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Jan 25, 2007Frontier Airlines Reports Fiscal Third Quarter 2007 ResultsDENVER, Jan. 25 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (NASDAQ: FRNT) today reported a net loss of $14.4 million, or $0.39 per diluted share, for the airline's third fiscal quarter ended December 31, 2006 compared to a net loss of $10.3 million, or $0.28 per diluted share, for the same period last year. Included in the net loss for the quarter ended December 31, 2006 was non-cash mark to market derivative gains, which decreased fuel expense by $1.4 million. This item, net of income taxes, decreased Frontier's net loss by $0.02 per diluted share for the quarter ended December 31, 2006. Included in the net loss for the quarter ended December 31, 2005 were the following items before the effect of income taxes: unrealized losses on fuel hedges of $1.5 million and gains of $0.3 million related primarily to the sale of Boeing parts held for sale. These items, net of income taxes, increased Frontier's net loss by $0.03 per diluted share. Two major snow storms in Denver, Colorado in December 2006 had a significant negative impact on Frontier's operating results for the quarter ended December 31, 2006. Frontier cancelled 875 flights affecting 105,000 passengers as a result of these storms. One storm completely shut down Frontier's primary operating hub, Denver International Airport (DIA), for almost 48 hours. The Company estimates that the snow storms reduced revenue by approximately $12.2 million from its mainline operation and by another $1.0 million from its regional jet service, operated by Horizon Air. In addition, the storms increased many variable costs including $1.2 million in additional glycol expenses over the prior year and $0.9 million in additional wages related to station personnel and flight crews, offset by a reduction of fuel, landing fees, maintenance expenses and catering expenses of $3.3 million. The net after-tax impact from the snowstorms on the December 2006 quarterly results was estimated to be $0.27 per diluted share. Chief Executive Officer's Comments Frontier President and CEO Jeff Potter said, "The irony of this quarter's disappointing loss is that it belies the fact that during a two-week window our employees engaged in some of the hardest work and put forth some of the greatest efforts on behalf of this Company we have ever seen. I am referring of course to the series of winter storms that laid siege to our hub over some of the busiest travel days of the year from just before Christmas through the heaviest travel days of the New Year holiday. Our employees, many of whom spent several consecutive days at the airport and at reservations, worked tirelessly to accommodate over 100,000 passengers that were displaced by DIA's closure. The end result of the storms was a pre-tax financial impact estimated to be approximately $11.9 million. However, if there is a silver lining, it is that our employees did what they do best when staring adversity in the face -- and this was probably the greatest challenge in our history as an airline excluding the events of September 11, 2001 -- they faced the challenges head on and became, in my eyes, the heroes of an otherwise dismal story. "Looking beyond the immediate impact of the storms and a three percent year-over-year decrease in average fare attributable to the intensely competitive Denver market, we see a brighter picture on the horizon. We made several announcements during and since the quarter end that we believe will have a substantially positive impact on our future ability to generate incremental revenue through our hub. Specifically, we believe that our regional expansion with Republic Airlines, which will operate 17 Embraer 170 aircraft for us, and our new subsidiary, Lynx Aviation, which will operate ten 74-seat Q400 aircraft by the end of 2007, will further leverage the revenue generating capacity of our Denver hub complex and diversify our exposure to Denver origin and destination competition. In addition, our new marketing and referral partnership with AirTran is proving to be as successful as we had initially anticipated and we believe will provide additional revenue support during slower months." Operating Highlights During the quarter ending December 31, 2006, Frontier completed 96.67 percent of all domestic flights, down from 99.80 percent over the same period last year. 81.4 percent of all Frontier domestic flights arrived within the Department of Transportation's (DOT) established on-time criteria of 14 minutes within scheduled arrival time. Mainline passenger revenue increased 9.2 percent as mainline revenue passenger miles (RPMs) grew at a rate of 8.2 percent