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Republic Airways Holdings Reports Second Quarter 2013 Financial Results

Republic Airways Holdings Inc. (NASDAQ: RJET) today reported diluted earnings per share of $0.46, which is a 15.0% increase from the $0.40 per diluted share result in the second quarter of 2012. Net income increased 23.0% to $24.6 million for the quarter ended June 30, 2013, compared to net income of $20.0 million for the same period last year. Operating revenues totaled $664.4 million, a decrease of 8.7%, compared to $728.1 million for the second quarter of 2012.

"We are pleased to report improved financial results for the second quarter, driven primarily by the year over year improvement in our small regional jet operations at Chautauqua," said Republic Chairman, President and CEO Bryan Bedford. "Our process to sell Frontier continues and I am very pleased that we were able to reach tentative labor agreements with both our Flight Dispatchers and Flight Attendants, which remain subject to membership ratification. I am thankful for the continued professionalism and dedication of my 10,000 co-workers on behalf of our passengers."

The Company reported the following key metrics for the three and six months ended June 30:

        Three Months ended June 30,     Six Months ended June 30,
(Unaudited) 2013   2012  

% Increase / (Decrease)

2013   2012  

% Increase / (Decrease)

(in millions, except as noted)
Operating revenues $ 664.4 $ 728.1 (8.7 )% $ 1,300.0 $ 1,425.7 (8.8 )%
Available seat miles (ASMs) 6,072 6,391 (5.0 )% 11,862 12,762 (7.1 )%
Operating margin 10.6 % 9.0 %

1.6 

pts

7.7 % 6.1 %

1.6 

pts

Net income $ 24.6 $ 20.0 23.0 % $ 24.9 $ 12.9 93.0 %
Diluted earnings per share (dollars) $ 0.46 $ 0.40 15.0 % $ 0.48 $ 0.27 77.8 %
 
EBITDAR $ 177.9 $ 174.6 1.9 % $ 313.2 $ 294.3 6.4 %
EBITDAR margin 26.8 % 24.0 %

2.8 

pts

24.1 % 20.6 %

3.5 

pts

 

Republic Segment Summary

Republic's pre-tax income improved 45.8% to $27.7 million from $19.0 million in the prior year's second quarter, due mainly to the redeployment of idled 50-seat aircraft and the successful completion of our Chautauqua restructuring efforts in late 2012.

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