Virgin America expects to bounce an expected full-year 2012 profit into an initial public offering (IPO) in the first half of 2013, despite having posted a $49 million first-quarter loss. CEO David Cush attributes the loss to what he terms “two unplanned events,” namely a 47% year-on-year in fuel costs in the quarter and a switch to the Sabre reservations system. Virgin America’s revenue, however, improved 32% to $267 million in the quarter that ended March 30. The privately held ...

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