Frontier Airlines 2005 Annual Report Download - page 43

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Since 1978 and continuing to the present, the airline industry has undergone substantial consolidation, and it may in the
future undergo additional consolidation. For example, in April 2001, American acquired the majority of Trans World Airlines, Inc.'s
assets. Our relationship with American resulted from this transaction. Other recent developments include the domestic code-share
alliance between United and US Airways, a similar new relationship among Delta, Continental and Northwest and the merger of
America West and US Airways. We, as well as our code-share partners, routinely monitor changes in the competitive landscape and
engage in analysis and discussions regarding our strategic position, including potential alliances and business combination
transactions. Further consolidation could limit the number of potential partners with whom we could enter into code-share
relationships. Any additional consolidation or significant alliance activity within the airline industry could materially adversely affect
our relationship with our code-share partners.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