Mesa Air Group has announced fourth quarter losses from continuing operations of $22.3 million ($0.83 per diluted share) on gross operating revenues of $325.3 million. This compares to losses from continuing operations of $62.2 million ($2.16 per diluted share) in the fourth quarter of 2007 on gross operating revenues of $327.8 million. The company's financial year ends runs from 1 October to 30 September.
Total operating revenues decreased $2.6 million year-over-year, or 0.8%, primarily as a result of a year-over-year decrease in capacity partially offset by an increase in fuel revenue. Total pro forma net income for the fourth quarter 2008 was $3.1 million compared to $2.2 million for the same period of the prior year. Pro forma net income for the quarter includes adjustments for the following items on an after tax basis: $10.0 million of vendor settlements, $4.9 million related to lease return costs, $3.7 million for loss from equity method investments, $2.0 million expense from the Aloha Airlines settlement, $1.8 million for the adjustment to income tax valuation allowance, $1.5 million loss on disposal of assets, $0.9 million costs associated with our Chinese joint-venture, $0.4 million of legal expense for our go! operations and a net $0.2 million of additional pro forma items.
On 30 September 2008, Mesa's jet fleet comprised 45 Bombardier CRJ900s, 44 CRJ200s, 20 CRJ700s and 34 Embraer ERJ 145s. The turboprop fleet consisted of 16 Bombardier Dash 8 family aircraft.
At September 30, 2008, the total balance of cash, cash equivalents, restricted cash, and marketable securities was $64.9 million.
"2008 was a very challenging year operationally and financially for the company," said Mesa chairman and CEO, Jonathan Ornstein. "While many obstacles lay ahead, we are encouraged that the restructuring efforts begun in 2008 may permit the emergence of a reinvigorated company in 2009. We continue to execute our restructuring plan and take steps needed to improve the financial and operational performance of the company."
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