INDIANAPOLIS--(BUSINESS WIRE)--Republic Airways Holdings Inc. (NASDAQ: RJET - News) today reported operating revenues of $608.7 million for the quarter ended March 31, 2010, an 87.1% increase, compared to $325.3 million for the same period last year. The increase in revenues is due to the acquisition of our branded carriers during 2009. The Company also reported a net loss of $36.5 million, or $1.06 per diluted share, for the quarter ended March 31, 2010, compared to $2.2 million of net income, or $0.06 per diluted share, for the same period last year.
During the first quarter of 2010, the Company’s pre-tax loss of $58.5 million was negatively impacted by an $11.5 million, non-cash impairment to write off the Midwest Airlines trademark and reduce the carrying value of other assets. The Company also recorded a total of $13.1 million of expenses related to the integration of the branded business and the return of Q400 and CRJ aircraft. Also, the severe winter storms in the first quarter of 2010 had an estimated $7.5 million negative impact on pre-tax results.
Excluding all non-recurring items and the impact of the storms, the Company’s pre-tax loss was $26.4 million as presented in the table below:


How about losing butt in MKE and DEN

 

Not an unsurmountable loss but when you consider they're operating an entire airline almost exclusively with inexpensive RJs and ridiculously cheap labor, I have to wonder how they'll become profitable with Frontier. Hopefully they can strengthen their brand now that they aren't concerned with Midwest and can start cranking up the advertising to attract customers. Particularly those not looking for the absolute cheapest ticket on Orbitz (read: Business travel)

 

man you guys are just chomping at the bit to see us fail. amazing

 

Cash on hand increased $35.5M and debt decreased $30M during the quarter.

 

Restricted cash however increased 46.7M. Unrestricted decreased from 157.5M to 146.3M. Just a small portion of the overall financials though.

 

Indeed...

If RJET sustains these kinds of losses over 3-4 quarters then I think the haters will have something to cheer about...but a few one-time acquisition-related charges and expenses jacking up the GAAP loss shouldn't be directly construed as "Their time is limited because SWA & AT are kicking their arses".

 

Earnings call in 7 min.

 

Agreed. Thank you, Boiler. RJET buys two troubled brands....there was a reason YX and F9 were in the financial straits they were. A turnaround is not a 1 or 2 quarter undertaking, especially for a company with no real experience doing anything but operating fee-per agreements with majors. Alot harder when you actually have to do market research, sell tickets, answer to customers, etc.

 

YES SIR!!!!!!!!!!!!!!!!!!!!!!!!!!

 

With RAH only having about 147M in unrestricted cash, they don't have too many quarters to get revenue and costs under control. The fixed fee will help offset, but with the 18% decline from that segment in the last year, it seems harder to manage. The next quarter will be the telling one IMO.