during the fiscal third quarter, while mainline capacity growth as measured by mainline ASMs increased 9.5 percent from the same quarter last year. As a result, the airline's mainline load factor was 71.2 percent for its fiscal third quarter of 2007, 0.9 load factor points less than the mainline load factor of 72.1 percent during the same quarter last year. The airline's mainline break-even load factor, excluding special items, for the fiscal third quarter 2007 increased 2.8 load factor points from 74.7 percent in the fiscal third quarter of 2006 to 77.5 percent. This year over year increase was primarily the result of a 3.0 percent increase in mainline cost per available seat mile (CASM). The negligible 0.1 percent increase in mainline RASM was driven by a year-over-year increase of 1.3 percent in mainline passenger yield per RPM, offset by the 0.9 load factor point decrease. Mainline fuel cost per gallon, including non-cash mark to market derivative adjustments, was $2.12 during the quarter ended December 31, 2006, compared to $2.21 during the quarter ended December 31, 2005, a decrease of 4.1 percent. The airline's mainline CASM for the fiscal third quarter, excluding fuel, was 6.57 cents compared to 6.17 cents for the same quarter last year, an increase of 6.5 percent. Mainline CASM, excluding fuel, for the quarter ended December 31, 2006 increased primarily due to 86.6 million un-flown mainline ASMs resulting from the snow storms, as well as approximately $0.9 million in start-up costs for Lynx Aviation and $1.0 million in a rent rate adjustment that Los Angeles International Airport applied retroactively from January 1, 2006 in December 2006. The Company's current unrestricted cash and working capital as of December 31, 2006 was $191.6 million and $33.6 million, respectively. This compares to the Company's unrestricted cash and working capital for the same period last year of $222.7 million and $113.9 million, respectively. The airline's fleet in service on December 31, 2006 consisted of 18 owned Airbus A319 and A318 aircraft and 37 leased Airbus A319 and A318 aircraft. Business developments during the quarter and through January 2007 included: * Frontier's flight attendants voted against union representation by the
International Brotherhood of Teamsters (IBT) in November, 2006. This
is the fifth time Frontier's flight attendants have voted against union
representation.
* Partnered with AirTran Airways to create the first ever low cost
carrier referral and frequent flyer partnership in the industry that
offers travelers the ability to reach more than 80 destinations across
four countries. This partnership enables both airlines to increase
destination options by linking phone and online reservations systems as
well as enabling Frontier's EarlyReturns and AirTran's A+ Rewards
members to earn and redeem mileage/travel credits on both airlines.
* Frontier Airline Pilots Association ("FAPA") announced a tentative
agreement on a new collective bargaining agreement shortly after
quarter end in January, 2007. If approved by FAPA membership, the new
four-year agreement would amend the previous five-year contract signed
in May 2000. The tentative agreement was presented to the pilot group
for ratification in mid-January with approval from the pilot group
expected in mid-February. If approved, it is expected that the
agreement would become effective around March 1, 2007.
* Announced an agreement with Republic Airlines, Inc. ("Republic")
shortly after quarter-end, under which Republic will operate for
Frontier up to 17 Embraer 170 aircraft with capacity of 76-seats. The
service is scheduled to begin on March 4, 2007 and will replace the
Company's current agreement with Horizon Air, which will expire with
the return of its last aircraft in December, 2007.
* Distributed a Request for Proposal (RFP) to over 65 communities in an
effort to target best prospects for regional expansion with Q400s and
Embraer 170 aircraft.
* Voted "Best Low Cost Carrier in the U.S." in Business Traveler
Magazine's 18th annual Readers' Choice Business Travel Survey.
* Announced new non-stop service between Denver and Hartford to begin
March 2, 2007.
* Announced new non-stop service between Denver and Vancouver to begin
May 5, 2007. Vancouver is Frontier's second Canadian destination.
* Announced new non-stop service from San Jose and Sacramento to Los
Cabos, which is scheduled to start in March, 2007.
* Began new service between San Francisco and Las Vegas.
* Began new Mexico service between Los Angeles and Los Cabos, San Diego
and Cancun and between Denver and Guadalajara, Frontier's eighth
Mexican market and first interior Mexican destination.
* Appointed Rita Cuddihy to Frontier's Board of Directors.
