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Tue, Dec 30, 2008

Frontier Airlines Shows Net Profit For November 2008

Bankrupt Carrier Makes Money From Selling Planes

Frontier Airlines Holdings, Inc. filed its Monthly Operating Report for November 2008 on Tuesday... reporting a consolidated net profit of $2.9 million and an operating profit of $2.5 million for the month.

Included in Frontier's operating profit were non-cash mark-to-market losses on fuel hedge contracts of $2.0 million. The airline's November results also included a loss of $2.4 million in cash settlements from fuel hedging contracts and other reorganizational expenses of $1.2 million... which were partially offset by a book gain of $4 million from the sale of two of the carrier's A319s.

Frontier's cash position increased to $53.4 million for November 2008. The Company realized net proceeds of $15.9 million from the sale of two aircraft which was offset by a $9.7 million net increase in holdbacks from the Company's credit card processors and $1.8 million of additional net deposits in collateral posted to fuel hedge counterparties.

November's cash balance does not include the proceeds from two other aircraft sales, that Frontier completed in December 2008.

"We are now seeing the changes we have made in our Company over the last year start to pay dividends," said Frontier President and CEO Sean Menke. "We are successfully controlling our costs, increasing revenue and managing our cash. We feel very comfortable with our restructuring efforts moving ahead and look forward to more positive results in the future."

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