Republic Airways Holdings Inc. reported a smaller profit and less revenue in the third quarter due to the fallout of its recently resolved labor issues with pilots.
The Indianapolis-based company on Friday evening reported a quarterly profit of $2.9 million, or 6 cents per share, compared with profit of $18.5 million, or 35 cents per share, in the same period of 2014.
Operating revenues decreased 2.6 percent over the year-ago quarter, to $340.5 million.
Republic last month reached a three-year labor agreement with its pilots, ending a years-long dispute that threatened to put the regional airline out of business.
"The third quarter 2015 financial results continued to be negatively impacted by our inability to fully utilize our aircraft due to regulatory changes that created a national pilot shortage, which has been uniquely amplified by our ongoing labor dispute," Republic CEO Bryan Bedford said in a written statement. “The ratification of a new labor agreement with our pilots represents a significant positive step forward for our pilots and our airline ..."
Republic shares were down almost 12 percent Thursday morning, to $5.10 each. They have fallen 65 percent since the beginning of the year.