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Republic Airways Holdings Reports Quarterly and Full Year 2012 Net Income

Republic Airways Holdings Reports Quarterly and Full Year 2012 Net       Income

INDIANAPOLIS–()–Republic Airways Holdings Inc. (NASDAQ: RJET) today reported full year       2012 net income of $51.3 million, or $1.02 per diluted share, a $203.1       million improvement from our full year 2011 results of a net loss of       $151.8 million, or $3.14 per diluted share. The Company also reported       fourth quarter 2012 net income of $12.6 million, or $0.25 per diluted       share, a $136.1 million improvement over the fourth quarter 2011 net       loss of $123.5 million, or $2.55 per diluted share.

“We’re pleased with the solid financial improvement we experienced in       2012”

“We’re pleased with the solid financial improvement we experienced in       2012,” said Republic Airways Holdings Chairman, President and CEO Bryan       Bedford. “Our restructuring efforts in 2011 laid the foundation for       Frontier to return to profitability in 2012, despite higher fuel costs.       Our 50-seat RJ restructuring effort completed last October enabled us to       return all of our idled aircraft to fixed-fee service with our partners       and significantly reduced the financial burden associated with our       Chautauqua operation.”

The Company incurred the following items             in 2012: Segment Pre-tax amount Period
* Loss on sale of E190s           Republic           $11.2 million           3Q-12
* Gain on sale of slots           Republic           ($8.3) million           3Q-12
* Professional and legal fees related to restructuring           Republic           $4.3 million           4Q-12
* Restructuring and fleet transition expenses           Frontier           $15.5 million           4Q-12
* Frequent flyer adjustment to passenger revenue           Frontier           ($9.8) million           4Q-12
The Company incurred the following items             in 2011: Segment Pre-tax amount Period
* Fleet transition expenses           Republic           $9.1 million           4Q-11
* Impairment of fleet asset values           Republic           $191.1 million           4Q-11
* Fleet transition expenses           Frontier           $32.3 million           4Q-11

Note: The amounts reported below for pre-tax income (loss) and net       income (loss) exclude the impact of the items listed above. Please refer       to the schedules at the end of this release for a tabular reconciliation       of the Company’s GAAP pre-tax and after tax income (loss) to the ex-tem       pre-tax and after-tax income (loss) and diluted earnings per share.

Consolidated Results (ex-items) Excluding       the items listed above, the Company reported 2012 full year net income       of $59.0 million, or $1.15 per diluted share, as compared to a 2011 full       year net loss of $6.2 million, or $0.13 per diluted share. For the       fourth quarter of 2012 the Company reported net income of $18.5 million,       or $0.35 per diluted share, as compared to the fourth quarter 2011 net       income of $20.7 million, or $0.41 per diluted share.

Business Segment Presentation The       Company has adjusted its presentation of business segments in 2012 and       has revised the prior year’s information to conform to the current       period segment presentation. Reportable segments now consist of Republic       and Frontier. The Republic segment includes all regional flying       performed by sub-100-seat aircraft operating under either fixed-fee or       pro-rate agreements, subleasing activities, regional charter operations       as well as the cost of any unassigned regional aircraft. The Frontier       segment includes passenger service revenues and expenses for operating       Frontier’s Airbus fleet, as well as its charter and cargo operations.

Republic Segment Summary (ex-items) Revenues       for the year decreased 10.2% to $1,377.4 million. This was a result of a       change in the mix of flying between pro-rate and fixed-fee operations       and a $48.2 million reduction in fuel-related revenue under Republic’s       fixed-fee agreements. Pre-tax income improved nearly 31% to $69.5       million for the year ended December 31, 2012, compared to $53.1 million       for the prior year.

For the quarter, revenues decreased 8.9%, or $31.9 million to $327.4       million, compared to the prior year’s fourth quarter, due primarily to a       decrease of $23.3 million in fuel reimbursement under Republic’s       fixed-fee agreements. Effective July 1, 2012, Republic no longer records       fuel expense and does not recognize fuel-related pass-through revenue       under any of its fixed-fee agreements. The remainder of the decrease in       revenue is due to the increase of Republic’s fixed-fee operations and       reduction in pro-rate flying with Frontier.

