One of the “perks” of being in bankruptcy is that you get the delightful pleasure of releasing your monthly operating statements for public display. Frontier just submitted its May report (debtor = Frontier Airlines Holdings and docket = 385), and man, it isn’t pretty.

The airline lost $22 million in May on revenues of $120 million. I don’t think you need me to explain how bad that is. The results were actually bettered by a $9 million book gain on the sale of some aircraft, so the results could have been even worse. Yikes.

Most importantly, how did they come out on their cash position? Well, at the end of April they had just shy of $100 million on hand. At the end of May, there was $110 million on hand. Remember, however, that a lot (read: all) of that increase comes from the sale of aircraft.

The reality is that the airline burned through nearly $11 million through operating activities during the month. The airplanes brought in $60 million but almost $40 million of that was spent in paying down financing. So, as you can see, there was a net increase of only $10 million in the bank.

These are scary numbers, and it shows how dire the situation is at the airline right now. I would hate to be trying to arrange DIP financing right now, but that’s exactly what they have to be doing. Ugh. While summer numbers should look better than this, the price of oil continues to rise so that may erase any summer gains.