Republic Airways Holdings releases second quarter 2011 financial results

Republic Airways Holdings reported operating revenues of $739.7 million for the quarter ended June 30, 2011, an increase of 8.3%, compared to $683.3 million for the same period last year. The increase in revenues is primarily due to a 10.6% increase in Frontier Airlines’ unit revenues. On a GAAP basis, the Company reported a net loss of $14.9 million for the quarter ended June 30, 2011, compared to net income of $2.6 million for the same period last year. The Company’s cash balance decreased $3.5 million to $426.8 million as of June 30, 2011, compared to December 31, 2010. Restricted cash increased $96.4 million, to $235.5 million from December 31, 2010, due to the seasonality of Frontier’s bookings. The Company’s unrestricted cash balance decreased $99.9 million, to $191.3 million, from December 31, 2010.