Frontier Airlines Holdings has reported a net profit of $2.4 million and its sixth consecutive monthly operating profit in its unaudited monthly operating report for April 2009.
For the month, Frontier reported a consolidated operating profit of $5.0 million compared with an operating loss of $21.9 million for the same period in 2008, and a total consolidated net income of $2.4 million compared to a net loss of $26.9 million for April 2008. Excluding $1.1 million in expenses directly associated with bankruptcy, Frontier would have reported net income of $3.4 million, or a net margin of 4%.
Operational results for April 2009 included: a 16.1% year-over-year mainline capacity reduction; mainline unit cost excluding fuel (CASM ex-fuel) of 6.24 cents, a reduction of 1.4% from the previous year; mainline total unit cost of 8.49 cents, a reduction of 19.5% compared to April 2008; mainline passenger revenue (PRASM) of 8.51 cents, down 2.1% from the previous year; and mainline total unit revenue (RASM) of 9.30 cents, a 1.3% increase over April 2008.
Frontier's unrestricted cash position remained stable with a balance of $70.1 million for the period ending April 2009.
"For the sixth month in a row, we have seen the payoff of our year-long restructuring and cost-reduction efforts," remarked Frontier president and CEO Sean Menke. "We have driven our operating costs to among the lowest in the industry, giving us the cost structure needed to operate profitably for the last six months in one of the most competitive markets in the country and during one the most difficult economies in nearly 80 years."
Menke credited AirFairs, the company's three-level fare offering, and the generation of ancillary fees for the company's increase in total unit revenue, or RASM. "Even in the face of the significant yield pressure, our revenue generation initiatives made it possible for us to increase our total unit revenue year-over-year by 1.3%," he noted.
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