Mesa Air Group reports fourth quarter 2008 revenue and earnings

Mesa Air Group announced fourth quarter losses from continuing operations of $22.3 million on gross operating revenues of $325.3 million. This compares to losses from continuing operations of $62.2 million in the fourth quarter of 2007 on gross operating revenues of $327.8 million. Total operating revenues decreased $2.6 million year-over-year, or 0.8%, primarily as a result of a year-over-year decrease in capacity partially offset by an increase in fuel revenue. Total Pro Forma Net income for the fourth quarter 2008 was $3.1 million compared to $2.2 million for the same period of the prior year. Pro forma net income for the quarter includes adjustments for the following items on an after tax basis: $10.0 million of vendor settlements, $4.9 million related to lease return costs, $3.7 million for loss from equity method investments, $2.0 million expense from the Aloha Airlines settlement, $1.8 million for the adjustment to income tax valuation allowance, $1.5 million loss on disposal of assets, $0.9 million costs associated with our Chinese joint-venture, $0.4 million of legal expense for our go! operations and a net $0.2 million of additional pro forma items.