1Q11 results announced by Republic Airways Holdings

Republic Airways Holdings has reported key financial results for the first quarter of 2011 (1Q11) including an operating loss of $0.6 million, which compares favourably to 1Q10’s operating loss of $20 million.

Total operating revenues were up 8.3% in 1Q11 at $659.1 million, compared with $608.7 million in 1Q10. EBITDAR for 1Q11 was $110.8 million, an increase of 19.8% over 1Q10’s figure of $92.5 million.

Republic says the increase in revenues was primarily due to a 13.9% increase in Frontier’s unit revenues. On a GAAP basis, the company reported a net loss of $22.4 million in 1Q11, compared to a $36.5 million net loss for the same period last year.

Excluding fuel reimbursement from partners, the company’s fixed-fee service revenues were flat compared to the prior year’s first quarter. Income before taxes on the fixed-fee operations improved 23.1% to $17.6 million for the quarter compared to a pre-tax income of $14.3 million for the first quarter of 2010, which included $2.0 million of CRJ aircraft return costs. Cost per ASM (CASM), including interest expense but excluding fuel, increased by 0.9% to 8.14¢ for the first quarter of 2011, from 8.07¢ for the same quarter of 2010.

Republic’s branded business segment includes all operations marketed as Frontier Airlines. Total revenues on Frontier in 1Q11 increased by 12.2% to $395.4 million, compared to $352.3 million for the same period in 1Q10. Frontier posted a pre-tax loss of $55.2 million for the quarter compared to a pre-tax loss of $70.4 million for the quarter ended 31 March 2010.

Republic Airways’ “other” business segment includes revenues from aircraft subleases, licence fees on slots at DCA airport and expenses associated with those activities, as well as any unassigned aircraft expenses. The company reported pre-tax income of $1.7 million in the first quarter compared to a pre-tax loss of $2.3 million for the first quarter of 2010 as idle aircraft were placed back into service during 2010.

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