Frontier Airlines Announces Second Quarter Earnings Estimate

Frontier Airlines (Nasdaq: FRNT ) today announced that it expects its earnings per share (EPS) for its fiscal second quarter ending Sept. 30, 2001 to fall within the range of $0.18 and $0.28 per fully diluted share, as compared to $0.57 per fully diluted share for the same period last year adjusted for the Company`s 3-for-2 stock dividend. For the month of July 2001, the airline reported total revenue per available seat mile (RASM) of 10.59 cents; operating cost per available seat mile excluding fuel (CASM ex fuel) of 7.61 cents and total cost per available seat mile (CASM) of 9.06 cents.

Frontier President and Chief Operating Officer Jeff Potter stated, “Like the rest of the industry, we have experienced the impact of a slowing economy and a highly competitive marketplace. However, we are pleased that we have been able to maintain profitability during this economic downturn given that the current softening economy coincides with our Airbus transition and the increased costs associated with that transition, and considering that last summer our results were positively impacted by the labor problems of a major competitor. In spite of these challenges, Frontier continues to operate profitably and implement its strategic growth plan, and we look forward to opening our two newest cities, Austin, Texas and Reno/Tahoe, Nevada on October 1.”

Frontier provides capacity and other data and industry comparisons on its Web site, which may be viewed at The historical information, earnings estimates and other projections contained herein and on the airline`s Web site speak only as of Sept. 04, 2001 and are not being made as of any later date, unless noted. Shareholders and other interested parties are advised to check the airline`s Web site for updated information. The historical information is subject to review and adjustment, and earnings estimates and other projected information are subject to review and adjustment and all the risks and uncertainties associated with projections. Actual results may differ materially. See the cautionary language below.