meyers9163
Well-Known Member
Loss/Profit? I had not really read anything official? Is it out there? Also any truth to Midwest Pilots being given sim instructor slots??? 
Have fun on your next PC/PT!!!
Have fun on your next PC/PT!!!
Republic 4th Quarter Earnings?
- Thread starter meyers9163
- Start date
jhugz
Well-Known Member
Ouch...however from what I can tell the Midwest Core is a group of stand-up individuals. I'm sure that they understand that it more managements fault then their pilot brethren.
meyers9163
Well-Known Member
Republic Airways Holdings Announces Fourth Quarter and Calendar Year 2009 Earnings
INDIANAPOLIS, Feb 24, 2010 (BUSINESS WIRE) -- Republic Airways Holdings Inc. (NASDAQ: RJET) today reported operating revenues of $637.3 million for the quarter ended December 31, 2009, an 87.9% increase, compared to $339.3 million for the same period last year. The Company also reported net income of $20.1 million, or $0.55 per diluted share, for the quarter ended December 31, 2009, compared to $19.0 million of net income, or $0.56 per diluted share, for the same period last year. The fourth quarter results for 2009 include $109.2 million of goodwill and other impairment charges and a $203.7 million gain on bargain purchase related to the acquisition of Frontier Airlines. These two non-recurring items increased pre-tax income by $94.5 million and net income by $17.1 million for the quarter. Additionally, the Company recorded a year-end tax adjustment, which increased net income by $2.1 million for the quarter. Excluding these non-recurring items, and as presented in the tables below, income before taxes was $1.5 million and net income was $0.9 million, or $0.03 per diluted share for the quarter.
For the full year ended December 31, 2009, operating revenues were $1.64 billion, an increase of 11.0% from 2008. Net income for the year was $39.7 million, or $1.13 per diluted share, compared to $84.6 million of net income, or $2.42 per diluted share, for 2008.
Fourth Quarter 2009 Highlights
Fixed-Fee Segment
Total fixed-fee service revenues of $266.7 million declined $67.8 million from prior year's fourth quarter. However, excluding fuel reimbursement from our partners, fixed-fee service revenues decreased $35.8 million, or 12.5% for the fourth quarter of 2009 due to a reduction in block hours. We removed 15 aircraft from fixed-fee operations in 2009 and reported all Midwest regional operations in our branded segment beginning in August 2009. Income before taxes on the fixed-fee operations, excluding a $2.0 million impairment charge for intangible assets, was $24.5 million for the quarter. Cost per ASM (CASM), including interest expense but excluding fuel and the impairment charge decreased to 7.59¢ for the fourth quarter of 2009, from 7.62¢ for the same quarter of 2008.
Branded Segment
Total revenues flown on our branded airlines were $364.9 million for the quarter. Load factor was 79.7% for the quarter and total revenue per ASM (TRASM) was 10.10¢. Excluding a $96.5 million pre-tax gain from non-recurring items, the branded operations posted a loss before taxes of $18.5 million for the fourth quarter. Cost per ASM (CASM), including interest expense but excluding fuel and non-recurring items, was 7.31¢ for the fourth quarter of 2009. In addition to the non-recurring items discussed above, this quarter's branded results included the following pre-tax items:
Other Segment
The Company's "Other" business segment includes revenues from aircraft subleases, slot rentals and charter operations and expenses associated with those activities and any idle aircraft. The Company reported a pre-tax loss of $4.5 million in the fourth quarter on this segment related mostly to idle aircraft.
Fleet
During the quarter the Company acquired Frontier Airlines and its 62 operational aircraft. The Company also took delivery of six of the ten E190 aircraft purchased from US Airways during the quarter and removed the final six B717 aircraft from its fleet, bringing the total operational fleet from 228 aircraft at September 30, 2009 to 290 aircraft at December 31, 2009.
