DENVER, Nov. 28 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (BULLETIN BOARD: FRNTQ) today filed its Monthly Operating Report for October 2008. Frontier reported an operating loss of $15.9 million and a consolidated net loss of $20.5 million for the month. Excluding fuel hedging activities and reorganization expenses, Frontier would have reported a loss of $11.6 million.
Frontier's October results included $7.4 million in mark-to-market losses on fuel hedges and $1.5 million in reorganization costs.
"October is a seasonally low month for the airline industry," said Frontier President and CEO Sean Menke. "Our October performance is in accordance with our plan, but we know we must continue to be diligent with our cash management efforts while keeping a careful eye on our costs as we move forward with our restructuring efforts."
The cash balance for October 2008 does not include proceeds realized from the sale of two aircraft at the beginning of November. Frontier also plans to close on the sale of two more aircraft in early December, further improving the Company's cash position.
Companies in Chapter 11 Bankruptcy protection are required to file monthly operating reports to the U.S. Trustee in addition to quarterly reports filed with the U.S. Securities and Exchange Commission.
A copy of the Monthly Operating Report will be available at: FrontierAirlines.com/frontier/who-we-are/investor-relations/annual-reports- sec-filings.do
About Frontier Airlines Holdings, Inc.
Frontier Airlines Holdings, Inc. is the parent company of Denver-based Frontier Airlines. Currently in its 15th year of operations, Frontier Airlines is the second-largest jet service carrier at Denver International Airport, employing more than 5,000 aviation professionals. Frontier Airlines' mainline operation has 54 aircraft with one of the youngest Airbus fleets in North America. Frontier Airlines' mainline operations offer 24 channels of DIRECTV(R) service in every seatback along with a comfortable all-coach configuration. In conjunction with a fleet of ten Bombardier Q400 aircraft operated by Lynx Aviation (a subsidiary of Frontier Airlines Holdings, Inc.), Frontier offers routes to more than 50 destinations in the U.S., Mexico, Canada and Costa Rica. In November 2006, Frontier and AirTran announced a first-of-its-kind integrated marketing partnership that offers travelers the ability to reach more than 80 destinations across four countries with low fares aboard two of the youngest fleets in the industry. For more in-depth information on Frontier Airlines, please visit its Web site at FrontierAirlines.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained in this press release that are not historical facts may be forward-looking statements as that item is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could result in actual results differing materially from expected results and represent the Company's expectations and beliefs concerning future events based on information available to the Company as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release. Additional information regarding risk factors that may affect future performance at the Company are contained in the Company's SEC filings, including without limitation, the Company's Form 10-K for its fiscal year ended March 31, 2008.
