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Republic Airways Holdings Reports Quarterly And Full Year 2012 Net Income

Republic Airways Holdings Inc. (NASDAQ: RJET) today reported full year 2012 net income of $51.3 million, or $1.02 per diluted share, a $203.1 million improvement from our full year 2011 results of a net loss of $151.8 million, or $3.14 per diluted share. The Company also reported fourth quarter 2012 net income of $12.6 million, or $0.25 per diluted share, a $136.1 million improvement over the fourth quarter 2011 net loss of $123.5 million, or $2.55 per diluted share.

“We’re pleased with the solid financial improvement we experienced in 2012,” said Republic Airways Holdings Chairman, President and CEO Bryan Bedford. “Our restructuring efforts in 2011 laid the foundation for Frontier to return to profitability in 2012, despite higher fuel costs. Our 50-seat RJ restructuring effort completed last October enabled us to return all of our idled aircraft to fixed-fee service with our partners and significantly reduced the financial burden associated with our Chautauqua operation.”

The Company incurred the following items in 2012:
       

Segment
   

Pre-tax amount
   

Period

* Loss on sale of E190s
Republic $11.2 million 3Q-12

* Gain on sale of slots
Republic ($8.3) million 3Q-12

* Professional and legal fees related to restructuring
Republic $4.3 million 4Q-12

* Restructuring and fleet transition expenses
Frontier $15.5 million 4Q-12

* Frequent flyer adjustment to passenger revenue
Frontier ($9.8) million 4Q-12
 

The Company incurred the following items in 2011:

Segment

Pre-tax amount

Period

* Fleet transition expenses
Republic $9.1 million 4Q-11

* Impairment of fleet asset values
Republic $191.1 million 4Q-11

* Fleet transition expenses
Frontier $32.3 million 4Q-11
 

Note: The amounts reported below for pre-tax income (loss) and net income (loss) exclude the impact of the items listed above. Please refer to the schedules at the end of this release for a tabular reconciliation of the Company’s GAAP pre-tax and after tax income (loss) to the ex-tem pre-tax and after-tax income (loss) and diluted earnings per share.

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