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Republic Airways Holdings CEO Discusses Q3 2010 Results - Earnings Call Transcript

Okay, with that, first off, as I'm sure you're all aware by now, in conjunction with our earnings release this morning we also issued a press release regarding our filing a prospectus for an equity offering that we are launching today, the proceeds from which will be used for general corporate purposes including to finance a portion of our Embraer 190 aircraft order that was just firmed up last week, and to bolster our liquidity position.

Due to the fact that we are now in registration, we are unable to answer any questions related to the offering on this call, and we'll thank you in advance for respecting this SEC-imposed restriction. With that, I'm going to turn the call over to Bryan, who's got some prepared remarks, and then we will be able to take your questions. Bryan?

Bryan Bedford

Hey thanks Hal and good morning to all of our listeners today. First, of course I'd like to start out by congratulating my 11,000 coworkers on bringing home the best quarterly financial results, frankly, we've ever had at Republic.

This summer, I had a truly unique experience seeing the wonderful work that all of our employees are doing on the front lines by going undercover inside our airline and I'm just so proud to have all of our front line folks working as hard as they are for us, working toward our shared goals of treating our guests with respect and doing everything they can to make this a successful airline. And I think our third quarter results demonstrate that their hard work is paying off. So a big thank you to all 11,000 of my coworkers.

I'd like to highlight a couple of results from our earnings release this morning, so let me start by breaking out some of our fixed-fee business segment results. A very good quarter for us, with pre-tax income of $22.7 million. That's a pre-tax margin of 8.7% on our fixed-fee revenues. And that's slightly better than the 7- 8% guidance that we've historically provided and we improved this result by utilizing the planes a little better and actually had slightly better unit cost performance than we were expecting.

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