Mesa Air Group Delays Time Set for Discussion of 4th Quarter Earnings and Annual Results

PHOENIX, Dec. 27 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) announced today that it is delaying the release of its financial and operating results for the fourth quarter and year ended September 30, 2007 until on or about January 15, 2008 and canceling the earnings conference call originally scheduled for Friday, December 28, 2007. In its Form 12b-25 filing with the Securities and Exchange Commission on December 14, 2007, the Company reported that it was delaying the filing of its Form 10-K pending completion of its review of certain estimates and reserves that may affect the financial statements. The Company's review of such estimates and reserves remains ongoing and is not expected to be completed until early next week. In addition, the Company's decision to sell its Air Midwest, Inc. operations, or certain Air Midwest assets, as of September 30, 2007, required additional work to ensure proper reporting as discontinued operations. As a result, the Company is further delaying the filing of its Form 10-K and will therefore be delinquent in the filing of such report.

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"We had hoped to be able to timely file our Form 10-K and release earnings this week. Among other items, the reporting associated with our decision to account for our B1900 operations (Air Midwest) as a "discontinued operation" has impacted our ability to finalize our financial statements in the time frame originally anticipated." said Jonathan Ornstein, the Company's Chief Executive Officer.

As reported in its 12b-25 filing, the Company reported a consolidated net loss of $13.4 million or $0.42 per diluted share for the first three quarters of fiscal 2007, due primarily to a pretax impairment charge totaling $38.0 million recorded during the second quarter of the current fiscal year, and expects to report a consolidated net loss for fiscal 2007. This projected loss compares to consolidated net income of $34.0 million or $0.84 per diluted share in fiscal 2006 and consolidated net income of $56.9 million or $1.35 per diluted share in fiscal 2005.

The Company expects to announce the date of its earnings call next week.

Mesa currently operates 184 aircraft with over 1,100 daily system departures to 144 cities, 40 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

This press release contains various forward-looking statements that are based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or expected.

CONTACT: Brian Gillman

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