RAH 2014 1st Quarter (financial) Results.
 

Republic Airways Holdings Reports First Quarter 2014 Financial Results
Net income per diluted share of $0.26
Republic Airways Holdings Inc. (NASDAQ: RJET) today reported financial results for the first quarter of 2014. Key points include:

• Republic's pre-tax income from continuing operations was $22.8 million, or $0.42 per diluted share, an 18.1% increase over the March 2013 quarter. As of Dec. 31, 2013, Republic had a significant amount of federal net operating loss carryforwards and does not anticipate paying significant federal taxes for the next several years.
• Republic's net income for the March 2014 quarter was $14.0 million, or $0.26 per diluted share. This is a $13.7 million increase from the prior year.
• Republic canceled more than 12,400 flights during the first quarter of 2014, primarily because of severe weather in January and February of 2014. That was a 145% increase from the number of canceled flights compared to the first quarter of 2013. These cancellations negatively impacted the pre-tax financial results by about $7.0 million during the first quarter of 2014. (and yet they still bested last year's Q1 results by 18%!!!)
• On Feb. 11, 2014, Republic announced the early termination of its 44 to 50 seat fixed-fee agreements with United Airlines and American Airlines, which were scheduled to terminate in 2014. These agreements wind-down beginning in March 2014 through August 2014 and will result in the indefinite grounding of 27 small jet aircraft.
• On April 7, 2014, Republic's Board of Directors authorized management to utilize up to $75 million of unrestricted cash to buy back common shares and/or early retire convertible debt during the next 12 months.

"I am pleased we were able to report improved first quarter financial results despite the most severe weather events in a single quarter I can recall in my 27 years of experience in the airline industry. Our results demonstrate the stability and strength within our core fixed-fee business," said Republic Airways Holdings Chairman, President and CEO Bryan Bedford. "We are committed to our guiding principles and strengthening our brand reliability and product quality for our partners, shareholders and employees," Bedford said.

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**Good thing these blow-out Q1 financials weren't known prior to the vote, or it would have been a 99% NO vote!

I do think it is sad that they made that much money and still refuse to pay their pilots more; however, not trying to troll but wasn't that contract an improvement over the one in place now? I don't think it was acceptable but it's not like the management was coming to you with concessions.

My take on the last offer from RAH was that it was being offered to help THEMSELVES!

There was a decent bump for incoming F/O's but nothing of substance for guys who were already on-board. The offer was simply designed to give RAH management an advantage over other regionals when it came to luring-in new hires.

I agree with Slick and would add that the work rules were concessionary.

One thing you need to realize, is that it is an old game in Wall Street to borrow money (especially now, at very low interest rates) in order to buy back shares and thus raise the stock price due to there being fewer overall shares on the market. Since executive compensation is linked to stock price, they get a nice raise regardless of actual ability or performance.

Not quite. That money was the money on the table they had agreed to put into the new contract. When it got rejected, they put it elsewhere. Which means it's no longer there if or when things resume.

Sources???

Republic Airways’ Board of Directors Approves Plan for Shareholder Returns
INDIANAPOLIS--(BUSINESS WIRE)--Apr. 7, 2014-- Republic Airways Holdings Inc. (NASDAQ/NM:RJET) today announced that its Board of Directors has authorized Company management to utilize up to $75 million of unrestricted cash to buy back common shares and/or early retire convertible debt during the next 12 months. Under the $75 million authorization, the Company may repurchase up to $50 million of common shares and early retire up to $50 million of convertible notes, or any combination thereof.

“With the results of last week’s pilot vote, we must now face the reality that our near-term growth prospects are limited, and consequently we no longer require the same level of cash reserves to invest in additional new regional jet aircraft,” said Republic Airways Chairman, President and Chief Executive Officer Bryan Bedford. “The board’s action effectively will allow us to return to our shareholders the net proceeds from the sale of Frontier Airlines last December.”

“While the lack of additional growth prospects is disappointing, our near-term financial outlook will significantly improve,” said Tim Dooley, Republic’s Executive Vice President and Chief Financial Officer. “A reduction in forecasted operating expenses for the remainder of 2014, combined with fewer dilutive shares going forward, will have a meaningful positive impact on our 2014 earnings per share. We look forward to sharing updated guidance for 2014 during our first quarter earnings call.”

Republic Airways Holdings, based in Indianapolis, Indiana, is an airline holding company that owns Chautauqua Airlines, Republic Airlines and Shuttle America, collectively “the airlines.” The airlines operate a combined fleet of about 250 aircraft and offer scheduled passenger service on over 1,350 flights daily to about 110 cities in the U.S., Canada and the Bahamas through fixed-fee flights operated under our major airline partner brands, including American Eagle, Delta Connection, United Express, and US Airways Express. The airlines currently employ about 6,300 aviation professionals. For more information on Republic Airways, visit the Company’s website at www.rjet.com.


Source: Republic Airways Holdings Inc.
Republic Airways Holdings
Scott Thien, 317-471-2470

Heh, heh, heh. Sounds like the toonsters shot themselves in the dick again. :D:D:D

I read that article to mean that with the pilots not voting in the contract, the money that they wanted to use to fund the growth of the airline will be used to repurchase shares. I do not read it as they took the contract money and used it for something else. Maybe I'm misunderstanding your previous statement.