SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
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 number 0-17846
CCAIR, Inc.
Incorporated under the laws of Delaware 56-1428192
(I.R.S. Employer ID No.)
4700 Yorkmont Road, Second Floor
Charlotte, North Carolina 28208
(704) 359-8990
Indicate by a 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 at May 6, 1996
----- --------------------------
Common stock, $0.01 par value 7,740,695
<PAGE>
CCAIR, Inc.
FORM 10-Q QUARTERLY REPORT FOR
FISCAL QUARTER ENDED MARCH 31, 1996
TABLE OF CONTENTS
PAGE NO.
PART I - FINANCIAL INFORMATION:
ITEM 1. Financial Statements: 3
Condensed Balance Sheets as of
March 31, 1996 and June 30, 1995. 3
Condensed Statements of Income for
the Three and Nine Months ended
March 31, 1996 and 1995. 4
Condensed Statements of Cash Flows
for Nine Months ended March 31,
1996 and 1995. 5
Notes to Condensed Financial Statements. 6
ITEM 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations. 7
PART II - OTHER INFORMATION:
ITEM 1. Legal Proceedings. 10
ITEM 2. Changes in Securities. 10
ITEM 3. Defaults Upon Senior Securities. 10
ITEM 4. Submission of Matters to a Vote
of Security Holders. 10
ITEM 5. Other Information. 10
ITEM 6. Exhibits and Reports on Form 8-K. 10
SIGNATURES 10
EXHIBIT INDEX E-1
2
<PAGE>
CCAIR, Inc.
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED BALANCE SHEETS
(Unaudited)
-----------
March 31, June 30,
1996 1995
---------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents .................... $ 140,878 $ 56,995
Receivables, net ............................. 5,687,345 5,517,072
Related party receivable ..................... 1,000,000
Inventories, less allowance for
obsolescence of $466,000 .................... 2,017,567 1,784,885
Prepaid expenses and deposits ................ 1,675,305 1,354,130
------------ ------------
Total current assets .................. 9,521,095 9,713,082
------------ ------------
PROPERTY AND EQUIPMENT:
Flight equipment and aircraft ................ 20,632,998 20,380,436
Ground and other equipment and
leasehold improvements ...................... 4,143,354 4,383,803
------------ ------------
24,776,352 24,764,239
Less accumulated depreciation
and amortization ............................ (12,641,588) (12,358,632)
------------ ------------
12,134,764 12,405,607
------------ ------------
OTHER ASSETS ................................... 34,542 34,542
------------ ------------
Total assets .......................... $ 21,690,401 $ 22,153,231
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes payable and current
maturities of long-term debt ................ $ 928,156 $ 1,575,047
Current obligations under capital leases ..... 367,405 350,377
Accounts payable ............................. 3,723,276 4,058,097
Accrued expenses ............................. 4,348,289 4,288,320
------------ ------------
Total current liabilities ............. 9,367,126 10,271,841
LONG-TERM DEBT, less current maturities ........ 1,481,296 1,863,371
Capital lease obligations, less
current obligations ........................... 2,734,511 3,012,217
Deferred credits, net .......................... 1,758,820 1,810,486
Noncurrent rent obligations .................... 120,526 162,611
------------ ------------
Total liabilities ..................... 15,462,279 17,120,526
------------ ------------
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Common stock, $.01 par value, 10,000,000
shares authorized, 7,740,695 and 7,400,695
issued and outstanding at March 31,
1996 and June 30, 1995 ...................... 77,407 74,007
Additional paid-in-capital ................... 17,725,184 17,020,148
Accumulated deficit .......................... (11,574,469) (12,061,450)
------------ ------------
Total shareholders' equity ............ 6,228,122 5,032,705
------------ ------------
Total liabilities and
shareholders' equity ................. $ 21,690,401 $ 22,153,231
============ ============
See notes to condensed financial statements.
