MESA Loses 24 Million!!!!!

[CFI]

PHOENIX, May 10 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) announced today a second quarter after tax loss of $24.0 million on gross operating revenues of $336.4 million. Total gross operating revenues for the second quarter of 2007 increased $24.4 million, or 7.8%, primarily as a result of the year-over-year increases in our regional jet fleet. Net income and earnings per share for the second quarter were a loss of $24.0 million and $0.54 per share on a diluted basis (all per share amounts reported hereafter are on a diluted basis), respectively, as compared to net income of $5.3 million and $0.14 per share for the same period of fiscal 2006. Pro forma net income for the quarter was $4.5 million, or $0.13 per share. Pro forma net income excluded after-tax non-cash losses on an equity investment of $2.2 million, net non-cash investment losses of $2.8 million and non-cash charges associated with the impairment of certain long-lived assets relating to our Delta and United code share agreements of $23.4 million. This compares to pro forma earnings of $12.9 million, or $0.30 per share for the comparable period of fiscal 2006.

 

[1st Rate]

I wonder how JO will spin this? You know he'll have a "good" reason.

 

[samballs]

I wonder how JO will spin this? You know he'll have a "good" reason.

He'll say pilots are payed too much, and demand paycuts. Of course all the CFIs' working there will agree.

 

[Pocono Pilot]

The glory days are over for the regional airlines.

 

[jetexas]

There were glory days for regional airlines?

 

[cobalt]

uh... how come the article keeps saying "second quarter"? aren't these supposed to be first quarter results?

 

[~~~^~~~]

I think the mystery is being removed from the question "how did Mesa beat out Comair and SkyWest for Delta Connection Flying?"

It appears SkyWest was smart not to bid flying below their operational costs. However, how long SkyWest can hold out against ExpressJet and Mesa's willingness to bid at less than cost?

 

[CFI]

Fiscal year 2007 starts in september so everthing is always one qtr off. 1st Qtr 2007=Sept06-Dec06, 2 Qtr 2007=Jan07-Mar07, etc..

 

[cobalt]

Fiscal year 2007 starts in september so everthing is always one qtr off. 1st Qtr 2007=Sept06-Dec06, 2 Qtr 2007=Jan07-Mar07, etc..

ah, thanks. guess that makes sense.

so how come other airlines say quarter one results for the jan-march period?? just so someone like me isn't too confused?

 

[CFI]

Mesa choses to start their fiscal year in sept other companies can chose to start their fiscal years at other times. Most companies seem to do it so the fiscal year matches with the calender year.

 

[flyer172r]

There were glory days for regional airlines?

There were for the management types.

 

[Grey Ghost]

PHOENIX, May 10 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) announced today a second quarter after tax loss of $24.0 million on gross operating revenues of $336.4 million. Total gross operating revenues for the second quarter of 2007 increased $24.4 million, or 7.8%, primarily as a result of the year-over-year increases in our regional jet fleet. Net income and earnings per share for the second quarter were a loss of $24.0 million and $0.54 per share on a diluted basis (all per share amounts reported hereafter are on a diluted basis), respectively, as compared to net income of $5.3 million and $0.14 per share for the same period of fiscal 2006. Pro forma net income for the quarter was $4.5 million, or $0.13 per share. Pro forma net income excluded after-tax non-cash losses on an equity investment of $2.2 million, net non-cash investment losses of $2.8 million and non-cash charges associated with the impairment of certain long-lived assets relating to our Delta and United code share agreements of $23.4 million. This compares to pro forma earnings of $12.9 million, or $0.30 per share for the comparable period of fiscal 2006.

Thats why his face is on Mount SCAB-more!
<---------------------

 

[WSurf]

Let me guess! A loss right at the time they are trying to get a new contract!! Every airlines is hiring like mad..... just shut it down!

 

[jdog78]

I think the mystery is being removed from the question "how did Mesa beat out Comair and SkyWest for Delta Connection Flying?"

It appears SkyWest was smart not to bid flying below their operational costs. However, how long SkyWest can hold out against ExpressJet and Mesa's willingness to bid at less than cost?