Income before taxes was $24.1 million for the quarter, compared to       pre-tax income of $23.3 million for the prior year’s fourth quarter.       Fuel costs for Republic were $21.8 million for the quarter, a decrease       of $38.5 million from the prior year’s fourth quarter, due to both the       removal of fuel expense under Republic’s fixed-fee agreement with United       and a reduction in pro-rate operations with Frontier. The price per       gallon increased 9.1% from $3.19 in the fourth quarter of 2011 to $3.48       in the fourth quarter of 2012.

As of December 31, 2012, Republic operated 70 aircraft with 44-50 seats       and 143 aircraft with 69-80 seats to support its fixed-fee commercial       agreements. Additionally, Republic operated one aircraft with 50 seats       and 12 aircraft with 99 seats under pro-rate agreements with Frontier.

Frontier Segment Summary (ex-items) Frontier       revenues for the year increased 7.0% to $1,423.7 million. On a 1.1%       increase in capacity, unit revenues increased 5.8% to 11.96¢ from       11.30¢. Frontier’s pre-tax income improved $92.6 million to $29.6       million of income for 2012 compared to a pre-tax loss of $63.0 million       for 2011.

For the quarter, decreased 1.1% to $334.9 million, compared to $338.5       million for the same period in 2011. Total revenue per ASM (“TRASM”) was       11.88¢, an increase of 2.9% from the same quarter in 2011, while       capacity on Frontier decreased 4.0% from the prior year’s fourth       quarter. Load factor for the fourth quarter was 88.9%, an increase of       0.7% from the fourth quarter of 2011.

For the quarter, Frontier posted pre-tax income of $7.3 million compared       to pre-tax income of $10.1 million for the prior year’s fourth quarter.       Fuel costs for Frontier were $128.2 million for the quarter, a decrease       of $0.8 million from the prior year’s fourth quarter. The fuel cost per       gallon, including into-plane taxes and fees, increased 6.5% to $3.42 for       the fourth quarter of 2012, compared to $3.21 for last year’s fourth       quarter. The fourth quarter results include an expense on fuel hedges of       $0.5 million, or $0.01 per gallon, while the 2011 results include a       benefit of $3.5 million, or $0.09 per gallon. Frontier has approximately       15% of its anticipated fuel consumption hedged through the second       quarter of 2013.

Frontier’s operating unit cost was 7.03¢ for the quarter, a 3.4%       increase compared to 6.80¢ for the same quarter in 2011.

As of December 31, 2012, Frontier operated a total of 55 Airbus aircraft       versus 60 Airbus aircraft as of December 31, 2011.

Recent Business Developments During       the fourth quarter of 2012, the Company completed the restructuring of       its 50-seat platform, Chautauqua Airlines, Inc. As a result of the       restructuring, the Company expects to realize, on average, $45.0 million       of cash flow improvement per year for the next five years and has       reduced its aircraft rent and depreciation expense on its 50-seat       aircraft. In addition, in order to finalize the restructuring, the       Company issued a $25.0 million convertible note to one of the third       parties involved in the restructuring. The note bears interest at a rate       of 6.0% per annum and is convertible into 2.5 million shares of Republic       Airways Holdings Inc. common stock.

On January 24, 2013, the Company entered into a capacity purchase       agreement (“CPA”) with American Airlines which is subject to bankruptcy       court approval. American filed a motion for approval of the CPA to be       heard before the court on February 14, 2013. The hearing on that motion       was subsequently adjourned until February 26, 2013. On February 14,       2013, US Airways and American Airlines announced a merger agreement. On       February 21, 2013, the hearing on American’s motion to approve the CPA       between the Company and American was adjourned to March 12, 2013.

On February 8, 2013, the Company announced the transition of nine E145       aircraft flying on Chautauqua Airlines, Inc. from US Airways to Delta       under separate amendments. The US Airways amendment provides for       termination of the current aircraft operating under the Jet Service       Agreement by July 2013. The Delta amendment extends the current term for       certain aircraft, as well as adds ten aircraft into service during 2013.

Balance Sheet and Liquidity The       Company’s total cash balance increased $23.6 million to $394.3 million       as of December 31, 2012, compared to December 31, 2011. Restricted cash       decreased $4.3 million, to $147.1 million, from December 31, 2011. The       Company’s unrestricted cash balance increased $27.9 million, to $247.2       million, from December 31, 2011. A condensed cash flow statement has       been provided in the tables section of this release.

