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Republic Airways Holdings Inc (RJETQ) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Republic Airways Holdings Inc

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CIK: 1159154 Ticker: RJETQ


For Immediate Release:
        
Investor Relations Contact: Joe Allman
Republic Airways Holdings
Tel. (317) 246-2612

Republic Airways Holdings Reports Fourth Quarter and Full Year 2013 Financial Results

Indianapolis, Indiana (February 26, 2014)
 - Republic Airways Holdings Inc. (NASDAQ/NM: RJET) today reported fourth quarter 2013 income from continuing operations of $16.5 million, or $0.30 per diluted share, compared to $8.8 million, or $0.17 per diluted share from continuing operations in the prior year. Net income, which includes the results of discontinued operations at Frontier, increased 23.8% to $15.6 million for the fourth quarter of 2013, compared to $12.6 million in the same period in the prior year. Operating revenues for the quarter increased 5.8% to $346.5, million compared to $327.4 million for the fourth quarter of 2012.

Full year income from continuing operations increased 54.3% to $48.3 million, or $0.92 per diluted share, compared to $31.3 million, or $0.63 per diluted share for the full year 2012. For the full year 2013, the loss from discontinued operations was $21.6 million, compared to income of $20.0 million for 2012. The decrease in income from discontinued operations, net of tax, is primarily attributable to the loss on the disposal of Frontier.

"This was a transformational year for Republic," said Republic Airways Holdings Chairman, President and CEO Bryan Bedford. "The improved operating results are a reflection of our renewed focus on our core, fixed-fee operation and the expansion of flying under capacity purchase agreements with American, Delta and United." Bedford added, "With the successful sale of Frontier behind us, we can now give our full attention to the pressing challenges facing the regional airline industry."

The Company reported the following key metrics for the three months and years ended December 31:
 
Three Months ended December 31,
 
Years ended December 31,
(Unaudited)
2013
 
2012
 
% Increase / (Decrease)
 
2013
 
2012
 
% Increase / (Decrease)
(in millions, except as noted)
 
 
 
 
 
 
 
 
 
 
 
Available seat miles (ASMs)
3,511

 
3,294

 
6.6
%
 
13,486

 
13,437

 
0.4
 %
Block hours (hours)
194,676

 
176,079

 
10.6
%
 
749,931

 
701,040

 
7.0
 %
Operating revenues
$
346.5

 
$
327.4

 
5.8
%
 
$
1,346.5

 
$
1,377.4

 
(2.2
)%
Pre-tax Income from continuing operations
$
29.6

 
$
13.6

 
117.6
%
 
$
81.3

 
$
51.1

 
59.1
 %
Pre-tax Margin
8.5
%
 
4.2
%
 
4.3 pts

 
6.0
%
 
3.7
%
 
2.3 pts

 
 
 
 
 
 
 
 
 
 
 
 
EBITDA from continuing operations
$
96.5

 
$
82.7

 
16.7
%
 
$
341.7

 
$
328.5

 
4.0
 %
EBITDA margin from continuing operations
27.8
%
 
25.3
%
 
2.5 pts

 
25.4
%
 
23.8
%
 
1.6 pts


Operating Revenue Highlights
Operating revenues increased $19.1 million, or 5.8%, from the fourth quarter of 2012 to $346.5 million in the fourth quarter of 2013. Fixed-fee service revenue increased $61.5 million, or 22.5%, to $334.9 million due to increased Q400 flying with United Airlines and new E175 flying with American Airlines. Passenger