3
<PAGE>
CCAIR, Inc.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
-----------
<TABLE>
<CAPTION>
3 Months ended March 31, 9 Months ended March 31,
---------------------------- --------------------------
1996 1995 1996 1995
------------ ----------- ------------ --------
<S> <C> <C> <C> <C>
OPERATING REVENUES:
Passenger $15,160,128 $14,238,893 $46,611,243 $44,225,158
Public service 45,604 195,640 297,185 508,125
Other 584,433 525,475 1,157,160 1,231,346
----------- ----------- ----------- -----------
Total 15,790,165 14,960,008 48,065,588 45,964,629
----------- ----------- ----------- -----------
OPERATING EXPENSES:
Flight operations 5,732,995 5,548,632 17,317,131 16,440,836
Fuel and oil 1,541,720 1,277,305 4,503,571 4,008,542
Maintenance 2,810,915 2,946,264 8,993,427 8,498,879
Ground operations 1,915,601 1,796,293 5,429,455 5,617,651
Advertising, promotions
and commissions 2,001,971 1,905,928 6,332,613 6,367,388
General and administration 1,001,904 1,090,062 3,040,038 3,497,823
Depreciation and amortization 474,789 422,482 1,372,128 1,277,177
----------- ----------- ----------- -----------
Total 15,479,895 14,986,966 46,988,363 45,708,296
----------- ----------- ----------- -----------
OPERATING INCOME (LOSS) 310,270 ( 26,958) 1,077,225 256,333
Interest expense ( 201,453) ( 242,408) ( 561,120) ( 650,603)
Other income (expense), net ( 39,262) ( 5,226) ( 29,124) ( 12,890)
----------- ----------- ----------- -----------
Net income (loss) $ 69,555 $( 274,592) $ 486,981 $( 407,160)
=========== =========== =========== ===========
EARNINGS (LOSS) PER COMMON SHARE $ .01 $( .04 ) $ .06 $( .06 )
=========== =========== =========== ===========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 7,995,536 7,381,195 8,010,587 7,381,195
=========== =========== =========== ===========
</TABLE>
See notes to condensed financial statements.
4
<PAGE>
CCAIR, Inc.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
-----------
<TABLE>
<CAPTION>
Nine Months Ended March 31,
1996 1995
------------ --------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 486,981 $( 407,160)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Note discount amortization 201,664 260,272
Depreciation and amortization 4,491,216 3,745,876
Loss on disposal of assets 28,762 28,122
Rental expense in excess
of (less than) payments ( 107,903) 481,000
Changes in certain assets and liabilities:
Accounts receivable ( 170,273) ( 277,821)
Inventories ( 232,682) 32,404
Other note payable --- ( 801,000)
Accounts payable ( 334,821) 181,988
Accrued expenses 188,609 (1,052,501)
Prepaid expenses and deposits 74,384 2,464,933
Other changes, net ( 117,683) ( 160,418)
----------- -----------
NET CASH PROVIDED BY
OPERATING ACTIVITIES 4,508,254 4,495,695
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (4,258,912) (3,689,520)
Proceeds from sale of assets 10,500 23,882
----------- -----------
NET CASH USED BY
INVESTING ACTIVITIES (4,248,412) (3,665,638)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale-leaseback transaction 1,000,000 ---
Issuance of common stock 17,813 ---
Increase in borrowings under
line of credit --- 2,000,000
Issuance of notes and long-term debt --- 1,493,054
Reductions of notes and long-term debt (1,193,772) (4,526,073)
----------- -----------
NET CASH USED BY
FINANCING ACTIVITIES ( 175,959) (1,033,019)
----------- -----------
Net increase (decrease) in cash 83,883 ( 202,962)
Cash, beginning of period 56,995 651,020
----------- -----------
CASH, END OF PERIOD $ 140,878 $ 448,058
=========== ===========
</TABLE>
See notes to condensed financial statements.
