Republic Airways Holdings Inc (RJETQ) 10-K Annual Report Fri Mar 15 2013

- Republic Airways Holdings Inc. (NASDAQ/NM: RJET) today reported full year 2012 net income of $51.3 million, or $1.02 per diluted share, a $203.1 million improvement from our full year 2011 results of a net loss of $151.8 million, or $3.14 per diluted share. The Company also reported fourth quarter 2012 net income of $12.6 million, or $0.25 per diluted share, a $136.1 million improvement over the fourth quarter 2011 net loss of $123.5 million, or $2.55 per diluted share.

“We're pleased with the solid financial improvement we experienced in 2012,” said Republic Airways Holdings Chairman, President and CEO Bryan Bedford. “Our restructuring efforts in 2011 laid the foundation for Frontier to return to profitability in 2012, despite higher fuel costs. Our 50-seat RJ restructuring effort completed last October enabled us to return all of our idled aircraft to fixed-fee service with our partners and significantly reduced the financial burden associated with our Chautauqua operation.”



The Company incurred the following items in 2012:	Segment	Pre-tax amount	Period
Loss on sale of E190s	Republic	$11.2 million	3Q-12
Gain on sale of slots	Republic	($8.3) million	3Q-12
Professional and legal fees related restructuring	Republic	$4.3 million	4Q-12
Restructuring and fleet transition expenses	Frontier	$15.5 million	4Q-12
Frequent flyer adjustment to passenger revenue	Frontier	($9.8) million	4Q-12

The Company incurred the following items in 2011:	Segment	Pre-tax amount	Period
Fleet transition expenses	Republic	$9.1 million	4Q-11
Impairment of fleet asset values	Republic	$191.1 million	4Q-11
Fleet transition expenses	Frontier	$32.3 million	4Q-11

Note: The amounts reported below for pre-tax income (loss) and net income (loss) exclude the impact of the items listed above. Please refer to the schedules at the end of this release for a tabular reconciliation of the Company's GAAP pre-tax and after tax income (loss) to the ex-tem pre-tax and after-tax income (loss) and diluted earnings per share.

Consolidated Results (ex-items)

Excluding the items listed above, the Company reported 2012 full year net income of $59.0 million, or $1.15 per diluted share, as compared to a 2011 full year net loss of $6.2 million, or $0.13 per diluted share. For the fourth quarter of 2012 the Company reported net income of $18.5 million, or $0.35 per diluted share, as compared to the fourth quarter 2011 net income of $20.7 million, or $0.41 per diluted share.

Business Segment Presentation

The Company has adjusted its presentation of business segments in 2012 and has revised the prior year's information to conform to the current period segment presentation. Reportable segments now consist of Republic and Frontier. The Republic segment includes all regional flying performed by sub-100-seat aircraft operating under either fixed-fee or pro-rate agreements, subleasing activities, regional charter operations as

The following information was filed by Republic Airways Holdings Inc (RJETQ) on Thursday, February 28, 2013 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: 0001159154-13-000018
Submitted to the SEC: Fri Mar 15 2013 8:47:28 AM EST
Accepted by the SEC: Fri Mar 15 2013
Period: Monday, December 31, 2012
Industry: Air Transportation Scheduled

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Republic Airways Holdings Inc (RJETQ) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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