NEW YORK — Jet America Airlines' decision in April to pull much of its service out of Oakland, where it was "bleeding" money, has resulted in a financial turnaround for the Long Beach-based carrier, its chairman, J. Thomas Talbot, told the New York Society of Airline Analysts on Wednesday.
Jet America was granted two slots at the John Wayne Airport in Orange County and began scheduled service to Chicago from there in April.
Talbot said that, in the first nine months of last year, Jet America had a "hefty profit," but it lost a "pile of money" in the fourth quarter and $5.5 million in the first quarter of this year. For all of 1984, the airline lost $3.7 million on revenue of $90 million. In 1983, it had earned $7.9 million on revenue of $60 million.
Profitable Load Factor
Jet America's load factor--its percentage of seats filled--on the route between Orange County and Chicago is a little more than 60%, on a 57% break-even point. In June, its systemwide load factor, including its flights between Long Beach Airport and Chicago and Dallas, was 73.4%, Talbot said.