Kansas City, MO—Vanguard Airlines, Inc. (Nasdaq: VNGD) reported that for the month of September 1999 traffic increased 24% to approximately 75.1 million revenue passenger miles (RPMs) in September 1999 from approximately 60.6 million in September 1998. Capacity increased 41% to approximately 122.4 million available seat miles (ASMs) in September 1999 versus 86.9 million in September 1998. Load factor decreased 8 points to 61.3% in September 1999 from approximately 69.7% in September 1998. The strike at Northwest Airlines boosted Vanguard`s load factor in September 1998.

Year-to-date RPMs increased 22% to approximately 648.0 million in 1999 from approximately 529.1 million in 1998. Year-to-date ASMs increased 21% to approximately 936.6 million in 1999 from approximately 775.6 million in 1998. Year-to-date load factor increased approximately one point to 69.2% in 1999 from 68.2% in 1998.

Vanguard, which began service in December 1994 and is headquartered in Kansas City, is a low-fare, passenger airline providing convenient, scheduled jet service. Vanguard serves the following ten cities: Atlanta, Buffalo/Niagara Falls, Chicago-Midway, Cincinnati, Dallas/Ft. Worth, Denver, Kansas City, Minneapolis/St. Paul, Myrtle Beach and Pittsburgh. The Company employs approximately 900 full-time equivalent employees and currently operates a fleet of thirteen Boeing 737-200’s. Vanguard reported its first-ever annual operating profit in 1998 and its fifth consecutive quarter of operating profits in the second quarter of 1999. For more information on Vanguard, please visit our web site at www.flyvanguard.com.

RPMs (000)
Sept. 1999: 75,092
Sept. 1998: 60,567
% Change: 24%
YTD 1999: 647,972
YTD 1998: 529,127
% Change: 22%

ASMs (000)
Sept. 1999: 122,434
Sept. 1998: 86,949
% Change: 41%
YTD 1999: 936,617
YTD 1998: 775,589
% Change: 21%

Load Factor
Sept. 1999: 61.3%
Sept. 1998: 69.7%
Change: (8) Pts.
YTD 1999: 69.2%
YTD 1998: 68.2%
Change: 1 Pt.

Passengers
Sept. 1999: 166,484
Sept. 1998: 134,097
% Change: 24%
YTD 1999: 1,426,297
YTD 1998: 1,132,844
% Change: 26%

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