ExpressJet Holdings, Inc. today reported a third quarter loss of $22.3 million, or $0.41 per share.Third quarter net revenue totaled $441.3 million, consisting primarily of: $357.4 million from the company's contract flying with Continental and Delta airlines and of charter flying; $75.6 million from the branded operation, which includes flying as ExpressJet and pro-rate flying for Delta; and $9.9 million from the provision of third-party ground handling and maintenance services.Available seat miles under the contract flying ExpressJet performed for Delta and Continental totaled 2.8 billion and represented 192,151 block hours across both systems.
"We finished our transition of aircraft during the third quarter and continue to be pleased with how well the ExpressJet employees did in delivering the very best customer service,” said President and CEO Jim Ream. “The quarter reflects the anticipated market development challenges associated with all of the new flying and the operational inefficiencies that come from a very rapid deployment into all of our new markets. I could not be happier with all of the hard work in getting these new lines of business operating and with how much progress we have made in such a short amount of time.” For a complete analysis see next week's issue of Regional Aviation News.