5
<PAGE>
CCAIR, Inc.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
-----------
1. Basis of Presentation:
The condensed financial statements included herein have been prepared
by CCAIR, Inc. (the "Company"), without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. These
condensed financial statements reflect all adjustments which are, in
the opinion of management, necessary for a fair statement of results
for the interim period. These adjustments consist solely of normal
recurring adjustments. Certain information and footnote disclosures
normally included in the financial statements prepared in accordance
with generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations, although the Company
believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these condensed
financial statements be read in conjunction with the financial
statements and the notes thereto included in the Company's annual
report for fiscal year ended June 30, 1995.
2. Earnings (Loss) Per Common Share:
The computation of earnings (loss) per common share is based on the
weighted average number of common shares outstanding for each period,
after considering the effect of common stock equivalents.
3. Commitments and Contingencies:
The Company is subject to the regulatory authority, among others, of
the Federal Aviation Administration and the Department of
Transportation. These agencies require compliance with their standards
and conduct safety and compliance audits. Violations, if any, of these
regulations subject the Company to fines or sanctions. The Company is
also subject to other claims arising in the ordinary course of
business. In the opinion of management, the outcome of these matters
would not have a material adverse impact on the Company's financial
condition or results of operations.
6
<PAGE>
CCAIR, Inc.
FISCAL QUARTER ENDED MARCH 31, 1996
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
General
In the nine-month period ended March 31, 1996, the Company recorded net
income of $486,981, or $.06 per share, versus a net loss of $407,160, or $.06
per share in the comparable period of fiscal 1995. Significant yield improvement
was the primary factor in the improved results. Fiscal 1995 results were
benefited by a one-time reversal of $585,000 in accrued aircraft lease expenses.
Net income for the three months ended March 31, 1996 was $69,555 or
$.01 per share versus a loss of $274,592 or $.04 per share for the three months
ended March 31, 1995. The principal factors for the improved results were an
increase in yield from 45.8(cent) in the third quarter of 1995 to 47.0(cent) in
the third quarter of 1996, and a 3.8% increase in revenue passenger miles in the
third quarter of 1996 as compared to the same quarter in 1995.
Results of Operations
The following table sets forth selected operating comparisons for the
three- and nine-month periods ended March 31, 1996 and 1995:
<TABLE>
<CAPTION>
Airline Operating Statistics
For the Three Months For the Nine Months
Ended March 31, Ended March 31,
% %
1996 1995 Change 1996 1995 Change
----------- ----------- ------ ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
Operating revenue $15,790,165 $14,960,008 5.5 $48,065,588 $45,964,629 4.6
Operating expense $15,479,895 $14,986,966 3.3 $46,988,363 $45,708,296 2.8
Revenue passengers carried 169,489 179,661 ( 5.7) 558,724 636,699 (12.2)
Revenue passenger miles (1) 32,242,363 31,069,147 3.8 102,987,935 106,210,644 ( 3.0)
Available seat miles (2) 72,419,524 75,586,254 ( 4.2) 230,844,624 226,011,956 2.1
Passenger load factor (3) 44.5% 41.1% 8.3 44.6% 47.0% ( 5.1)
Passenger breakeven load factor 44.3% 41.9% 5.7 44.1% 47.5% ( 7.2)
Yield per revenue passenger
mile (4) 47.0(cent) 45.8(cent) 2.6 45.3(cent) 41.6(cent) 8.9
Operating cost per available
seat mile 21.4(cent) 19.8(cent) 8.1 20.4(cent) 20.2(cent) 1.0
Average passenger trip (miles) 190.2 172.9 10.0 184.3 166.8 10.5
Average daily aircraft utilization
per plane (block hours) 7.6 8.5 (10.6) 8.0 8.1 ( 1.2)
Average passenger fare $89.45 $79.25 12.9 $83.42 $69.46 20.1
Average monthly completion factor 91.0% 93.4% ( 2.6) 94.4% 94.8% ( .4)
</TABLE>
(1) One revenue passenger transported one mile.
(2) The product of the number of aircraft miles and the number of available
seats on each stage, representing the total passenger capacity offered.
