MILWAUKEE, Jan. 25 /PRNewswire-FirstCall/ — Midwest Air Group, Inc. (AMEX:MEH) today reported fourth quarter and full-year results for its Midwest Airlines and Skyway Airlines (dba Midwest Connect) operations.
“Our performance was very strong, resulting in our third consecutive quarterly profit and continuing the turnaround for Midwest Air Group,” said Timothy E. Hoeksema, chairman and chief executive officer. “Traffic and revenue remained strong, and we benefited from moderating fuel prices in the quarter. Clearly, our strategic plan is driving growth for the company.”
Comparing fourth quarter 2006 to fourth quarter 2005, operating revenue increased 17.9% to $168.3 million. Operating income improved to $1.9 million from a $14.0 million loss in the fourth quarter of 2005, while net income improved to $3.6 million from a $13.8 million loss. Due to accumulated losses, Midwest Air Group discontinued recording federal income tax benefit on losses in second quarter 2004 and state income tax benefit on losses in second quarter 2005. During 2006, the company recorded alternative minimum tax expense, offset by the favorable resolution of tax contingencies previously accrued. Diluted earnings per share were $0.16, compared with a $0.79 loss in the same quarter a year earlier.
The revenue increase reflects a 16.3% increase in passenger traffic, due to strong customer demand in response to competitive pricing, as well as schedule and service enhancements. A 0.9% increase in revenue yield was driven by improvements in the company’s revenue management processes and a reduction in industry capacity. Total operating expenses increased 6.2%, due primarily to the 6.2% increase in capacity and increased flight operations, which led to increases in fuel expense; salary, wages and benefits; aircraft rentals; and commissions. Fuel expense increased $2.9 million, or 5.3% – including $0.9 million of favorable price impact (calculated by applying 2005 prices to actual gallons consumed in 2006 and comparing the result to actual 2006 expense). Fuel expense includes the effect of hedging, which negatively affected fuel cost by $2.7 million in the quarter.
For the full year, operating revenue increased 27.1% to $664.5 million. Operating income improved to $0.6 million from a $65.2 million loss in 2005, while net income improved to $5.4 million from a $64.9 million loss the previous year. Diluted earnings per share rose to $0.29 from a $3.71 loss. Results for 2005 included an impairment charge due to the planned retirement of two aircraft, as well as capitalized expense write-offs, a litigation settlement, severance costs and a change in employee vacation policy totaling $0.98 per share.
The company ended the year with $157.7 million in cash, of which $118.1 million was unrestricted. Total cash was up from $137.8 million at December 31, 2005; unrestricted cash was up from $99.0 million at the same date. Capital spending – net of credits used to fund such spending – resulted in a cash outlay of $13.5 million for the year and consisted primarily of the acquisition of two Fairchild 328JETs, a spare Boeing 717 engine and additional spare parts for the Boeing 717 fleet.
Midwest continues to post sizeable gains in market share in its Milwaukee and Kansas City hubs. In November 2006, the most recent month for which market share results are available:
— Midwest Airlines and Midwest Connect carried 52.2% of all passengers
departing from Milwaukee, up from 50.4% in the same month a year
earlier. In November 2006, the airlines transported 148,691 Milwaukee
passengers, up 2.3% from 145,376 passengers in November 2005.
— In Kansas City, Midwest Airlines market share rose to 10.8% for
November from 8.9% in the same month a year earlier. In November 2006,
Midwest Airlines carried a total of 48,837 Kansas City passengers, up
35.4% from 36,068 passengers in November 2005.Midwest Airlines
At Midwest Airlines, passenger revenue per scheduled service available seat mile increased 13.1% in fourth quarter 2006 compared with the same quarter a year earlier. Load factor increased 6.7 percentage points due to a 17.5% increase in passenger traffic on a 7.0% increase in capacity. Revenue yield increased 2.9%.
Into-plane fuel prices decreased 1.3% in fourth quarter 2006, averaging $2.09 per gallon versus $2.12 per gallon in fourth quarter 2005, and resulted in a $0.7 million favorable price impact. Fuel consumption increases resulted in a $4.0 million unfavorable impact in the quarter, primarily as a result of the increase in the number of flight operations.
