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Republic Airways Holdings Inc (RJETQ) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Republic Airways Holdings Inc

CIK: 1159154 Ticker: RJETQ
For Immediate release:

Contact: Timothy P. Dooley
Republic Airways Holdings
Tel. (317) 487-4308
 
 

 
 
Republic Airways Holdings Announces Fourth Quarter
and Calendar Year 2009 Earnings

Indianapolis, Indiana, (February 24, 2010) – Republic Airways Holdings Inc. (NASDAQ/NM: 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.  

Reconciliation of non-GAAP income before tax and net income:

($$ in Millions)
 
Three Months Ended
December 31, 2009
 
Income before income taxes
  $ 96.0  
Subtract: gain on bargain purchase
    (203.7 )
Add:  goodwill and other impairment charges
    109.2  
Income before income taxes excluding gain on bargain purchase and the goodwill and other impairment charges
  $ 1.5  

($$ in Millions)
 
Three Months Ended
December 31, 2009
 
Net Income of the Company
  $ 20.1  
Subtract: gain on bargain purchase, net of tax
    (126.3 )
Subtract: year-end tax adjustment
    (2.1 )
Add:  goodwill and other impairment charges (non-deductible)
    109.2  
Net income of the Company excluding gain on bargain purchase, tax adjustment, and the goodwill and other impairment charges
  $ 0.9  

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.
 

The following information was filed by Republic Airways Holdings Inc (RJETQ) on Thursday, February 25, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: RJETQ
CIK: 1159154
Form Type: 10-K Annual Report
Accession Number: 0001144204-10-013878
Submitted to the SEC: Tue Mar 16 2010 5:24:52 PM EST
Accepted by the SEC: Tue Mar 16 2010
Period: Thursday, December 31, 2009
Industry: Air Transportation Scheduled

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