The Company’s debt decreased to $2.12 billion as of December 31, 2012,       compared to $2.36 billion at December 31, 2011. As of December 31, 2012,       almost 90% of the total debt is at a fixed interest rate. The Company       has significant long-term lease obligations for aircraft that are       classified as operating leases and are not reflected as liabilities on       the Company’s consolidated balance sheet. At a 6.0% discount factor, the       present value of these lease obligations was approximately $1.0 billion       and $1.2 billion as of December 31, 2012 and 2011, respectively. A       condensed balance sheet as of December 31, 2012 and 2011 has been       provided in the tables section of this release.

Corporate Information Republic       Airways Holdings Inc., based in Indianapolis, Indiana, is an airline       holding company that owns Chautauqua Airlines, Frontier Airlines,       Republic Airlines and Shuttle America, collectively “the airlines.” The       airlines operate a combined fleet of more than 280 aircraft and offer       scheduled passenger service on nearly 1,500 flights daily to over 145       cities in the U.S. as well as to the Bahamas, Canada, Costa Rica,       Dominican Republic, Jamaica, Mexico and Turks and Caicos Islands under       branded operations at Frontier, and through fixed-fee flights operated       under airline partner brands, including AmericanConnection, Continental       Express, Delta Connection, United Express, and US Airways Express. The       airlines currently employ approximately 10,000 aviation professionals.       For more information on Republic Airways, please visit our website at www.rjet.com.

The Company will conduct a telephone briefing to discuss its fourth       quarter and full year 2012 results tomorrow morning (Thursday, February       28, 2013) at 10:30 a.m. EST. This call is being webcast by       Thomson/Reuters and can be accessed at Republic Airways Holdings’       website at www.rjet.com.       Those wishing to participate can do so by calling 800-901-5259.       International callers can participate by calling +1-617-786-4514; the       password is 80290913.

Additional Information In       addition to historical information, this release contains       forward-looking statements. Republic Airways Holdings Inc. may, from       time to time, make written or oral forward-looking statements within the       meaning of the Private Securities Litigation Reform Act of 1995. Such       statements encompass Republic Airways’ beliefs, expectations, hopes or       intentions regarding future events. Words such as “expects,” “intends,”       “believes,” “anticipates,” “may,” “will,” “should,” “plan,” “estimate,”       “predict,” “potential,” “continue,” or “likely” and similar expressions       as well as the negative of such expressions are used to identify       forward-looking statements. All forward-looking statements included in       this release are made as of the date hereof and are based on information       available to Republic Airways as of such date. Republic Airways assumes       no obligation to update any forward-looking statement. Actual results       may vary, and could differ materially, from those anticipated,       estimated, projected or expected in these forward-looking statements for       a number of reasons, including, among others, the risk factors disclosed       in the Company’s most recent filing with the Securities and Exchange       Commission.

REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended December 31, Years Ended December 31,
2012 2011 Change 2012 2011 Change
          OPERATING REVENUES
          Fixed-fee service           $           273.4           $           270.1           1.2           %           $           1,102.1           $           1,079.0           2.1           %
          Passenger service           366.4           402.8 -9.0           %           1,556.8           1,694.5 -8.1           %
          Charter and other           32.3           24.9           29.7           %           152.0           91.0           67.0           %
          Total operating revenues           672.1           697.8 -3.7           %           2,810.9           2,864.5 -1.9           %
          OPERATING EXPENSES
          Wages and benefits           141.8           134.7           5.3           %           562.3           560.6           0.3           %
          Aircraft fuel           150.0           187.7 -20.1           %           693.7           821.1           -15.5           %
          Landing fees and airport rents           40.1           41.7           -3.8           %           169.7           167.7           1.2           %
          Aircraft and engine rent           57.1           57.7           -1.0           %           243.2           251.5           -3.3           %
          Maintenance and repair           70.9           68.4           3.7           %           296.3           297.2           -0.3           %
          Insurance and taxes           7.4           9.7           -23.7           %           38.1           42.1           -9.5           %
          Depreciation and amortization           47.3           48.6           -2.7           %           190.6           200.2           -4.8           %
          Promotion and sales           23.8           27.9           -14.7           %           110.5           133.6 -17.3           %
          Other impairment charges 191.1 -100.0           % 191.1 -100.0           %
          Other           81.6           96.4 -15.4           %           293.6           305.0 -3.7           %
          Total operating expenses           620.0           863.9 -28.2           %           2,598.0           2,970.1 -12.5           %
          OPERATING INCOME (LOSS)           52.1           (166.1           )           131.4           %           212.9           (105.6           )           301.6           %
          OTHER INCOME (EXPENSE)
          Interest expense           (30.8           )           (33.1           )           6.9           %           (127.0           )           (137.3           )           7.5           %
          Other – net           0.1           0.1           0.0           %           0.3           0.5 -40.0           %
          Total other expense           (30.7           )           (33.0           )           7.0           %           (126.7           )           (136.8           )           7.4           %
          INCOME (LOSS) BEFORE INCOME TAXES           21.4           (199.1           )           110.7           %           86.2           (242.4           )           135.6           %
          INCOME TAX EXPENSE (BENEFIT)           8.8           (75.6           )           111.6           %           34.9           (90.6           )           138.5           %
          NET INCOME (LOSS)           $           12.6           $           (123.5           )           110.2           %           $           51.3           $           (151.8           )           133.8           %
          PER SHARE, BASIC           $           0.26           $           (2.55           )           110.2           %           $           1.06           $           (3.14           )           133.8           %
          PER SHARE, DILUTED           $           0.25           $           (2.55           )           109.8           %           $           1.02           $           (3.14           )           132.5           %
          Weighted average common shares
          Basic           48.5           48.4           48.5           48.2
          Diluted           52.7           48.4           51.4           48.2
REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share amounts)
(Unaudited)
December 31, December 31,
2012 2011
          ASSETS
          Current Assets:
          Cash and cash equivalents           $           247.2           $           219.3
          Restricted cash           147.1           151.4
          Receivables, net of allowance for doubtful accounts of $2.9 and           $0.6, respectively           79.5           89.0
          Inventories, net           86.5           101.8
          Prepaid expenses and other current assets           44.4           64.2
          Assets held for sale 33.0
          Deferred income taxes           31.3           35.3
          Total current assets           636.0           694.0
          Aircraft and other equipment, net           2,546.7           2,808.7
          Maintenance deposits           170.0           146.0
          Other intangible assets, net           65.0           86.5
          Other assets           237.5           166.5
          Total assets           $           3,655.2           $           3,901.7
          LIABILITIES AND STOCKHOLDERS’ EQUITY
          Current Liabilities:
          Current portion of long-term debt           $           276.2           $           284.6
          Accounts payable           29.8           43.9
          Air traffic liability           146.6           179.5
          Deferred frequent flyer revenue           54.8           68.2
          Accrued liabilities           238.8           258.8
          Total current liabilities           746.2           835.0
          Long-term debt, less current portion           1,843.3           2,074.5
          Deferred frequent flyer revenue, less current portion           57.8           68.1
          Deferred credits and other non-current liabilities           109.8           110.4
          Deferred income taxes           384.6           353.2
          Total liabilities           3,141.7           3,441.2
          Commitments and Contingencies
          Stockholders’ Equity:
