Frontier Airlines Holdings has reported a net profit of $1.1 million for the month of May, the company's seventh consecutive monthly operating profit.
Frontier reported a consolidated operating profit of $11.7 million for the month of May 2009, compared to an operating loss of $16.5 million for the same period in 2008, and a total consolidated net income of $1.1 million compared to a net loss of $22.0 million for May 2008.
Excluding special items, the company would have reported net income of $5.6 million, or a net margin of 6.3% in May 2009, compared to a net loss of $4.9 million in 2008. Also, excluding special items, the operating profit for the month was $7.6 million versus an operating loss of $2.5 million in May 2008.
Special items for the month of May 2009 included: reorganisation costs of $8.5 million, including a book loss of $7.5 million on an aircraft sale; a charge of $0.2 million related to the retirement of debt for an aircraft sold during the month; and an unrealised mark-to-market gain of $4.2 million on fuel hedge contracts.
Special items for May 2008 included: reorganisation costs of $2.8 million, primarily related to professional and other bankruptcy-related fees; a book gain of $9.2 million on the sale of two aircraft; a charge of $0.2 million related to the retirement of debt on the two aircraft sold during the month; and an unrealized mark-to-market gain of $23.1 million on fuel hedge contracts.
"Despite continued capacity reductions and a year-over-year decline in passenger revenue, we have managed to produce an operating profit for seven consecutive months," noted Frontier president and CEO Sean Menke. "The positive results for the month of May are the result of the company's effort to be one of the lowest cost operators in North America. The dedication and efforts put forth by all employees has allowed us to achieve these results once again."
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