DENVER (June 7, 2002) - Frontier Airlines (Nasdaq: FRNT) today announced preliminary traffic results for May 2002. Revenue passenger miles (RPMs) increased 16.2 percent to 285,543,000 for May 2002 from the same period last year. Available seat miles (ASMs) increased 18.1 percent to 460,722,000 for May 2002 from the same period last year. This resulted in a load factor for May 2002 of 62.0 percent, a decrease of 1.0 points from May 2001, when the airline reported a load factor of 63.0 percent. The airline carried 310,585 passengers during May 2002, a 15.0 percent increase from May 2001. The airline reported an average fare of $108 for the month of May 2002, an 18.2 percent decrease from May 2001 when the airline`s average fare was $132..
“We continue to operate in an extremely weak yield environment and the average fare generated during May 2002 clearly reflects this systemwide trend. Additionally, while our June load factor to date demonstrates strong demand, the downward pressure on yield continues. Because we have not seen a significant indication that yields are improving, we anticipate that the current quarter`s financial results may be around breakeven,” said Frontier President and CEO Jeff Potter.
Denver-based Frontier Airlines is the second largest jet service carrier at Denver International Airport with a fleet of 31 aircraft and employing approximately 2,900 aviation professionals. Frontier and its affiliate Frontier JetExpress currently serve 32 U.S. cities with 170 daily flights. In 1999, 2000 and 2001, Frontier`s maintenance and engineering department received the Federal Aviation Administration`s highest award, the Diamond Certificate of Excellence, in recognition of 100 percent of its maintenance and engineering employees completing advanced aircraft maintenance training programs. In April 2002, Entrepreneur Magazine ranked Frontier one of two “Best Low-Fare Airlines,” and in September 2001, Fortune Magazine ranked Frontier 41st on its 100 Fastest Growing Companies list. Frontier provides capacity information and other operating statistics on its Web site, which may be viewed at www.frontierairlines.com.