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TheStreet Open House

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

Unit costs ex fuel for the quarter actually dropped to $0.0752 from $0.0761 in the prior third quarter. This is a particularly good result given that our average stage length actually decreased about 5% in our fixed-fee business. Of course, we realize we must remain both a high-reliable airline and a unit cost-competitive airline in order to remain a preferred provider in this segment, and we do remain committed to both operational quality and cost leadership in this market.

Excluding fuel, our fixed-fee service revenues were down about $21 million, or 8% ,on a 7% decrease in block hours, and that's the effect of a reduction of approximately 15 lines of 50-seat [lines] that have exited our fixed-fee business over the last year.

Turning to the Frontier operation, I'm pleased to say that we continue to improve our operational and financial performance. Total revenues were $445.8 million for the quarter. That's an increase of 9.7% from the combined Frontier/Midwest 2009 results, and that revenue increase was achieved on a capacity increase of 7.8% for the third quarter.

Unit revenues in the third quarter came in at $0.1151, which is a 2% increase over '09 results and in line with the guidance of 1-3% we gave on our last call, and I'll ask our VP of revenue management, Greg Aretakis, to give you a little more color on that in just a minute.

Our load factors at Frontier for the quarter remained very strong. We produced an 87.4% load factor for the third quarter, which was another record and compared favorably to the 86.1% load factor in Q3 '09.

Fuel costs for the quarter came in at $2.32 per gallon, and that excludes a $200,000 charge we took for our fuel hedge mark-to-market adjustment.

Read the rest of this transcript for free on seekingalpha.com

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