Kansas City, MO—Vanguard Airlines, Inc. (Nasdaq: VNGD) reported that for the month of December 1999 traffic increased 12% to approximately 64.8 million revenue passenger miles (RPMs) in December 1999 from approximately 58.0 million in December 1998. Capacity increased 32% to approximately 116.3 million available seat miles (ASMs) in December 1999 versus 88.3 million in December 1998. Load factor decreased approximately ten points to 55.7% in December 1999 from approximately 65.6% in December 1998.

Year-to-date RPMs increased 22% to approximately 854.8 million in 1999 from approximately 702.0 million in 1998. Year-to-date ASMs increased 24% to approximately 1,295.8 million in 1999 from approximately 1,042.7 million in 1998. Year-to-date load factor decreased approximately one point to 66% in 1999 from 67.3% in 1998.

Vanguard, which began service in December 1994 and is headquartered in Kansas City, is a low-fare, 100% ticketless passenger airline providing convenient and frequent scheduled jet services to 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 sixth consecutive quarter of operating profits in the third quarter of 1999. For more information on Vanguard or to book a reservation on-line, please visit our web site at www.flyvanguard.com.

RPMs (000)
December 1999: 64,766
December 1998: 57,989
% Change: 12%
YTD 1999: 854,803
YTD 1998: 702,004
% Change: 22%

ASMs (000)
December 1999: 116,286
December 1998: 88,340
% Change: 32%
YTD 1999: 1,295,781
YTD 1998: 1,042,689
% Change: 24%

Load Factor
December 1999: 55.7%
December 1998: 65.6%
Change: (10) Pts.
YTD 1999: 66.0%
YTD 1998: 67.3%
Change: (1) Pt.

Passengers
December 1999: 144,616
December 1998: 124,270
% Change: 16%
YTD 1999: 1,888,472
YTD 1998: 1,505,976
% Change: 25%

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