TORONTO, June 1 /CNW/ - Porter Aviation Holdings Inc. announced today that it has decided not to proceed with the previously announced proposed offering of its common equity due to unfavorable market conditions caused by volatility in the equity markets.
"Given current market conditions, we believe it is prudent to defer the offering at this time," said Robert Deluce, president and chief executive officer of Porter Aviation. "Our company is well-positioned to wait until the equity markets stabilize before deciding whether to proceed with a new public offering."
Porter Airlines' business continues developing well with year-over-year passenger numbers improving by more than 150,000 in the first quarter of 2010 and profitability metrics showing significant gains over the same period.
About Porter Airlines
Porter Airlines is Canada's third largest scheduled carrier, based at Billy Bishop Toronto City Airport. Porter is committed to offering speed, convenience and service as part of a premium travel experience. A refined journey begins on the ground with comfortable airport lounges and service-oriented team members. The experience continues seamlessly in the air with spacious interiors and well-appointed crew. Passengers enjoy complimentary services, including free in-flight wine, beer and premium snacks, all aboard modern aircraft.
In 2009, Porter achieved an industry-leading break-even load factor of 49.3 per cent relative to other North American publicly traded airline companies. The airline was also noted in 2009 as part of Ipsos' independent Canadian Business Travel Study with 93 per cent of customers being at least very satisfied with Porter. Of this number, 54% were extremely satisfied.
The airline currently serves Toronto, Ottawa, Montreal, Quebec City, Halifax, St. John's, Thunder Bay, Sudbury, New York (Newark), Chicago (Midway), Boston (Logan), and has seasonal flights to Mt. Tremblant, Que., and Myrtle Beach, SC. Moncton service begins June 25.
Certain statements in this press release may contain "forward-looking statements" within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, stated intentions, level of activity, performance or achievements of Porter to be materially different from those expressed or implied by such forward looking statements.
Porter does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
SOURCE Porter Airlines Inc.
For further information: For further information: Media contact: Brad Cicero, Porter Airlines, (416) 619-8593