Category Archives: Republic Airways

Republic Airways Holdings reports 4Q and 2009 financial results

Republic Airways Embraer ERJ 170-100SU N821MD (msn 17000042) FLL, originally uploaded by Airliners Gallery.

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.

Republic Airways Holdings reports 3Q net income of #3.3 million

Republic Airways Embraer ERJ 170-100SU N822MD (msn 17000043) ATL, originally uploaded by Airliners Gallery.

Republic Airways Holdings (Indianapolis) reported third quarter new income of $3.3 million.

Press release:

finance.yahoo.com/news/Republic-Airways-Holdings-bw-1077027915.html?x=0&.v=1

Please click on photo or link below for full view, information, prints for sale and other photos:

http://airlinersgallery.com/2/23bc0b9/#/gallery/republic-airways/republic-airways-erj-170-100-n822md-07-apr-atl-js-lr-402088/

What will Republic do with Mokulele?

News link:

www.starbulletin.com/business/

20090829_Mokulele_denies_analyst_report_that_it_may_close.html

Republic acquires remaining shares of Midwest

Please click on photo for full view, information and other Midwest photos.

Republic Airways Holdings (Indianapolis) yesterday (July 31) announced it had completed the acquisition of Midwest Airlines (Milwaukee) from TPG Capital. Midwest Airlines now becomes a wholly-owned subsidiary of Republic and will retain its brand although the Boeing 717s will be phased out eventually leaving only Republic Airlines-operated aircraft. Some aircraft will have to be transferred to the Midwest AOC when the 717s are gone. Republic is now in a bidding contest with Southwest Airlines for Frontier Airlines (2nd).

Southwest to make a bid for Frontier

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Southwest Airlines (Dallas) is preparing a bid for Frontier Airlines (2nd) (Denver) in an auction next month for the bankrupt carrier. The bid will be at least $113.6 million. This action trumps and so-far out-bids the proposed price previously set by Republic Airways Holdings and will send the process into a bidding war unless Republic now drops out. Therefore Frontier could be quite different in the future and may become a Boeing customer again or be merged. If successful, Southwest is planning to operate Frontier as a subsidiary until it can be merged. Stay tuned.

Press release:

finance.yahoo.com/news/Southwest-Airlines-Developing-prnews-2824093175.html?x=0&.v=1

Republic Airways reports a $14.1 m 2Q profit

Republic Airways Holdings (Indianapolis) reported a net profit of $14.1 million in the second quarter, representing a decline of 18.2 percent.

Press release:

finance.yahoo.com/news/Republic-Airways-Holdings-bw-113213641.html?x=0&.v=1

Republic to acquire remaining shares of Midwest

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Republic Airways Holdings (Indianapolis) has announced it will acquire the remaining shares of Midwest Airlines (Milwaukee) from TPG Capital. When completed in about four to six weeks, Republic will control 100 percent of Midwest’s stock just like Frontier Airlines (2nd) (Denver) announced yesterday, subject to bankruptcy court approval. For now, Midwest will retain its brand. Republic is planning to replace the remaining Midwest Boeing 717s with more Embraer ERJ 190s. Subsidiary Republic Airlines (2nd) currently operates 12 ERJ 170s and soon two ERJ 190s for Midwest as a Midwest Connect carrier. Will Midwest be eventually merged into Frontier?

Here are the full details on the transaction:

finance.yahoo.com/news/Republic-Airways-to-Acquire-bw-2066208706.html?x=0&.v=1

Republic Airways to acquire Frontier Airlines

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Republic Airways Holdings (Indianapolis) has agreed to be the equity sponsor of Frontier Airlines’ (2nd) (Denver) plan of reorganization. The plan, which is subject to bankruptcy court approval and various conditions, would allow Republic to purchase 100 percent of the equity in the reorganized company for $108.75 million. If approved and completed, the plan will result in Frontier’s successful exit from Chapter 11, at which point it would become a wholly owned subsidiary of Republic Airways, along with Chautauqua Airlines, Republic Airlines and Shuttle America. The acquisition also includes Frontier’s Lynx Aviation subsidiary.

This announcement raises several possible scenarios if this acquisition is approved by the bankruptcy court.

1. Lynx Aviation is likely to be merged into Colgan Air (2nd).

2. Republic Airlines’ (2nd) Embraer ERJ 170s are likely to return to the Denver hub (and possibly other regional aircraft operated by Chautauqua Airlines).

3. A possible merger between Frontier Airlines and Midwest Airlines (which Republic has an interest).

One thing is guaranteed, there will be changes in Denver.

Midwest Airlines to phase out SkyWest

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Midwest Airlines (Milwaukee) has decided to phase out SkyWest Airlines (St. George) from its Midwest Connect operation. This decision comes after a new $12 million debt refinancing injection by owner TPG Capital and Republic Airways ($6 million each). As a result Republic Airways will increase its Midwest Connect operation to now include 12 37-seat Embraer ERJ 135s and 50-seat ERJ 145s (probably to be operated by subsidiary Chautauqua Airlines) starting in July to replace the 12 Bombardier CRJ200 regional jets operated by SkyWest. SkyWest started operating for Midwest on June 1, 2007 and their operation should be phased out by January 2010. Republic Airways subsidiary Republic Airlines (2nd) currently operates 12 Embraer ERJ 170-100s and is due to add two ERJ 190-100ARs for long range routes.

Republic to become 50% owner of Mokulele

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Republic Airways (Indianapolis) is moving ahead to be a 50 percent shareholder of Mokulele Airlines (Kailua-Kona) through a restructuring of the Hawaiian carrier. New management will also take over at Mokulele. Republic’s Shuttle America operates its ERJ 170s for Mokulele.

Here is the full story via KITV in Honolulu:

http://www.kitv.com/money/18971543/detail.html