Bankrupt Carrier's First Quarterly Profit In Five Years

Frontier Airlines filed its Quarterly Report with the Securities Exchange Commission Thursday, for the quarter ending in December 2008... reporting a consolidated operating profit of $5.6 million and a net profit of $1.1 million.

"These results truly buck the industry trends right now," said Frontier President and CEO Sean Menke. "This is also a testament to the sacrifices and hard work put forth by all of our employees. Despite significant competitive pressure and other economic factors, we have been able to reduce our operating expenses, increase revenues and maintain our high quality of service."

Excluding special items, the Denver-based airline reported an operating profit of $14.3 million and a net profit of $7.6 million for the quarter. An $8.7 million loss tied to fuel hedge contracts and charges tied to the carrier's early payoff of some debt cut into those figures.

Frontier's operating margins were bolstered by the sale of four A319s, netting the airline $44.1 million against an expected dropoff in bookings.

As ANN reported, Frontier entered Chapter 11 bankruptcy protection in April 2008.

FMI: www.frontierairlines.com/