Full Year 2009 Highlights
Fixed-Fee Segment
For the full year ended December 31, 2009, fixed-fee service revenues were $1.09 billion, a decrease of $282.0 million from the prior year's results. However, excluding fuel reimbursement from our partners, fixed-fee service revenues decreased $46.4 million, or 4.1% for the year due to a reduction in block hour activity. We removed 15 aircraft from fixed-fee operations during the year and reported all Midwest regional operations in our branded segment beginning in August 2009. Income before taxes on the fixed-fee operations, excluding impairment charges of $15.3 million, was $102.0 million. Cost per ASM (CASM), including interest expense but excluding fuel and impairment charges, increased to 7.65¢ in 2009, from 7.50¢ in 2008.
Branded Segment
Branded operations for 2009 include Mokulele Airlines between April and October 2009, Midwest Airlines starting in August 2009, and Frontier Airlines starting in October 2009. For the full year ended December 31, 2009, branded revenues totaled $444.3 million. Load factor was 79.2% for the year and total revenue per ASM (TRASM) was 10.52¢. The branded operations posted a loss before taxes and non-recurring items of $38.5 million for 2009. Cost per ASM (CASM), including interest expense but excluding fuel and non-recurring items, was 8.01¢ for 2009.
Other Segment
The Company reported a pre-tax loss of $8.4 million for the year, related mostly to idle aircraft.
Fleet
The Company increased its operating fleet to 290 aircraft as of December 31, 2009, from 221 as of December 31, 2008. Twenty aircraft were placed into service during the year. This included three E175 aircraft that went into fixed-fee service and 11 E190 and six E135 aircraft that went into branded service. The Company also acquired Frontier Airlines and its 62 operational aircraft and removed thirteen 50-seat aircraft from service for Continental. Ten of the aircraft removed were returned to the lessor and three were subleased offshore.
Balance Sheet Information
At December 31, 2009, the Company had $350.2 million in cash, of which $192.7 million was restricted. This compares to $130.9 million in cash, of which $1.2 million was restricted as of December 31, 2008. The Company's debt increased to $2.79 billion as of December 31, 2009, compared to $2.28 billion at December 31, 2008. The increase in debt is related mostly to aircraft purchases made during the year combined with the acquisition of Frontier Airlines and its aircraft debt. As of December 31, 2009, all but $85 million of the Company's debt is secured by the aircraft and approximately 80% of the total debt is fixed-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 7.0% discount factor, the present value of these lease obligations was approximately $1.17 billion as of December 31, 2009 compared to approximately $685 million reported as of December 31, 2008.
Recent Business Developments
On October 1, 2009, the Company completed its acquisition of Frontier Airlines.
On October 14, 2009, the Company announced that it will acquire 10 Embraer 190AR jets from US Airways. Republic applied the full balance of its $35 million unsecured loan to US Airways toward the purchase of the aircraft and assumed the existing variable-rate debt on the aircraft. The aircraft are expected to enter into branded service between November 2009 and the second quarter of 2010.
On October 16, 2009, the Company entered into an agreement with Mesa Air Group, Inc. ("Mesa") to form Mo-Go, LLC, a new business partnership that will provide inter-island commercial airlines services in Hawaii. Pursuant to the Agreement, Mesa now owns 75% of Mo-Go and the former Mokulele shareholders own the remaining 25%. Additionally, the partners agreed to capitalize the new business with up to $6.0 million, $1.5 million of which would be funded by Mokulele's former shareholders.
On February 4, 2010, the Company announced it will transition the regional service operated by Lynx Aviation Bombardier Q400 turboprop aircraft to Embraer 170 and 190 jet service operated by Republic Airlines. The Company will remove three Q400 turboprop aircraft from service effective April 6. Another three aircraft will be removed from service on April 19. The remainder of the Q400 aircraft are expected to be removed by the end of the third quarter of 2010.
Costs (in all periods) exclude non-recurring items and other expenses not attributable to either fixed-fee or branded segments.
