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Feb 12, 2009|
Frontier Files Quarterly Report
Company Reports First December Quarterly Profit in Five Years
DENVER, Feb. 12 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. today filed its Quarterly Report with the Securities Exchange Commission for the quarter ending in December 2008.
Frontier reported a consolidated operating profit of $5.6 million and a net profit of $1.1 million. Excluding special items, the Company reported an operating profit of $14.3 million and a net profit of $7.6 million for the quarter.
Special items for the quarter included:
Frontier's cash position increased to $69.1 million for the period ending December 2008. The Company realized net proceeds of $44.1 million from the sale of four aircraft during the quarter, which was offset by a decrease in working capital due to the traditionally low booking period at the end of the year.
"These results truly buck the industry trends right now," said Frontier President and CEO Sean Menke. "This is also a testament to the sacrifices and hard work put forth by all of our employees. Despite significant competitive pressure and other economic factors, we have been able to reduce our operating expenses, increase revenues and maintain our high quality of service."
Financial and restructuring highlights during the quarter:
Frontier has already reported this information in Monthly Operating Reports (MORs) filed with the court for October, November and December of 2008 as a requirement under Chapter 11 Bankruptcy protection. These figures are a summation of those stated in the MORs.
About Frontier Airlines Holdings, Inc.
Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines. Currently in its 15th year of operations, Frontier Airlines is the second-largest jet service carrier at Denver International Airport, employing more than 5,000 aviation professionals. Frontier Airlines' mainline operation has 51 aircraft with one of the youngest Airbus fleets in North America. Frontier Airlines' mainline operations offer 24 channels of DIRECTV® service in every seatback along with a comfortable all-coach configuration. In conjunction with a fleet of ten Bombardier Q400 aircraft operated by Lynx Aviation (a subsidiary of Frontier Airlines Holdings, Inc.), Frontier offers routes to more than 50 destinations in the U.S., Mexico and Costa Rica. In November 2006, Frontier and AirTran announced a first-of-its-kind integrated marketing partnership that offers travelers the ability to reach more than 80 destinations across four countries with low fares aboard two of the youngest fleets in the industry. For more in-depth information on Frontier Airlines, please visit its Web site at FrontierAirlines.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained in this press release that are not historical facts may be forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could result in actual results differing materially from expected results and represent the Company's expectations and beliefs concerning future events based on information available to the Company as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. Additional information regarding risk factors that may affect future performance at the Company are contained in the Company's SEC filings, including without limitation, the Company's Form 10-K for its fiscal year ended March 31, 2008 and as updated in the Company's Form 10-Q for the quarter ended December 31, 2008.
SOURCE: Frontier Airlines Holdings, Inc.
Web site: http://www.FrontierAirlines.com/