Alaska Air Reports First Quarter Loss

Alaska Air Group, Inc. reported a first quarter net loss of $35.9 million, or $0.97 per share, compared to a net loss of $10.3 million, or $0.26 per share, in the first quarter of 2007. Both periods include adjustments resulting from mark-to-market fuel hedge accounting.

Excluding the impact of these adjustments, the company would have reported a net loss of $36.3 million, or $0.98 per share, compared to a net loss of $15.8 million, or $0.39 per share, in the first quarter of 2007.

“Although Alaska Air Group is in a good position relative to the rest of the industry, high fuel prices are eroding our profits and revenues are not increasing fast enough to offset them,” said Bill Ayer, chairman and chief executive officer.