Frontier Airlines 2007 Annual Report Download - page 41

As of December 31,
2007 2006 2005 2004 2003
Consolidated Balance Sheet Data: (in thousands)
Cash and cash equivalents $ 164,004 $ 195,528 $ 162,005 $ 46,220 $ 22,535
Aircraft and other equipment—net 2,308,726 1,889,717 1,662,236 984,512 549,009
Total assets 2,773,078 2,358,441 2,035,947 1,171,820 669,783
Long-term debt, including current
maturities 1,913,580 1,568,803 1,413,440 850,869 486,146
Total stockholders' equity 426,086 508,829 424,698 174,651 72,406
(1) Beginning in May 2005, we do not record fuel expense and the related revenue for US Airways operations because US Airways
pays for fuel directly. Beginning in January 2007, for certain United locations, we do not record fuel expense and the related revenue
because United pays for fuel directly. Continental and Frontier also pay fuel directly and their operations began in January and March
2007, respectively.
(2) We recorded impairment losses and accrued aircraft return costs of $2.8 and $1.4 million in 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.
(3) 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.
(4) Passengers carried 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 accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America 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 airline industry and, consequently, we have provided this information.
-32-
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 21, 2008 Powered by Morningstar® Document Research℠