inflightboi175
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INDIANAPOLIS -- Republic Airways Holdings Inc. (NASDAQ: RJET) reported operating revenues of $697.8 million for the quarter ended Dec. 31, 2011, an increase of 7.4%, compared to $649.8 million for the same period last year. The increase in revenues is primarily due to an 11.0% increase in Frontier Airlines’ unit revenues.
During the quarter, the Company recorded an impairment charge of $191.1 million to reduce the carrying value of certain assets, mainly its 42 owned 37-50 seat aircraft. The Company also recorded non-cash charges of approximately $24.1 million related to the expected return of four leased A319 aircraft in 2012 and approximately $9.0 million related to the renegotiation of its E190 purchase order and the expected return of certain leased Embraer aircraft in 2012.
Therefore, on a GAAP basis, the Company reported a net loss of $123.5 million, or $2.55 per diluted share, for the quarter ended Dec. 31, 2011, compared to a net loss of $1.3 million, or $0.03 per diluted share, for the same period last year. On an ex-item basis, the Company is reporting net income of $17.0 million, or $0.34 per diluted share, compared to an ex-item net income of $7.4 million, or $0.18 per diluted share, for the three month periods ended Dec. 31, 2011 and 2010, respectively.
“We are very pleased with our fourth quarter results, especially in light of significant fuel price headwinds on our branded operations,” said Bryan Bedford, Chairman and CEO of Republic Airways Holdings. “Our restructuring efforts during 2011, coupled with strong unit revenue growth at Frontier, enabled us to produce significantly improved ex-item results this quarter, in spite of more than $35 million of increased fuel costs.”
The following tables present the reconciliation of results on a GAAP basis to the reported ex-item results for the three months ended Dec. 31, 2011 and 2010:
http://www.sunherald.com/2012/02/29/3786864/republic-airways-holdings-announces.html
During the quarter, the Company recorded an impairment charge of $191.1 million to reduce the carrying value of certain assets, mainly its 42 owned 37-50 seat aircraft. The Company also recorded non-cash charges of approximately $24.1 million related to the expected return of four leased A319 aircraft in 2012 and approximately $9.0 million related to the renegotiation of its E190 purchase order and the expected return of certain leased Embraer aircraft in 2012.
Therefore, on a GAAP basis, the Company reported a net loss of $123.5 million, or $2.55 per diluted share, for the quarter ended Dec. 31, 2011, compared to a net loss of $1.3 million, or $0.03 per diluted share, for the same period last year. On an ex-item basis, the Company is reporting net income of $17.0 million, or $0.34 per diluted share, compared to an ex-item net income of $7.4 million, or $0.18 per diluted share, for the three month periods ended Dec. 31, 2011 and 2010, respectively.
“We are very pleased with our fourth quarter results, especially in light of significant fuel price headwinds on our branded operations,” said Bryan Bedford, Chairman and CEO of Republic Airways Holdings. “Our restructuring efforts during 2011, coupled with strong unit revenue growth at Frontier, enabled us to produce significantly improved ex-item results this quarter, in spite of more than $35 million of increased fuel costs.”
The following tables present the reconciliation of results on a GAAP basis to the reported ex-item results for the three months ended Dec. 31, 2011 and 2010:
http://www.sunherald.com/2012/02/29/3786864/republic-airways-holdings-announces.html
