NEWS & MEDIA
|All News Releases >||General News >|
Dec 3, 2001
Frontier Airlines Declares 3-for-2 Stock Split
DENVER (Feb. 6, 2001) - Frontier Airlines' (Nasdaq: FRNT ) Board of Directors, at its meeting held Feb. 6, 2001, declared a 3-for-2 stock split of the Company's common stock. The 3-for-2 stock split will be distributed in the form of a stock dividend on March 5, 2001 to shareholders of record at the close of business on Feb. 19, 2001. This stock split will result in a 50 percent increase in the number of common shares outstanding as of the record date, with cash being paid in lieu of fractional shares. As of Feb. 5, 2001, before the effect of this stock split, there were 18,674,310 shares outstanding.
"We are very pleased with Frontier's financial results achieved over the past three years, and are grateful for the flying public's response to our affordable fares," said Frontier Chief Financial Officer Steve Warnecke. "We are especially proud that Frontier's 2,400 dedicated aviation professionals continue to provide a level of service that keeps our customers coming back. Our employee and non-employee shareholders have been increasingly supportive and are being rewarded with a rising stock price. In recognition of these efforts and support, the Company's Board of Directors has approved this stock split and confirmed their commitment to enhancing shareholder value."
Denver-based Frontier Airlines serves 23 cities coast to coast with a fleet of 25 Boeing 737 jets and employs approximately 2,400 aviation professionals. The airline is the second largest jet service carrier of Denver International Airport with an average of 118 daily systemwide departures and arrivals. Frontier recently announced its own frequent flyer program, EarlyReturns, which offers one of the fastest return programs in the industry. In 2000, Frontier's maintenance department received the Federal Aviation Administration's highest award, the Diamond Certificate of Excellence, for the second consecutive year. The award provides special recognition to airlines that have 25 percent of eligible employees complete an advanced aircraft maintenance training program and Frontier is the only Part 121 domestic air carrier to receive 100 percent participation in the program, as it has for the past two years. Frontier provides capacity and other data and industry comparisons on its Web site, which may be viewed at http://www.frontierairlines.com .