C O R R E C T I O N -- Mesa Air Group/
Tuesday, April 20, 1999 04:54 PM
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In LATU112, Mesa Air Group (Nasdaq: MESA) Announces Profitable Second Quarter, moved earlier
today, we are advised by a representative of the company that the first graph, first line should read,
"Mesa Air Group (Nasdaq: MESA) reported second quarter net income of $2.9 million on revenues of
$77.9 million," rather than "Mesa Air Group (Nasdaq: MESA) reported second quarter net income of
$2.9 million on revenues of $155.1 million," as originally issued.
Company Announces $2.9 Million Net Income for the Quarter Ending March 31, 1999
PHOENIX, April 20 /PRNewswire/ -- Mesa Air Group (Nasdaq: MESA) reported second quarter net
income of $2.9 million on revenues of $155.1 million as compared to a $13.3 million loss reported
during the same period last year. The income per share was $.10 cents for the second quarter 1999,
as compared to a loss per share of $.47 cents reported for the second quarter of 1998.
(Photo: newscom.com
"While we are pleased to report our third consecutive quarterly profit for what is historically our weakest
quarter, we believe the strategies implemented over the past year are only beginning to impact our
financial performance. Our goal is to operate our company at the same level of profitability experienced
by other publicly-traded regional airlines," said Jonathan Ornstein, President and Chief Executive
Officer.
"Thanks to the hard work and dedication of our people, Mesa's turn-around is underway. As our
financial situation improves we are prepared to implement our growth plan centered around expansion
of our regional jet fleet."
With respect to CCAIR, Mesa also announced that it intends to mail to shareholders the Joint Proxy
Statement/Prospectus shortly, and plans to complete the acquisition this quarter. "CCAIR's financial
and operational performance continues to be excellent, and we are looking forward to welcoming
CCAIR's employees to the Mesa family," said Ornstein.
Mesa's unaudited Financial Summary for the second quarter ended March 31, 1999, and for the six
months Year-to-Date are reported as follows:
For the three months ended March 31 1999 1998
Unaudited $(000)
Total Operating Revenue $77,941 $119,633
Total Operating Expenses $72,105 $131,080
Operating Income (loss) $5,836 ($11,448)
Total non-operating expense ($2,929) ($1,811)
Earnings (loss) before income taxes $2,906 ($13,259)
Income Tax Benefit -- --
Net earnings (loss) $2,906 ($13,259)
New income (loss) per share: Basic .10 (.47)
Average Shares Outstanding: Basic 28,389 28,304
Year to Date: For the six months ended March 31 1999 1998
Unaudited $(000)
Total Operating Revenue $155,061 $244,192
Total Operating Expenses $143,020 $291,467
Operating Income (loss) $12,041 ($47,275)
Total non-operating expense ($6,850) ($7,586)
Earnings (loss) before income taxes $5,191 ($54,861)
Income Tax Benefit -- ($2,511)
Net earnings (loss) $5,191 ($52,350)
New income (loss) per share: Basic .18 (1.85)
Average Shares Outstanding: Basic 28,379 28,299
Mesa's unaudited Balance Sheet at March 31, 1999 is reported as follows:
3/31/99 9/30/98 Change
Unaudited
$(000)
Cash and Securities $65,527 $35,622 84.0%
Current Assets $121,679 $102,157 19.1%
Total Assets $465,796 $470,952 -1.1%
Current Liabilities $92,965 $98,786 -6.2%
Total Liabilities $339,482 $349,853 -3.0%
Total Equity $126,314 $121,099 4.5%
Mesa's Operating Statistics for the second quarter ended March 31, 1999, and for the six months
Year-to-Date are reported as follows:
For the three months ended March 31 1999 1998 Change
Revenue Passenger Miles (000) 258,216 325,360 -20.64%
Available Seat Miles (000) 527,855 629,315 -16.12%
Passengers Carried 771,813 1,443,396 -46.53%
Load Factor 48.9% 51.7% -2.8 points
Yield per Revenue Passenger Mile (cents) 30.2 36.8 -17.93%
Cost per Available Seat Mile (cents) 13.7 20.8 -34.42%
Revenue per Available Seat Mile (cents) 14.8 19.0 -22.33%
Stage Length (miles) 230 185 24.55%
Year to Date, for the six months
ended March 31 1999 1998 Change
Revenue Passenger Miles (000) 514,222 679,833 -24.36%
Available Seat Miles (000) 1,044,999 1,262,428 -17.22%
Passengers Carried 1,595,018 3,043,006 -47.58%
Load Factor 49.2% 53.9% -4.7 points
Yield per Revenue Passenger Mile (cents) 30.2 35.9 -15.87%
Cost per Available Seat Mile (cents) 13.7 23.1 -40.72%
Revenue per Available Seat Mile (cents) 14.8 19.3 -23.29%
Stage Length (miles) 224 184 21.61%
The Company reported March on-time arrival performance, as measured by the Department of
Transportation parameters, as 85.16%. Compared to the top ten major carriers, Mesa Air Group would
rank number one in on-time performance according to the statistics most recently released by the
Department of Transportation.
Mesa Air Group flies to nearly 120 cities in 28 states plus the District of Columbia, as well as Toronto,
Canada, and Guaymas and Hermasillo, Mexico. The Company operates as America West Express in
the Southwest, US Airways Express throughout the East Coast and Midwest, and independently as
Mesa Airlines in New Mexico and Colorado. Mesa operates one of the youngest fleets of jet and
turbo-prop aircraft in the industry today.
This press release contains forward-looking statements which are made pursuant to the Safe Harbor
Provisions of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to,
the statement that the Company has begun a number of initiatives to significantly improve operating
results. These forward-looking statements involve risks and uncertainties that could cause actual
results to be materially different. Factors include, but are not limited to, fluctuations of fuel costs,
unscheduled maintenance problems, consumer demand, regulatory matters, action by competitors
and revenue fluctuations caused by market conditions. The forward-looking statements should be
considered in light of these risks and uncertainties. The Company disavows any obligation to update or
correct any of its forward statements.
SOURCE Mesa Air Group
CONTACT: Blaine Jones of Mesa Air Group, 602-685-4034
Quote for referenced ticker symbols: MESA
© 1999, PR Newswire |
