UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended December 31, 1999
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No: 0-17895
MESABA HOLDINGS, INC.
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Incorporated under the laws of Minnesota
41-1616499
(I.R.S. Employer ID No.)
7501 26th Avenue South
Minneapolis, MN 55450
(612) 726-5151
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
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding as of February 1, 2000
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Common Stock
Par value $.01 per share 20,267,141
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MESABA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Nine Months Ended
December 31,
1999 1998
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 24,245 $ 14,843
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 10,499 6,799
Amortization of deferred credits (1,730) 1,506
Gain on sale of inventory - (799)
Deferred income tax benefit - (2,356)
Changes in current operating items:
Accounts receivable, net (19,310) (733)
Inventories 661 (3,932)
Prepaid expenses and deposits (1,196) 1,317
Accounts payable and accrued liabilities (498) 9,762
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Net cash provided by operating activities 12,671 26,407
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (15,949) (16,544)
Other 9 23
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Net cash used for investing activities (15,940) (16,521)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 2,518 2,457
Repayment of long-term obligations (318) (342)
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Net cash provided by financing activities 2,200 2,115
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (1,069) 12,001
CASH AND CASH EQUIVALENTS:
Beginning of period 83,152 66,554
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End of period $ 82,083 $ 78,555
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SUPPLEMENTARY CASH FLOW INFORMATION:
Cash paid during period for:
Interest $ 306 $ 337
=========== =========
Income taxes $ 14,922 $ 10,984
=========== =========
The accompanying notes to interim consolidated financial
statements are an integral part of these statements.
<PAGE>
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 undersigned thereunto duly authorized.
MESABA HOLDINGS, INC.
Date: March 14, 2000 BY: /s/ Robert E. Weil
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Robert E. Weil
Vice President and Chief Financial Officer
(Principal Financial Officer)
/s/ Jon R. Meyer
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Jon R. Meyer
Director of Accounting/Controller
(Principal Accounting Officer)
