Republic Airways Holdings reports 4Q and 2009 financial results

Republic Airways Holdings Inc. (Indianapolis) yesterday (February 24) reported net income of $20.1 million for the quarter ended December 31, 2009, compared to $19.0 million of net income, 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, income before taxes was $1.5 million and net income was $0.9 million.

For the full year ended December 31, 2009, net income for the year was $39.7 million, compared to $84.6 million of net income.

During the quarter the Company acquired Frontier Airlines and its 62 operational aircraft. The Company also took delivery of six of the ten Embraer ERJ 190 aircraft purchased from US Airways during the quarter and removed the final six Boeing 717-200 aircraft from its fleet, bringing the total operational fleet from 228 aircraft at September 30, 2009 to 290 aircraft at December 31, 2009.

Copyright Photo: Operated by subsidiary Republic Airlines (2nd) as a spare aircraft but carrying Republic Airways titles, Embraer ERJ 170-100SU N821MD (msn 17000042) climbs away from runway 27R at Fort Lauderdale/Hollywood.