Republic cash continues gradual descent in Q2

Washington DC
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Republic Airways saw its cash and cash equivalents decline by 2.8% to $245.6 million during the three months ending in June.

Cash is still up more than 32% from $180.3 million at the end of June 2012.

Long-term debt less current maturities fell 1.1% to $1.74 billion during the quarter. Debt is down 11.7% compared to a year earlier.

Indianapolis-based Republic closed up to $1 billion in aircraft financing from Brazilian development bank BNDES for 47 Embraer 175s in July. The nearly 12-year debt finances the aircraft, which will operate under a 12-year capacity purchase agreement with American Airlines.