ExpressJet reports $5M loss

0
54

ExpressJet Holdings, Inc., parent company of regional and charter airline operator, ExpressJet Airlines 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, ExpressJet’s loss totaled $18.6 million or $0.99 per diluted share for second quarter 2010.

For the six months ended June 30, ExpressJet’s 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. 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.