SOURCE: Pinnacle Airlines

Pinnacle Airlines

February 26, 2010 13:30 ET

Pinnacle Airlines Corp. Receives Federal Tax Refund

MEMPHIS, TN--(Marketwire - February 26, 2010) - Pinnacle Airlines Corp. (NASDAQ: PNCL) announced today that the Company received its 2009 federal income tax refund earlier this week. Proceeds from the refund totaled approximately $38 million. The company also repaid a $10 million working capital loan upon receipt of the income tax refund.

"In early 2009, we created a plan to maintain a strong working capital position while repaying our $121 million par amount of 3.25% convertible notes in February 2010," said Peter Hunt, Chief Financial Officer of Pinnacle Airlines Corp. "Receipt of this tax refund is the last step in our plan."

About Pinnacle Airlines Corp.

Pinnacle Airlines Corp. (NASDAQ: PNCL), an airline holding company, is the parent company of Pinnacle Airlines, Inc. and Colgan Air, Inc. Pinnacle Airlines, Inc. operates a fleet of 142 regional jets under Delta brands in the United States, Canada, the Bahamas, Mexico, U.S. Virgin Islands, and Turks and Caicos Islands. Colgan Air, Inc. operates a fleet of 48 regional turboprops as Continental Connection, United Express and US Airways Express. Pinnacle Airlines Corp. operating units fly more than 1,280 daily flights and transport 13 million passengers a year to 158 cities and towns in North America. The corporate headquarters is located in Memphis, Tenn. Airport hub operations are located in Atlanta, Boston, Detroit, Newark, Washington Dulles, Houston, Memphis and Minneapolis. Visit www.pncl.com for more information.

Contact Information

  • Contact:
    Joe Williams
    901-346-6162