Frontier Airlines Revises Fiscal First Quarter Earnings Estimate

Frontier Airlines (Nasdaq: FRNT) today announced that it expects its earnings per share (EPS) for its fiscal first quarter ending June 30, 2001 to fall within the range of $0.24 and $0.30 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. The airline reported total revenue per available seat mile (RASM) of 9.85 cents for the month of May 2001; operating cost per available seat mile excluding fuel (CASM ex fuel) of 7.79 cents; and fuel cost per available seat mile of 1.60 cents. This resulted in a total cost per available seat mile (CASM) of 9.39 cents.

“We are revising our earnings per share estimate for the June 2001 quarter to reflect anticipated expenses associated with a hailstorm we experienced last week at Denver International Airport,” said Frontier President Sam Addoms. “We estimate that the damage from the storm will add $1,250,000 to our fiscal first quarter expenses, which includes the uninsured costs to repair four of our aircraft damaged in the hailstorm and costs associated with chartering additional aircraft.”

Frontier provides capacity and other data and industry comparisons on its Web site, which may be viewed at TThe historical information, earnings estimates and other projections contained herein and on the airline`s Web site speak only as of June 28, 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.