Virgin America Cash Levels Plunge in the First Quarter

(MoneyWatch)  Virgin America issued a release this morning previewing its first quarter results before the full data goes public via the government. The results? Terrible on the revenue side but good on the cost side. I'll dissect those numbers more next week, but for today I just wanted to focus on the most important number of all: cash.

The airline's cash position declined precipitously during the quarter. At the end of the fourth quarter, the airline had $68 million in cash, but by the end of the first quarter, that number had dropped to $38 million.

I'm sure I don't need to tell you this, but that is not good. Cash is king, and Virgin America is quickly burning it (in an eco-friendly way, I'm sure). It would appear that unless there is a rapid, dramatic turnaround in their fortunes, they're going to need another cash infusion.

If anyone can pull it off, it's Sir Richard Branson, I suppose. I will certainly be eagerly watching to see how he pulls this one off.