Potter concluded, "Looking ahead, we have announced service to a number of new destinations that will begin in the next three to six months, including new service from San Jose and Sacramento to Los Cabos; Denver's first and only non-stop service to Louisville; and Denver service to Vancouver, our second Canadian destination. In addition, we are approaching peak travel season for our growing Mexico service, a solid revenue generator for Frontier which will represent approximately 13 percent of our capacity during the spring break peak of March. However, we continue to suffer some adverse effects from the winter storms of December, and subsequent storms which continue to impact our Denver hub, even as recently as this week." Senior leadership will host a conference call to discuss Frontier's quarterly earnings on January 26, 2007, at 9:00 a.m. Mountain Standard Time. The call is available via the World Wide Web on the airline's Web site at http://www.frontierairlines.com/ or using the following URL: http://www.vcall.com/IC/CEPage.asp?ID=113217 About Frontier Airlines Holdings, Inc. Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines, Inc. Currently in its 13th year of operations, Frontier Airlines is the second largest jet service carrier at Denver International Airport, employing approximately 5,000 aviation professionals. With 55 aircraft and one of the youngest Airbus fleet in North America, Frontier offers 24 channels of DIRECTV® service in every seatback along with 33 inches of legroom in an all coach configuration. In conjunction with its regional jet fleet, operated by Horizon Air, Frontier offers routes linking its Denver hub to 55 destinations including 46 U.S. cities in 28 states spanning the nation from coast to coast, eight cities in Mexico and one city in Canada. In November of 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. In December of 2006 Frontier was designated "Best Low Cost Carrier" in the U.S. by the readers of Business Traveler magazine. For more in-depth information on Frontier Airlines, please visit our website at http://www.frontierairlines.com/. Legal Notice Regarding Forward-Looking Statements Statements contained in this press release that are not historical facts, including certain statements of belief by Mr. Potter and projections of future performance, may be considered forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Many of these risks and uncertainties cannot be predicted with accuracy and some might not even be anticipated. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: further downward pressure on airfares due to competition, demand or other factors; continuing adverse effects of high fuel costs; increased prices for fuel and the inability to recover these higher fuel costs in airfares; actions of competing airlines, such as increasing capacity and pricing actions of United Airlines, Southwest Airlines, and other competitors, particularly in some of our Mexico destinations due to the increase in the number of domestic airlines authorized to serve Mexican markets from the U.S.; unanticipated decreases in the volume of passenger traffic due to terrorist acts or additional incidents that could cause the public to question the safety and/or efficiency of air travel; negative public perceptions associated with increased security wait times at various domestic airports; the inability to secure adequate gate facilities at Denver International Airport and at other airports where Frontier operates; weather, maintenance or other operational disruptions; air traffic control-related difficulties; the impact of labor issues; actions of the federal and local governments; changes in the government's policy regarding relief to the airline industry, especially as it relates to war risk insurance; and the stability of the U.S. economy and the economic environment of the airline industry; and new business strategies such as the start-up of a new subsidiary using a different type of aircraft and operating in different markets and its ability to obtain the necessary regulatory approvals and licenses as and when planned. Any forward-looking statement is qualified by reference to these risks and factors. These risks and factors are not exclusive, and 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 these and other factors may be contained in the Company's SEC filings, including without limitation, the Company's Form 10-K for its fiscal year ended March 31, 2006. The Company's filings are available from the Securities and Exchange Commission or may be obtained through the Company's website, http://www.frontierairlines.com/. -Financial Tables To Follow-
FRONTIER AIRLINES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET DATA
(unaudited)
December 31, December 31,
2006 2005
(in thousands)
Balance Sheet Data:
Cash and cash equivalents $191,587 $222,680
Current assets 317,100 346,151
Total assets 975,702 916,986
Current liabilities 283,516 232,238
Long-term debt 437,191 410,866
Total liabilities 753,972 681,069
Stockholders' equity 221,730 235,917
Working capital 33,584 113,913
FRONTIER AIRLINES HOLDINGS, INC.