What makes you think XJT is working below cost? As far as I know, DL is getting the same rate that CO gets. If that were the case, then all of our flying would be operated at a loss.

 

[veneratio]

Hahahhahaaahahha

 

[YourPilotFriend]

This loss is because plywood was up 300% since they are now rebuilding new orleans.

 

[RIDETHELIGHTING]

I wonder how JO will spin this? You know he'll have a "good" reason.

He wont its contract time:smash:

 

[Flyer1015]

Thats why his face is on Mount SCAB-more!
<---------------------

LMFAO!!!

YOUR AVATAR IS HILARIOUS!!!!!

 

[Stifler's Mom]

I'd hate to see JO have to sell off some of his motorcycle collection.

 

[pgcfii2002]

He is obviously paying his pilots too much!!!!!!!!!!!!!!!!

 

[Brazilgun]

I think the mystery is being removed from the question "how did Mesa beat out Comair and SkyWest for Delta Connection Flying?"

It appears SkyWest was smart not to bid flying below their operational costs. However, how long SkyWest can hold out against ExpressJet and Mesa's willingness to bid at less than cost?

Skywest is holding pretty well. I'm sorry you guys at ASA are having so much trouble. If Skywest really want the flying they will bid very agressively. If not, they will put a bid that will have more restrictions. Good example is Midwest flying. We can't even staff what we got. We were not "desperate" for the Delta flying, even though would it be nice. But for one reason or the other, mangmt really want the Midwest flying.

 

[jetexas]

He is obviously paying his pilots too much!!!!!!!!!!!!!!!!

Headline USAtoday:

"$250,000/yr MESA pilots working 50 hours a month and bringing the company to its knees with debt!"

 

[pgcfii2002]

Headline USAtoday:

"$250,000/yr MESA pilots working 50 hours a month and bringing the company to its knees with debt!"

GOOD ONE!!!!!!!!!!!!!!!!!!!!!!

 

[Tarzan]

What makes you think XJT is working below cost? As far as I know, DL is getting the same rate that CO gets. If that were the case, then all of our flying would be operated at a loss.

XJT bid the DA flying at cost. Instead of haing planes sitting losing money, at the very least they can break even or lose less money.

 

[antix12]

I am not sure how long this has been known, but I found out today XJT has an additional 8 aircraft heading to Delta for a total of 18. Any flying done for another carrier over 10 aircraft has to be done at the Continental rate or Continental has to get the discounted rate the other carrier is getting.

If I am not mistaken this looks like Delta is paying the same rate CO is.

 

[Superpilot92]

XJT bid the DA flying at cost. Instead of haing planes sitting losing money, at the very least they can break even or lose less money.

Your retarded!! NONE of us know what our bid was for DAL. That isnt public knowledge And you sir pretending you know just makes you look ignorant. Lets see some facts on that mister CEO. :crying:

 

[SoberIrishman]

He'll say pilots are payed too much, and demand paycuts. Of course all the CFIs' working there will agree.

I guess spelling and grammar may get you "noticed", or perhaps "paid" (or is it payed?) more. Remember, in this industry we're not happy until "you're" (or is it your?) not happy!
And what's with all these new guys being lost without an electronic calculator these days to complete an easy W&B load manifest?

Does nobody teach simple Math and English anymore?

 

[Pocono Pilot]

Your retarded!! NONE of us know what our bid was for DAL. That isnt public knowledge And you sir pretending you know just makes you look ignorant. Lets see some facts on that mister CEO. :crying:

Actually, the agreement is an 'At Risk' agreement with Delta. Not good! Look a little harder before you type.

Oh, and pass the koolaid. We ain't doin' so good here at Express.

 

[eaglefly]

That corrupt idiot spent more than that on his toys last year.

He runds this business to build his personal wealth.

No more, no less.

So far, it's worked as there's been no shortage of clueless saps more than willing to help him do that.

My guess is he'll find a way to improve the cluelessness of his flying saps to insure his wealth cash-flow remians unimpeaded.

Backboards from pine to Balsa MIGHT be a good start.

 

[scott hall]

Wow. I hope my pilots take note of this. Not even Mesa can make money in this environment. Its time to say NO to ALPA and their idiotic demands for a contract at ASA.