(3) The ratio of revenue passenger miles to available seat miles,
representing the percentage of seats occupied by revenue passengers.
(4) The passenger revenue per revenue passenger mile.
For the Three Months Ended March 31, 1996 Compared to Three Months
Ended March 31, 1995
For the quarter ended March 31, 1996, the Company experienced an
improvement in operating revenue as higher yields continued. The yield
improvement reflects higher fares first implemented in the third quarter of 1995
as a result of lessened competitive pressures in the Company's market area.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, continued
Results of Operations, continued
Revenue passenger miles ("RPMs") increased from 31.1 million to 32.2
million even though passengers carried decreased by 5.7%. In conjunction with
USAir's strategy of eliminating jet service to short haul markets and turning
this flying over to USAir Express commuter operators, the Company initiated all
turboprop service to Augusta, Georgia in February, 1995 and Jacksonville, North
Carolina and Lynchburg, Virginia in May, 1995. Also during 1995, the Company
ceased service to several cities it had previously served on a shared basis with
USAir from Charlotte, North Carolina. The net effect of these schedule changes
was a lengthening in the average passenger trip, which increased from 172.9
miles in the third quarter of fiscal 1995 to 190.2 miles in the third quarter of
fiscal 1996. This enabled the Company to reflect the increase in RPMs with fewer
passengers. Operating revenues thus increased from $14,960,008 in the third
quarter of fiscal 1995 to $15,790,165 in the third quarter of fiscal 1996.
Available seat miles ("ASMs") decreased 4.2% in the third quarter of
fiscal 1996 over the comparable period in fiscal 1995. The ASM decrease was a
result of two factors: the poor weather in the Company's service area in January
and February, 1996, which caused the Company's completion factor to fall from
93.4% in the third quarter of fiscal 1995 to 91.0% in the comparable period in
1996; and a reduction in scheduled service to accommodate additional charter
service, reflected in the 11.2% increase in other operating revenues.
Operating costs per ASM increased 8.1% from 19.8(cent) in the quarter
ended March 31, 1995 to 21.4(cent) in the quarter ended March 31, 1996. The
following table compares components of operating cost per ASM for the three
months ended March 31, 1996 and 1995:
Cost per ASM -
Quarter Ended
March 31,
(in cents)
1996 1995
Flight operations 7.9 7.3
Fuel and oil 2.1 1.7
Maintenance 3.9 3.9
Ground operations 2.7 2.4
Advertising, promotions, commissions 2.7 2.5
General and administration 1.4 1.4
Depreciation and amortization 0.7 0.6
----- -----
21.4 19.8
==== ====
Flight operations expense per ASM increased 0.6(cent) in the current
quarter as compared to the prior year, as pilots' salaries and related costs
increased 0.5(cent) per ASM in the current quarter. As a result of a salary
reduction plan implemented in October, 1994, pilots' salaries were reduced 16%
at implementation. After each subsequent four-month period, an additional 4% of
the initial reduction would be reinstated until February, 1996. The scheduled
reinstatement under the plan resulted in the increased pilots' salaries per ASM.
Fuel costs increased 0.4(cent) per ASM in the third quarter of 1996 as compared
to the third quarter of 1995, due to the expiration on September 30, 1995 of the
exemption for airlines regarding a federal 4.3(cent) per gallon fuel tax and a
10% per gallon increase in the price of fuel in March, 1996 from February, 1996.
The effect of the expiration of the exemption is that the Company's fuel expense
will increase approximately $350,000 on an annual basis at current consumption
levels. The Company will be adversely affected to the extent fuel tax costs and
increased per-gallon fuel prices are not offset by higher fares. Ground
operations expense increased 0.3(cent) in the quarter ended March 31, 1996
versus the same quarter in the prior year, primarily as a result of increased
aircraft servicing charges due to inclement weather in the third quarter of 1996
and increased passenger handling fees charged by USAir, as both handling and
reservations fees charged by USAir increased January 1, 1996. Marketing and
commissions expense increased 0.2(cent), principally as a result of increased
reservations and service fees charged by USAir.
