Frontier files October 2008 operating report
Frontier Airlines Holdings has filed its monthly operating report for October 2008 and has recorded an operating loss of $15.9 million and a consolidated net loss of $20.5 million for the month. Excluding fuel hedging activities and reorganisation expenses, Frontier would have reported a loss of $11.6 million.
These results included $7.4 million in mark-to-market losses on fuel hedges and $1.5 million in reorganisation costs.
"October is a seasonally low month for the airline industry," said Frontier president and CEO Sean Menke. "Our October performance is in accordance with our plan, but we know we must continue to be diligent with our cash management efforts while keeping a careful eye on our costs as we move forward with our restructuring efforts."
The cash balance for October 2008 does not include proceeds realised from the sale of two aircraft at the beginning of November. Frontier also plans to close on the sale of two more aircraft in early December, further improving its cash position.
Companies in Chapter 11 Bankruptcy protection are required to file monthly operating reports to the US Trustee in addition to quarterly reports filed with the US Securities and Exchange Commission.
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