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Republic Airways Holdings Inc. (NASDAQ/NM: RJET) today reported
operating revenues of $290.4 million for the quarter ended March 31,
2007, a 12.9% increase, compared to $257.3 million for the same period
last year. The Company reported net income of $19.3 million for the
quarter ended March 31, 2007, a 14.1% improvement over the $16.9
million reported in the prior year's first quarter. The Company also
reported earnings per diluted share of $0.44, compared to $0.39 for
the same period last year. The primary items of significance affecting
the first quarter of 2007 are outlined below.
First Quarter Highlights
Excluding reimbursement for fuel expense, which is a pass-through
cost to our partners, passenger revenues increased 26.7% for the first
quarter of 2007. This increase was primarily as a result of a 24.8%
increase in available seat miles (ASMs) to 2.5 billion ASMs, up from
2.0 billion ASMs and a 23.1% increase in block hours. These increases
reflect the addition of 25 E170/175 regional jet aircraft placed into
service since March 31, 2006 and 14 CRJ-200 regional jet aircraft
placed into service during the first quarter of 2007.
Total operating expenses for the first quarter of 2007, including
interest expense but excluding fuel charges (which are reimbursable by
the Company's major partners), of $194.1 million, increased
approximately 25.4% from $154.8 million for the same quarter of 2006.
Operating cost per ASM (CASM), including interest expense but
excluding fuel, remained unchanged at 7.9 cents.
During the quarter the Company took delivery of four new 86-seat
E175 regional jets which were placed into fixed-fee service for US
Airways. The Company entered into fixed rate debt financing
arrangements for these aircraft. The Company also took delivery of ten
50-seat CRJ-200 regional jet aircraft on short-term leases which were
placed into service with Continental. At present, the Company is
operating 25 regional jets for Continental, 17 CRJ-200s and 8 E145s.
Additionally the Company began service for Frontier Airlines with four
70-seat aircraft that had been delivered in 2006. At March 31, 2007,
the Company's fleet consisted of 189 regional jets including 95 E145
family aircraft, 76 E170 aircraft, 4 E175 aircraft and 14 CRJ200
aircraft.
On March 13, 2007, the Company amended its agreements with Delta
Air Lines. The amendments provide for the cancellation of the
Company's warrants of 3,435,000 shares of common stock that had been
issued to Delta, a decrease in the Company's block hour reimbursement
rates of approximately 3% for the sixteen 70-seat aircraft and the
twenty-four 50-seat aircraft operated for Delta, and the early removal
of the fifteen 37-seat aircraft between September 2008 and April 2009.
The Company was also granted a pre-petition, unsecured general claim
in the amount of $91 million. These agreements were approved by the
Bankruptcy Court on March 27, 2007.
On March 16, 2007, the Company entered into an agreement with
WexAir LLC, the company's former majority stockholder, to purchase two
million shares of its Common Stock, par value $.001 per share, at a
price of $20.50 per share, for total consideration of $41,000,000. The
transaction settled on March 21, 2007.
Recent Developments
In April, the Company sold its $91 million pre-petition unsecured
creditor claim against Delta Air Lines for approximately $44.6
million.
In order to reduce operational disruptions resulting from higher
than planned pilot attrition and the integration of the CRJ fleet, the
Company has reduced scheduled ASMs and block hours by approximately
3-4% for the months of May through September of 2007. The Company's
website has been updated with adjusted ASM and block hour forecasts
for the remainder of 2007. The Company still expects to add a total of
54 regional jet aircraft to its fixed-fee operations during 2007, but
at a more moderate integration pace than was previously planned.
Balance Sheet Information
At March 31, 2007 the Company had $156.5 million in cash and cash
equivalents compared to $195.5 million as of December 31, 2006. The
Company's long-term debt increased to $1.54 billion as of March 31,
2007, compared to $1.48 billion at December 31, 2006. All of the
Company's long-term debt is at fixed interest rates, and is secured by
the aircraft. The Company also has significant long-term operating
lease obligations. At a 7% discount factor, the present value of these
lease obligations was approximately $743.5 million as of March 31,
2007.
