Midwest Express Reports September Performance


Milwaukee, Wisconsin, October 10, 2002 å- Midwest Express Holdings, Inc. (NYSE: MEH) today reported September performance data for Midwest Express Airlines and Skyway Airlines, The Midwest Express Connection.

Both Midwest Express and Skyway Airlines reported increases in traffic, capacity and load factor, and decreases in yield, compared with September 2001. Year-over-year comparisons of performance data may not be meaningful because the comparisons are distorted by the impact of the events of September 11, 2001.


The company will release its third quarter financial results on October 17.


á Compared with September 2001, Midwest Express Airlines’ monthly traffic (measured in scheduled service revenue passenger miles) increased 41.8% on a 23.9% increase in capacity (measured in scheduled service available seat miles). Year to date, traffic was down 5.0% on a 5.1% decrease in capacity. The company expects capacity to increase 10-13% in the fourth quarter compared with fourth quarter 2001.


á Load factor for the month was 54.6%, compared with 47.7% in September last year; year to date, load factor was 61.2%, compared with 61.1% in 2001.

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á Revenue yield declined 8.2% from September 2001 and 12.0% year to date.


á Revenue per scheduled service available seat mile increased 4.3% in September and decreased 12.3% year to date. Load factor increases offset decreases in revenue yield for the month, while load factor remained virtually unchanged and revenue yield decreased year to date.


á Fuel prices were 3.4% lower in September than a year ago, and 16.4% lower in the first nine months of 2002 than 2001.


á Compared with September 2001, Skyway Airlines’ monthly traffic increased 83.7% on a 52.8% increase in capacity. Year to date, traffic was up 22.2% on a 24.0% increase in capacity. The company expects capacity to increase 32-34% in the fourth quarter compared with fourth quarter 2001.


á Load factor for the month was 47.6%, compared with 39.6% in September last year; year to date, load factor was 47.0%, compared with 47.7% in 2001.


á Revenue yield declined 15.5% from September 2001 and 13.9% year to date, partly due to longer passenger trip lengths.


á Revenue per scheduled service available seat mile increased 1.7% in September and decreased 15.1% year to date. Load factor increases offset decreases in revenue yield for the month, while both load factor and revenue yield decreased year to date.


á Fuel prices were 7.7% lower in September than a year ago, and 14.5% lower in the first nine months of 2002 than 2001.


Midwest Express Airlines features nonstop jet service to major destinations throughout the United States. Astral Aviation, Inc. - its wholly owned subsidiary - operates Skyway Airlines, The Midwest Express Connection, which offers connections to Midwest Express as well as point-to-point service between select markets on regional jet and turboprop aircraft. Together, the airlines fly to 51 cities.

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