Go Back   Airline Pilot Central Forums > >

Regional Regional airlines

 

Welcome to Airline Pilot Forums

    Already registered? Login above

OR
 
To take advantage of all the site's features, become a member of
the largest community of airline pilots in the U.S. and beyond.

The advertising to the left will not show if you are a registered user.

Join the Forum

Reply
 
Thread Tools Search this Thread Display Modes
Old 01-18-2007, 05:35 AM   #1
Gets Weekends Off
Thread Starter
 
Joined APC: Jul 2005
Position: CA
Posts: 496
Default Pinnacle buys Colgan?

The rumors are out there...anyone else heard this?
HIREME is offline   Reply With Quote
Old 01-18-2007, 05:45 AM   #2
Gets Weekends Off
 
Baronpilot's Avatar
 
Joined APC: Nov 2006
Position: CRJ200 FO
Posts: 376
Default

Quote:
Originally Posted by HIREME View Post
The rumors are out there...anyone else heard this?
Well we were just talking about that on the other Colgan thread and no one seemed to think it was possible.
Baronpilot is offline   Reply With Quote
Old 01-18-2007, 05:57 AM   #3
Gets Weekends Off
 
dingo222's Avatar
 
Joined APC: Nov 2005
Posts: 501
Default

its all over FI. I never would have thought it to be true, but stranger things have happened. The company was sold once before. I guess we will find out in the conference call today
dingo222 is offline   Reply With Quote
Old 01-18-2007, 05:59 AM   #4
Gets Weekends Off
Thread Starter
 
Joined APC: Jul 2005
Position: CA
Posts: 496
Default

Supposedly there is a conference call today at Colgan about it...any Colgan guys out there know about this?
HIREME is offline   Reply With Quote
Old 01-18-2007, 06:00 AM   #5
Gets Weekends Off
Thread Starter
 
Joined APC: Jul 2005
Position: CA
Posts: 496
Default

wow dingo...that was quick...you beat me to the punch. do you plan on enlightening us with the contents of the conference call?
HIREME is offline   Reply With Quote
Old 01-18-2007, 06:48 AM   #6
Gets Weekends Off
 
Joined APC: Nov 2006
Position: 772 FO
Posts: 800
Default Wow

Considering Chuck Colgan told the Washington Post that selling the then Colgan Airways to Presidential Airways was "The biggest mistake of my life."

I'll believe it when I see it, can't listen on the conference call I'm flying. Big deal, if we get bought we get bought..hopefully we get better pay and QOL. Not to mention a chance to move into the RJ.

You just watch, if PCL buys them Chuck will be on the phone getting new airplanes to try to do it again from scratch. They have no reason to sell.

Last edited by DMEarc; 01-18-2007 at 06:55 AM.
DMEarc is offline   Reply With Quote
Old 01-18-2007, 07:08 AM   #7
Gets Weekends Off
 
dingo222's Avatar
 
Joined APC: Nov 2005
Posts: 501
Default

colgan has a conference call every thurs. Thats old news. IF colgan gets bought, the pilots will prob get screwed and put to the bottom of the list as per the mohawk-alleghany agreement. I never thought that the colgans would sell either. He did it once and had to buy it back to save it. This rumor has spread faster that herpes in a thai *****house. We will see what is said in the conference call.
dingo222 is offline   Reply With Quote
Old 01-18-2007, 07:14 AM   #8
Gets Weekends Off
 
Joined APC: Nov 2006
Position: 772 FO
Posts: 800
Default

Quote:
Originally Posted by dingo222 View Post
colgan has a conference call every thurs. Thats old news. IF colgan gets bought, the pilots will prob get screwed and put to the bottom of the list as per the mohawk-alleghany agreement. I never thought that the colgans would sell either. He did it once and had to buy it back to save it. This rumor has spread faster that herpes in a thai *****house. We will see what is said in the conference call.
When you find out post right away, like I said I'm flying and I want to know as soon as I get to Tyler.
DMEarc is offline   Reply With Quote
Old 01-18-2007, 07:21 AM   #9
Gets Weekends Off
 
dingo222's Avatar
 
Joined APC: Nov 2005
Posts: 501
Default

its true. the memo is on the colgan crew web site
dingo222 is offline   Reply With Quote
Old 01-18-2007, 08:25 AM   #10
On Reserve
 
Joined APC: Apr 2006
Position: 737
Posts: 11
Default Its true

News Release
Pinnacle Airlines Corp. Announces Purchase of Colgan Air, Inc.
MEMPHIS, TN, Jan 18, 2007 (MARKET WIRE via COMTEX News Network) -- Pinnacle Airlines Corp. (NASDAQ: PNCL) today announced the purchase of Colgan Air, Inc., which maintains its headquarters in Manassas, Virginia. Pinnacle Airlines Corp. is the parent company of Pinnacle Airlines, Inc., a regional airline doing business as Northwest Airlink.
Pinnacle Airlines Corp. will pay $20 million for all of the issued and outstanding capital stock of Colgan Air, with $10 million in the form of an immediate cash payment and $10 million in the form of a one-year note secured by the stock of Colgan Air. The acquisition will be completed today subject to any applicable regulatory review.