² Includes Mokulele from April 2009 to September 2009, Midwest starting August 2009 and Frontier starting October 2009.
³ Excludes three and two idle 37-50 seat aircraft and two and six idle 70-99 seat aircraft at December 31, 2009 and 2008 respectively.
SOURCE: Republic Airways Holdings Inc.
So branded flying does not seem to be doing so well.... Thank goodness for their codeshares to keep them in the black it looks??? $18.5 Million loss on branded flying....
Good luck guys, since moving out of Indy to Ohio I have not had dinner with my RAH friends lately... Did BB send anything out discussing these end of year results etc?
INDIANAPOLIS, Feb 24, 2010 (BUSINESS WIRE) -- Republic Airways Holdings Inc. (NASDAQ: RJET) today reported operating revenues of $637.3 million for the quarter ended December 31, 2009, an 87.9% increase, compared to $339.3 million for the same period last year. The Company also reported net income of $20.1 million, or $0.55 per diluted share, for the quarter ended December 31, 2009, compared to $19.0 million of net income, or $0.56 per diluted share, for the same period last year. The fourth quarter results for 2009 include $109.2 million of goodwill and other impairment charges and a $203.7 million gain on bargain purchase related to the acquisition of Frontier Airlines. These two non-recurring items increased pre-tax income by $94.5 million and net income by $17.1 million for the quarter. Additionally, the Company recorded a year-end tax adjustment, which increased net income by $2.1 million for the quarter. Excluding these non-recurring items, and as presented in the tables below, income before taxes was $1.5 million and net income was $0.9 million, or $0.03 per diluted share for the quarter.
For the full year ended December 31, 2009, operating revenues were $1.64 billion, an increase of 11.0% from 2008. Net income for the year was $39.7 million, or $1.13 per diluted share, compared to $84.6 million of net income, or $2.42 per diluted share, for 2008.
Fourth Quarter 2009 Highlights
Fixed-Fee Segment
Total fixed-fee service revenues of $266.7 million declined $67.8 million from prior year's fourth quarter. However, excluding fuel reimbursement from our partners, fixed-fee service revenues decreased $35.8 million, or 12.5% for the fourth quarter of 2009 due to a reduction in block hours. We removed 15 aircraft from fixed-fee operations in 2009 and reported all Midwest regional operations in our branded segment beginning in August 2009. Income before taxes on the fixed-fee operations, excluding a $2.0 million impairment charge for intangible assets, was $24.5 million for the quarter. Cost per ASM (CASM), including interest expense but excluding fuel and the impairment charge decreased to 7.59¢ for the fourth quarter of 2009, from 7.62¢ for the same quarter of 2008.
Branded Segment
Total revenues flown on our branded airlines were $364.9 million for the quarter. Load factor was 79.7% for the quarter and total revenue per ASM (TRASM) was 10.10¢. Excluding a $96.5 million pre-tax gain from non-recurring items, the branded operations posted a loss before taxes of $18.5 million for the fourth quarter. Cost per ASM (CASM), including interest expense but excluding fuel and non-recurring items, was 7.31¢ for the fourth quarter of 2009. In addition to the non-recurring items discussed above, this quarter's branded results included the following pre-tax items:
Other Segment
The Company's "Other" business segment includes revenues from aircraft subleases, slot rentals and charter operations and expenses associated with those activities and any idle aircraft. The Company reported a pre-tax loss of $4.5 million in the fourth quarter on this segment related mostly to idle aircraft.
Fleet
During the quarter the Company acquired Frontier Airlines and its 62 operational aircraft. The Company also took delivery of six of the ten E190 aircraft purchased from US Airways during the quarter and removed the final six B717 aircraft from its fleet, bringing the total operational fleet from 228 aircraft at September 30, 2009 to 290 aircraft at December 31, 2009.
