Frontier Airlines Holdings reported today that they had earned an operating profit of $10.2 million for the month of August.
Frontier reported a consolidated operating profit of $10.2 million for the month of August 2009, compared to an operating income of $3.3 million for the same period in 2008. Excluding special items, the Company would have reported net income of $10.2 million, or a net margin of 10.0 percent, in August 2009, compared to net income of $1.2 million, or a margin of 0.9 percent, in 2008. Excluding special items, the operating profit for the month was $11.9 million versus an operating profit of $3.4 million in August 2008.
“It is impressive that, even with more than $10 million in expenses related to our bankruptcy case, double-digit reduction in revenue due to the continuing weak economy and constant competitive pressure, we still managed a $10 million operating profit in August,” said Frontier President and CEO Sean Menke. “This and our financial performance over the past 10 months is validation of our laser focus on cost, our continuing revenue development efforts and our constant attention to providing the highest levels of service to our loyal customers.”
Frontier expects to emerge from bankruptcy on Oct. 1 as a wholly owned subsidiary of Republic Airways Holdings, Inc.
Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines. Currently in its 16th year of operations, Frontier Airlines is the second-largest jet service carrier at Denver International Airport, employing approximately 5,000 aviation professionals. In conjunction with a fleet of 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 addition, Frontier and Midwest Airlines have a codeshare partnership that allows passengers of both airlines access to 70 destinations in the U.S., Mexico and Costa Rica. Republic Airways Holdings, Inc. expects to close on its purchase of Frontier Airlines on or before Oct. 1, 2009, after which Frontier will become a subsidiary of Republic, alongside Midwest Airlines and Republic’s other wholly owned subsidiaries.