Jazz Net Down

Jazz reported its net income was down 32.4 percent during the second quarter to 27.4 million on operating revenues of $409.8 million, up 9.2 percent. Its operating income was 28.8 million, down 27.8 percent. It gained $4 million in performance incentives from Partner Air Canada but such incentives were down 13 percent. Its controllable cost per available seat mile rose 9.6 percent.
"We've performed well this quarter despite significant weather-related challenges in central Canada and the US eastern seaboard from an operational point of view," ," said Joseph Randell, president and chief executive officer. "Our employees continue to deliver a safe and reliable service as evidenced by our achievement of 73 percent of the performance incentives available under the CPA. "Consistent with the guidance we provided earlier this year, we've completed both the planned outsourced work and excess overtime charges related to heavy maintenance. These costs are reflected in this quarter's results."