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Transat Reports First Quarter Net Loss of $114.3 Million on Year-Over-Two Revenue Decline of 69%

Transat A.T. Inc. has today reported a first quarter net loss of $114.3 million and an adjusted net loss of $95.3 million. First quarter revenue increased 383 percent versus Q1 2021 to $202.4 million, but was down 69 percent versus the first fiscal quarter of 2019.

Transat Reports Fiscal First Quarter Financial Results - Courtesy Transat

On Thursday (March 10, 2022), Transat A.T. Inc. reported their fiscal first quarter financial results for the period ending January 31, 2022. The carrier reported a first quarter net loss of $114.3 million or ($3.03) per diluted share and an adjusted net loss of $95.3 million on a year-over-year increase in revenue of 382.9 percent to $202.4 million. Compared to the same period in fiscal 2019, revenues were down 68.7 percent. At January 31, 2022, Transat had unrestricted liquidity of $485.1 million including cash and cash equivalents of $343.1 million and borrowing capacity of $142 million.

In today’s announcment, Transat’s President and Chief Executive Officer, Annick Guérard, said,

“While we were in the midst of a strong recovery, with November and December results matching our targets, the emergence of the Omicron variant brought our sales to a temporary halt between mid-December and early February. Subsequently, and particularly after the easing of restrictive measures at the borders, bookings picked up again, for both winter and summer, which augurs well for the coming months.

“We, therefore, intend to continue with our initial strategic plan and stay the course for the summer. Our recovery plan has allowed us to recall approximately 500 employees since the start of November and we are delighted to see that many of our customers in Canada and Europe are eager to travel after two years of the pandemic. Our code-sharing agreement with Porter Airlines announced on Tuesday also demonstrates the progress made towards our longer term strategic goals.

Transat's Financial Results for the Fiscal First Quarter Ending January 31, 2022 - Courtesy Transat A.T., Inc.

“The deferral of certain terms of our financing under the Large Employer Emergency Financing Facility ("LEEFF"), as well as the securing an additional $43.3 million for refunding travellers, will facilitate our recovery following the resurgence of the pandemic. In the short term, our priority is to protect our cash flows and access the liquidity needed to get through this period of uncertainty. Although we are in recovery, the impacts of COVID-19 are still being felt and the geopolitical situation is constantly changing. As we will remain in a cash burn situation for the coming months, we are also in discussions with the federal government for additional funding.”

Montreal-based Transat A.T. Inc. (TSX: TRZ), the parent company of Air Transat, has 5,000 employees and is the third largest airline in Canada, as well as the leading integrated tourism company. Transat offers vacation packages, hotel accommodations and air service to more than 60 destinations in over 25 countries in the Americas and Europe. Air Transat has been voted the ‘World’s Best Leisure Airline’ at the Skytrax World Airline Awards.

Source: Transat A.T., Inc.


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