc.

Available seat miles (ASMs) for the first quarter of 2016 increased 15.8 percent year-over-year compared with the first quarter of 2015.