Colgan Air is a premier turbo-prop regional airline operating as Continental Connection, United Express and US Airways Express. Launched in 1991 as a family-owned and operated company, today Colgan Air offers 354 daily flights to 53 cities in 13 states. Colgan is recognized for the exceptional service levels it provides its Customers and is a leader in providing air service to small and medium-sized cities in the United States. Colgan operates 39 Saab 340 and 11 Beech 1900 regional airliners, and has hub operations in Boston, Houston, New York, Pittsburgh and Washington, D.C. Colgan Air employs approximately 1,100 People and transported nearly 1.5 million Customers in 2006. Colgan has experienced strong revenue growth over the past years. In 2005 Colgan had revenues of approximately $137 million. Colgan projects that it will have revenues of approximately $190 million in 2006.

"This is a strategic move for our organization and offers Pinnacle Airlines Corp. extraordinary opportunities by diversifying and expanding into multiple platforms," said Philip H. Trenary, President & CEO of Pinnacle Airlines Corp. "Colgan Air has a highly productive workforce with knowledge, experience and fantastic dedication."

This purchase provides Pinnacle Airlines Corp. with two separate platforms for growth.

Mr. Trenary continued, "The purchase of Colgan Air gives our corporation access to and relationships with three of the largest carriers in the United States: Continental Airlines, United Airlines and US Airways. When combined with Pinnacle Airlines, Inc.'s airline services agreement with Northwest Airlines, Pinnacle Airlines Corp. now code-shares with a significant proportion of the major airlines in the United States. These new relationships will be invaluable to helping grow both Pinnacle Airlines, Inc. and Colgan Air."

Mr. Trenary also explained that the newly expanded corporate organization will be better able to diversify fixed costs across a wider base, creating more efficiency and lowering unit operating costs at both carriers. "We believe both airlines will be more competitive in the marketplace as a result of this purchase."

Pinnacle Airlines Corp. expects that the acquisition of Colgan Air will result in a slight increase to consolidated earnings per share for the year ended December 31, 2007, with a more significant positive impact in future years as both airlines benefit from the customer relationships and economies of scale that this acquisition brings.

Mike Colgan, President & CEO of Colgan Air, will remain in his current capacity as President and CEO of Colgan Air, Inc. for the immediate future. Mr. Colgan will be an instrumental liaison between Pinnacle Airlines Corp. and Colgan Air as they create a seamless transition for the current Colgan customers.

Mr. Colgan stated, "We are very proud of Colgan Air and see this as an exciting step forward. While this was not an easy decision for our family, we considered the strength of Pinnacle Airlines Corp. and its management team as an opportunity to continue the growth of the company in an ever-evolving industry. The employees of Colgan Air are more than just employees here -- they are family. Collectively, the entire Colgan Air Family, along with our customers, has made this possible. The management team of Pinnacle Airlines Corp. has been long-time friends and industry colleagues; I join them in welcoming everyone to this new and exciting venture."

Phil Trenary added, "Colgan Air is a family-centric organization with a positive attitude and an excellent team of service focused professionals. This makes Colgan an excellent cultural fit with our company and our People. Additionally, we are pleased that several members of the Colgan family will continue to work with us through the transition and into the future."

Pinnacle Airlines, Inc. and Colgan Air will operate as two separate entities with independent and separate management structures. Pinnacle Airlines Corp. and Pinnacle Airlines, Inc. will remain at the current headquarters in Memphis, TN. Colgan Air will maintain its operational headquarters in Manassas, VA, provided it continues to make operational and financial sense for the organization.

Pinnacle Airlines Corp., an airline holding company, is the parent company of Pinnacle Airlines, Inc. and Colgan Air, Inc. Pinnacle Airlines, Inc. operates under the name Northwest Airlink and operates 127 Canadair Regional Jets in the United States and Canada. Colgan Air, Inc. operates as Continental Connection, United Express and US Airways Express. Colgan Air operates a fleet of 39 Saab 340 and 11 Beech 1900 turbo-prop regional airliners.

Safe Harbor

This press release contains various forward-looking statements that are based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including those set forth in our filings with the Securities and Exchange Commission, which are available to investors at our web-site or on line from the Commission. Should one of more of these risks or uncertainties materialize, or should underlying assumptions prove erroneous, actual results may vary materially from results that were anticipated or projected. The Company does not intend to update these forward-looking statements before its next required filing with the Securities and Exchange Commission.

For further information, please contact:

Philip Reed
Telephone: 901.348.4257
E-mail: Contact via http://www.marketwire.com/mw/emailpr...3EAAF7C6126F59


SOURCE: Pinnacle Airlines Corp.
fly4fun is offline   Reply With Quote
 
 
 

 
Reply
 



Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Related Topics
Thread Thread Starter Forum Replies Last Post
Reserve at Colgan JoeyMeatballs Regional 19 01-07-2008 06:12 AM
AWAC or Colgan 46Pilot Regional 28 05-31-2006 07:40 PM
Colgan Air Pilot Hiring - Open House WEACLRS Hiring News 0 05-12-2006 06:16 AM
Colgan, stay or go cloudkicker1981 Regional 21 04-11-2006 05:04 AM
To Pinnacle or Not to Pinnacle? That is the question love2fly Regional 19 12-10-2005 07:16 PM


All times are GMT -8. The time now is 10:12 PM.


vBulletin® v3.9.3.0, Copyright ©2000-2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.1
Copyright ©2000 - 2012 Internet Brands, Inc.