Mesa Air Group reports first quarter 2008 revenues and earnings

Mesa Air Group reported first quarter after tax losses of $2.8 million from continuing operations on operating revenues of $326.6 million. Total operating revenues for the first quarter of 2008 decreased $6.9 million, or 2.1% primarily as a result of a year-over-year decrease in aircraft in service. The net loss of $2.8 million compares to net income from continuing operations of $8.9 million for the same period of fiscal 2007. Pro forma net loss for the quarter was $0.1 million or break even on a per share basis. The pro forma net loss for the quarter includes adjustments for the following items on an after tax basis: $3.7 million in costs associated with the return of aircraft to the lessors, $0.5 million for go! legal expenses, $0.6 million loss from equity method investments and $2.4 million gain on marketable securities.

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