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Republic Airways profit dips despite higher revenue

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The 2009 acquisition of Frontier and Midwest airlines more than doubled second-quarter revenue for Indianapolis-based Republic Airways Holdings Inc., the company said late Tuesday, but profit fell because of additional expenses.

Republic reported profit of $2.6 million, or 8 cents per diluted share, down from $14.1 million, or 41 cents per share, a year ago. The company attributed the decline largely to costs related to integrating the airline brands and returning leased aircraft.

The regional airline reported revenue of $683.3 million, up from $320 million in the same period last year.

At quarter’s end, Republic had $416.9 million in cash on its balance sheet, up from $350.2 million at the end of 2009. Debt had decreased to $2.72 billion.

During the quarter ended June 30, the company took delivery of two A320 aircraft and the final two E190 aircraft it had purchased from US Airways. Republic removed six Q400 aircraft from service and began using two E145 aircraft that had been idle. It operates a total of 282 aircraft.

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