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Spirit Airlines just warned its investors that company may not survive the next 12 months

The quarterly earnings report comes five months after Spirit emerged from Chapter 11 bankruptcy in March

Competitor Frontier Airlines' CEO Barry Biffle recently issued a warning about what he feels is the budget air travel industry's bleak future

Spirit Airlines just warned the company may not survive the next 12 months.

On Aug. 11, the airline released its quarterly earnings report , which outlined bleak performance amid “weak demand” for travel.

“The company has continued to be affected by adverse market conditions, including elevated domestic capacity and continued weak demand for domestic leisure travel," the report said. The "challenges and uncertainties" are expected to con

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