Mesa facing delisting from Nasdaq

[ePilot22]

A year later and a share is now worth $.28. And next month they'll probably be a 1/3 of that.










eP.

 

[kf4amu]

The Company intends to file its Form 10-K later today and announce its earnings tomorrow (January 13th ) and therefore remedy the deficiency

Maybe you missed my point...about how they did this same thing last year.

 

[Ezralite]

Mesa Sucks!!!

 

[Broke in CVG]

Mesa sucks!

 

[Erlanger]

Deja Vu...

http://finance.yahoo.com/news/Mesa-Air-Group-Receives-prnews-14030610.html

Mesa Air Group Receives Nasdaq Letter

• Monday January 12, 2009, 11:06 am EST

PHOENIX, Jan. 12 /PRNewswire-FirstCall/ -- On January 5, 2009, Mesa Air Group, Inc. (Nasdaq: MESA - News) received a letter from Nasdaq (the "Notice") indicating that the Company fails to comply with the filing requirements for continued listing set forth in Marketplace Rule 4310(c)(14), and that its securities are, therefore, subject to delisting from The Nasdaq Global Select Market. Nasdaq rules permit the Company 60 calendar days to submit a plan to regain compliance. Following review of this plan, the Staff can grant the Company an exception, up to 180 calendar days from the date of the Periodic Report, or until June 29, 2009, to regain compliance.

The Notice arises as a result of Mesa's failure to timely file its Form 10-K for the fiscal year ended September 30, 2008. The Company intends to file its Form 10-K later today and announce its earnings tomorrow (January 13th ) and therefore remedy the deficiency.

Mesa currently operates 159 aircraft with over 800 daily system departures to 124 cities, 38 states, the District of Columbia, Canada, the Bahamas and Mexico. Mesa operates as Delta Connection, US Airways Express and United Express under contractual agreements with Delta Air Lines, US Airways and United Airlines, respectively, and independently as Mesa Airlines and go!. In June 2006 Mesa launched inter-island Hawaiian service as go!. This operation links Honolulu to the neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company, founded by Larry and Janie Risley in New Mexico in 1982, has approximately 5,000 employees and was awarded Regional Airline of the Year by Air Transport World magazine in 1992 and 2005. Mesa is a member of the Regional Airline Association and Regional Aviation Partners

If there is anything here that we all learned today, it is, this is how long it takes to rework the books and fudge the numbers.

 

[Metro752]

Mesa isn't going to die. There are people on their second furlough from United who thought the same thing 6 years ago.

 

[Flybywire44]

BRIEF-Mesa Air auditor concerned about material weakness

01.13.09, 07:00 AM EST Jan 13 (Reuters) - Mesa Air Group Inc:
* Says received notice of US Airways Group (nyse: LCC - news - people ) intent to cut one CRJ-200 in January 2009, one in July 2009 and one CRJ-200 in January 2010
* Sees US Airways to continue to further cut number of covered aircraft in
accordance with pact - SEC filing
* Air's auditor says expressed adverse opinion on co's internal control over financial reporting because of a material weakness.

http://www.forbes.com/afxnewslimited/feeds/afx/2009/01/13/afx5912384.html



What Does Material Weakness Mean?
When one or more of a company's internal controls, put in place to prevent significant financial statement irregularities, is considered to be ineffective. If a deficiency in an internal control is thought to be of material weakness, this means that it could lead to a material misstatement in a company's financial statements.

​

Investopedia explains Material Weakness...
A material weakness, when reported by an auditor, simply suggests that a misstatement could occur. If a material weakness remains undetected and unresolved, a material misstatement could eventually occur in a company’s financial statements, which would have a tangible effect on a company's valuation. For example, a $100 million overstatement in revenue would be a material misstatement for a company generating sales of $500 million annually.

 

[flyboyzz1]

Mesa Q4 results...not THAT bad


http://www.streetinsider.com/Earnings/Mesa+Air+Group+(MESA)+Reports+a+Q4+Loss/4296935.html

 

[joeyfly55]

They will never die, they're going to be the last airline standing, they'll open up shop in Africa if they have to.

I completely agree!

 

[Jar Jar]

http://www.forbes.com/afxnewslimited/feeds/afx/2009/01/13/afx5912384.html



What Does Material Weakness Mean?
When one or more of a company's internal controls, put in place to prevent significant financial statement irregularities, is considered to be ineffective. If a deficiency in an internal control is thought to be of material weakness, this means that it could lead to a material misstatement in a company's financial statements.


Investopedia explains Material Weakness...
A material weakness, when reported by an auditor, simply suggests that a misstatement could occur. If a material weakness remains undetected and unresolved, a material misstatement could eventually occur in a company’s financial statements, which would have a tangible effect on a company's valuation. For example, a $100 million overstatement in revenue would be a material misstatement for a company generating sales of $500 million annually.

aka: cookin' the books