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EXPRESSJET REPORTS 2Q 2010 FINANCIAL RESULTS
HOUSTON, Aug. 11, 2010 ExpressJet Holdings, Inc. (NYSE: XJT), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today reported a second quarter loss of $5 million or $0.27 per diluted share excluding special items primarily related to non-cash adjustments of deferred tax assets and impairment of fixed assets. Including special items, ExpressJets loss totaled $18.6 million or $0.99 per diluted share for second quarter 2010.
For the six months ended June 30, ExpressJets loss excluding special items totaled $18.2 million or $1.00 per diluted share. Including special items, ExpressJet reported a loss of $34.7 million or $1.92 per diluted share for the six months ended June 30, 2010.
Subsequent to quarter-end, ExpressJet announced that it signed a definitive merger agreement with SkyWest, Inc. (Nasdaq: SKYW) whereby SkyWest, Inc. will acquire all of the outstanding common shares of ExpressJet for $6.75 per share in cash subject to the conditions of the definitive merger agreement. SkyWest, Inc. advised that its intention is that ExpressJet will be merged with its wholly-owned subsidiary, Atlantic Southeast Airlines following the closing of the transaction and receipt of all required regulatory approvals.
Through the hard work of the ExpressJet employees, we made progress during the quarter towards our goals of reducing operating losses and achieving positive operating cash flows, said Tom Hanley, President and Chief Executive Officer of ExpressJet. We will continue to pursue these goals while we work to close the SkyWest, Inc. transaction and stay focused on our commitment of providing safe and reliable air transportation, while delivering ExpressJet quality service every day, added Hanley.
Under its capacity purchase agreement with Continental Airlines, Inc., ExpressJet flew 170,962 block hours during second quarter 2010 using an average of 206 aircraft a 4.3% improvement year-over-year. Since ExpressJet flew eight fewer aircraft in the Continental Express operation during second quarter 2010 versus second quarter 2009, utilization of each aircraft increased by 8.2% to an average of 9.12 hours per day. In second quarter 2010, ExpressJet generated 2.2 billion revenue passenger miles on 2.7 billion available seat miles, producing a load factor of 81.8% within its Continental Express operation. For the six months ended June 30, 2010, ExpressJet flew 4.2 billion revenue passenger miles on 5.3 billion available seat miles, producing a load factor of 79% within its Continental Express operation.
ExpressJet completed the expansion phase of its United Express operation under its capacity purchase agreement with United Airlines, Inc. Under this agreement, ExpressJet flew 22 aircraft during April and 32 aircraft during May and June 2010. During second quarter 2010, the United Express operation produced 25,556 block hours or an average daily utilization of 9.78 hours per day. For the three months ended June 30, 2010, ExpressJet flew 355 million available seat miles generating 276 million revenue passenger miles and a load factor of 77.6% within the United Express operation. For the six months ended June 30, ExpressJet flew 552 million available seat miles generating 414 million revenue passenger miles and a load factor of 75% within its United Express operation. Currently, ExpressJet operates 32 aircraft in its United Express operation.
The following information was filed by Expressjet Holdings Inc on Wednesday, August 11, 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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