CONSOLDIATED STATEMENTS OF OPERATIONS (Unaudited)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2006 AND 2005
(in thousands, except per share data)
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
2006 2005 2006 2005
Revenues:
Passenger -
mainline $237,912 $217,812 $783,996 $655,276
Passenger -
regional partner 22,593 23,490 75,053 69,835
Cargo 1,653 1,462 5,234 4,054
Other 4,284 4,199 14,078 12,631
Total revenues 266,442 246,963 878,361 741,796
Operating expenses:
Flight operations 39,111 35,188 118,094 104,097
Aircraft fuel 81,593 77,649 273,457 208,391
Aircraft and engine
lease 27,553 23,371 80,761 70,274
Aircraft and
traffic servicing 43,078 35,184 120,186 101,050
Maintenance 22,403 18,487 65,067 57,015
Promotion and sales 23,435 19,852 76,352 60,369
General and
administrative 12,657 12,481 41,370 36,803
Operating expenses
- regional partner 26,163 29,144 83,679 79,569
Aircraft lease and
facility exit costs -- -- (14) 3,365
Gains on sales of
assets, net (8) (274) (655) (965)
Depreciation 8,923 7,545 24,759 21,080
Total operating
expenses 284,908 258,627 883,056 741,048
Business
interruption
insurance
proceeds -- -- 868 --
Operating income
(loss) (18,466) (11,664) (3,827) 748
Nonoperating income
(expense):
Interest income 3,824 2,560 11,980 5,835
Interest expense (7,889) (5,709) (22,561) (14,871)
Other, net (184) (53) (110) (203)
Total nonoperating
expense, net (4,249) (3,202) (10,691) (9,239)
Loss before income tax
expense (22,715) (14,866) (14,518) (8,491)
Income tax benefit (8,309) (4,576) (4,578) (2,372)
Net loss $(14,406) $(10,290) $(9,940) $(6,119)
Loss per share:
Basic and diluted $(0.39) $(0.28) $(0.27) $(0.17)
Weighted average shares
of common stock
outstanding:
Basic and diluted 36,617 36,188 36,602 36,128
FRONTIER AIRLINES HOLDINGS, INC.
COMPARATIVE OPERATING STATISTICS
(unaudited)
Quarters Ended Nine Months Ended
December 31, December 31,
2006 2005 Change 2006 2005 Change
Selected
Operating
Data -
Mainline:
Passenger
revenue
(000s) $237,912 $217,812 9.2% $783,996 $655,276 19.6%
Revenue
passengers
carried
(000s) 2,086 1,872 11.4% 6,918 5,784 19.6%
Revenue
passenger
miles
(RPMs)
(000s) 1,919,890 1,774,114 8.2% 6,443,388 5,555,093 16.0%
Available
seat miles
(ASMs)
(000s) 2,694,959 2,461,668 9.5% 8,373,036 7,326,080 14.3%
Passenger
load
factor 71.2% 72.1% (0.9) pts. 77.0% 75.8% 1.2 pts.
Break-even
load
factor(1) 77.5% 74.7% 2.8 pts. 77.4% 75.2% 2.2 pts.
Block hours 56,761 50,968 11.4% 173,382 149,323 16.1%
Departures 23,644 20,835 13.5% 72,431 61,338 18.1%
Average seats
per
departure 129.7 129.4 0.2% 129.6 129.4 0.2%
Average stage
length 879 913 3.7% 892 923 (3.4%)
Average
length of
haul 920 948 (3.0%) 931 960 (3.0%)
Average daily
block hour
utilization 11.2 11.3 (0.9%) 11.8 11.4 3.5%
Passenger
yield per
RPM (cents)
(2), (3) 12.20 12.04 1.3% 12.05 11.65 3.4%
Total yield
per RPM
(cents) 12.70 12.60 0.8% 12.47 12.10 3.1%
Passenger
yield per
ASM (cents) 8.69 8.68 0.1% 9.28 8.84 5.0%
Total yield
per ASM
(cents) 9.05 9.08 (0.3%) 9.59 9.17 4.6%
Cost per
ASM (cents) 9.60 9.32 3.0% 9.55 9.03 5.8%
Fuel expense
per ASM
(cents) 3.03 3.15 (3.8%) 3.27 2.84 15.1%
Cost per ASM
excluding
fuel
(cents)(4) 6.57 6.17 6.5% 6.28 6.19 1.5%
Average fare $101.68 $104.72 (2.9%) $102.76 $103.42 (0.6%)
Average
aircraft
in service 55.0 49.0 12.2% 53.5 47.8 11.9%
Aircraft in
service at
end of period 55.0 49.0 12.2% 55.0 49.0 12.2%
Average age
of aircraft
at end of
period 3.1 2.4 29.2% 3.1 2.4 29.2%
Average fuel
cost per
gallon $2.12 $2.21 (4.1%) $2.28 $1.98 15.2%
Fuel gallons
consumed
(000's) 38,535 35,076 9.9% 119,935 105,329 13.9%
FRONTIER AIRLINES HOLDINGS, INC.