          Preferred stock, $.001 par value; 5,000,000 shares authorized; no           shares issued or outstanding           –
Common stock, $.001 par value; one vote per share; 150,000,000           shares authorized; 58,529,449 and 58,097,574 shares issued and           48,558,312 and 48,412,516 shares outstanding, respectively           –
Additional paid-in-capital           412.1           409.4
          Treasury stock, 9,333,266 shares at cost           (181.8           )           (181.8           )
          Accumulated other comprehensive loss           (5.0           )           (4.0           )
          Accumulated earnings           288.2           236.9
          Total stockholders’ equity           513.5           460.5
          Total liabilities and stockholders’ equity           $           3,655.2           $           3,901.7
REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Years ended December 31,
2012 2011
          NET CASH FROM OPERATING ACTIVITIES           $           255.6           $           131.5
          INVESTING ACTIVITIES:
          Purchase of aircraft and other equipment           (35.7           )           (105.9           )
          Proceeds from sale of aircraft, slots and other assets           84.3           142.3
          Aircraft deposits, net           (8.0           )           (10.4           )
          Other, net           (3.4           )           (2.4           )
          NET CASH FROM INVESTING ACTIVITIES           $           37.2           $           23.6
          FINANCING ACTIVITIES:
          Payments on debt           (216.1           )           (208.5           )
          Proceeds from debt issuance           3.7           70.7
          Payments on early extinguishment of debt           (52.0           )           (88.0           )
          Other, net           (0.5           )           (1.2           )
          NET CASH FROM FINANCING ACTIVITIES           $           (264.9           )           $           (227.0           )
          NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS           $           27.9           $           (71.9           )
          CASH AND CASH EQUIVALENTS, Beginning of period           $           219.3           $           291.2
          CASH AND CASH EQUIVALENTS, End of period           $           247.2           $           219.3
REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
UNAUDITED OPERATING HIGHLIGHTS
Three Months Ended December 31,
Operating Highlights – Republic1 2012 2011 Change
          Total revenues (millions)           $           327.4           $           359.3           -8.9           %
          Total fuel expense (millions)2           $           21.8           $           60.3           -63.8           %
          Operating aircraft at period end:
          37-50 seats3           71           73           -2.7           %
            69-99 seats4           155           148           4.7           %
          Block hours           176,079           174,062           1.2           %
          Departures           102,662           102,338           0.3           %
          Passengers carried           5,163,017           4,912,182           5.1           %
          Revenue passenger miles (millions)           2,560           2,474           3.5           %
          Available seat miles (millions)           3,294           3,358           -1.9           %
          Passenger load factor           77.7           %           73.7           %           4.0 pts
          Total cost per available seat mile, including interest expense and           excluding items (cents)6           9.21           10.01           -8.0           %
          Cost per available seat mile, including interest and excluding fuel           expense and excluding items (cents)6           8.55           8.21           4.1           %
          Gallons consumed           6,272,203           18,936,470           -66.9           %
          Average cost per gallon           $           3.48           $           3.19           9.1           %
          Average daily utilization of each scheduled aircraft (hours)           9.3           9.7 -4.1           %
          Average stage length           482           490 -1.6           %
          Average seat density           67           67           0.0           %
Operating Highlights – Frontier1
          Total revenues (millions)7           $           334.9           $           338.5 -1.1           %
          Total fuel expense (millions)           $           128.2           $           127.4           0.6           %
          Operating aircraft at period end:
          120 seats           2           4 -50.0           %
          136-138 seats           37           41 -9.8           %
          162-168 seats           16           15           6.7           %
          Passengers carried           2,596,521           2,731,199           -4.9           %
          Revenue passenger miles (millions)           2,505           2,588           -3.2           %
          Available seat miles (millions)           2,818           2,934           -4.0           %
          Passenger load factor           88.9           %           88.2           %           0.7 pts
          Total revenue per available seat mile (cents)7           11.88           11.54           2.9           %
          Operating cost per available seat mile (cents)5,8           11.58           11.15           3.9           %
            Fuel cost per available seat mile (cents)5           4.55           4.34           4.8           %
          Cost per available seat mile, excluding fuel expense (cents)8           7.03           6.80           3.4           %
          Gallons consumed           37,478,548           39,745,972           -5.7           %
          Average cost per gallon5           $           3.42           $           3.21           6.5           %
          Block hours           50,662           54,242           -6.6           %
          Departures           20,587           22,102           -6.9           %
          Average daily utilization of each scheduled aircraft (hours)           10.5           10.5           0.0           %
