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Mesaba Financial Report
Mesaba Holdings, Inc. Reports Forty-Nine Percent Increase in Second Quarter Net Income
Minneapolis/St. Paul, MN -- October 29, 1997 -- Mesaba Holdings, Inc.
(NASDAQ: MAIR) today reported second quarter net income of $5.75 million for
the three months ending September 30, 1997. The results represent a 48.9%
increase over the previous year's second fiscal quarter net earnings of $3.86
million. Earnings per share for the quarter were $0.41 on 13.92 million shares
outstanding, a 36.7% increase over the previous year's quarterly earnings per
share of $0.30 on 12.96 million shares outstanding. Operating revenues for the
quarter ending September 30, 1997 totaled $71.94 million, an increase of 54.1%
over $46.68 million in the same period last year. Second quarter results
include the operations of new service featuring the 69 passenger Avro RJ85
regional jets with five aircraft placed into revenue service as of September
30, 1997.
The airline reported an increase of 75.0% in Revenue Passenger Miles (RPMs) to
207.7 million for the second quarter compared to 118.7 million in the same
period for the prior year. The airline carried 890,500 passengers for the
quarter compared to 525,700 in the same period for the prior year, an increase
of 69.4%. Capacity, as measured by Available Seat Miles (ASMs), increased
65.7% to 362.0 million for the quarter from 218.5 million in the same period
last year. Passenger load factor climbed 3.1 points to 57.4% for the quarter
compared to 54.3% for the prior year. "By any measure this was a terrific
quarter for us," said Bryan Bedford, President and CEO of Mesaba Holdings,
Inc. "But considering all the significant one-time challenges we overcame
such as the regional jet introduction, Minneapolis expansion and our fast paced
fleet transition, these results are even more gratifying. Our people truly
deserve all the credit for our exceptional performance."
Mesaba Holdings, Inc., the parent company of Mesaba Airlines, operates as a
Northwest Airlink affiliate under code-sharing agreements with Northwest
Airlines. Currently, Mesaba serves 84 cities in 16 states and Canada from its
two hubs at Minneapolis/St. Paul and Detroit Metro International Airports. The
carrier operates a fleet of 70 turbo-prop and jet aircraft including the 30-34
passenger Saab 340, the 37 passenger deHavilland Dash-8 and the 69 passenger
Avro RJ85. The company continues its turboprop fleet conversion to an all Saab
340 fleet on schedule and anticipates the introduction of the 12 Avro RJ85
aircraft to be completed by May 1998.
Financial Summary
(in Thousands, except per share data)
|
|
Quarter Ending September 30th |
|
1997 |
1996 |
Change |
Operating Revenue |
$71,942 |
$46,675 |
54.1% |
Operating Income |
$9,155 |
$6,500 |
40.8% |
Net Income |
$5,748 |
$3,860 |
48.9% |
Net Income Per Share |
$0.41 |
$0.30 |
36.7% |
Weighted Average Shares Outstanding |
13,916 |
12,962 |
7.4% |
Operating Margin |
12.7% |
13.9% |
(1.2 pts) |
Net Margin |
8.0% |
7.3% |
(0.3 pts) |
Operating Statistics
|
Quarter Ending September 30th |
|
1997 |
1996 |
Change |
Passangers |
890,500 |
525,700 |
69.4% |
ASMs (000) |
361,957 |
218,472 |
65.7% |
RPMs (000) |
207,691 |
118,714 |
75.0% |
Load Factor (%) |
57.4% |
54.3% |
3.1 pts |
RASM (a) |
$0.204 |
$0.212 |
(3.8%) |
CASM (a) |
$0.180 |
$0.184 |
(2.2%) |
Financial Summary
(in Thousands, except per share data)
|
For the Six Months Ending September 30th |
|
1997 |
1996 |
Change |
Operating Revenue |
$126,366 |
$89,096 |
41.8% |
Operating Income |
$15,364 |
$11,569 |
32.8% |
Net Income |
$9,721 |
$6,861 |
41.7% |
Net Income Per Share |
$0.71 |
$0.53 |
34.0% |
Weighted Average Shares Outstanding |
13,611 |
12,970 |
4.9% |
Operating Margin |
12.2% |
13.0% |
(0.8 pts) |
Net Margin |
7.7% |
7.7% |
-- |
Operating Statistics
|
For the Six Months Ending September 30th |
|
1997 |
1996 |
Change |
Passangers |
1,513,800 |
996,300 |
51.9% |
ASMs (000) |
625,808 |
413,490 |
51.3% |
RPMs (000) |
353,176 |
222,926 |
58.4% |
Load Factor (%) |
56.4% |
53.9% |
2.5 pts |
RASM (a) |
$0.204 |
$0.213 |
(4.2%) |
CASM (a) |
$0.181 |
$0.187 |
(3.2%) |
(a) Turbo-prop operations only
RASM = Passenger Revenue per Available Seat Mile
CASM = Operating Cost per Available Seat Mile
Mesaba Holdings, Inc. is traded under the symbol MAIR on the NASDAQ National
Market.