Full Year 2009 Highlights
Fixed-Fee Segment
For the full year ended December 31, 2009, fixed-fee service revenues were $1.09 billion, a decrease of $282.0 million from the prior year's results. However, excluding fuel reimbursement from our partners, fixed-fee service revenues decreased $46.4 million, or 4.1% for the year due to a reduction in block hour activity. We removed 15 aircraft from fixed-fee operations during the year and reported all Midwest regional operations in our branded segment beginning in August 2009. Income before taxes on the fixed-fee operations, excluding impairment charges of $15.3 million, was $102.0 million. Cost per ASM (CASM), including interest expense but excluding fuel and impairment charges, increased to 7.65¢ in 2009, from 7.50¢ in 2008.
Branded Segment
Branded operations for 2009 include Mokulele Airlines between April and October 2009, Midwest Airlines starting in August 2009, and Frontier Airlines starting in October 2009. For the full year ended December 31, 2009, branded revenues totaled $444.3 million. Load factor was 79.2% for the year and total revenue per ASM (TRASM) was 10.52¢. The branded operations posted a loss before taxes and non-recurring items of $38.5 million for 2009. Cost per ASM (CASM), including interest expense but excluding fuel and non-recurring items, was 8.01¢ for 2009.
Other Segment
The Company reported a pre-tax loss of $8.4 million for the year, related mostly to idle aircraft.
Fleet
The Company increased its operating fleet to 290 aircraft as of December 31, 2009, from 221 as of December 31, 2008. Twenty aircraft were placed into service during the year. This included three E175 aircraft that went into fixed-fee service and 11 E190 and six E135 aircraft that went into branded service. The Company also acquired Frontier Airlines and its 62 operational aircraft and removed thirteen 50-seat aircraft from service for Continental. Ten of the aircraft removed were returned to the lessor and three were subleased offshore.
Balance Sheet Information
At December 31, 2009, the Company had $350.2 million in cash, of which $192.7 million was restricted. This compares to $130.9 million in cash, of which $1.2 million was restricted as of December 31, 2008. The Company's debt increased to $2.79 billion as of December 31, 2009, compared to $2.28 billion at December 31, 2008. The increase in debt is related mostly to aircraft purchases made during the year combined with the acquisition of Frontier Airlines and its aircraft debt. As of December 31, 2009, all but $85 million of the Company's debt is secured by the aircraft and approximately 80% of the total debt is fixed-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 7.0% discount factor, the present value of these lease obligations was approximately $1.17 billion as of December 31, 2009 compared to approximately $685 million reported as of December 31, 2008.
Recent Business Developments
On October 1, 2009, the Company completed its acquisition of Frontier Airlines.
On October 14, 2009, the Company announced that it will acquire 10 Embraer 190AR jets from US Airways. Republic applied the full balance of its $35 million unsecured loan to US Airways toward the purchase of the aircraft and assumed the existing variable-rate debt on the aircraft. The aircraft are expected to enter into branded service between November 2009 and the second quarter of 2010.
On October 16, 2009, the Company entered into an agreement with Mesa Air Group, Inc. ("Mesa") to form Mo-Go, LLC, a new business partnership that will provide inter-island commercial airlines services in Hawaii. Pursuant to the Agreement, Mesa now owns 75% of Mo-Go and the former Mokulele shareholders own the remaining 25%. Additionally, the partners agreed to capitalize the new business with up to $6.0 million, $1.5 million of which would be funded by Mokulele's former shareholders.
On February 4, 2010, the Company announced it will transition the regional service operated by Lynx Aviation Bombardier Q400 turboprop aircraft to Embraer 170 and 190 jet service operated by Republic Airlines. The Company will remove three Q400 turboprop aircraft from service effective April 6. Another three aircraft will be removed from service on April 19. The remainder of the Q400 aircraft are expected to be removed by the end of the third quarter of 2010.
Costs (in all periods) exclude non-recurring items and other expenses not attributable to either fixed-fee or branded segments.
