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Mar 20, 2003
Frontier Airlines Finalizes March 2003 Aircraft Assignment
DENVER (Feb. 11, 2003) Frontier Airlines (Nasdaq: FRNT) today announced it has completed a transaction with a European financial institution for the assignment of the airlines March 2003 Airbus A319 delivery, and the return of the Companys pre-delivery deposit payments of approximately $7.1 million. Under the terms of the assignment, the aircraft will be acquired by the European financial institution in March and leased to the Company under a five-year operating lease.
As we discussed when we issued our fiscal third quarter 2003 results last week, improving the Companys liquidity is a key area of focus for us. This transaction helps to accomplish that goal, and we will continue to pursue other liquidity-enhancing measures as well, said Chief Financial Officer Paul Tate.
Denver-based Frontier Airlines employs approximately 3,100 aviation professionals and is the second largest jet service carrier at Denver International Airport. Frontier and its regional jet partner Frontier JetExpress offer service to 39 cities. Frontiers fleet consists of 37 aircraft, which feature a single-class configuration. In 2002, for the fourth consecutive year, Frontier's maintenance and engineering department has received the Federal Aviation Administration's highest award, the Diamond Certificate of Excellence. This award signifies 100 percent of the airlines maintenance and engineering employees have completed advanced aircraft maintenance training programs. In April 2002, Entrepreneur ranked Frontier one of two "Best Low-Fare Airlines. Frontier provides capacity information and other operating statistics on its Web site, which may be viewed at www.frontierairlines.com.