8
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, continued
Results of Operations, continued
For the Nine Months Ended March 31, 1996 Compared to Nine Months
Ended March 31, 1995
The Company reported net income of $486,981 or $.06 per share, for the
nine months ended March 31, 1996 as compared to a net loss of $407,160 or $.06
per share for the nine months ended March 31, 1995. Operating income increased
from $256,333 for the nine months ended March 31, 1995 to $1,077,225 for the
nine months ended March 31, 1996. The principal reason for the improved
operating performance was the 8.9% increase in yield.
Cost per ASM increased 1.0% in the nine-month period ended March 31,
1996. This increase was primarily due to increased pilot payroll costs and an
increase in the cost of fuel. The results for the nine-months ended March 31,
1995 were also favorably impacted by the reversal of $585,000 in accrued
aircraft lease liabilities.
Liquidity and Capital Resources
The cash position of the Company remains critical at March 31, 1996.
The key element to improved operating results will be the level of the yield per
revenue passenger mile. While the yield for April, 1996 has met Company
projections, the yield could be affected by fare discounting beyond the control
of the Company. If operating cash flows and the Company's Line of Credit are
insufficient to meet obligations, the Company has these financing sources
available: issuance of stock, short-term loans from officers and directors,
extending terms with trade creditors and restructuring aircraft lease payments.
In September, 1995, as discussed in note 5 to the financial statements
included in the Company's 1995 Annual Report on Form 10-K, the Company and JACO
agreed to extend the lease reductions for the Company's twelve Jetstream 31
aircraft for the remainder of the lease term. These lease reductions had
originally been restated in September, 1994, and had provided for lease
reductions aggregating approximately $98,000 per month through December 31,
1995. Additionally, the Company has agreed to lease replacement Jetstream 31
aircraft, at further reduced rates through December, 2001, upon the expiration
of seven of the current leases with JACO during calendar years 1997, 1998 and
1999. The Company has accounted for the modifications to the JACO lease
agreements as they have occurred. As a result, at March 31, 1996, the Company
has recorded a deferred credit of approximately $780,000 representing the excess
of rent expense recorded on a straight line basis (reflecting lease payment
reductions only through December 31, 1995) over actual payments made from
September 1, 1994 through September 30, 1995. This amount will reduce lease
expense over the remaining term of the leases. The Company has also committed to
lease four additional Jetstream 31 aircraft before June 30, 1996, of which one
aircraft was leased by the Company in June, 1995, and another aircraft was
leased in November, 1995. The lease terms for the additional aircraft will
expire in December, 2001.
The Company and Short Brothers (USA), Inc. ("Shorts") have agreed to
satisfy an outstanding lease payment of $306,000 by entering into a promissory
note whereby the Company will pay the balance due in twelve equal installments
beginning May 31, 1996. This note replaces the planned sale of 125,000 shares of
the Company's common stock as previously disclosed in the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 1995.
The Company increased cash and cash equivalents by $84,000 during the
first nine months of fiscal 1996. Cash generated from operating activities was
$4,508,000. The Company used $1,000,000 received from related parties in a sale
leaseback transaction (see note 7 to the financial statements included in the
Company's 1995 Annual Report on Form 10-K), cash flows generated from
depreciation and amortization of $4,491,000 and net income of $487,000 to reduce
accounts payable due to trade creditors by $335,000, fund capital expenditures
of $4,259,000 and make scheduled debt payments of $1,194,000.
The capital expenditures of $4,259,000 during the nine months ended
March 31, 1996 resulted primarily from expenditures on major overhaul of engines
and on major spare parts and assemblies. Also, Federal Aviation Administration
directives required the installation of traffic alert and collision avoidance
systems prior to December 31, 1995. The Company incurred costs of $450,000 to
fulfill this mandate in the nine months ended March 31, 1996. Capital
expenditures planned for the remainder of the fiscal year consist of scheduled
major overhaul of engines and on major spare parts and assemblies.