² Includes Mokulele from April 2009 to September 2009, Midwest starting August 2009 and Frontier starting October 2009.
³ Excludes three and two idle 37-50 seat aircraft and two and six idle 70-99 seat aircraft at December 31, 2009 and 2008 respectively.
SOURCE: Republic Airways Holdings Inc.
So branded flying does not seem to be doing so well.... Thank goodness for their codeshares to keep them in the black it looks??? $18.5 Million loss on branded flying....
Good luck guys, since moving out of Indy to Ohio I have not had dinner with my RAH friends lately... Did BB send anything out discussing these end of year results etc?
meyers9163
Well-Known Member
At December 31, 2009, the Company had $350.2 million in cash, of which $192.7 million was restricted. This compares to $130.9 million in cash, of which $1.2 million was restricted as of December 31, 2008. The Company's debt increased to $2.79 billion as of December 31, 2009, compared to $2.28 billion at December 31, 2008.
I wonder how this looks in general.... $350.2 million in cash and $2.79 billion in debt... In relation to most airlines..... Is that normal or out of the ordinary... But by looking at these numbers and numbers alone, I do not see how RAH could stand alone without its FFD partners.... Without them they seem as if they will be bleeding cash even with their cheap labor, "regional" aircraft etc.... I realize they just took on two major companies and thus lost a crap load of money on a high risk low reward type of game.... But there is a reason when you ask Parker and others in the industry about it they almost smile and get caught saying, "Good luck."
I wonder how this looks in general.... $350.2 million in cash and $2.79 billion in debt... In relation to most airlines..... Is that normal or out of the ordinary... But by looking at these numbers and numbers alone, I do not see how RAH could stand alone without its FFD partners.... Without them they seem as if they will be bleeding cash even with their cheap labor, "regional" aircraft etc.... I realize they just took on two major companies and thus lost a crap load of money on a high risk low reward type of game.... But there is a reason when you ask Parker and others in the industry about it they almost smile and get caught saying, "Good luck."
meyers9163
Well-Known Member
Does it matter? I lived in Indy, grew up with RAH pilots (at the time CHQ/Shuttle more so), went to church as a kid at the Church the REV BB attends today.... From time to time when I am back there I see him there with the family etc.... I simply post items I see/read... Which over the years have been RAH due to the media sources in Indy and that is where RAH is based after all... Is that ok for you? After all RAH seems to be the topic of discussion over the past year.
meyers9163
Well-Known Member
Ah... Well just because you do not work for a company does not mean you do not know, read, spend time around, and have lots of interaction with other companies. If you are on the road multiple nights I think you get to learn about many companies and talk to many pilots.... I'm sure many know things about my company and vice versa.....
meyers9163
Well-Known Member
Very true.... AND for that very reason I think many are cheering for the RAH group to make the right decisions and get the right contract voted in....
Kingairer
'Tiger Team' Member
Yup...Its Strange.
meyers9163
Well-Known Member
I was told by many on here to go with the first place that offers you a job.... PSA/AWAC/ASA..... PSA was the closest to where the wife was working (Cincinnati) and thus the best chose for QOL issues..... Never put an application in with RAH.....
meyers9163
Well-Known Member
Wow...
Glad posting items out of the local news makes one obsessed... Great observation with a Capital "O"!!!! FYI there was a Pinnacle 4th quarter thread as well.... Seems like we typically put these sorts of threads up on here... Call it what you want, but go pick a different fight
!
Hootie
Old Skool
Couldn't agree more. My finger is over the eject button, just watching what happens at Republic this next year for further confirmation.
wheelsup
Well-Known Member
Wow...
But what you posted wasn't on the local news for Cinci, it was off Business Wire.
meyers9163
Well-Known Member
Correct, but you are stating the previous post(s) while I was in Indy....
