ExpressJet Holdings, Inc. reported a second quarter loss of $31.7 million, or $0.62 per share. Excluding special charges of $17.8 million, net of taxes, consisting of a $6.1 million net impairment related to the suspension of branded flying and various base closures as well as $11.7 million net for write-offs of goodwill and equity investments, ExpressJet reported a second quarter loss of $13.9 million, or $0.27 per share – a 39 percent improvement over first quarter 2008. For the six months ended June 2008, ExpressJet reported a loss of $63 million or $1.23 per share. Excluding special items, ExpressJet’s loss for the first six months of the year totaled $36.5 million or $0.71 per share.
“This quarter reflects all of the hard work by everyone at ExpressJet in continuing to improve our overall revenue performance, but unfortunately it also reflects the ever-increasing fuel price pressure confronting this industry,” said President and CEO Jim Ream. “Given the economic realities of this business and the savings provided to Continental to secure a long-term agreement, we are going to undertake a significant restructuring of our fleet and a corresponding cost reduction initiative in order to survive the current environment.”