In the fourth quarter, cost per available seat mile (unit costs) at Midwest Airlines increased $0.0031 to $0.1121, or 2.9% (excluding fuel, increased $0.0029 to $0.0725, or 4.2%) compared with fourth quarter 2005.
Note: Cost per available seat mile excluding fuel expense is an industry measurement that provides management and investors the ability to track changes in cost absent fuel-related expenses.
Midwest Connect
At Midwest Connect, passenger revenue per scheduled service available seat mile increased 5.1% in the fourth quarter. Passenger traffic increased 0.6% on a 4.0% decrease in capacity, resulting in a 3.1 percentage point improvement in load factor, while revenue yield increased 0.3%. Cost per available seat mile decreased $0.0129 to $0.2931, or 4.2% (excluding fuel, decreased $0.0115 to $0.2225, or 4.9%) compared with fourth quarter 2005. Excluding fuel, the increase was due primarily to labor costs associated with ramp functions performed for Midwest Airlines; the transfer of ramp and dining services functions to Midwest Connect in mid-2005 has reduced the total cost of these services to Midwest Air Group. Into-plane fuel prices decreased 2.7% in fourth quarter 2006, averaging $2.13 per gallon versus $2.19 per gallon in fourth quarter 2005. Fuel consumption decreases resulted in a $0.2 million favorable impact quarter over quarter.
Highlights and OutlookIn the fourth quarter of 2006:
http://girlfriendsgetaway.wordpress.com/.
— Midwest Airlines selected SkyWest Airlines, Inc. to operate 50-seat
regional jet service beginning in April 2007. SkyWest will operate a
minimum of 15 and up to 25 Canadair regional jets for Midwest during
the five-year term of the agreement. Flying as Midwest Connect, the
SkyWest jets will allow Midwest to add new destinations, increase
frequency on existing routes and upgrade regional routes to all-jet
service. The new regional jet program is an essential component of
Midwest’s 2007 growth plans.
— Midwest Airlines signed a letter of intent to acquire two additional
MD-80 series jet aircraft, expanding its fleet of MD-80s from 11 to 13.
The airline plans to put the planes into revenue service by mid-2007.
— Skyway Airlines completed the purchase of a Fairchild 328JET regional
jet, which will enter service in first quarter 2007.
— Midwest Air Group increased the number of directors on its board from
eight to nine, and elected James R. Boris to the new position. He is
chairman of JB Capital Management, LLC, a private investment firm.
— Midwest Airlines began offering complimentary canine travel packs to
dogs checking in with their owners for travel on the airline. The pack
is an enhancement to the airline’s popular Premier Pet Program, the
first program of its kind to offer frequent flying pets that travel
with their owners the opportunity to earn free travel.
— Midwest Airlines re-launched Best Care News, its newsletter for
frequent flyers, in a monthly all-electronic format – reaching more
people, more frequently, in a more cost-effective manner.
— Midwest Airlines launched a blog that provides travel tips and tourist
information on the cities served by the airline. Geared toward women
traveling together or in groups, “Travels With Tish – Girlfriends
Getaway Guide” can be accessed at
— Skyway Airlines was awarded the Diamond Award, the top honor in the
Federal Aviation Administration’s Aviation Maintenance Technician
awards program. The award recognizes exemplary training of maintenance
technicians.
Additionally, Midwest enhanced schedules and upgraded equipment on a number of routes:
— Midwest Airlines enhanced its flight schedule in two key markets:
Kansas City – New York La Guardia with a fifth daily nonstop and Kansas
City – Milwaukee with an eighth daily nonstop. In addition to offering
travelers a more flexible and convenient schedule on the routes, the
new service also provides significantly more connection opportunities
through Kansas City.
— Midwest Airlines enhanced service between Milwaukee and Florida, adding
second daily seasonal nonstop roundtrips to Ft. Myers, Ft. Lauderdale
and Tampa. The airline also launched new daily nonstop service between
Kansas City and Ft. Myers and added seasonal nonstop daily frequency
between Kansas City and both Ft. Lauderdale and Orlando.
— Midwest Connect upgraded service in its Milwaukee-Appleton, Milwaukee –
Columbus, Milwaukee – Dayton markets to regional jets, as well as one
additional Milwaukee – Grand Rapids daily roundtrip.In the first quarter of 2007:
Midwest Airlines has announced a number of service expansions that are part of its 2007 strategic growth plan.
