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
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
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."