9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS, continued
PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
None to report.
ITEM 2. Changes in Securities
None to report.
ITEM 3. Defaults Upon Senior Securities
None to report.
ITEM 4. Submission of Matters to a Vote of Security Holders
None to report.
ITEM 5. Other Information
None to report.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit No. Exhibit
4 Specimen Common Stock Certificate. (1)
11 Computation of Earnings Per Share.
(b) Reports on Form 8-K
None.
- ----------------------
(1) Incorporated by reference to Registration Statement on Form S-1, File
No. 33-28967.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
May, 13, 1996 CCAIR, Inc.
By: /s/ Kenneth W. Gann By: /s/ Eric W. Montgomery
Kenneth W. Gann, President and Eric W. Montgomery
Chief Executive Officer Vice President - Finance
(Principal Executive Officer) (Principal Financial Officer)
10
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Filed Sequential
No. Exhibit Herewith At Page No.
<S> <C> <C> <C>
2 Revised Plan of Reorganization
4 Specimen Common Stock
Certificate. (1)
11 Computation of Earnings Per Share E-2
</TABLE>
- ---------------------
(1) Incorporated by reference to Registration Statement on Form S-1, File
No. 33-28967.
E-1
<PAGE>
PART II, ITEM 6 EXHIBIT 11
CCAIR, Inc.
COMPUTATION OF EARNINGS (LOSS) PER SHARE (1)
Three Months ended March 31,
1996 1995
-------------- ---------
Net income (loss) .................... $ 69,555 $ (274,592)
=========== =======
Shares
Weighted average number of
shares outstanding ............... 7,740,695 7,381,195
Assuming exercise of options (2) ..... 254,841 --
----------- -------
Weighted average number of
shares outstanding,
as adjusted ........................ 7,995,536 7,381,195
=========== =======
Income (loss) per share: ............. $ .01 $ ( .04 )
=========== =======
Nine Months ended March 31,
1996 1995
-------------- ---------
Net income (loss) .................... $ 486,981 $ (407,160)
=========== =======
Shares
Weighted average number of
shares outstanding ............... 7,654,528 7,381,195
Assuming exercise of options (2) ..... 356,059 --
----------- -------
Weighted average number of
shares outstanding,
as adjusted ........................ 8,010,587 7,381,195
=========== =======
Income (loss) per share: ............. $ .06 $ ( .06 )
=========== =======
(1) Fully diluted average number of shares outstanding, as adjusted and
earnings (loss) per share are the same as calculated for primary for
the periods presented.
(2) Not reflected in 1995 due to anti-dilutive effect.
E-2
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
*This schedule contains summary financial information extracted from CCAIR,
Inc. condensed financial statements for the fiscal quarter ended March 31,
1996 and is qualified in its entirety by reference to such statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-31-1996
<CASH> 140,878
<SECURITIES> 0
<RECEIVABLES> 5,687,345
<ALLOWANCES> 0
<INVENTORY> 2,017,567
<CURRENT-ASSETS> 9,521,095
<PP&E> 24,776,352
<DEPRECIATION> 12,641,588
<TOTAL-ASSETS> 21,690,401
<CURRENT-LIABILITIES> 9,367,126
<BONDS> 0
0
0
<COMMON> 77,407
<OTHER-SE> 6,150,715
<TOTAL-LIABILITY-AND-EQUITY> 21,690,401
<SALES> 0
<TOTAL-REVENUES> 15,790,165
<CGS> 0
<TOTAL-COSTS> 15,479,895
<OTHER-EXPENSES> 39,262
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 201,453
<INCOME-PRETAX> 69,555
<INCOME-TAX> 0
<INCOME-CONTINUING> 69,555
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 69,555
<EPS-PRIMARY> .01
<EPS-DILUTED> .01
</TABLE>
