Frontier Airlines Files Monthly Operating Report for September 2008
Last update: 9:42 p.m. EDT Oct. 28, 2008
DENVER, Oct 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Frontier Airlines Holdings, Inc. (FRNTQ:frontier airlines holdings i com
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Last: 0.32+0.01+3.23%
5:20pm 10/29/2008
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<img class="pixelTracking" border="0" height="1" width="1">FRNTQ 0.32, +0.01, +3.2%) today filed its Monthly Operating Report for September 2008. Frontier reported an operating loss of $10.4 million and a consolidated net loss of $20.8 million for the month of September 2008. For the second fiscal quarter ended September 30, 2008, the Company reported a $5.8 million operating loss and a $29.7 million consolidated net loss.
Frontier's September results included $7.0 million in reorganization costs, $1.4 million in tax expense related to the amount expected to be due on the realized gain on aircraft sales and $2.1 million in unrealized losses on fuel hedges. Included in the $7.0 million in reorganization costs were the following:
-- $13.5 million for a non-cash equipment write-off;
-- $1.8 million related to the write-off of debt issuance cost on
convertible bonds; and
-- $1.6 million in professional fees related to the reorganization
These items were offset by recorded gains of $9.9 million from two aircraft sales during the month and a gain on a contract termination and other net gains related to settlements.
Contributing to Frontier's operating loss was a 54 percent increase in fuel costs per gallon (excluding fuel hedging activities) as compared to the same period last year as well as a 14 percent decrease in capacity year-over-year.
"Despite the net loss, we are pleased with the results of our restructuring plan and continue to have success managing our liquidity," said Frontier CEO Sean Menke. "Our cash and short-term investments remained relatively stable in September, which is a direct result of our diligent cash management efforts, our continued successes with cost management and the realized proceeds from our aircraft sales."
Companies in Chapter 11 Bankruptcy protection are required to file monthly operating reports to the U.S. Trustee in addition to quarterly reports filed with the U.S. Securities and Exchange Commission.
A copy of the Monthly Operating Report is available at: FrontierAirlines.com/frontier/who-we-are/investor-relations/annual-reports- sec-filings.do
Last update: 9:42 p.m. EDT Oct. 28, 2008
DENVER, Oct 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Frontier Airlines Holdings, Inc. (FRNTQ:frontier airlines holdings i com
News, chart, profile, more
Last: 0.32+0.01+3.23%
5:20pm 10/29/2008
Delayed quote data
Sponsored by:
<img class="pixelTracking" border="0" height="1" width="1">FRNTQ 0.32, +0.01, +3.2%) today filed its Monthly Operating Report for September 2008. Frontier reported an operating loss of $10.4 million and a consolidated net loss of $20.8 million for the month of September 2008. For the second fiscal quarter ended September 30, 2008, the Company reported a $5.8 million operating loss and a $29.7 million consolidated net loss.
Frontier's September results included $7.0 million in reorganization costs, $1.4 million in tax expense related to the amount expected to be due on the realized gain on aircraft sales and $2.1 million in unrealized losses on fuel hedges. Included in the $7.0 million in reorganization costs were the following:
-- $13.5 million for a non-cash equipment write-off;
-- $1.8 million related to the write-off of debt issuance cost on
convertible bonds; and
-- $1.6 million in professional fees related to the reorganization
These items were offset by recorded gains of $9.9 million from two aircraft sales during the month and a gain on a contract termination and other net gains related to settlements.
Contributing to Frontier's operating loss was a 54 percent increase in fuel costs per gallon (excluding fuel hedging activities) as compared to the same period last year as well as a 14 percent decrease in capacity year-over-year.
"Despite the net loss, we are pleased with the results of our restructuring plan and continue to have success managing our liquidity," said Frontier CEO Sean Menke. "Our cash and short-term investments remained relatively stable in September, which is a direct result of our diligent cash management efforts, our continued successes with cost management and the realized proceeds from our aircraft sales."
Companies in Chapter 11 Bankruptcy protection are required to file monthly operating reports to the U.S. Trustee in addition to quarterly reports filed with the U.S. Securities and Exchange Commission.
A copy of the Monthly Operating Report is available at: FrontierAirlines.com/frontier/who-we-are/investor-relations/annual-reports- sec-filings.do