It’s that time again. This week’s issue of PlaneBusiness Banter is now posted. This week we talk about WestJet’s great first quarter results, and Air Canada’s forever flawed business model. We also take a look at Allegiant Travel Company’s first quarter numbers, along with the “maintenance hairball” it coughed up.

My thanks to analyst Dan McKenzie with Rodman and Renshaw who came up with that great visualization.

Meanwhile, the market did not respond well to Republic’s first quarter numbers — and for good reason. Pinnacle and SkyWest? They are fully in the throes of regional airline hell. 2011 is not going to be a great year for either airline.

We also talk a lot about airline passenger security this week as the TSA now seems to be pushing forward with a modified “trusted traveler” plan. As outlined last week by the TSA administrator, it would use airline frequent flyer databases to check passenger identity.

All well and good — but remember — Mohammed Atta was an American Airlines AAdvantage Gold member.

That being said, we’re all for revamping the current TSA Theater of the Absurd.
Airline stocks had a reasonably good week last week — thanks to the sharp drop in oil prices. Nothing inherently connected with the ability of the denizens to generate the revenues necessary to offset higher oil prices.

An interesting tidibit crossed our desk late this afternoon that could provide a marker for the health of the airline leasing business. ILFC reported to the SEC that the number of delinquent aircraft lessees doubled in the first quarter. We have more information on this filing. Have to wonder about this. I’m somewhat surprised at this news, given all the glad-handing that was going on at this year’s ISTAT Conference, and the over-subscription of the recent Air Lease Corp. IPO.

It’s another jam-packed earnings season issue. Subscribers can access it here. Now.