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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRepublic Airways Holdings Inc. on Wednesday reported higher profit and revenue in the fourth quarter.
Profit rose nearly 24 percent over the same period of 2012, to $15.6 million. Operating revenue rose 5.8 percent, to $327.4 million.
Indianapolis-based Republic said full-year profit fell from $51.3 million in 2012 to $26.7 million in 2013 after a loss from discontinued operations of $21.6 million. The loss from discontinued operations was attributable to sale of Denver-based subsidiary Frontier Airlines.
Full-year income from continuing operations increased 54.3 percent, to $48.3 million, or 92 cents per share, compared with $31.3 million, or 63 cents per share, for 2012.
"This was a transformational year for Republic," said Republic Airways Holdings CEO Bryan Bedford in a prepared statement. "The improved operating results are a reflection of our renewed focus on our core, fixed-fee operation and the expansion of flying under capacity purchase agreements with American, Delta and United."
Republic shares fell 24 cents Wednesday before earnings were announced, to close at $8.79 each.
Republic owns Chautauqua Airlines, Republic Airlines and Shuttle America.
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