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Previous: NICHOLAS APPLEGATE FUND INC, NSAR-A, 1998-08-21 |
Next: LEGG MASON INCOME TRUST INC, N-30D, 1998-08-21 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q - A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1998
Commission File Number 0-15495
MESA AIR GROUP, INC.
----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 85-0302351
- -------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3753 Howard Hughes Parkway, Suite 200, Las Vegas 89109
- ---------------------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 892-3773
--------------------
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
--- ---
On May 4, 1998 the Registrant had outstanding 28,327,917 shares of Common Stock.
<PAGE> 2
PART 1. FINANCIAL INFORMATION
Item 1.
MESA AIR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31 March 31
1998 1997 1998 1997
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Operating revenues:
Passenger $115,769 $123,037 $237,835 $241,912
Freight and other 3,864 2,373 6,357 4,909
-------- -------- -------- --------
Total operating revenues 119,633 125,410 244,192 246,821
-------- -------- -------- --------
Operating expenses:
Flight operations 47,765 45,705 95,729 87,683
Maintenance 23,604 21,482 46,531 42,775
Aircraft and traffic servicing 21,706 21,409 43,452 41,806
Promotion and sales 16,737 17,984 35,237 35,576
General and administrative 7,463 5,778 15,526 12,736
Depreciation and amortization 7,305 8,482 14,548 17,025
Other operating items 6,500 -- 40,443 --
-------- -------- -------- --------
Total operating expenses 131,080 120,840 291,466 237,601
-------- -------- -------- --------
Operating income (loss) (11,447) 4,570 (47,274) 9,220
-------- -------- -------- --------
Non-operating income (expense):
Interest expense (6,809) (6,897) (13,043) (13,593)
Interest income 268 503 863 1,045
Other 4,729 205 4,593 277
-------- -------- -------- --------
Total non-operating income (expense) (1,812) (6,189) (7,587) (12,271)
-------- -------- -------- --------
Loss before income taxes (13,259) (1,619) (54,861) (3,051)
Income tax benefit -- (630) (2,511) (1,186)
-------- -------- -------- --------
Net loss $(13,259) $ (989) $ (52,350) $ (1,865)
======== ======== ========= ========
Average common and common equivalent
shares outstanding 28,304 28,265 28,299 28,263
======== ======== ========= ========
Net loss per common and
common equivalent share $ (0.47) $ (0.03) $ (1.85) $ (0.07)
======== ======== ========= ========
</TABLE>
2
<PAGE> 3
MESA AIR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
March 31 September 30
1998 1997
-------- --------
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents $ 36,534 $ 57,232
Marketable securities -- 8,690
Receivables, primarily traffic 47,268 53,852
Income tax refund receivable 7,349 6,999
Expendable parts and supplies, net 30,769 31,377
Prepaid expenses and other current assets 8,906 8,553
-------- --------
Total current assets 130,826 166,703
Property and equipment, net 433,112 440,890
Lease and equipment deposits 11,671 10,354
Intangibles, net 21,350 22,071
Other assets 7,429 9,848
-------- --------
Total assets $604,388 $649,866
======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt and capital leases $ 16,781 $ 31,786
Accounts payable 13,430 21,884
Air traffic liability 11,420 6,785
Accrued compensation 6,779 7,025
Other accrued expenses 37,528 30,662
-------- --------
Total current liabilities 85,938 98,142
Long-term debt and capital leases, excluding current portion 329,809 338,199
Deferred credits and other liabilities 66,679 34,837
Deferred income taxes -- 1,600
Stockholder's equity:
Preferred stock of no par value, 2,000,000 shares -- --
authorized; no shares issued and outstanding
Common stock of no par value, 75,000,000 shares authorized; 101,626 101,361
28,327,917 and 28,294,584 shares issued and outstanding
Retained earnings 20,336 72,686
Unrealized gain on marketable securities, net -- 3,041
-------- --------
Total stockholder's equity 121,962 177,088
-------- --------
Total liabilities and stockholder's equity $604,388 $649,866
======== ========
</TABLE>
3
<PAGE> 4
MESA AIR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Six Months Ended March 31
<TABLE>
<CAPTION>
1998 1997
-------- --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(52,350) $ (1,865)
Adjustments to reconcile net loss to
net cash flows from operating activities:
Depreciation and amortization 15,196 17,025
Provision for other operating items 40,443 --
Amortization of deferred credits (11,177) (846)
Stock bonus plan -- 348
Provision for doubtful accounts 1,012 --
Gain on sale of securities (4,544) --
Other 771 --
Changes in assets and liabilities:
Receivables 5,572 (9,187)
Expendable parts and supplies 608 (526)
Prepaid expenses and other current assets (353) (3,116)
Accounts payable (8,454) 4,403
Other accrued liabilities 10,036 (6,541)
-------- --------
NET CASH FLOWS FROM OPERATING ACTIVITIES: (3,240) (305)
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (6,443) (4,198)
Proceeds from sale of property and equipment -- 1,803
Proceeds from sale of marketable securities 11,102 1,000
Other assets 2,419 5,027
Lease and equipment deposits (1,317) (900)
-------- --------
NET CASH FLOWS FROM INVESTING ACTIVITIES: 5,761 2,732
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt and obligations
under capital leases (23,484) (8,826)
Proceeds from issuance of common stock 265 122
Proceeds from deferred credits -- 409
-------- --------
NET CASH FLOWS FROM FINANCING ACTIVITIES: (23,219) (8,295)
-------- --------
NET CHANGE IN CASH AND CASH EQUIVALENTS: (20,698) (5,868)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 57,232 54,720
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 36,534 $ 48,852
======== ========
</TABLE>
4
<PAGE> 5
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the duly
authorized undersigned.
MESA AIR GROUP, INC.
Registrant
Date: August 21, 1998 /s/ Blaine M. Jones
------------------------------
Blaine M. Jones
Chief Financial Officer
(Principal Accounting Officer)
5
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