INDIANAPOLIS--(BUSINESS WIRE)--Jul. 31, 2012-- Republic Airways Holdings Inc. (NASDAQ: RJET) today reported net income of $20.0 million, or $0.40 per diluted share, for the quarter ended June 30, 2012. This compares to a net loss of $14.9 million, or $0.31 per diluted share, for the same period last year, on operating revenues of $728.1 million, a decrease of 1.6%, compared to $739.7 million for last year's second quarter on a 5.1% decrease in consolidated capacity.
"We are very pleased to report an improvement in pre-tax income of more than $55 million for the second quarter," said Bryan Bedford, Chairman and CEO of Republic Airways Holdings. "Frontier produced solid year-over-year unit revenue growth and demonstrates the significant value that is being created in our Frontier segment through the network changes and restructuring efforts we accomplished in 2011.
"Despite the significant progress achieved thus far to improve our consolidated business results, we still consumed $39 million of cash in the first six months of 2012; this is unsustainable over the long term," Bedford said. "We must continue the ongoing effort to restructure our small regional jet operations so that we can return our Company to sustainable long-term health and competitiveness. Our team will continue to work hard to deliver on that commitment. We look forward to reporting further progress over the next quarter."
See the full article at Republic Airways Holding