COMPARATIVE OPERATING STATISTICS
(unaudited), Continued
Quarters Ended Nine Months Ended
December 31, December 31,
2006 2005 Change 2006 2005 Change
Selected Operating Data
- Regional Partner:
Passenger revenue
(000s) $22,593 $23,490 (3.8%) $75,053 $69,835 7.5%
Revenue passengers
carried (000s) 215 228 (5.7%) 720 695 3.6%
Revenue passenger
miles (RPMs) (000s) 140,401 156,565 (10.3%) 457,635 442,278 3.5%
Available seat miles
(ASMs) (000s) 203,705 215,077 (5.3%) 619,229 608,194 1.8%
Passenger load factor 68.9% 72.8% (3.9)pts 73.9% 72.7% 1.2 pts
Passenger yield per
RPM (cents) (2) 16.09 15.00 7.3% 16.40 15.79 3.9%
Yield per ASM (cents) 11.09 10.92 1.6% 12.12 11.48 5.6%
Cost per ASM (cents) 12.84 13.55 (5.2%) 13.51 13.08 3.3%
Average fare $105.31 $103.13 2.1% $104.19 $100.54 3.6%
Aircraft in service
at end of period 9 9 -- 9 9 --
Quarters Ended Nine Months Ended
December 31, December 31,
2006 2005 Change 2006 2005 Change
Selected Operating
Data - Combined:
Passenger
revenue (000s) $260,505 $241,302 8.0% 859,049 $725,111 18.5%
Revenue
passengers
carried (000s) 2,301 2,100 9.6% 7,638 6,479 17.9%
Revenue
passenger
miles (RPMs)
(000s) 2,060,291 1,930,679 6.7% 6,901,023 5,997,371 15.1%
Available
seat, (ASMs)
(000s) 2,898,664 2,676,745 8.3% 8,992,265 7,934,274 13.3%
Passenger load
factor 71.1% 72.1% (1.0)pts. 76.7% 75.6% 1.1 pts.
Passenger
yield per RPM
(cents) (2) 12.47 12.28 1.5% 12.34 11.96 3.2%
Total yield per
RPM (cents) 12.93 12.79 1.1% 12.73 12.37 2.9%
Yield per ASM
(cents) 8.86 8.86 -- 9.47 9.04 4.8%
Total yield per
ASM (cents) 9.19 9.23 (0.4%) 9.77 9.35 4.5%
Cost per ASM
(cents) 9.83 9.66 1.8% 9.82 9.34 5.1%
1. "Break-even load factor" is the passenger load factor that will result
in operating revenues being equal to operating expenses, net of
certain adjustments, assuming constant yield per RPM and no change in
ASMs. Break-even load factor as presented above may be deemed a
non-GAAP financial measure under regulations issued by the Securities
and Exchange Commission. We believe that presentation of break-even
load factor calculated after certain adjustments is useful to
investors because the elimination of special or unusual items allows a
meaningful period-to-period comparison. Furthermore, in preparing
operating plans and forecasts we rely on an analysis of break-even
load factor exclusive of these special and unusual items. Our
presentation of non-GAAP results should not be viewed as a substitute
for our financial or statistical results based on GAAP, and other
airlines may not necessarily compute break-even load factor in a
manner that is consistent with our computation.