Corporate Information
Republic Airways Holdings, based in Indianapolis, Indiana is an
airline holding company that owns Chautauqua Airlines, Republic
Airlines and Shuttle America. The airlines offer scheduled passenger
service on more than 1,000 flights daily to 108 cities in 36 states,
Canada, Mexico and the Bahamas through airline services agreements
with six U.S. airlines. All flights are operated under the airline
partner brand, such as AmericanConnection, Delta Connection, United
Express, US Airways Express, Continental Express and Frontier. The
airlines currently employ more than 3,800 aviation professionals and
operate 189 regional jet aircraft.
The Company will conduct a telephone briefing to discuss its first
quarter results tomorrow, April 26th, at 10:30 a.m. EDT. For those
wishing to participate please call 866-510-0705 and for international
calls please dial 617-597-5363, the password is 59541385. A live
Webcast of this briefing will also be available online at www.rjet.com
- investor relations.
Additional Information
In addition to historical information, this release contains
forward-looking statements. Republic Airways may, from time-to-time,
make written or oral forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements
encompass Republic Airways' beliefs, expectations, hopes or intentions
regarding future events. Words such as "expects," "intends,"
"believes," "anticipates," "should," "likely" and similar expressions
identify forward-looking statements. All forward-looking statements
included in this release are made as of the date hereof and are based
on information available to Republic Airways as of such date. Republic
Airways assumes no obligation to update any forward-looking statement.
Actual results may vary, and may vary materially, from those
anticipated, estimated, projected or expected for a number of reasons,
including, among others, the risks discussed in our Form 10-K and our
other filings made with the Securities and Exchange Commission, which
discussions are incorporated into this release by reference.
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REPUBLIC AIRWAYS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and Shares in Thousands, Except per Share Amounts)
(Unaudited)
Financial Highlights Three Months Ended March 31,
----------------------------
2007 2006 Change
OPERATING REVENUES
Passenger $ 284,402 $ 248,176 14.6%
Other 6,041 9,168 -34.1%
----------------------------
Total operating revenues 290,443 257,344 12.9%
OPERATING EXPENSES
Wages and benefits 50,742 40,145 26.4%
Aircraft fuel 66,949 76,523 -12.5%
Landing fees 12,052 8,594 40.2%
Aircraft and engine rent 27,034 20,352 32.8%
Maintenance and repair 27,006 22,381 20.7%
Insurance and taxes 4,046 4,292 -5.7%
Depreciation and amortization 24,510 21,418 14.4%
Other 23,275 15,722 48.0%
----------------------------
Total operating expenses 235,614 209,427 12.5%
----------------------------
OPERATING INCOME 54,829 47,917 14.4%
OTHER INCOME (EXPENSE)
Interest expense (25,404) (21,869) 16.2%
Other income 2,786 1,966 41.7%
----------------------------
Total other income (expense) (22,618) (19,903) 13.6%
INCOME BEFORE INCOME TAXES 32,211 28,014 15.0%
----------------------------
INCOME TAX EXPENSE 12,931 11,114 16.3%
----------------------------
NET INCOME 19,280 16,900 14.1%
============================
PER SHARE, BASIC $ 0.45 $ 0.40 12.5%
PER SHARE, DILUTED $ 0.44 $ 0.39 12.8%
Weighted Average Common Shares
Basic 42,626 41,836 1.9%
Diluted 44,306 42,944 3.2%
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Unaudited Operating Highlights
Operating Highlights Three Months Ended March 31,
-----------------------------
2007 2006 Change
Passenger Revenues, excluding fuel (000) 217,453 171,653 26.7%
Passengers carried 3,250,296 2,555,248 27.2%
Revenue passenger miles (000) 1,710,698 1,374,290 24.5%
Available seat miles (000) 2,452,784 1,965,202 24.8%
Passenger load factor 69.7% 69.9% -0.2 pts
Cost per available seat mile, including
interest expense (cents) 10.64 11.77 -9.6%
Fuel cost per available seat mile (cents) 2.73 3.89 -29.8%
Cost per available seat mile, excluding
fuel expense (cents) 7.91 7.88 0.4%
Operating Aircraft at period end:
37-50 seat regional jets 109 95 14.7%
70+ seat regional jets 80 57 40.4%
Block hours 149,739 121,632 23.1%
Departures 83,098 69,156 20.2%
Average daily utilization of each
aircraft (hours) 10.3 10.2 1.0%
Average aircraft stage length (miles) 519 524 -1.0%
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