February 25, 2015
Republic Airways reports fourth quarter and full year 2014 results
Republic Airways reported financial results for the fourth quarter and full year ended Dec. 31st, 2014. Republic’s pre-tax income excluding special items, for the fourth quarter of 2014 was US$32.1m, an 8.4% increase over the fourth quarter or 2013. Republic’s adjusted income from continuing operations for the fourth quarter of 2014 was US$19.8m and its adjusted pre-tax margin was 9.3%. For the full year of 2014, Republic’s pre-tax income, excluding special items, was US$120.2m, a US$17.7m increase over 2013. Republic’s adjusted income from continuing operations for 2014 was US$73.4m, with an adjusted pre-tax margin of 8.7%. On a GAAP basis, including special items, Republic’s fourth quarter 2014 pre-tax loss was US$1.4m, pre-tax margin was -0.4% and income from continuing operations was US$11.7m. On a GAAP basis, including special items, Republic’s 2014 pre-tax income was US$85.2m, pre-tax margin was 6.2% and income from continuing operations was US$64.3m. On Jan. 1st, 2015, Republic completed its consolidation of all Chautauqua Airlines operations onto the Shuttle America operating certificate. All operating aircraft and related employees are now transferred to Shuttle America’s operation. Republic hopes to sell the remaining Chautauqua Airlines entity and related assets during the first half of 2015. During the fourth quarter of 2014, Republic extended the service terms of aircraft under its fixed-fee capacity purchase agreements with US Airways and Delta Air Lines. Republic also agreed to operate an additional nine E170 aircraft for Delta Air Lines.