Pinchanickled

Am I reading this Quarter 1 report correctly that Phil Trenary got a 3 Million Dollar golden parachute when he got fired???

Because of this, it sent PNCL into a financial loss for Quarter 1.

Please tell me I'm wrong, but it sure looks this way.

Pinnacle Airlines CEO Discusses Q1 2011 Results - Earnings Call Transcript - Seeking Alpha

Quote from the article which is a quote from the conference call:

(Peter Hunt CFO Speaking)
Thanks, Don and good morning, everyone. Thanks again for joining us today. This morning we did report first quarter diluted EPS excluding special items of a $0.01 and this was down $0.08 year over year. Our results were negatively affected, as Don mentioned, by weather. Not only did we lose revenue in all three airlines related to increased cancelled flight because of weather, but we also had higher operating performance penalties than we did in the first quarter of 2010. Our performance penalties were $2.1 million in the quarter and that’s an increase of over $1 million year over year.

Additionally, we were affected this quarter by the implementation of our new pilot contract with ALPA. It brings our pilot wages up to the industry average, so we have a competitive contract, but it also represents an increase in cost, primarily at Pinnacle but also at Colgan and slightly at Mesaba.

For the quarter, we incurred an additional $2 million or $2.1 million of cost related to this ALPA contract and that’s essentially for about half a quarter, because the terms of the new contract when into effect in the middle of February.

On top of those items that affected our results, we also recorded several special items that reduced our GAAP income and in fact, turned our GAAP income into a loss; total of $5.8 million in special items, $2 million of that total relates to the implementation of our new contract ALPA. We recorded $1.4 million of non-cash accruals to adjust an accrued vacation balances to the new rates that will be paid under the contract. And, in addition, we paid $600,000 to ALPA for their share of costs associated with the implementation plan that we have and the combination of our pilots groups into an integrated seniority list.

Secondly, as part of that $5.8 million, we recorded $800,000 under our integration plan, primarily related to severance and stay bonuses. We’re really at the just the beginning of the implementation program and we do expect additional integration costs as the year progresses and I’ll go over that later.

And then, lastly, to get to the total $5.8 million, we recorded $3 million associated the resignation of our Chief Executive Officer, both related to a consulting agreement that we signed with him, as well as the accelerated vesting of equity related grants that the CEO retained. So, including all of those one-time special charges, we recorded a net loss of $3 million for the first quarter and a net loss per share of $0.16.


So Phil Trenary's Golden Parachute sent Pinnacle into the RED???

Riddler

Time for America to rise up against the greedy robber barons.

Pinchanickled

I am so disgusted with the corruption at Pinnacle Airlines.

Think of 3,000,000 like this:

If you made 100,000 for 3 decades, that would end up being 3 million. So in a nutshell he basically got an entire career earnings of a pilot by phucking up and getting fired.

Word on the street is that he was fired by the board of directors for buying the building downtown Memphis for the corporate headquarters against the will of the board.

Disgusting! Now that's two quarters in a row that Pinnacle has lost money. So much wasteful spending. No wonder the recruiters can't find any new pilots to hire. Pinnacle is in a tailspin that may be unrecoverable.