— On March 4, Midwest Connect plans to launch nonstop service between
Milwaukee and Duluth/Superior. The new service will be aboard the
airline’s quick and comfortable Fairchild 328JET aircraft. On the same
day, the airline will also upgrade its Milwaukee-St. Louis service to
the regional jets.
— On April 1, Midwest Airlines plans to introduce service to
Seattle/Tacoma, the 49th destination on Midwest’s nationwide route
network. The airline will offer nonstop Signature Service – featuring
two-by-two wide leather seats and generous legroom on new Boeing 717
aircraft – from Kansas City, with easy connections to and from
Milwaukee.
Going forward, Hoeksema said Midwest is committed to creating long-term value while continuing to provide the superior customer service that its customers expect. “Our long-term strategic plan provides significant opportunities to continue to improve profitability, including a 15% increase in capacity in 2007 and an average increase of 10% per year over the next three years. And our customers will benefit from aggressive route expansion and equipment upgrades in 2007, as well as the addition of at least six new destinations and as many as 12 new routes.”
For the full year of 2007, Midwest is projecting non-GAAP net earnings per diluted share to be in excess of $1.70. Midwest is also projecting that 2007 revenues will exceed $825 million and 2007 EBITDAR will exceed $140 million. GAAP (Generally Accepted Accounting Principles) net earnings per diluted share in 2007 will include expenses relating to the unsolicited exchange offer by AirTran and other items that are not currently determinable, but may be significant. For that reason, Midwest is unable to provide full-year GAAP net earnings at this time.
EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) is considered to be a non-GAAP financial measure.
Midwest believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating Midwest’s operating performance as these costs are not directly attributable to the underlying performance of its business operations. Internally, Midwest uses this non-GAAP information as an indicator of business performance and management’s effectiveness. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Midwest Air Group issued a separate news release today describing the position of its board of directors regarding AirTran’s unsolicited exchange offer.
Management of Midwest Air Group will discuss the company’s financial results and its board’s position on the exchange offer in a conference call with industry analysts and institutional investors at 11 a.m. Eastern time today. The discussion will be available simultaneously in a listen-only mode and for the following 30 days at http://phx.corporate-ir.net/phoenix.zhtml?c=88626&p=irol-irhome.
Midwest Airlines features jet service throughout the United States, including Milwaukee’s most daily nonstop flights and best schedule to major destinations. Catering primarily to business travelers and discerning leisure travelers, the airline earned its reputation as “The best care in the air” by providing passengers with impeccable service and onboard amenities at competitive fares. Skyway Airlines, Inc. – Midwest’s wholly owned subsidiary – operates as Midwest Connect and offers connections to Midwest Airlines as well as point-to-point service between select markets on regional jet and turboprop aircraft. Together, the airlines offer service to 49 cities. More information is available at http://www.midwestairlines.com/.
This document contains forward-looking statements about the results expected under the company’s strategic plan and that otherwise may state the company’s or management’s intentions, hopes, beliefs, expectations or predictions for the future. Words such as “projecting,” “expect,” “anticipate,” “believe,” “estimate,” “goal,” “plan,” “objective” or similar words are intended to identify forward-looking statements. It is important to note that the company’s actual results could differ materially from the projected results contained in these forward-looking statements. Factors that may cause such a difference to occur include, but are not limited to, fees and expenses incurred in connection with AirTran’s unsolicited exchange offer and the risk factors described in “Item 1A. Risk Factors” in the company’s “Annual Report on Form 10-K” for the year ended December 31, 2005.
