Frontier, United each No. 2 in percent operating profit
Frontier came in second among low-cost carriers, while United was second among network carriers, according to a ranking by domestic operating profit as a percent of total domestic operating revenues in the third quarter by the U.S. Bureau of Transportation Statistics.
Frontier had a domestic operating profit of $13.2 million, or 5.2 percent of domestic operating revenues, while United had a domestic operating profit of $59.6 million, or 1.9 percent, in the third quarter.
Alaska Airlines had the highest domestic operating profit and percentage among network carriers with $76.5 million and 11.7 percent, while Southwest had the highest domestic operating profit and percentage among low-cost carriers with $273 million and 13.7 percent.
On the whole, the seven largest regional airlines and seven largest low-cost carriers reported domestic operating profits, while network carriers reported a smaller loss than a year earlier.
DENVER
Telecom association honors Qwest CFO
Qwest Communications chief financial officer Oren Shaffer was named Denver Telecom Executive of the Year on Monday by the Denver Telecom Professionals.
Shaffer was chosen from a group of 15 industry leaders because he “achieved what many thought impossible – dramatically improving Qwest’s financial standing and positioning the company for future growth and profitability,” said Kelly Zunker, president of the Denver group.
The local telephone company has seen its stock rise to nearly $6 in recent weeks amid expectations that it may regain profitability in 2006. Qwest was forced to restate $2.5 billion in revenues following allegations of accounting fraud in 2002.
DENVER
Nov. casino revenue up 12 percent over ’04
Colorado’s 46 mountain casinos posted revenue of $59.6 million in November, up 12 percent from $53.3 million during the same month a year ago, according to figures released Friday. Black Hawk’s 21 casinos reported adjusted gross proceeds – total wagers minus payouts – of $42.8 million, up from $38.7 million in November 2004.
Cripple Creek’s 19 casinos logged adjusted gross proceeds of $11.3 million, up from $10 million. Central City’s six casinos posted revenue of $5.5 million, up from $4.6 million.
DENVER
United extends offer for frequent fliers
United Airlines is extending a frequent-flier award offer through Feb. 28 to allow travelers to get a round-trip economy class “Saver Award” ticket for nonstop flights that are 750 air miles or less each way for 15,000 miles. The normal requirement is 25,000 miles. Frontier requires 15,000 miles for a free domestic ticket.
Separately, Frontier sent out an e-mail message to customers Thursday offering flights for 43 city pairs on sale, but only until 8:30 p.m. that day.
DENVER
HomeAmerican raises its mortgage line
HomeAmerican Mortgage, a wholly owned subsidiary of Denver-based MDC Holdings, is permanently expanding its mortgage line by $50 million to $225 million, according to a statement filed with the Securities and Exchange Commission.
The company also created an accordion feature that enables it to temporarily increase the capacity of the mortgage line to $400 million. It exercised that option to handle the anticipated increase in mortgage business this month. After loans closed in December are sold to institutions next year, the line will drop back to $225 million March 16.
DENVER
InfoNow delisted from Nasdaq market
InfoNow Corp., a software company, will be delisted from the Nasdaq SmallCap Market starting today, according to company filings.
The Nasdaq Stock Market denied InfoNow’s request for continued listing on the SmallCap market, as the company failed to comply with the minimum-price rule requiring a stock to remain at about $1 for continued inclusion.
InfoNow stock closed Monday down 2 cents at 33 cents. InfoNow said it expects its stock to trade in the Pink Sheets or on the Over-the-Counter Bulletin Board.
GERMANTOWN, Md.
Current offering Net, phone, video in Texas
Broadband company Current Communications said Monday it will give Texas customers the ability to buy phone, video and Internet services delivered over power lines.
The move means Current will be taking on telephone and cable companies around the country in an increasingly fragmented market. In Colorado, for example, cable company Comcast recently said it would start offering phone service, while local phone provider Qwest Communications is getting into the cable-TV provider business.
Englewood-based Liberty Media Corp. owns about 16 percent of Current through an investor group, said Jay Birnbaum, company vice president and general counsel.
DETROIT
U.S. automobile sales start slow this month
Auto sales got off to a slow start in December, and early numbers indicate U.S. automakers continued to lose market share to Asian rivals despite holiday discounts, auto analysts said Monday.
Overall U.S. sales were down 14 percent in the first 11 days of December compared with the same time last year, according to the Power Information Network, a division of the marketing research and consulting firm J.D. Power and Associates.
HONG KONG
WTO talks fail to wrap up accord
The World Trade Organization’s 149 governments failed to resolve their most intractable disputes during six days of talks in Hong Kong, complicating efforts to wrap up an accord worth $96 billion to the global economy.
In a bid to keep alive talks on reducing tariffs and aid globally, the U.S. agreed to expedite cuts in payments to cotton farmers and the European Union promised to scrap all of its export subsidies for farmers by 2013. Both pledged to allow in 97 percent of imports from the poorest nations duty-free.
WASHINGTON
Discount for 3-month Treasury bills goes up
The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 3.895 percent, up from 3.820 percent last week.
Another $16 billion in six- month bills was auctioned at a discount rate of 4.220 percent, up from 4.180 percent last week.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,901.54, while a six-month bill sold for $9,786.66.
