|All News Releases >||Financial News >|
Nov 14, 2008|
Frontier Airlines Files Quarterly Report
Filing recaps Monthly Operating Reports
DENVER, Nov. 14 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (OTC: FRNTQ) (BULLETIN BOARD: FRNTQ) today filed its Quarterly Report with the Securities Exchange Commission for the quarter ending in September 2008. Frontier has already reported this information in Monthly Operating Reports (MOR) filed with the court for July, August and September of 2008 as a requirement under Chapter 11 Bankruptcy protection. These figures are a summation of those stated in the MORs.
Frontier reported an operating loss of $5.8 million and a consolidated net loss of $30.4 million for the three-month period ending September 2008. Included in the net loss for the quarter was $16.6 million attributable to reorganizational costs. The operating loss and operating margin reported are still among the best in the industry when compared to other airlines.
During the quarter, Frontier incurred an increased fuel expense of more than $70 million, or a 72.6% increase in the price of fuel per gallon, compared to the same quarter last year. Fuel prices were still at near record highs during most of the September quarter.
The quarterly report also included: -- Cost per available seat mile (CASM) excluding fuel at 5.68, the lowest in the history of the Company and a 9.8% decrease from the same period last year -- Performance stats as measured by the Department of Transportation showing Frontier leading major carriers every month of the September quarter in key categories like completion factor percentage and on-time performance
"Losses are never acceptable, but we can point to progress in our restructuring efforts," said Frontier President and CEO Sean Menke. "Our Company continues to execute to its business plan and will use that momentum as we plan our emergence from bankruptcy."
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 54 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, Canada 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.
SOURCE: Frontier Airlines Holdings, Inc.
CONTACT: Corporate Communications of Frontier Airlines, +1-720-374-4560,
Web site: http://www.frontierairlines.com/