RJET Report Q1 Profits

Republic Airways Holdings Inc. (RJET) reported net income of $20.2 million for the quarter ended March 31, 2008, compared to $19.3 million reported in the prior year's first quarter. The company also reported earnings per diluted share of $0.55, compared to $0.44 for the same period last year. Operating revenues of $363.9 million for the quarter ended March 31, 2008, rose by 25.3. percent, compared to $290.4 million for the same period last year. Included in the first quarter 2008 results were two adjustments: a $3.9 million pre-tax loss (non-cash) on an interest rate swap transaction, which reduced net income by $2.4 million and earnings per diluted share by $0.07 and a reserve on all pre-petition accounts receivables due from Frontier Airlines as of March 31, 2008, which reduced net income by $0.4 million and earnings per diluted share by $0.01. Excluding these two items, net income for the quarter increased 19 percent to $23.0 million and earnings per diluted share increased 43 percent to $0.63.