FLYi posts $830,000 February net operating loss; Independence Air posts $1.49 million net operating loss

By Caroline Salls

Pittsburgh, March 21 - FLYi, Inc. reported an $830,000 net operating loss for February on zero revenue, and subsidiary Independence Air reported a $1.49 million net operating loss, also on zero revenue, according to their monthly operating reports filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

In January, FLYi posted a $579,000 net operating loss on zero revenue, and Independence Air reported $266,695 of net operating income, also on zero revenue.

FLYi's net loss for February was $647,383, improved from a $795,412 January net loss, and Independence Air's February net loss was $1.55 million, showing a decline from a $94,547 net profit in January.

Cash and cash equivalents for FLYi on Feb. 28 were $1.24 million, compared with $1.23 million at the end of January.

Independence Air posted $40.67 million in cash and cash equivalents as of Feb. 28, compared with $42.06 million the month before.

FLYi, the Dulles, Va.-based parent of Independence Air, filed for bankruptcy on Nov. 7, 2005. Its Chapter 11 case number is 05-20011.

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