For More Information Please Contact:
Warren R. Wilkinson
Mesaba Airlines
612-725-4915
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More Financial Information:
- July 23, 1997
-
Mesaba Holdings, Inc. Reports Forty-Nine Percent Increase in Second Quarter Net Income
Minneapolis/St. Paul, MN -- July 23, 1997 -- Mesaba
Holdings, Inc. (NASDAQ: MAIR) today reported first quarter net income of
$3.97 million for the three months ending June 30, 1997. The results represent
a 32.4% increase over the previous years first fiscal quarter net earnings
of $3.00 million. Earnings per share for the quarter were $0.30 on 13.31
million shares outstanding, a 30.4% increase over the previous years quarterly
earnings per share of $.23 on 12.98 million shares outstanding. Operating
revenues for the quarter ending June 30, 1997 totaled $54.42 million, an
increase of 28.3% over $42.42 million in the same period last year. First
quarter results include the operations of new service featuring the 69 passenger
Avro RJ85 regional jets with two aircraft placed into service on June 6,
1997.
- October 9, 1997
-
Mesaba Airlines and Northwest Airlines Execute New Airlink Agreement
Minneapolis/St. Paul -- October 9, 1997 -- Mesaba
Airlines and its marketing partner, Northwest Airlines (Nasdaq: NWAC), announced
today that they have executed a long-term contract which calls for Mesaba to
continue operating as Northwest Airlink. The formal agreement incorporates the
terms of a Memorandum of Understanding (MOU) which was announced in June of this
year. The ten year contract includes the consolidation of all Airlink flying
out of Northwest's Minneapolis/St.Paul hub with Mesaba, which was effective
August 1, 1997.
- July 23, 1997
-
Mesaba Holdings, Inc. Reports Thirty-Two Percent Increase in First Quarter Operating Net Income
Minneapolis/St. Paul, MN -- July 23, 1997 -- Mesaba
Holdings, Inc. (NASDAQ: MAIR) today reported first quarter net income of
$3.97 million for the three months ending June 30, 1997. The results represent
a 32.4% increase over the previous years first fiscal quarter net earnings
of $3.00 million. Earnings per share for the quarter were $0.30 on 13.31
million shares outstanding, a 30.4% increase over the previous years quarterly
earnings per share of $.23 on 12.98 million shares outstanding. Operating
revenues for the quarter ending June 30, 1997 totaled $54.42 million, an
increase of 28.3% over $42.42 million in the same period last year. First
quarter results include the operations of new service featuring the 69 passenger
Avro RJ85 regional jets with two aircraft placed into service on June 6,
1997.
- May 29, 1997
-
MESABA HOLDINGS, INC. REPORTS 72% INCREASE IN FISCAL YEAR 1997 EARNINGS
Minneapolis/St. Paul, MN -- May 29, 1997 -- Mesaba Holdings, Inc. today reported that its consolidated net earnings for the fiscal year ending March 31, 1997 rose to $12.0 million, a 71.9% increase from the previous years results of $7.0 million. Earnings per share for the year were $0.93, a 55.0% increase over the previous years earnings per share of $0.60. Weighted average shares outstanding increased 10.1% to 12.9 million from 11.7 million. For the year, consolidated operating revenues increased 8.9% to $185.7 million compared to $170.5 million reported during the previous fiscal year. The prior years revenue figures includes the results from Airtran Airways prior to it's spin-off from the company in September 1995.
- January 22, 1997
-
Mesaba Holdings, Inc. Reports Eighty-Two Percent Increase in Third Quarter Net Income
Minneapolis/St. Paul, MN -- January 22, 1997 -- Mesaba Holdings, Inc. (NASDAQ: MAIR) today reported third quarter net income of $3.0 million for the three months ending December 31, 1996.
- October 24, 1996
-
Mesaba Holdings, Inc. Reports Fifty-One Percent Increase in Second Quarter Net Income
Minneapolis/St. Paul, MN -- October 24, 1996 -- Mesaba Holdings, Inc. (NASDAQ: MAIR) today reported second quarter net income of $3.9 million for the three months ending September 30, 1996.
- July 23, 1996
-
Mesaba Holdings, Inc. Reports Record First Quarter Earnings
Minneapolis/St. Paul, MN-- July 23, 1996--Mesaba
Holdings, Inc. today reported net income of $3.0 million for the
three months ending June 30, 1996, the highest first quarter net earnings in the
Company's history.
- May 28, 1996
-
Mesaba Holdings, Inc. Reports Fiscal Year 1996 Earnings
Minneapolis/St. Paul, MN -- May 28, 1996 -- Mesaba Holdings, Inc. today reported that its consolidated operating revenues for Fiscal Year 1996 ending March 31st rose 16.9% to $170.5 million compared to 145.9 million reported during the previous fiscal year.
- January 25, 1996
-
Mesaba Holdings Report Improved 3rd Quarter Earnings
Minneapolis, MN -- January 25, 1996 -- Mesaba Holdings, Inc. today reported
earnings of $1,641,000 or $0.13 per share for its third fiscal quarter ending December 31, 1995. A year earlier, the Company posted a loss for the quarter of $0.01 per share.
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7501 26th Avenue South
Minneapolis, Minnesota 55450
(612) 726-5151
For Reservations Call: 1-800-225-2525