DENVER (July 7, 2003) - Frontier Airlines (Nasdaq: FRNT) today announced preliminary traffic results for June 2003. Revenue passenger miles (RPMs) increased 39.5 percent to 422,039,000 for June 2003 from the same period last year. Available seat miles (ASMs) increased 19.3 percent to 558,476,000 for June 2003 from the same period last year. This resulted in a load factor for June 2003 of 75.6 percent, an increase of 11.0 points from June 2002, when the airline reported a load factor of 64.6 percent. The airline carried 462,115 passengers during June 2003, a 41.8 percent increase from June 2002. The airline reported an average fare of $108 for the month of June 2003, a 2.9 percent increase from June 2002 when the airline`s average fare was $105. The Company also updated its capacity forecast for fiscal year 2004 to 17.5 percent. Capacity forecast information for the airline`s fiscal year 2004 can be found on the investor relations section of its web site, available at www.frontierairlines.com.
“Our June 2003 load factor represents the highest monthly load factor in Frontier`s nine-year operating history,” stated Vice President of Marketing and Planning Sean Menke. “We are pleased that our summer traffic has rebounded and that travelers are responding positively to a fare structure change that occurred earlier this year and to increased frequencies to some of our more popular destinations in our May schedule. In addition, we`ve increased our marketing efforts to spotlight our new Airbus fleet and our innovative DIRECTV product and we believe consumers have responded positively to that message.”
In conjunction with announcing its preliminary June 2003 traffic results, the airline also provided guidance for its fiscal first quarter 2004. Frontier President and CEO Jeff Potter stated, “The rebound of our passenger traffic in June 2003 compared to the distressed levels in April 2003, when our country was in the midst of a war in Iraq, has been encouraging. As a result of increased demand, as demonstrated by our June traffic results, we currently estimate that our earnings per diluted share (EPS) for our fiscal first quarter 2004 ended June 30, 2003, excluding government aid monies received during the quarter as a result of the Emergency Wartime Supplemental Appropriations Act and unusual and non-recurring items, will fall between breakeven and $0.05 cents per share.”
The Company plans to release its actual fiscal first quarter 2004 results on July 31, 2003 after the close of normal and after-hours trading sessions.