          Average stage length           946           935           1.2           %
          Average seat density           145           142           2.1           %
1 See business segment presentation discussion for             information regarding our change in segments.
2 Includes $23.3 million for the three months ended           December 31, 2011, which was passed-through under our fixed-fee           agreements with our partners.
3 Includes one aircraft and eleven aircraft as of           December 31, 2012 and 2011, respectively, that were unassigned.
4 Includes three aircraft as of December 31, 2011 that             were unassigned.
5 Includes mark-to-market fuel hedge expense of $0.5           million and benefit of $3.5 million for the three months ended           December 31, 2012 and 2011, respectively.
6 Excludes $4.3 million and $200.2 million items for the           three months ended December 31, 2012 and 2011, respectively.
7 Excludes $9.8 million of items for the three months           ended December 31, 2012.
8 Excludes $15.5 million and $32.3 million of items for           the three months ended December 31, 2012 and 2011, respectively.
REPUBLIC AIRWAYS HOLDINGS INC. AND SUBSIDIARIES
UNAUDITED OPERATING HIGHLIGHTS
Years Ended December 31,
Operating Highlights – Republic1 2012 2011 Change
          Total revenues (millions)           $           1,377.4           $           1,534.0 -10.2           %
          Total fuel expense (millions)2           $           161.4           $           303.3 -46.8           %
          Operating aircraft at period end:
          37-50 seats3           71           73 -2.7           %
          69-99 seats4           155           148           4.7           %
          Block hours           701,040           731,440           -4.2           %
          Departures           409,058           429,564           -4.8           %
          Passengers carried           20,112,289           20,773,219           -3.2           %
          Revenue passenger miles (millions)           10,120           10,691           -5.3           %
          Available seat miles (millions)           13,437           14,449           -7.0           %
          Passenger load factor           75.3           %           74.0           %           1.3 pts
          Total cost per available seat mile, including interest expense and           excluding impairment (cents) 6           9.73           10.25           -5.1           %
          Cost per available seat mile, including interest and excluding fuel           expense and excluding impairment (cents) 6           8.53           8.15           4.7           %
          Gallons consumed           48,842,044           91,890,705           -46.8           %
          Average cost per gallon           $           3.30           $           3.30           0.0           %
          Average daily utilization of each scheduled aircraft (hours)           9.8           9.9           -1.0           %
          Average stage length           469           498 -5.8           %
          Average seat density           67           68 -1.5           %
Operating Highlights – Frontier1
          Total revenues (millions) 7           $           1,423.7           $           1,330.5           7.0           %
          Total fuel expense (millions)           $           532.3           $           517.8           2.8           %
          Operating aircraft at period end:
          120 seats           2           4           -50.0           %
          136-138 seats           37           41           -9.8           %
          162-168 seats           16           15           6.7           %
          Passengers carried           10,700,669           10,583,331           1.1           %
          Revenue passenger miles (milllions)           10,579           10,271           3.0           %
          Available seat miles (millions)           11,908           11,779           1.1           %
          Passenger load factor           88.8           %           87.2           %           1.6 pts
          Total revenue per available seat mile (cents) 7           11.96           11.30           5.8           %
          Operating cost per available seat mile (cents)5,8           11.66           11.77           -0.9           %
          Fuel cost per available seat mile (cents)5           4.47           4.40           1.6           %
          Cost per available seat mile, excluding fuel expense (cents)8           7.19           7.38           -2.6           %
          Gallons consumed           158,361,595           159,145,671           -0.5           %
          Average cost per gallon5           $           3.36           $           3.25           3.4           %
          Block hours           214,494           219,359           -2.2           %
          Departures           85,328           87,938           -3.0           %
          Average daily utilization of each scheduled aircraft (hours)           11.0           11.2           -1.8           %
          Average stage length           976           957           2.0           %
          Average seat density           143           140           2.1           %
1 See business segment presentation discussion for             information regarding our change in segments.
2 Includes $48.2 million and $102.5 million for the year           ended December 31, 2012 and 2011, respectively, which was           passed-through under our fixed-fee agreements with our partners.
3 Includes one aircraft and eleven aircraft as of           December 31, 2012 and 2011, respectively, that were unassigned.
4 Includes three aircraft as of December 31, 2011 that           were unassigned.
5 Includes mark-to-market fuel hedge expense of $2.2             million and benefit of $(3.8) million for the year ended December             31, 2012 and 2011, respectively.
6 Excludes $7.2 million and $200.2 million items for the           year ended December 31, 2012 and 2011, respectively.
7 Excludes $9.8 million of items for the year ended           December 31, 2012.
8 Excludes $15.5 million and $32.3 million of items for           the year ended December 31, 2012 and 2011, respectively.

