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EXPRESSJET REPORTS FIRST QUARTER 2010 RESULTS
HOUSTON, April 28, 2010 – ExpressJet Holdings, Inc. (NYSE: XJT), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today reported a first quarter loss of $16.1 million or $0.93 per share. Excluding special items, ExpressJet’s loss totaled $12.7 million or $0.73 per share.
Driving ExpressJet’s financial performance during the quarter was seasonally lower flight activity, cancellations and delays caused by severe winter weather in the Northeast and Midwest, cost increases that outpaced revenue growth and record low attrition.
“Our employees did a great job of operating the airline in light of the severe weather conditions of the first quarter,” said Pat Kelly, Interim President and Chief Executive Officer. “Unfortunately, our financial results were disappointing. It is clear now that to return to sustained profitability, we need to reduce our costs further,” Kelly added.
On April 19, ExpressJet announced the Board of Directors selected industry veteran, Thomas M. Hanley as President and Chief Executive Officer effective immediately. Tom assumed the position from Interim President and Chief Executive Officer, Pat Kelly. Pat will return to his position on ExpressJet’s Board of Directors effective May 1, 2010.
“I would like to thank the ExpressJet Board for selecting me to lead the company and Pat Kelly for his leadership,” said Tom Hanley. “My goal will be to maintain ExpressJet’s status as a leader for operational excellence while returning the company to sustained profitability. The keys to success at ExpressJet will be the support and professionalism of our people, as we continue to focus on safety, reliability, customer service, and renew our emphasis on cost control,” added Hanley.
Under its capacity purchase agreement with Continental Airlines, ExpressJet flew 162,823 block hours using an average of 208 aircraft. The year-over-year improvement in block hours led to ExpressJet utilizing each aircraft an average of 8 hours and 41 minutes per day-a 6.2% year-over-year improvement. In first quarter 2010, ExpressJet generated 1.9 million revenue passenger miles on 2.5 million available seat miles, producing a load factor of 76% within its Continental Express operation.
ExpressJet continued the expansion phase of its United Express operation, where it flew an average of 16 aircraft during the first quarter. The United Express operation produced 14,432 block hours or average daily utilization of 9 hours and 54 minutes per day. Within the United Express operation, ExpressJet flew 197,244 available seat miles, generating 138,832 revenue passenger miles and a load factor of 70.4%. Currently, ExpressJet operates 22 aircraft in its United Express operation and expects to add 10 additional aircraft on May 1, 2010.
Within Partner Flying, ExpressJet expects utilization to continue improving as the economy recovers and it heads into the seasonally stronger second and third quarters of the year.
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The following information was filed by Expressjet Holdings Inc on Wednesday, April 28, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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