Frontier Airlines 2005 Annual Report Download - page 99
Download and view the complete annual report
Please find page 99 of the 2005 Frontier Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
 |
 |
10. RELATED PARTY TRANSACTIONS
Fees are paid to Wexford Capital LLC for administrative functions not performed by the Company. Fees incurred were
approximately $1,065, $241 and $268 for the years ended December 31, 2005, 2004 and 2003, respectively. In addition, included in
accrued liabilities were $307 and $217 due to Wexford Capital LLC as of December 31, 2005 and 2004, respectively.
As of December 31, 2005, the Company has accrued $450 for expenses incurred relating to a stock offering in December 2005 on
behalf of WexAir LLC.
Wexford Capital LLC provided advances to Shuttle America to finance its working capital needs.
On April 16, 2004, the Company made a payment of $2,800 on the subordinated note payable to WexAir LLC. The payment
consisted of $1,400 for principal and $1,400 for accrued interest. In May 2004, the maturity date of the subordinated note payable to
affiliate was extended to June 13, 2004. On June 2, 2004, the Company fully repaid the principal balance of $19,100 of the
subordinated note payable to WexAir LLC and accrued interest of $80.
The Company purchased Shuttle America from Shuttle Acquisition LLC, an affiliate of Wexford Capital LLC on May 6,
2005 for $1,000 and the assumption of $679 in debt. The Company entered into a note payable with WexAir LLC for the $1 million
purchase price, and the note was repaid in November 2005. In addition, for Wexford Capital's assistance in structuring the investment
agreement with US Airways, we agreed to pay Wexford Capital $500,000 upon US Airway's emergence from bankruptcy as well as
the payment of Wexford Capital's expenses, including the payment of up to approximately $850,000 to an unrelated third party
consultant retained by us and Wexford Capital.
11. CAPITAL STOCK, STOCK OPTIONS AND WARRANTS
Common Stock and Capital Contributions
In June 2004, the Company completed its initial public stock offering. The Company issued 5,000,000 shares of common
stock at $13 per share. The net proceeds provided by this offering were $58,172, before the repayment of debt.
In 2005, the Company completed two follow-on public common stock offerings and issued a total of 15,812,500 shares of
common stock, for approximately $186,765, net of offering expenses.
In 2005 and 2004, Wexford made capital contributions to Shuttle America of $400 and $3,950 respectively. The Company
made a capital distribution to WexAir LLC of $1,000 related to the merger transaction with Shuttle America.
At December 31, 2005, 6,059,435 shares of the Company’s 75,000,000 authorized shares were reserved for issuances under
the 2002 Equity Incentive Plan and warrants. At December 31, 2005, the number of securities remaining available for future issuance
under equity compensation plans was 1,468,600 shares.
-61-
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