Frontier Airlines Holdings, Inc. (OTC:FRNTQ) (BULLETIN BOARD: FRNTQ) today filed its Quarterly Report with the Securities Exchange Commission for the quarter ending in September 2008. Frontier has already reported this information in Monthly Operating Reports (MOR) filed with the court for July, August and September of 2008 as a requirement under Chapter 11 Bankruptcy protection. These figures are a summation of those stated in the MORs.
Frontier reported an operating loss of $5.8 million and a consolidated net loss of $30.4 million for the three-month period ending September 2008. Included in the net loss for the quarter was $16.6 million attributable to reorganizational costs. The operating loss and operating margin reported are still among the best in the industry when compared to other airlines.
During the quarter, Frontier incurred an increased fuel expense of more than $70 million, or a 72.6% increase in the price of fuel per gallon, compared to the same quarter last year. Fuel prices were still at near record highs during most of the September quarter.
The quarterly report also included:
• Cost per available seat mile (CASM) excluding fuel at 5.68, the lowest in the history of the Company and a 9.8% decrease from the same period last year
• Performance stats as measured by the Department of Transportation showing Frontier leading major carriers every month of the September quarter in key categories like completion factor percentage and on-time performance
"Losses are never acceptable, but we can point to progress in our restructuring efforts," said Frontier President and CEO Sean Menke. "Our Company continues to execute to its business plan and will use that momentum as we plan our emergence from bankruptcy."
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