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Thursday February 18, 2:44 pm Eastern Time
Company Press Release
SOURCE: EBI Securities Corp.
EBI Securities Corp. Reiterates STRONG BUY
Rating on Frontier Airlines
DENVER, Feb. 18 /PRNewswire/ -- The following is being issued by EBI Securities Corp., a member of the National
Association of Securities Dealers, CRD Number 16184:
EBI Securities Corp. research analyst Dave Lavigne reiterated his STRONG BUY rating of Frontier Airlines, Inc.
(Nasdaq: FRNT - news) as well as increased his earnings estimates for the December quarter and for Fiscal Year 1999
and increased his 12 month price target from $12.00 to $17.00 per share.
In his report, Lavigne notes that the January load factor of 55.9% is about 6% above what he was expecting. He notes
that he had originally been looking for Frontier to approximately break even in the month of January, however, his model
indicates that the month was more likely profitable in excess of $2.5 million. With this in mind, he revised his estimate for
the current fiscal 4th quarter from $0.14 to $0.33, and consequently also raised his estimate for fiscal 1999 from $0.93 to
$1.16.
Given the increase in his numbers both past and present, he is reiterating his STRONG BUY rating of Frontier Airlines
and raising his 12-month price target from $12.00 to $17.00 per share.
Denver-based Frontier Airlines commenced operations on July 5, 1994. Unlike other airlines, Frontier's low fares do not
have a Saturday night stay requirement. In addition, Frontier offers frequent flier mileage points in Continental Airlines
OnePass program. The airline currently serves 19 cities coast to coast with a fleet of 17 Boeing 737 jets and employs
approximately 1,200 travel professionals.
Information and statements contained herein, other than historical information, should be considered forward looking,
which involve risk and uncertainties. EBI Securities Corp., its officers, directors and affiliates may maintain positions in the
securities referenced, which may change at any time without notice. EBI is a market maker in the common stock of
FRNT. EBI acted as managing underwriter of a public offering of FRNT's common stock and warrants in 5/94 and 9/95.
The securities referenced are speculative in nature and may not be suitable for your investment objective. Additional
information is available upon request.
SOURCE: EBI Securities Corp.
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