Mesa Air Group Delays 4th Annual Results

Mesa Air Group, Inc. delayed scheduled release of its financial and operating results for the fourth quarter and year ended September 30, 2007 until on or about January 15, pending completion of its review of certain estimates and reserves that may affect the financial statements. It expects to report a...

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Mesa Air Group, Inc. delayed scheduled release of its financial and operating results for the fourth quarter and year ended September 30, 2007 until on or about January 15, pending completion of its review of certain estimates and reserves that may affect the financial statements. It expects to report a consolidated net loss for fiscal 2007. The 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's review continues. 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 putting the filing into delinquency.
"We had hoped to be able to timely file our Form 10-K and release earnings this week,” said Chief Executive Officer Jonathan Ornstein. “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."
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, owing primarily to a pretax impairment charge totaling $38.0 million recorded during the second quarter of the current fiscal year.