The following information was filed by Republic Airways Holdings Inc (RJETQ) on Thursday, February 27, 2014 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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Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Parenthetical
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows Parenthetical For Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Operations Parenthetical
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity Stockholders Equity Parenthetical
Accrued Liabilities
Aircraft And Other Equipment
Capital Stock And Stock Options
Commitments
Contingencies
Debt
Fair Value Measurement
Income Taxes
Note 1 - Organization And Business Code-share Text Detail (details)
Note 1 - Organization And Business Cpa Agreement Details (details)
Note 1 - Organization And Business Level 3 (tables)
Note 1 - Organization And Business Partner Concentrations (details)
Note 1 - Organization And Business Schedule Of Aircraft (details)
Note 10 - Contingencies Statement (details)
Note 11 - Capital Stock And Stock Options Common Stock Activity Rollforward (details)
Note 11 - Capital Stock And Stock Options Level 3 (tables)
Note 11 - Capital Stock And Stock Options Restricted Stock (details)
Note 11 - Capital Stock And Stock Options Share-based Compensation (details)
Note 11 - Capital Stock And Stock Options Share-based Payment Award, Stock Options, Valuation Assumptions (details)
Note 12 - Income Taxes Deferred Taxes (details)
Note 12 - Income Taxes Income Tax Expense (benefit) (details)
Note 12 - Income Taxes Income Tax Reconciliation (details)
Note 12 - Income Taxes Level 3 (tables)
Note 12 - Income Taxes Statements (details)
Note 12 - Income Taxes Unrecognized Tax Benefits (details)
Note 12 - Income Taxes Valuation Allowance (details)
Note 13 - Retirement And Benefit Plans Defined Contribution Plan Statement (details)
Note 13 - Retirement And Benefit Plans Qualified Defined Benefit Plan (details)
Note 14 - Valuation And Qualifying Accounts Level 3 (tables)
Note 14 - Valuation And Qualifying Accounts Valuation Allowance For Doubtful Accounts And Notes Receivable (details)
Note 15 - Subsequent Events Statement (details)
Note 2 - Summary Of Significant Accounting Policies Level 2 (policies)
Note 2 - Summary Of Significant Accounting Policies Level 3 (tables)
Note 2 - Summary Of Significant Accounting Policies Level 4 Text (details)
Note 2 - Summary Of Significant Accounting Policies Net Income Per Common Share (details)
Note 2 - Summary Of Significant Accounting Policies Supplemental Statement Of Cash Flows (details)
Note 3 - Fair Value Measurement Fair Value By Balance Sheet Grouping Table (details)
Note 3 - Fair Value Measurement Fair Value Measurements Recurring With Unobservable Inputs (details)
Note 3 - Fair Value Measurement Fair Value Of Assets Measured Recurring And Nonrecurring Basis (details)
Note 3 - Fair Value Measurement Level 3 (tables)
Note 4 - Discontinued Operations (notes)
Note 4 - Discontinued Operations (tables)
Note 4 - Discontinued Operations Assets And Liabilities Hfs (details)
Note 4 - Discontinued Operations Income Statement Of Discontinued Ops(details)
Note 5 - Aircraft And Other Equipment Level 3 (tables)
Note 5 - Aircraft And Other Equipment Level 4 (details)
Note 6 - Intangible And Other Assets (details)
Note 6 - Intangible And Other Assets (notes)
Note 6 - Intangible And Other Assets (tables)
Note 7 - Accrued Liabilities Level 3 (tables)
Note 7 - Accrued Liabilities Level 4 (details)
Note 8 - Debt Future Maturities (details)
Note 8 - Debt Level 3 (tables)
Note 8 - Debt Level 4 (details)
Note 8 - Debt Statement (details)
Note 9 - Commitments Level 3 (tables)
Note 9 - Commitments Operating Lease Payments (details)
Note 9 - Commitments Schedule Of Rent Expense (details)
Note 9 - Commitments Statement (details)
Note 9 - Commitments Unrecorded Unconditional Purchase Committments (details)
Organization And Business
Retirement And Benefit Plans
Subsequent Events
Summary Of Significant Accounting Policies
Valuation And Qualifying Accounts

Material Contracts, Statements, Certifications & more

Republic Airways Holdings Inc provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consent
Exhibit 31.1: Ceo Certification
Exhibit 31.2: Cfo Cert
Exhibit 32.1: Ceo Sox
Exhibit 32.2: Cfo Sox
Ticker: RJETQ
CIK: 1159154
Form Type: 10-K Annual Report
Accession Number: 0001159154-14-000020
Submitted to the SEC: Mon Mar 10 2014 9:00:14 PM EST
Accepted by the SEC: Tue Mar 11 2014
Period: Tuesday, December 31, 2013
Industry: Air Transportation Scheduled

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