ExpressJet reports first quarter net loss of $31.3 million

ExpressJet Holdings reported a first quarter loss of $31.3 million. Excluding an impairment charge relating to investments in auction rate securities held by the company, ExpressJet reported a first quarter loss of $22.6 million. In the first quarter, ExpressJet operated 215 aircraft under capacity purchase agreements with Continental Airlines and Delta Air Lines and generated 2.0 billion revenue passenger miles and 181,161 block hours across both systems. ExpressJet expects to continue operating 215 aircraft under these contracts throughout 2008.

For the first quarter, ExpressJet operated nine aircraft within its charter division. The charter division’s revenue almost doubled versus revenue generated last year, and developing opportunities will require three additional aircraft in the charter fleet by June 2008.

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