sidestep

quote from the e-mail we received today:

Unfortunately, Mesa Air Group is not immune to these challenges. Our partners are
reducing regional capacity and while our contracts require them to operate the
aircraft, these contracts do not specify a minimum capacity or utilization level.
These reductions in block hours, combined with the reduction in aircraft in service
have driven our current staffing surplus. This surplus is exacerbated by the
significant reduction in attrition that we have observed over the last 9 months.
Regrettably these combination of events has resulted in the need to furlough

approximately 100 pilots.

.........just more bad news for the industry\

sidestep

looks like DOH will go back to about 2/2008.

arizonastpilot

Well so much for a recall.. best of luck to the 100 that are about to join us. This industry SUCKS!

InvertedLoop

No real suprise here. Company got Pbs, so know they can get rid of the extra pilots. The also had to wait for the guys that got displaced to get out of training before they could furlough any more.

ToiletDuck

I'm a little shocked that there is no clause for minimum block hours.

rickair7777

I heard mesa missed a renewal deadline and lost 6 RJ's from their DCI contract this month. That would account for the furlough...

Is PBS implemented already?

iahflyr

SERIOUS QUESTION...No flame.


How is Mesa's cash flow right now? Last I heard they were all the way down to $20 million with a negative cash flow. Any news on this? How about the Delta injunction? Is Mesa still flying those ERJ's for Delta?

paxhauler85

I don't think we have any renewal deadlines with Delta since they canceled the entire contract. The only force that is keeping us flying is a court injunction. I haven't heard anything like this, but I don't fly on the DCI side of the house.

Parallel bidding is currently underway for PBS. It goes live on 03MAY09.

paxhauler85

We are still flying the ERJ's for Delta.

Mesa Air Group Reports First Quarter 2009 Results and go! Achieves First Profitable Quarter

PHOENIX, Feb. 18 /PRNewswire-FirstCall/ -- Mesa Air Group, Inc. (Nasdaq: MESA) (the "Company") announced today first quarter net income from continuing operations of $15.5 million on operating revenues of $265.1 million. Total operating revenues for the first quarter of 2009 decreased $61.5 million, or 18.8% primarily resulting from a year-over-year decrease in capacity and lower fuel revenue. The net income of $15.5 million, or $0.46 per share on a diluted basis, compares to net loss from continuing operations of $2.8 million, or $0.10 per diluted share for the same period of fiscal 2008. Pro forma net income for the quarter was $10.0 million or $0.31 per diluted share. Pro forma net income for the quarter includes adjustments for the following items on an after tax basis: $5.0 million gain on extinguishment of debt, $0.8 million income from equity method investments, $0.5 million of go! legal, $0.4 million in startup costs associated with our Chinese joint venture, $0.2 million of lease return costs, and $0.1 million loss on disposal.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990210/LAW065)
Total Available Seat Miles ("ASM's") for the first quarter of fiscal 2009 decreased 18.4% from the first quarter of 2008. The decrease was primarily due to a reduction in the number of aircraft flown from 183 as of December 31, 2007 to 151 as of December 31, 2008. At December 31, 2008 Mesa's operating fleet was comprised of 77 50-seat regional jets, 38 86-seat regional jets, 20 66-seat regional jets and 16 37-seat turboprops. As of December 31, 2008, the Company operated 49 regional jets and six turboprops on a codeshare basis with US Airways, 46 regional jets and ten turboprops for United, 34 regional jets for Delta, and had one operational spare. The Company also flew five regional jets in Hawaii, operating as go!
As of December 31, 2008, the Company's cash, marketable securities and restricted cash were approximately $64.0 million. In the second quarter of fiscal 2009 and similar to prior years, the Company will be making significant aircraft lease payments that will impact our cash position.


This is cut an paste from the company website.


Mesa Air Group - Press Releases

hslightnin

loosing the 6 had something to do with getting the 900's. JO is so awesome we lost both

they just awarded the COLA's but they are only a month long. wonder why they didnt go longer?