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Monday, November 14, 2005

Box Scores: Third Quarter Financial Results

Great Lakes Aviation [GLUX] {Frontier Airlines, United Airlines}
September Trend | Year-To-Date Trend Quarter Ending Sept. 30, 2005 Quarter Ending Sept. 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
UP | DN Operating Revenue
$21M
$20M
4.2%
$55.6M
$57.8M
(3.8%)
UP | DN Total Expenses
$19.1M
$18.6M
3%
$54.4M
$56.6M
(3.9%)
UP | UP Operating Income/Loss
$1.8M
$1.5M
17.8%
$1.14M
$1.13M
0.5%
UP | DN Net Income/Loss
$1.7M
$1.2M
34.4%
($990,000)
$4.1M
(102.4%)
UP | DN Net Income/Loss Per Share
12 cents
9 cents
33.3%
(1 cents)
29 cents
(103.4%)
UP | UP CASM
26 cents
22.6 cents
15%
26 cents
22.9 cents
13.5%
UP | UP Yield
46.9 cents
14.1 cents
41.1%
44.5 cents
40.3 cents
10.4%

Analysis: While Great Lakes posted a small profit in the third quarter, it continues to experience financial problems. Great Lakes has not been able to meet much of its aircraft debt and lease obligations and it is now subject to an acceleration of the debt payments. Furthermore, it does not believe that it will be able to generate sufficient cash flows to satisfy the debt payments. In the third quarter, the airline returned five Beechcraft 1900s to Raytheon. It now has 29 planes.

Air T [AIRT]
September Trend | Year-To-Date Trend Quarter Ending Sept. 30, 2005 Quarter Ending Sept. 30, 2004 Percent Change Year-To-Date 2005 Year-To-Date 2004 Percent Change
UP | UP Air Cargo Revenue
$10.6M
$9.5M
11.5%
$21.9M
$18.6M
17.7%
UP | UP Equipment Sales Revenue
$7.4M
$6.8M
8.8%
$13.4M
$12.8M
4.6%
UP | UP Total Revenue
$18.1M
$16.3M
11%
$35.3M
$31.4M
12.4%
UP | UP Air Cargo Expenses
$8.7M
$7.9M
10%
$18.3M
$15.2M
20.3%
UP | UP Equipment Sales Expenses
$6.4M
$5.3M
20.7%
$11.1M
$9.9M
12.1%
UP | UP Total Expenses
$17.6M
$15.4M
14.2%
$34.4M
$29.6M
16.2%
DN | DN Operating Income
$464,945
$910,874
(48.9%)
$911,639
$1.7M
(46.3%)
DN | DN Net Income
$263,788
$538,290
(51%)
$541,858
$1M
(45.8%)
DN | DN Net Income Per Share
10 cents
20 cents
(50%)
20 cents
40 cents
(50%)

Analysis: Earnings dropped at Air T as the company's ground equipment unit, Global Ground Support, had to pay $788,000 to make repairs to de-icing booms at Philadelphia International Airport. Revenues and expenses were up for Mountain Air - its air cargo units - as a result of the ATRs that have been added to the fleet. The company now has 11 of the 13 ATRs in revenue service. Mountain Air leases its aircraft from FedEx to service the FedEx account.

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Source: company reports

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