RECORD Q3 PROFIT FOR REPUBLIC AIRWAYS

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By admin November 9, 2010 21:15

RECORD Q3 PROFIT FOR REPUBLIC AIRWAYS

Republic Airways Holdings has reported operating revenues of $711.9 million for the quarter ended September 30, 2010. This is a record 97.9% increase, compared to $359.6 million for the same period last year. The airline credits the increase to the acquisition of Frontier Airlines and Midwest Airlines during 2009.

Net income was $21.3 million, or $0.58 per diluted share, for the quarter ended September 30, 2010, compared to $3.3 million of net income, or $0.09 per diluted share, for the same period last year.

GAAP pre-tax income of $35.1 million was negatively impacted by a total of $7.8 million, or $0.14 per diluted share, of items: $4.7 million of expenses related to the integration of the branded business; $2.9 million of disposal costs for A318 and Q400 aircraft; and $0.2 million in negative adjustments for fuel hedges.

Excluding the dilutive effect of the convertible debt ($0.04) and the negative impact on earnings of the integration expense items during the quarter ($0.14), the airline has reported earnings per share of $0.76 for the third quarter of 2010. On an ex-item basis, the Company’s pre-tax earnings came in at an all-time record of $42.9 million.

admin
By admin November 9, 2010 21:15
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