Porter Airlines buys four Bombardier Q400s
August 9, 2010, Toronto - Porter Airlines confirmed Friday a new order for four Bombardier Aerospace Q400 NextGen aircraft, plus six options.
Based on the list price for the Q400 NextGen aircraft, Porter's firm order is valued at approximately $120 million US, which could increase to $308 million US should all six options be converted to firm orders. Porter currently operates a fleet of 20 Q400 aircraft and the new order potentially raises this number to 30.
"The Q400 aircraft is a foundation of Porter's operation and growth," said Robert Deluce, president and CEO of Porter Airlines. "Its reliability, performance and efficiency have helped us grow to 20 aircraft from two over the last four years. We're proud to be one of the world's leading Q400 operators."
The new aircraft are scheduled for delivery beginning in the second quarter of 2011, through the third quarter of 2012, including option aircraft.
"Porter Airlines is one of Canada's airline success stories, and more importantly, Porter has succeeded in the face of challenging economic conditions, proving that with the right aircraft and a devotion to quality passenger care, adverse economic conditions can be overcome," said Gary R. Scott, president of Bombardier Commercial Aircraft. "The Q400 and Q400 NextGen airliners are also a global success story, and this additional order is a testament to their reliability and operational flexibility."
Porter operates a 70-seat version of the Q400, one of the most fuel-efficient aircraft in its class, burning less fuel per seat than most regional and narrow-body jets. With leather seating, extended legroom and a 667 km/h cruising speed, the Q400 sets new standards for comfort, fuel efficiency and low emissions.
Porter also confirms that it raised an additional $15 million CDN in equity from existing shareholders. The proceeds will be used primarily for working capital and new aircraft purchases.
"This equity satisfies Porter's short-term requirements for growth," said Deluce. "At the same time, we expect to determine sources for our long-term capital requirements by the first half of 2011."