DENVER, Dec. 29 /PRNewswire-FirstCall/ -- Frontier Airlines Holdings, Inc. (BULLETIN BOARD: FRNTQ) today filed its Monthly Operating Report for November 2008. Frontier reported a consolidated net profit of $2.9 million and an operating profit of $2.5 million for the month. Included in Frontier's operating profit were non-cash mark-to-market losses on fuel hedge contracts of $2.0 million.
Frontier's November results also included: -- A loss of $2.4 million in cash settlements from fuel hedging contracts. -- A book gain of $4.0 million on the sale of two A319 aircraft sold in the month included in reorganizational items, offset by other reorganizational expenses of $1.2 million.
Frontier's cash position increased to $53.4 million for November 2008. The Company realized net proceeds of $15.9 million from the sale of two aircraft which was offset by a $9.7 million net increase in holdbacks from the Company's credit card processors and $1.8 million of additional net deposits in collateral posted to fuel hedge counterparties.
November's cash balance does not include the proceeds from two aircraft sales that Frontier completed in December 2008.
"We are now seeing the changes we have made in our Company over the last year start to pay dividends," said Frontier President and CEO Sean Menke. "We are successfully controlling our costs, increasing revenue and managing our cash. We feel very comfortable with our restructuring efforts moving ahead and look forward to more positive results in the future."
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 is 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 52 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 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.
Web site: FrontierAirlines.com