Thus you trying to be a wise man with your obsessed post. Also you are right, I am in CVG now, but still have an account through the Indystar to stay informed on the local happenings... But again you can pick a fight if you want, but I do not get your reason as to why you want to poke at something so small... Guess you must not have anything better today.... So do as you wish....
meyers9163
Well-Known Member
Just for you Wheels!!! The article via Indystar... Which is not as in depth as the previous article but since apparently you can only post if its local news you read in your paper I will make you happy to point out it was in my local news as well that I get.... Here ya are...
Indianapolis-based Republic Airways added a major passenger airline to its portfolio during the fourth quarter, but profits didn't take off.
Net income was $20.1 million, or 55 cents per share, for the quarter compared to $19 million, or 56 cents per share, for the same period last year.
But excluding gains on its big purchase of Frontier Airlines, net quarterly income was $900,000, or 3 cents per diluted share, which was lower than the First Call consensus of 6 cents per share, according to MSN Market Report.
http://www.indystar.com/apps/pbcs.dll/article?AID=2010100225002
RepublicAirlines.com: News release: Republic Airways Holdings Announces Fourth Quarter and Calendar Year 2009 Earnings
IndyStar.com/Business: Business news
Bizjournals.com: Republic wants to boost retail on Frontier, Midwest flights
Republic said operating revenues jumped to $637.3 million for the quarter ended Dec. 31, an 87.9 percent increase, compared to $339.3 million for the same period a year ago. That beat First Call forecasts.
Republic's acquisition of Frontier and its 62 operational aircraft helped grow the operational fleet from 228 on Sept. 30 to 290 aircraft on Dec. 31.
For the year, Republic -- operator of Chautauqua Airlines, Frontier Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America -- disclosed that it has 11,000 employees and offers scheduled passenger service on approximately 1,600 flights daily to 118 cities.
Republic had $350.2 million in cash as of Dec. 31, compared to $130.9 million at the same point a year earlier. But Republic's debt increased to $2.79 billion as of Dec. 31, compared to $2.28 billion on Dec. 31, 2008.
Branded operations for 2009 include Mokulele Airlines between April and October, Midwest Airlines starting in August, and Frontier Airlines starting in October
Indianapolis-based Republic Airways added a major passenger airline to its portfolio during the fourth quarter, but profits didn't take off.
Net income was $20.1 million, or 55 cents per share, for the quarter compared to $19 million, or 56 cents per share, for the same period last year.
But excluding gains on its big purchase of Frontier Airlines, net quarterly income was $900,000, or 3 cents per diluted share, which was lower than the First Call consensus of 6 cents per share, according to MSN Market Report.
http://www.indystar.com/apps/pbcs.dll/article?AID=2010100225002
RepublicAirlines.com: News release: Republic Airways Holdings Announces Fourth Quarter and Calendar Year 2009 Earnings
IndyStar.com/Business: Business news
Bizjournals.com: Republic wants to boost retail on Frontier, Midwest flights
Republic said operating revenues jumped to $637.3 million for the quarter ended Dec. 31, an 87.9 percent increase, compared to $339.3 million for the same period a year ago. That beat First Call forecasts.
Republic's acquisition of Frontier and its 62 operational aircraft helped grow the operational fleet from 228 on Sept. 30 to 290 aircraft on Dec. 31.
For the year, Republic -- operator of Chautauqua Airlines, Frontier Airlines, Lynx Aviation, Midwest Airlines, Republic Airlines and Shuttle America -- disclosed that it has 11,000 employees and offers scheduled passenger service on approximately 1,600 flights daily to 118 cities.
Republic had $350.2 million in cash as of Dec. 31, compared to $130.9 million at the same point a year earlier. But Republic's debt increased to $2.79 billion as of Dec. 31, compared to $2.28 billion on Dec. 31, 2008.
Branded operations for 2009 include Mokulele Airlines between April and October, Midwest Airlines starting in August, and Frontier Airlines starting in October