Profits down year over year, but improved compared to last quarters loss.
Mesa Air Group Reports Third Quarter 2007 Revenues and Earnings
PHOENIX, Aug. 1 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. announced today third quarter earnings of $2.6 million on gross operating revenues of $355.9 million. Total operating revenues increased $16.9 million year-over-year, or 5.0%, primarily as a result of the year-over- year increases in our regional jet fleet.
Net income and earnings per share for the third quarter were $2.6 million and 8 cents per share on a diluted basis, respectively, as compared to net income of $10.9 million and 25 cents per share for the same period of fiscal 2006 which included income of $5.9 million related the Company's US Airways bankruptcy claim. Pro forma net income excluded net non-cash investment gains of $0.7 million, costs associated with the early return of certain Dash- 8 aircraft of $1.4 million, a $1.7 million cost associated with a contract settlement with a vendor and $0.1 million in certain start up costs associated with our Chinese joint venture.
Total Available Seat Miles (ASMs) for the third quarter of 2007 increased 1.7% from the third quarter of 2006, primarily as a result of an increase in the number of regional jets flown from 146 jets as of June 30, 2006 to 152 as of June 30, 2007. At June 30, 2007, Mesa's fleet of regional jets was comprised of 94 50-seat regional jets, 20 70-seat regional jets and 38 86-seat regional jets (53 at US Airways, 58 at United, 33 at Delta, 5 at go! and 3 preparing for sublease to our Chinese joint venture). In addition to its regional jet fleet, Mesa operated 47 turboprops, including 16 37-seat DH8-200s (six at US Airways and ten at United), 11 37-seat DH8-100s (all 11 at Delta) and 20 B1900s (six at Mesa independent and 14 at US Airways).
Only blurb about go! was
The Company celebrated its one year anniversary of its inter-island
Hawaii operation go!. go!'s load factor in June was 72%, up from 63%
in May and June also saw go!'s highest average fare for 2007. In
addition, during the third quarter, go!'s frequent flyer membership