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Republic Airways Holdings Inc (RJETQ) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2015

Republic Airways Holdings Inc

CIK: 1159154 Ticker: RJETQ


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

Republic Airways Holdings reports third quarter 2015 financial results

Indianapolis, Indiana (November 4, 2015) - Republic Airways Holdings Inc. (NASDAQ/NM: RJET) today reported financial results for the third quarter of 2015.

Republic's pre-tax income for the third quarter of 2015 was $8.3 million, compared to $30.5 million for the prior year's third quarter. Republic's net income for the third quarter of 2015 was $2.9 million, or $0.06 per diluted share compared to prior year net income of $18.5 million or $0.35 per diluted share. The effective tax rate of 65.1% for the quarter was higher than the normalized tax rate, primarily due to the impact of miscellaneous non-deductible expenses.

"The third quarter 2015 financial results continued to be negatively impacted by our inability to fully utilize our aircraft due to regulatory changes that created a national pilot shortage which has been uniquely amplified by our ongoing labor dispute. As a result of this pilot labor shortage we operated approximately 6% fewer block hours during the third quarter of 2015 as compared to the third quarter of 2014. The third quarter results were also negatively impacted by fleet transition costs and idled aircraft costs totaling $7.2 million associated with our removal of E190 and Q400 aircraft and surplus E145 aircraft," said Republic Airways Holdings Chairman, President and CEO, Bryan Bedford. "The ratification of a new labor agreement with our pilots represents a significant positive step forward for our pilots and our airline and I would like to thank the leadership of the IBT Local 357 for their support through the ratification process. We simply could not move forward without a consensual agreement with our pilots; however, we still face several challenges as we continue our work to rebuild our operation and work to achieve a consensual restructuring with our other stakeholders."

The Company reported the following key metrics for the three and nine months ended September 30, 2015, and 2014:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Unaudited)
 
2015
 
2014
 
% Increase / Decrease
 
2015
 
2014
 
% Increase/Decrease
(in millions, except as noted with *)
 
 
 
 
 
 
 
 
 
 
 
 
Available seat miles (ASMs)
 
3,600

 
3,818

 
(5.7
)%
 
10,719

 
10,899

 
(1.7
)%
Block hours (hours)
 
182,488

 
194,716

 
(6.3
)%
 
542,413

 
572,077

 
(5.2
)%
Departures*
 
106,701

 
110,272

 
(3.2
)%
 
307,089

 
320,120

 
(4.1
)%
Operating revenues
 
$
340.5

 
$
349.7

 
(2.6
)%
 
$
1,019.1

 
$
1,030.2

 
(1.1
)%
Pre-tax income
 
$
8.3

 
$
30.5

 
(72.8
)%
 
$
28.6

 
$
86.6

 
(67.0
)%
Pre-tax Margin*
 
2.4
%
 
8.7
%
 
-6.3 pts

 
2.8
%
 
8.4
%
 
-5.6 pts

Diluted earnings per share*
 
$
0.06

 
$
0.35

 
(82.9
)%
 
$
0.27

 
$
1.01

 
(73.3
)%
EBITDA
 
$
84.8

 
$
104.6

 
(18.9
)%
 
$
257.9

 
$
323.7

 
(20.3
)%
EBITDA margin*
 
24.9
%
 
29.9
%
 
-5.0 pts

 
25.3
%
 
31.4
%
 
-6.1 pts




The following information was filed by Republic Airways Holdings Inc (RJETQ) on Thursday, November 5, 2015 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-Q Quarterly 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-Q Quarterly Report
Accession Number: 0001159154-15-000131
Submitted to the SEC: Wed Nov 04 2015 9:23:36 PM EST
Accepted by the SEC: Thu Nov 05 2015
Period: Wednesday, September 30, 2015
Industry: Air Transportation Scheduled

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