Republic Airways reports 4Q2010 financial results

Republic Airways Holdings Inc. (NASDAQ: RJET) today

reported operating revenues of $637.3 million for the quarter ended December 31, 2009, an 87.9% increase, compared to $339.3 million for the same period last year. The Company also reported net income of $20.1 million, or $0.55 per diluted share, for the quarter ended December 31, 2009, compared to $19.0 million of net income, or $0.56 per diluted share, for the same period last year. The fourth quarter results for 2009 include

$109.2 million of goodwill and other impairment charges and a $203.7 million gain on bargain purchase related to the acquisition of Frontier Airlines. These two non-recurring items increased pre-tax income by $94.5 million and net income by $17.1 million for the quarter. Additionally, the Company recorded a year-end tax adjustment, which increased net income by $2.1 million for the quarter. Excluding these non-recurring items, and as

presented in the tables below, income before taxes was $1.5 million and net income was $0.9 million, or $0.03 per diluted share for the quarter.