ExpressJet 2Q Profit Falls 18 Percent
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HOUSTON (AP) - ExpressJet Holdings Inc., operator of the Continental Express regional airline, on Friday reported its second-quarter profit slid 18 percent, as higher operating expenses offset slightly higher revenue.
ExpressJet, which provides connecting flights for former parent Continental Airlines Inc., reported earnings of $24.4 million, or 41 cents per share, compared with $29.7 million, or 49 cents per share, in the prior-year period.
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Revenue rose 5 percent to $388.7 million from $370.8 million a year ago. However, operating expenses for wages, plane rentals and other items rose nearly 9 percent to $348.7 million from $320.7 million a year ago.
Revenue passenger miles rose 18 percent, while passenger load factor -- a closely watched industry gauge measuring how many seats are filled with paying passengers -- improved 1 percentage point to 74.2 percent.
ExpressJet forecast capital spending of $15 million for the rest of this year. It spent $3.5 million on capital expenditure in the quarter just ended.
The airline ended the quarter with $224.2 million in cash, cash equivalents and short-term investments, including $6.3 million in restricted cash.
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[url="http://news.moneycentral.msn.com/inc/images/prov_ap.gif"]http://news.moneycentral.msn.com/inc/images/prov_ap.gif
All Associated Press News[/url]
HOUSTON (AP) - ExpressJet Holdings Inc., operator of the Continental Express regional airline, on Friday reported its second-quarter profit slid 18 percent, as higher operating expenses offset slightly higher revenue.
ExpressJet, which provides connecting flights for former parent Continental Airlines Inc., reported earnings of $24.4 million, or 41 cents per share, compared with $29.7 million, or 49 cents per share, in the prior-year period.
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Revenue rose 5 percent to $388.7 million from $370.8 million a year ago. However, operating expenses for wages, plane rentals and other items rose nearly 9 percent to $348.7 million from $320.7 million a year ago.
Revenue passenger miles rose 18 percent, while passenger load factor -- a closely watched industry gauge measuring how many seats are filled with paying passengers -- improved 1 percentage point to 74.2 percent.
ExpressJet forecast capital spending of $15 million for the rest of this year. It spent $3.5 million on capital expenditure in the quarter just ended.
The airline ended the quarter with $224.2 million in cash, cash equivalents and short-term investments, including $6.3 million in restricted cash.
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