MIDWEST AIR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)Three Months Ended
December 31, % Change
Better/
2006 2005 (Worse)Operating revenues:
Passenger service $147,033 $125,279 17.4%
Cargo 3,122 1,831 70.5%
Other 18,167 15,656 16.0%
Total operating revenues 168,322 142,766 17.9%Operating expenses:
Salaries, wages and benefits 40,541 37,240 (8.9%)
Aircraft fuel and oil 57,121 54,229 (5.3%)
Commissions 4,559 3,694 (23.4%)
Dining services 1,973 2,186 9.8%
Station rental, landing and
other fees 13,039 13,240 1.5%
Aircraft maintenance, materials
and repairs 12,934 13,142 1.6%
Depreciation and amortization 3,945 3,646 (8.2%)
Aircraft rentals 16,442 13,872 (18.5%)
Impairment loss 0 0 NM
Other 15,861 15,473 (2.5%)
Total operating expenses 166,415 156,722 (6.2%)
Operating income/(loss) 1,907 (13,956) NMOther (expense)/income:
Interest income 2,089 1,016 105.7%
Interest expense (792) (908) 12.8%
Total other (expense)/income 1,297 108 NMIncome/(loss) before income tax 3,204 (13,848) NM
Income tax (benefit) (403) 0 NMNet income/(loss) $3,607 $(13,848) NM
Income/(loss) per common share –
basic: $0.19 $(0.79) NM
Income/(loss) per common share –
diluted: $0.16 $(0.79) NMWeighted average shares – basic 18,888,835 17,553,323
Weighted average shares – diluted 25,154,682 17,553,323See notes to unaudited condensed consolidated financial statements.
MIDWEST AIR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)Twelve Months Ended
December 31, % Change
2006 2005 Better/
(Worse)Operating revenues:
Passenger service $588,242 $459,652 28.0%
Cargo 9,444 6,323 49.4%
Other 66,815 57,014 17.2%
Total operating revenues 664,501 522,989 27.1%Operating expenses:
Salaries, wages and benefits 160,060 147,010 (8.9%)
Aircraft fuel and oil 232,013 178,079 (30.3%)
Commissions 18,018 13,784 (30.7%)
Dining services 8,397 9,622 12.7%
Station rental, landing and
other fees 51,562 46,282 (11.4%)
Aircraft maintenance, materials
and repairs 51,451 51,823 0.7%
Depreciation and amortization 15,178 16,001 5.1%
Aircraft rentals 64,215 51,468 (24.8%)
Impairment loss 0 15,622 NM
Other 63,015 58,466 (7.8%)
Total operating expenses 663,909 588,157 (12.9%)
Operating income/(loss) 592 (65,168) 100.9%Other (expense)/income:
Interest income 7,701 3,723 106.8%
Interest expense (3,284) (3,581) 8.3%
Total other (expense)/income 4,417 142 NMIncome/(loss) before income tax 5,009 (65,026) NM
Income tax (benefit) (403) (140) 187.9%Net income/(loss) $5,412 $(64,886) NM
Income/(loss) per common share –
basic: $0.30 $(3.71) NM
Income/(loss) per common share –
diluted: $0.29 $(3.71) NMWeighted average shares – basic 18,117,907 17,508,360
Weighted average shares – diluted 24,033,540 17,508,360See notes to unaudited condensed consolidated financial statements.
MIDWEST AIR GROUP, INC.
OPERATING STATISTICSThree Months Ended
December 31,
2006 2005
Midwest Air Group
Scheduled Service Revenue
Passenger Miles (000s) 1,004,520 863,436
Scheduled Service Available
Seat Miles (000s) 1,360,608 1,281,191
Total Available Seat Miles (000s) 1,371,308 1,299,289
Load Factor (%) 73.8% 67.4%
Revenue Yield $0.1464 $0.1451
Passenger Revenue per Schd. Svc. ASM $0.1081 $0.0978
Total Revenue per Total ASM $0.1227 $0.1099
Total Cost per Total ASM $0.1214 $0.1206
Total Cost per Total ASM
(ex-fuel cost) (1) $0.0797 $0.0789
Number of Flights 27,126 27,163
Into-plane Fuel Cost per Gallon $2.10 $2.13
Full-time Equivalent Employees
at End of Period 3,020 2,906
Aircraft in Service at End of Period 55 55Midwest Airlines Operations
Origin & Destination
Passengers 893,265 778,121
Scheduled Service Revenue
