Republic Airways Holdings loses $36.5 million in the first quarter

Republic Airways Holdings Inc. (Indianapolis) reported operating revenues of $608.7 million for the quarter ended March 31, 2010, an 87.1% increase, compared to $325.3 million for the same period last year. The increase in revenues is due to the acquisition of our branded carriers during 2009. The Company also reported a net loss of $36.5 million, or $1.06 per diluted share, for the quarter ended March 31, 2010, compared to $2.2 million of net income, or $0.06 per diluted share, for the same period last year.

During the first quarter of 2010, the Company’s pre-tax loss of $58.5 million was negatively impacted by an $11.5 million, non-cash impairment to write off the Midwest Airlines trademark and reduce the carrying value of other assets. The Company also recorded a total of $13.1 million of expenses related to the integration of the branded business and the return of Bombardier Q400 and CRJ aircraft. Also, the severe winter storms in the first quarter of 2010 had an estimated $7.5 million negative impact on pre-tax results.

Excluding all non-recurring items and the impact of the storms, the Company’s pre-tax loss was $26.4 million.

Copyright Photo: Norbert G. Raith. A superb view of subsidiary Frontier Airlines’ Airbus A318-111 N809FR (msn 3092) arriving at Atlanta.