Regional Aviation Box Scores September Financial Reports

Great Lakes [GLUX] {Frontier Airlines, United Airlines}
Quarterly trend \| Nine month trend	3rd Q Ending 9/30/04	3rd Q Ending 9/30/03	Percent Change	9 Months Ending 9/30/04	9 Months Ending 9/30/03	Percent Change
DN \| UP Total Revenue	$20.1M	$21.2M	(5.1%)	$57.8M	$56.2M	2.8%
UP \| UP Total Expenses	$18.6M	$17.7M	5%	$56.6M	$55.5M	2%
DN \| UP Net Income	$1.2M	$4.4M	(72.7%)	$4.1M	$58,310	6,931%
DN \| UP Net Income Per Share	9 cents	32 cents	(71.8%)	29 cents	0 cents	n/a
Analysis: During the third quarter, passenger revenue on code-share flights was down $1.2 million from the same period of 2003 and revenue earned from Essential Air Service flights was down $2.4 million. The carrier continues to negotiate new financing terms for its aircraft, but it has remained current on its payments. After returning six airplanes earlier in the year, Great Lakes did not return any planes in the third quarter.

AirNet [ANS]
Quarterly trend \| Nine month trend	3rd Q Ending 9/30/04	3rd Q Ending 9/30/03	Percent Change	9 Months Ending 9/30/04	9 Months Ending 9/30/03	Percent Change
UP \| UP Bank Services Revenue	$26.6M	$25.9M	2.7%	$78.6M	$78M	0.8%
UP \| UP Express Unit Revenue	$12.8M	$9.2M	39.1%	$35.7M	$26.9M	32.7%
UP \| UP Total Revenue	$43.9M	$38M	15.5%	$126.5	$111.6M	13.4%
UP \| UP Total Expenses	$88.9M	$35.7M	149%	$170.4M	$107M	59.3%
DN \| DN Net Income	($30.1M)	$1M	(3,110%)	($29.9M)	$2M	(1,595%)
DN \| DN Net Income Per Share	($2.99)	10 cents	(3,090%)	($2.98)	20 cents	(1,590%)
Analysis: AirNet is taking a $47 million impairment charge against its third quarter earnings in anticipation of possible losses in 2006 and 2007 as its bank services unit loses business due to the new Check 21 law, which permits banks to convert checks into electronic images and avoid flying cancelled checks around the country (CRAN, Nov. 8). AirNet operates the largest fleet of aircraft transporting cancelled checks each night.

Embraer [ERJ]
Quarterly trend \| Nine month trend	3rd Q Ending 9/30/04	3rd Q Ending 9/30/03	Percent Change	9 Months Ending 9/30/04	9 Months Ending 9/30/03	Percent Change
UP \| UP Net Sales	$936.4M	$438.5M	113.5%	$2.4B	$1.4B	71.4%
UP \| UP Cost Of Sales	$625.2M	$271.6M	130.2%	$814.7M	$569.6M	43%
UP \| UP Operating Expenses	$150M	$117M	28.2%	$412.2M	$366.7M	12.4%
UP \| UP Net Income	$113.6M	$19.3M	488.6%	$297.2M	$68.1M	336.4%
UP \| UP Net Income Per Share	65 cents	11 cents	490.9%	$1.70	39 cents	335.9%
Analysis: For the second consecutive quarter, Embraer's net sales reached historic highs. The Brazilian firm delivered 40 aircraft in the third quarter, including 13 new Embraer 170s.
( ) Corporate affiliation { } Code-share partners Source: Company reports

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