A reconciliation of the components of the calculation of break-even load factor is as follows: Three months Ended Nine Months Ended
December 31, December 31,
2006 2005 2006 2005
(In thousands) (In thousands)
Net loss $14,406 $10,290 $9,940 $6,119
Income tax benefit 8,309 4,576 4,578 2,372
Passenger revenue 237,912 217,812 783,996 655,276
Revenue - regional partner 22,593 23,490 75,053 69,835
Charter revenue (3,688) (4,251) (7,293) (7,959)
Operating expenses - regional
partner (26,163) (29,144) (83,679) (79,569)
Passenger revenue - mainline
(excluding charter and
regional partner revenue)
required to break even
(based on GAAP amounts) $253,369 $222,773 $782,595 $646,074
Non-GAAP adjustments:
Aircraft and facility
lease exit costs -- -- -- (3,365)
Gain on sales of assets 8 274 656 965
Mark to market derivative
gains/(losses) on fuel
contracts 1,394 (1,529) (2,306) (2,254)
Passenger revenue - mainline
(excluding charter and regional
partner revenue) required to
break-even (based on adjusted
amounts) $254,771 $221,518 $780,945 $641,420
Three months Ended Nine Months Ended
December 31, December 31,
2006 2005 2006 2005
(In thousands) (In thousands)
Calculation of mainline
break-even load factor using
GAAP amounts:
Passenger revenue- mainline
(excluding charter and
regional partner revenue)
required to break even
(based on GAAP amounts)
($000s) $253,369 $222,773 $782,595 $646,074
Mainline yield per RPM (cents) 12.20 12.04 12.05 11.65
Mainline revenue passenger
miles (000s) to break even
assuming constant yield
per RPM 2,076,795 1,850,274 6,494,564 5,545,700
Mainline available seat miles
(000's) 2,694,959 2,461,668 8,373,036 7,326,080
Mainline break-even load factor
using GAAP amounts 77.1% 75.2% 77.6% 75.7%
Calculation of mainline
break-even load factor using
non-GAAP amounts:
Passenger revenue (excluding
charter and regional partner
revenue) required to break
even (based on adjusted
amounts) ($000s) $254,771 $221,518 $780,945 $641,420
Mainline yield per RPM (cents) 12.20 12.04 12.05 11.65
Mainline revenue passenger
miles (000s) to break even
assuming constant yield
per RPM 2,088,287 1,839,851 6,480,872 5,505,751
Mainline available seat miles
(000's) 2,694,959 2,461,668 8,373,036 7,326,080
Mainline break-even load
factor using non-GAAP amounts 77.5% 74.7% 77.4% 75.2%
2. "Passenger yield per RPM" is determined by dividing passenger revenues
(excluding charter revenue) by revenue passenger miles.
3. For purposes of these yield calculations, charter revenue is excluded
from passenger revenue. These figures may be deemed non-GAAP
financial measures under regulations issued by the Securities and
Exchange Commission. We believe that presentation of yield excluding
charter revenue is useful to investors because charter flights are not
included in RPMs or ASMs. Furthermore, in preparing operating plans
and forecasts, we rely on an analysis of yield exclusive of charter
revenue. Our presentation of non-GAAP financial measures
should not be viewed as a substitute for our financial or statistical
results based on GAAP. The calculation of passenger revenue excluding
charter revenue is as follows:
Three Months Ended Nine Months Ended
December 31, December 31,
2006 2005 2006 2005
Passenger revenue - mainline,
as reported $237,912 $217,812 $783,996 $655,276
Less: charter revenue 3,688 4,251 7,293 7,959
Passenger revenue - mainline
excluding charter 234,224 213,561 776,703 647,317
Add: Passenger revenue -
regional partner 22,593 23,490 75,053 69,835
Passenger revenue, system
combined $256,817 $237,051 $851,756 $717,152
4. This may be deemed a non-GAAP financial measure under regulations
issued by the Securities and Exchange Commission. We believe the
presentation of financial information excluding fuel expense is useful
to investors because we believe that fuel expense tends to fluctuate
more than other operating expenses, it facilitates comparison of
results of operations between current and past periods and enables
investors to better forecast future trends in our operations.
Furthermore, in preparing operating plans and forecasts, we rely, in
part, on trends in our historical results of operations excluding fuel
expense. However, our presentation of non-GAAP financial measures
should not be viewed as a substitute for our financial results
determined in accordance with GAAP.
SOURCE: Frontier Airlines Holdings, Inc. CONTACT: Joe Hodas of Frontier Airlines, +1-720-374-4504, Web site: http://www.vcall.com/IC/CEPage.asp?ID=113217 Web site: http://www.frontierairlines.com/
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