Republic Airways reports second quarter 2015 financial results

Republic’s pre-tax income for the second quarter of 2015 was US$9.1m, compared to US$33.3m for the prior year’s second quarter. Republic’s net income for the second quarter of 2015 was US$4.3m compared to prior year net income of US$20.1m. The effective tax rate of 52.7% for the quarter was higher than the normalized tax rate, primarily due to the impact of miscellaneous non-deductible expenses. The second quarter 2015 financial results were negatively impacted by a significant reduction in operational reliability. The Company’s controllable completion factor and operating revenues were significantly lower than expected due to a high number of pilot related cancellations as a result of the growing national pilot labor shortage and our on-going labor dispute with International Brotherhood of Teamsters (IBT).