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Republic Airways Holdings Inc. (NASDAQ:RJET) announced today that
its board of directors has authorized the purchase of up to $100
million of the company's common stock. The shares will be purchased on
the open market or through privately-negotiated transactions from
time-to-time during the twelve month period following the
authorization. Under the authorization, the timing and amount of
purchase would be based upon market conditions, securities law
limitations and other factors. The stock buy-back program does not
obligate the company to acquire any specific number of shares in any
period, and may be modified, suspended, extended or discontinued at
any time without prior notice.
"We remain committed to delivering value to our shareholders,"
said Bryan Bedford chairman, president and chief executive officer of
Republic Airways. "Our business model is structured to provide
Republic with long-term, secure and predictable earnings and cash
flows regardless of whether or not the major airlines undertake
consolidation. The company's growth plans are firm with 31 aircraft
scheduled for delivery by the end of the first quarter of 2009. We
have financing commitments in place at attractive, fixed rate terms
for a majority of the 31 firm aircraft. We strongly believe our
company is well positioned with the right mix of partners and
aircraft."
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 over 1,200 flights daily to 119 cities in 39 states,
Canada, Mexico, Jamaica and the Bahamas through airline services
agreements with six U.S. airlines. All of the airlines' flights are
operated under their airline partner brand, such as
AmericanConnection, Continental Express, Delta Connection, Frontier
Airlines, United Express and US Airways Express. The airlines
currently employ over 4,600 aviation professionals and operate 217
regional jets.
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