How UAE defence giant EDGE Group plans to double its exports
The UAE defence conglomerate has put an aggressive strategy in place to increase its share of exports while navigating the growing gap between East and West.
ExpressJet Holdings, parent company of regional and charter airline operator, ExpressJet Airlines, Inc, has reported fourth quarter 2009 net income of $30.2 million and a net loss of $3.3 million for the full calendar year.
The quarterly result reflect a one-time income tax benefit of $47.6 million, including a $17.1 million cash receivable associated with recent tax legislation, and an approximate $30 million non-cash adjustment of deferred tax assets.
Excluding special items, ExpressJet reported a $1.6 million net loss for the full-year 2009
For the three months ended 31 December 2009, ExpressJet recorded an operating loss of $17.1 million versus an operating loss of $8.7 million in 2008. The key drivers for ExpressJet's operating performance during the fourth quarter 2009 included continuing utilisation pressure; rising expenses associated with wages and benefit programmes coupled with record low attrition; and lower than expected consumer price index adjustment impacting block hour revenue rates under the company’s agreement with Continental Airlines.
"We are disappointed with our fourth quarter operating losses given the strides we've made to transition our company and the hard work of our employees," said Pat Kelly, interim president and chief executive officer. “We ended 2009 on a high note with the award of a new agreement with United Airlines that will assist us in returning to positive cash flows during 2010. In 2010, we will focus on controlling costs, continuing to provide our customers with exceptional service and successfully executing our business plan."
ExpressJet’s revenue in the three months ended 31 December 2009 was $168.8 million versus $160.5 million for the three months ended 31 December 2008. The company says the 5.1% improvement stems primarily from increases in both block hours and utilisation of approximately 7%.
For the full-year 2009, ExpressJet earned $688.2 million in revenue, including $597.4 million in passenger revenue for scheduled flying, $56.7 million through corporate aviation (charter) flying and $34.1 million in aviation services.
ExpressJet ended 2009 with $107.8 million in cash, cash equivalents and short-term investments. The cash balance included $17.7 million in restricted cash and $9.1 million in short-term investments, primarily auction rate securities, after accounting adjustments to impair the value of these assets.
The UAE defence conglomerate has put an aggressive strategy in place to increase its share of exports while navigating the growing gap between East and West.
The US Congress has raised concerns about how inflation rates and cuts in main acquisition programmes could affect the US military.
Washington’s ageing inventory and the pace Moscow and Beijing have been modernising their capabilities put in check the US Nuclear deterrence.
The Pentagon has been operating under temporary funding since October 2023, which has impacted its main acquisition and development programmes, increasing the capability gap between the US and China.
In 2023, defence spending increased by an unprecedented 11% across European NATO countries and Canada. Since 2014, the group has spent an additional US$600 billion on defence.
The DoD requested nearly US$850 billion to fund operations over the next fiscal year. Despite the amount being 1% higher than the FY2024 budget request, it has not covered the 3% inflation rate, which could impact the DoD’s main programmes in the medium and long term.