Passenger Miles (000s) 942,840 802,119
Scheduled Service Available
Seat Miles (000s) 1,268,643 1,185,368
Total Available Seat Miles (000s) 1,279,342 1,203,466
Load Factor (%) 74.3% 67.7%
Revenue Yield $0.1316 $0.1279
Passenger Revenue per Schd. Svc. ASM $0.0978 $0.0865
Total Revenue per Total ASM $0.1144 $0.1005
Total Cost per Total ASM $0.1121 $0.1089
Total Cost per Total ASM (ex-
fuel cost) (1) $0.0725 $0.0696
Average Passenger Trip Length (miles) 1,055 1,031
Number of Flights 13,877 12,653
Into-plane Fuel Cost per Gallon $2.09 $2.12
Full-time Equivalent Employees
at End of Period 2,101 1,905
Aircraft in Service at End of Period 36 34Midwest Connect Operations
Origin & Destination Passengers 194,613 200,273
Scheduled Service Revenue
Passenger Miles (000s) 61,681 61,317
Scheduled Service Available
Seat Miles (000s) 91,965 95,823
Total Available Seat Miles (000s) 91,965 95,823
Load Factor (%) 67.1% 64.0%
Revenue Yield $0.3717 $0.3705
Passenger Revenue per Schd. Svc. ASM $0.2493 $0.2371
Total Revenue per Total ASM $0.2818 $0.2662
Total Cost per Total ASM $0.2931 $0.3060
Total Cost per Total ASM
(ex-fuel cost) (1) $0.2225 $0.2339
Average Passenger Trip Length (miles) 317 306
Number of Flights 13,249 14,510
Into-plane Fuel Cost per Gallon $2.13 $2.19
Full-time Equivalent Employees
at End of Period 919 1,001
Aircraft in Service at End of Period 19 21Twelve Months Ended
December 31,
2006 2005
Midwest Air Group
Scheduled Service Revenue
Passenger Miles (000s) 4,086,394 3,363,995
Scheduled Service Available
Seat Miles (000s) 5,362,671 4,740,662
Total Available Seat Miles (000s) 5,421,119 4,799,932
Load Factor (%) 76.2% 71.0%
Revenue Yield $0.1440 $0.1366
Passenger Revenue per Schd.
Svc. ASM $0.1097 $0.0970
Total Revenue per Total ASM $0.1226 $0.1090
Total Cost per Total ASM $0.1225 $0.1225
Total Cost per Total ASM
(ex-fuel cost) (1) $0.0797 $0.0854
Number of Flights 110,120 106,042
Into-plane Fuel Cost per
Gallon $2.17 $1.86
Full-time Equivalent Employees
at End of Period 3,020 2,906
Aircraft in Service at End of Period 55 55Midwest Airlines Operations
Origin & Destination Passengers 3,621,048 3,009,082
Scheduled Service Revenue
Passenger Miles (000s) 3,827,111 3,121,785
Scheduled Service Available
Seat Miles (000s) 4,982,631 4,358,678
Total Available Seat Miles (000s) 5,040,712 4,417,682
Load Factor (%) 76.8% 71.6%
Revenue Yield $0.1285 $0.1193
Passenger Revenue per Schd. Svc. ASM $0.0987 $0.0854
Total Revenue per Total ASM $0.1135 $0.0994
Total Cost per Total ASM $0.1127 $0.1121
Total Cost per Total ASM
(ex-fuel cost) (1) $0.0722 $0.0773
Average Passenger Trip Length (miles) 1,057 1,038
Number of Flights 54,213 46,492
Into-plane Fuel Cost per Gallon $2.16 $1.85
Full-time Equivalent Employees
at End of Period 2,101 1,905
Aircraft in Service at End of Period 36 34Midwest Connect Operations
Origin & Destination Passengers 819,946 820,487
Scheduled Service Revenue
Passenger Miles (000s) 259,283 242,210
Scheduled Service Available
Seat Miles (000s) 380,040 381,983
Total Available Seat Miles (000s) 380,407 382,251
Load Factor (%) 68.2% 63.4%
Revenue Yield $0.3719 $0.3606
Passenger Revenue per Schd. Svc. ASM $0.2537 $0.2286
Total Revenue per Total ASM $0.2851 $0.2471
Total Cost per Total ASM $0.2936 $0.2698
Total Cost per Total ASM
(ex-fuel cost) (1) $0.2210 $0.2065
Average Passenger Trip Length (miles) 316 295
Number of Flights 55,907 59,550
Into-plane Fuel Cost per Gallon $2.21 $1.91
Full-time Equivalent Employees
at End of Period 919 1,001
Aircraft in Service at End of Period 19 21(1) Non-GAAP measurement.
