Frontier Airlines 2004 Annual Report Download - page 49

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REPUBLIC AIRWAYS HOLDINGS INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003, AND 2002
(In thousands, except per share amounts)
See accompanying notes to consolidated financial statements.
2004
2003
2002
OPERATING REVENUES:
Passenger
$
532,202
$
408,892
$
312,757
Contract termination fee
6,000
Other
8,534
6,223
2,705
Total operating revenues
540,736
421,115
315,462
OPERATING EXPENSES:
Wages and benefits
101,161
76,428
52,542
Aircraft fuel
112,795
76,030
57,416
Passenger fees and commissions
1,958
Landing fees
20,160
16,128
11,115
Aircraft and engine rent
66,464
59,319
56,165
Maintenance and repair
54,306
42,151
34,594
Insurance and taxes
12,072
11,680
15,465
Depreciation and amortization
33,940
23,439
11,768
Impairment loss and accrued aircraft
return costs
10,160
3,800
Other
39,085
27,962
30,463
Total operating expenses
439,983
343,297
275,286
OPERATING INCOME
100,753
77,818
40,176
OTHER INCOME (EXPENSE):
Interest expense:
Non
-
related party
(27,457
)
(20,446
)
(10,089
)
Related party
(652
)
(1,606
)
(1,955
)
Other income:
Non
-
related party
514
274
382
Related party
302
286
144
Total other income (expense)
(27,293
)
(21,492
)
(11,518
)
INCOME BEFORE INCOME TAXES
73,460
56,326
28,658
INCOME TAX EXPENSE
28,689
22,277
11,655
NET INCOME
44,771
34,049
17,003
Preferred stock dividends
(170
)
(413
)
Net income available
for common stockholders
$
44,771
$
33,879
$
16,590
Basic net income available for common stockholders per share
$
1.92
$
1.69
$
0.83
Diluted net income available for common stockholders per share
$
1.87
$
1.63
$
0.80
39