ExpressJet Reports Fourth Quarter and Full Year 2008 Results

ExpressJet Holdings, Inc. today reported a fourth quarter loss, excluding special charges, of $5.7 million or $0.30 per share versus $27.1 million or $5.14 per share for the same period in 2007. These results represent a $21.4 million net income improvement. Including special items related to suspended flying operations and tax adjustments related to Section 382 of the Internal Revenue Code, ExpressJet reported a fourth quarter loss of $30.2 million versus a fourth quarter 2007 reported loss of $31.7 million.

For the twelve months ended December 31, 2008, ExpressJet reported a loss, excluding special charges, of $54.7 million compared to a loss of $65.6 million for the same period in 2007. Including the special items mentioned above, ExpressJet’s loss totaled $88.2 million for the twelve months ended December 2008 versus $70.2 million for the prior year.

“This quarter we focused on executing under our amended capacity purchase agreement with Continental, implementing additional cost savings measures and expanding our charter customer base,” said ExpressJet President and Chief Executive Officer, Jim Ream. “Our continued discipline and near perfect service allowed ExpressJet to produce positive cash flows from operations during the last two months of 2008,” added Ream.

X

Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.