i dont want to turn this into a pinnacle thread so i wont post anything more about pinnacle here except for this.

The Company recorded operating revenue of $204.3 million, an increase of $24.8 million, or 14%, over the same period in 2007. This is primarily related to revenue earned under the Company's new contracts with Delta and Continental, as well as the inclusion of Colgan's financial results for the entire quarter in 2008. Consolidated operating income and operating margin were $6.7 million and 3.3%, respectively. Consolidated operating income and operating margin for the first quarter of 2007 were approximately $12.8 million and 7.1%, respectively.

Pinnacle achieved operating income of $17.7 million and an operating margin of 11.5% for the first quarter of 2008. Colgan reported an operating loss of $4.9 million and a negative operating margin of (9.9)% for the first quarter of 2008. Financial results for both Pinnacle and Colgan exclude certain overhead operating expenses incurred by the Company. Unallocated corporate overhead costs totaled $6.1 million for the first quarter of 2008.

The Company ended the quarter with cash and cash equivalents totaling $76.9 million. The Company's portfolio of auction rate securities ("ARS") has historically been classified as a short-term investment. Because of recent unprecedented events in the capital markets, the vast majority of auction rate securities have become illiquid. Accordingly, the Company has reclassified its ARS portfolio as a noncurrent asset on the Company's condensed consolidated balance sheet as of March 31, 2008. In addition, the Company assessed the current fair value of its ARS portfolio and recorded an unrealized loss of approximately $10 million to reduce the value of the portfolio to $126 million. In addition, the Company secured a $60 million term loan facility collateralized by its ARS portfolio and borrowed the maximum $60 million amount during the quarter.