Frontier Airlines 2006 Annual Report Download - page 51

As of December 31,
2006 2005 2004 2003 2002
Consolidated Balance Sheet Data: (in thousands)
Cash and cash equivalents $ 195,528 $ 162,005 $ 46,220 $ 22,535 $ 6,684
Aircraft and other equipment, net 1,889,717 1,662,236 984,512 549,009 301,905
Total assets 2,358,441 2,035,947 1,171,820 669,783 401,260
Long-term debt, including current
maturities 1,568,803 1,413,440 850,869 486,146 284,067
Redeemable preferred stock
of subsidiary
at redemption value — — — — 5,160
Total stockholders' equity 508,829 424,698 174,651 72,406 31,270
(1) We recorded impairment losses and accrued aircraft return costs of $7.2, $2.8, and $1.4 million in 2002, 2003, and 2004
respectively, related to Saab turboprop aircraft. In 2005, we reversed a $4.2 million reserve after a final agreement to return all the
Saab turboprop aircraft to lessors was executed and all liabilities were settled. In 2006, we recorded a $2.1 million gain relating to the
disposition of Saab aircraft and spare parts.
(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 was 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.
-28-
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 15, 2007 Powered by Morningstar® Document Research℠