Release #: SPA17.02
April 28, 2017
Spirit Pilots Respond to Company’s First Quarter Financials
Spirit reports profitable quarter—but no pilot contract in sight
Herndon, Va.—Today, Spirit pilots, as represented by the Air Line Pilots Association, Int’l (ALPA), responded to the Spirit Airlines’ (NASDAQ: SAVE) first quarter financials, which reported a net profit of $31.9 million and ended the first quarter of 2017 with $918.4 million in unrestricted cash, cash equivalents, and short-term investments. This marks the 27th consecutive quarter of profits for Spirit Airlines.
“Since we started current negotiations in February 2015, the company has made more than $642 million in net profits,” said Capt. Stuart Morrison, chairman of the Spirit unit of ALPA. “While pilots at comparable airlines have seen substantial improvements in compensation, our pilots continue to work under a seven-year old agreement that puts us well below the industry-standard.”
For more than two years, Spirit pilots have been in negotiations for a contract that provides industry-standard compensation. However, the company—while generating above industry average profit margins—is proposing a compensation package that would cement its pilots at the bottom of the industry and "offset" any increases in pay or benefits with work rule concessions.
“Our company is one of the fastest growing in the country—and, without a new contract, will not be able to attract the number of pilots needed to fuel this growth,” continued Capt. Morrison. “Spirit management continues to drag its heels and create labor uncertainty as we enter the busy summer travel season. Spirit pilots are demanding a contract that provides industry-standard compensation and a long-term future for this airline—and Spirit continues to show it can well afford it.”
Spirit pilots also launched a new site providing a detailed history of negotiations, industry comparison, and latest news so that the financial community can get an accurate picture of the pilots’ fight for a fair contract—www.spiritcontractnow.com.
Founded in 1931, ALPA is the largest airline pilot union in the world and represents over 55,000 pilots at 32 U.S. and Canadian airlines. Visit the ALPA website at www.alpa.org or follow us on Twitter @WeAreALPA.
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CONTACT: ALPA Media, 703-481-4440 or Media@alpa.org