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Wednesday, November 12, 2008

XJT Asks for SEC Extension

ExpressJet is asking the Securities and Exchange Commission for an extension on filing its 10Q for the third quarter citing a change in accounting on its convertible notes. The change impacts its bottom line which was stated at a $4.8 million loss last week but the 10Q will reflect a $5 million net income or 32 cents per share. XJT said that it would file by Friday, November 14. Last week it reported an $8.6 million gain, net of taxes, on the modification of the terms of ExpressJet's 11.25 percent 2023 Convertible Notes based upon comparable market transactions and published studies. The change will be based on only convertible debt market trading for ExpressJet. For a complete report see the next issue of Regional Aviation News.

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