Note: All statistics exclude charter operations except the following: Total Available Seat Miles (“ASMs”), Total Cost per Total ASM, Total Cost per ASM (ex-fuel cost), Into-plane Fuel Cost, Number of Employees and Aircraft in Service. Aircraft acquired but not yet placed into service are excluded from the aircraft in service statistics.
Numbers in this table may not be recalculated due to rounding.MIDWEST AIR GROUP, INC.
NON-GAAP FINANCIAL MEASURESThree Months Ended
December 31,
2006 2005 %
Midwest Air Group
Total GAAP operating expenses ($000) $166,415 $156,722 6.2%
ASMs (000) 1,371,308 1,299,289 5.5%
CASM $0.1214 $0.1206 0.6%Total GAAP operating expenses ($000) $166,415 $156,722 6.2%
Less: aircraft fuel ($000) $57,121 $54,229 5.3%Operating expenses excluding fuel ($000) $109,294 $102,493 6.6%
ASMs (000) 1,371,308 1,299,289 5.5%
CASM excluding fuel $0.0797 $0.0789 1.0%Midwest Airlines Operations
Total GAAP operating expenses ($000) $143,396 $131,111 9.4%
ASMs (000) 1,279,342 1,203,466 6.3%
CASM $0.1121 $0.1089 2.9%Total GAAP operating expenses ($000) $143,396 $131,111 9.4%
Less: aircraft fuel ($000) $50,625 $47,320 7.0%Operating expenses excluding fuel ($000) $92,772 $83,792 10.7%
ASMs (000) 1,279,342 1,203,466 6.3%
CASM excluding fuel $0.0725 $0.0696 4.2%Midwest Connect Operations
Total GAAP operating expenses ($000) $26,957 $29,325 (8.1%)
ASMs (000) 91,965 95,823 (4.0%)
CASM $0.2931 $0.3060 (4.2%)Total GAAP operating expenses ($000) $26,957 $29,325 (8.1%)
Less: aircraft fuel ($000) $6,497 $6,909 (6.0%)Operating expenses excluding fuel ($000) $20,460 $22,417 (8.7%)
ASMs (000) 91,965 95,823 (4.0%)
CASM excluding fuel $0.2225 $0.2339 (4.9%)Twelve Months Ended
December 31,
2006 2005 %
Midwest Air Group
Total GAAP operating expenses ($000) $663,909 $588,157 12.9%
ASMs (000) 5,421,119 4,799,932 12.9%
CASM $0.1225 $0.1225 (0.1%)Total GAAP operating expenses ($000) $663,909 $588,157 12.9%
Less: aircraft fuel ($000) $232,013 $178,079 30.3%Operating expenses excluding fuel
($000) $431,897 $410,078 5.3%
ASMs (000) 5,421,119 4,799,932 12.9%
CASM excluding fuel $0.0797 $0.0854 (6.7%)Midwest Airlines Operations
Total GAAP operating expenses ($000) $568,259 $495,418 14.7%
ASMs (000) 5,040,712 4,417,682 14.1%
CASM $0.1127 $0.1121 0.5%Total GAAP operating expenses ($000) $568,259 $495,418 14.7%
Less: aircraft fuel ($000) $204,399 $153,859 32.8%Operating expenses excluding fuel
($000) $363,860 $341,559 6.5%
ASMs (000) 5,040,712 4,417,682 14.1%
CASM excluding fuel $0.0722 $0.0773 (6.6%)Midwest Connect Operations
Total GAAP operating expenses ($000) $111,677 $103,141 8.3%
ASMs (000) 380,407 382,251 (0.5%)
CASM $0.2936 $0.2698 8.8%Total GAAP operating expenses ($000) $111,677 $103,141 8.3%
Less: aircraft fuel ($000) $27,614 $24,220 14.0%Operating expenses excluding fuel
($000) $84,063 $78,921 6.5%
ASMs (000) 380,407 382,251 (0.5%)
CASM excluding fuel $0.2210 $0.2065 7.0%Note: Numbers and totals in this table may not be recalculated due to
rounding and intercompany eliminations.
