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New Midwest Airlines owner reports lower profit

Republic Airways Holdings posted lower profits in the third quarter, largely due to losses at Midwest Airlines.

Republic completed the buyout of Milwaukee-based Midwest on July 31, meaning Republic's financial results reflect two months of owning the carrier.

For the three months ended Sept. 30, Republic earned $3.3 million, or 9 cents a share, compared to $17 million, or 50 cents a share, during the same time last year. Revenues were also down nearly 7 percent.

Midwest at one time was the second biggest operator at Kansas City International Airport and was popular among local fliers. Midwest drastically cut its flight schedule at KCI following the fuel-price spike of 2008 and has remained in a holding pattern since.

Republic officials said they hope to restore much of Midwest's previous service in Kansas City sometime in 2010. Midwest currently has 15 daily departures from KCI.

Midwest had a quarterly pretax loss of $15.9 million for Republic.

Republic also took ownership of Denver-based Frontier Airlines out of bankruptcy in October. The results of Frontier, which flies between Denver and Kansas City, will show up starting in Republic's fourth quarter.

Submitted by Randy Heaster on November 5, 2009 - 11:15am.
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4/9/09

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Who do I talk to for financial advice that does not involve them trying to sell me something? We are 60 and 59, have a 200,000 annuity, are 60-70,000 credit card debt, have a house that is half paid for,own a condo in fl that is not paying for itself, have a good credit rating, not behind on anything, not facing foreclosure, wife on disability, husband still working, Want to pay off credit cards, but don't know how. Should we use part of annuity? I just want to know who to ask for help. Thanks

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