Reconciliation of GAAP to non-GAAP measures:

The following tables present the reconciliation of results on a GAAP       basis to the reported ex-item results for the three months and full       years ended December 31, 2012 and 2011:

Three months ended Dec. 31, 2012
Pre-tax by Segment After-tax Diluted Earnings
          ($ in millions) Republic Frontier Consolidated Consolidated Per share
          GAAP income           $           19.8           $           1.6           $           21.4           $           12.6           $           0.25
          Adjustments:
          Restructuring and fleet transition expenses           4.3           15.5           19.8           11.7           0.21
          Frequent flyer adjustment1           (9.8           )           (9.8           )           (5.8           )           (0.11           )
          Ex-item income           $           24.1           $           7.3           $           31.4           $           18.5           $           0.35

1 Additional revenue related to the change in expiration of       mileage earned under its frequent flyer program from 24 to 18 months

Year ended Dec. 31, 2012
Pre-tax by Segment After-tax Diluted Earnings
          ($ in millions) Republic Frontier Consolidated Consolidated Per share
          GAAP income           $           62.3           $           23.9           $           86.2           $           51.3           $           1.02
          Adjustments:
          Restructuring and fleet transition expenses           4.3           15.5           19.8           11.8           0.21
          Loss, net on sale of assets           2.9           2.9           1.7           0.03
          Frequent flyer adjustment1           (9.8           )           (9.8           )           (5.8           )           (0.11           )
          Ex-item income           $           69.5           $           29.6           $           99.1           $           59.0           $           1.15

1 Additional revenue related to the change in expiration of       mileage earned under its frequent flyer program from 24 to 18 months

Three months ended Dec. 31, 2011
Pre-tax by Segment After-tax Diluted Earnings
          ($ in millions) Republic Frontier Consolidated Consolidated Per share
          GAAP income (loss)           $           (176.9           )           $           (22.2           )           $           (199.1           )           $           (123.5           )           $           (2.55           )
          Adjustments:
          Restructuring and fleet transition expenses           9.1           32.3           41.4           25.7           0.51
          Non-recurring impairment           191.1 191.1           118.6           2.46
          Ex-item income           $           23.3           $           10.1           $           33.4           $           20.7           $           0.41
Year ended Dec. 31, 2011
Pre-tax by Segment After-tax Diluted Earnings
          ($ in millions) Republic Frontier Consolidated Consolidated Per share
          GAAP income (loss)           $           (147.1           )           $           (95.3           )           $           (242.4           )           $           (151.8           )           $           (3.14           )
          Adjustments:
          Restructuring and fleet transition expenses           9.1           32.3           41.4           25.9           0.54
          Non-recurring impairment           191.1 191.1           119.7           2.48
          Ex-item income (loss)           $           53.1           $           (63.0           )           $           (9.9           )           $           (6.2           )           $           (0.13           )
Three months ended Dec. 31, 2012 Twelve months ended Dec. 31, 2012
          ($ in millions) Frontier TRASM (cents) Frontier TRASM (cents)
          GAAP revenue           $           344.7           12.23           $           1,433.5           12.04
          Adjustments:
          Frequent flyer adjustment1           (9.8           )           (0.35           )           (9.8           )           (0.08           )
          Ex-item revenue           $           334.9           11.88           $           1,423.7           11.96

1 Additional revenue related to the change in expiration of       mileage earned under its frequent flyer program from 24 to 18 months

Three months ended Dec. 31, 2012 Twelve months ended Dec. 31, 2012
          ($ in millions) Frontier CASM (cents) Frontier CASM (cents)
          GAAP operating expenses           $           341.7           12.13           $           1,404.1           11.79
          Adjustments:
          Restructuring and fleet transition expenses           (15.5           )           (0.55           )           (15.5           )           (0.13           )
          Ex-item operating expenses           $           326.2           11.58           $           1,388.6           11.66
Three months ended Dec. 31, 2011 Twelve months ended Dec. 31, 2011
          ($ in millions) Frontier CASM (cents) Frontier CASM (cents)
          GAAP operating expenses           $           359.3           12.25           $           1,419.2           12.05
          Adjustments:
          Restructuring and fleet transition expenses           (32.3           )           (1.10           )           (32.3           )           (0.28           )
          Ex-item operating expenses           $           327.0           11.15           $           1,386.9           11.77

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