Frontier Airlines 2005 Annual Report Download - page 53

As of December 31,
2005 2004 2003 2002 2001
(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents $ 162,005 $ 46,220 $ 22,535 $ 6,684 $ 3,272
Aircraft and other equipment, net 1,662,236 984,512 549,009 301,905 133,810
Total assets 2,035,947 1,171,820 669,783 401,260 204,802
Long-term debt, including current maturities 1,413,440 850,869 486,146 284,067 131,350
Redeemable preferred stock
of subsidiary
at redemption value — — — 5,160 4,747
Total stockholders' equity 424,698 174,651 72,406 31,270 9,792
(1) We recorded impairment losses and accrued aircraft return cost of $8.1, $7.2, $2.8, and $1.4 million in 2001, 2002, 2003, and 2004
respectively. In 2005, we reversed a $4.2 million reserve after an agreement to return all the Saab turboprop aircraft to lessors was
executed and all liabilities were settled.
(2) Preferred stock dividends represent dividends on 16.295828 shares of Series A redeemable preferred stock at a par value of $.01
per share issued by Chautauqua to an affiliate of our majority stockholder. The preferred stockholder is entitled to receive cumulative
dividends equal to 10% per annum of the stated value of the preferred stock. The preferred stock, including accrued and unpaid
dividends, was purchased and retired during 2003.
(3) On June 4, 2002, our board of directors declared a 200,000:1 stock split. All per share amounts, number of shares and options
outstanding in the consolidated financial statements have been adjusted for the stock split.
(4) Revenue passengers multiplied by miles flown.
(5) Passenger seats available multiplied by miles flown.
(6) Revenue passenger miles divided by available seat miles.
(7) Total airline operating revenues divided by available seat miles.
(8) Total operating and interest expenses divided by available seat miles. Total operating and interest expenses is not a calculation
based on generally accepted accounting principles and should not be considered as an alternative to total operating expenses. Cost per
available seat mile utilizing this measurement is included as it is a measurement recognized by the investing public.
(9) EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. EBITDA is not a calculation
based on generally accepted accounting principles and should not be considered as an alternative to net income or operating income as
indicators of our financial performance or to cash flow as a measure of liquidity. In addition, our calculations may not be comparable
to other similarly titled measures of other companies. EBITDA is included as a supplemental disclosure because it may provide useful
information regarding our ability to service debt and lease payments and to fund capital expenditures. Our ability to service debt and
lease payments and to fund capital expenditures in the future, however, may be affected by other operating or legal requirements or
uncertainties. Currently, aircraft and engine ownership costs, which include aircraft and engine rent, depreciation, and interest
expense, are our most significant cash expenditure. In addition, EBITDA is a well recognized performance measurement in the
regional airline industry and, consequently, we have provided this information.
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Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