The Company operates as an air carrier providing scheduled passenger and air freight service as US Airways Express, AmericanConnection, Delta Connection and United Express.
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RJET has the lowest costs and highest margins in the industry for its outsourced business, which also has high customer satisfaction survey results from passengers of the legacy carriers using RJET, so this outsourced business will only grow going forward.
RJET bought Midwest Airlines and Frontier for almost nothing in 2009, and has invested aobut $100 million in restructuring and unifying them for its branded business. Changing the name to Frontier is a solid move, and they will continue to cut costs and achieve synergies.
RJET is underpriced at less than half of book value. S&P has a positive outlook for the airline subindustry right now. RJET's price is out of line with much peers that have much higher costs and lower margins. RJET will be a survivor, and I expect its price to appreciate to at least 80% of book value by the end of 2010.