Legal expenses, go! and the cessation of Air Midwest service led to a first quarter pre-tax loss for Mesa Air Group, Inc. of $2.8 million from continuing operations on operating revenues of $326.6 million. Total operating revenues for the first quarter of 2008 decreased $6.9 million, or 2.1 percent primarily as a result of a year-over-year decrease in aircraft in service. The net loss of $2.8 million, or $0.10 per diluted share, compares to net income from continuing operations of $8.9 million, or $0.22 per diluted share for the same period of fiscal 2007. Pro forma net loss for the quarter was $0.1 million or break even on a per share basis. The pro forma net loss for the quarter includes adjustments for the following items on an after tax basis: $3.7 million in costs associated with the return of aircraft to the lessors, $0.5 million for go! legal expenses, $0.6 million loss from equity method investments and $2.4 million gain on marketable securities.
Total Available Seat Miles (ASM's) for the first quarter of fiscal 2008 decreased 8.0 percent from the first quarter of 2007 primarily owing to a decrease in the number of aircraft flown from 200 as of December 31, 2006 to 183 as of December 31, 2007. At December 31 Mesa's operating fleet was comprised of 87 50-seat regional jets, 38 86-seat regional jets, 20 66-seat regional jets, two 76-seat regional jets, 16 37-seat turboprops, and 20 19-seat turboprops. As of December 31, the company operated 51 regional jets and 22 turboprops on a codeshare basis with US Airways, 53 regional jets and ten turboprops for United, 38 regional jets for Delta. The company also flew four turboprops at Mesa Airlines and five regional jets in Hawaii operating as go!.
As of December 31, the company's cash, marketable securities and debt investments were approximately $188.2 million, which includes $97.3 million of restricted cash, of which $90 million is a cash bond posted as security for a judgment against the company in favor of Hawaiian Airlines in October 2007, which is currently under appeal and is included in non-current assets.