Republic Airways Holdings release calendar year 2011 financial results

Republic Airways Holdings reported revenues of $2.86bn, compared to $2.65bn for 2010. On a GAAP basis, the Company reported a net loss for 2011 of $151.8m compared to a net loss of $13.8m for the full year 2010. For the quarter ended Dec. 31, 2011 the company reported operating revenues of $697.8m, an increase of 7.4%, compared to $649.8m for the same period last year. The increase in revenues is primarily due to an 11.0% increase in Frontier Airlines’ unit revenues. During the quarter, the Company recorded an impairment charge of $191.1m to reduce the carrying value of certain assets, mainly its 42 owned 37-50 seat aircraft. The Company also recorded non-cash charges of approximately $24.1m related to the expected return of four leased A319 aircraft in 2012 and approximately $9.0m related to the renegotiation of its E190 purchase order and the expected return of certain leased Embraer aircraft in 2012. Therefore, on a GAAP basis, the Company reported a net loss of $123.5m for the quarter ended Dec. 31, 2011, compared to a net loss of $1.3m for the same period last year.