PSA Inc. Reports Rise in Net to $9.6 Million

Benefitting from a strong performance by its Pacific Southwest Airlines subsidiary, San Diego-based PSA Inc. on Wednesday reported a 5% increase in net income to $9.6 million and a 16% rise in revenues to $243 million for the third quarter ended Sept. 30. For the nine months PSA Inc. reported a $9 million net loss and revenues of $682 million, up 15%, for the nine-month period. The parent company reported a $16.4 million net profit a year ago.

Pacific Southwest Airlines, which is is 80% owned by PSA Inc., reported $11.7 million in net income for the third quarter, compared to net income of $485,000 a year earlier, which was severely impacted by fare wars. Revenues rose 24% to $216 million. For the nine months, the airline subsidiary reported a 72% drop in net income to $2.1 million and an 18% increase in revenues to $584 million.

Falling energy costs were a dual-edged sword for the company--they cut Pacific Southwest Airlines’ operating costs but forced a $2.1-million write down in the parent’s oil and gas exploration and production operations.