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ToiletDuck 07-28-2009 01:59 PM

Frontier post 2Q profit
Frontier reports 2Q profit of $12.6M - Yahoo! Finance


Frontier reports 2Q profit of $12.6M
Frontier Airlines parent, which is operating under bankruptcy protection, reports 2Q profit

DENVER (AP) -- The parent of Frontier Airlines, which is operating under bankruptcy protection and plans to be absorbed by Republic Airways Holdings, said it recorded a $12.6 million net profit for the second quarter, compared with a year-ago-loss of $57.7 million.

That came despite quarterly revenue falling more than 23 percent to $275.6 million, compared with $360.5 million a year earlier.

Thomson Reuters did not have any analyst projections for Frontier, which is common for companies in bankruptcy.

For the month of June, Frontier reported net income of $7.2 million, compared with a net loss of $8.8 million for June 2008.

Companies in Chapter 11 bankruptcy protection are required to file monthly operating reports to the court.

A bankruptcy judge has approved a plan by Republic Airways Holdings to buy Frontier Airlines for $108.8 million, although other bidders could still come forward.

Denver-based Frontier Airlines Holdings Inc. has said it can get out of the Republic purchase if a better offer comes along. Any competing bidders would have to make an initial proposal by Aug. 3, with final proposals due Aug. 10. If other bidders come forward, an auction will take place in bankruptcy court on Aug. 11.

Frontier already sought other investors during the process that resulted in the Republic bid.

Indianapolis-based Republic Airways Holdings is a regional carrier that currently flies under contract for other airlines. Republic has also announced plans to buy Midwest Airlines for $31 million in cash and debt.

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