Article updated: 5/13/2013 9:51 AM
Virgin America posts 2012 loss; eyes possible IPO
- Article
By Associated Press
Virgin America says it's close to turning around its financial losses and could be ready for an initial public offering as early as next year.
Virgin America reported on Monday that it lost $145.4 million last year, which is even more than it lost in 2011. It has not turned an annual profit since beginning flights in 2007.
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CEO Peter Cush says the airline could make an initial public offering late next year or in 2015, if it can turn its finances around. It expects to post an operating profit for the second half of this year.
One-quarter of the airline is owned by the Virgin Group. Cush says a share offering would be a way for Virgin Group and other shareholders to get a return on their investments.
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