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Associated Press
14-05-2025
- Business
- Associated Press
Mesa Air Group Reports Fourth Quarter and Fiscal Full-Year 2024 Results
PHOENIX, May 14, 2025 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) ('Mesa' or the 'Company') today reported fourth quarter and fiscal full-year 2024 financial and operating results. Fourth Quarter Fiscal 2024 Update: Republic Transaction: Asset Transactions Over Past Six Months: Operational Updates: 'As we announced, we are moving forward with a merger with Republic Airways to create one of the world's largest operators of Embraer 170/175 aircraft,' said Jonathan Ornstein, Mesa Chairman and CEO. 'We think this combination will create value for our shareholders as well greater opportunity for our people. With the deal announced, we are working cooperatively with our counterparts at Republic to close the transaction and set a go-forward operational plan.' 'For fiscal full-year 2024, we produced positive adjusted EBITDAR, and we have continued to take steps to improve our financial performance over the past several months,' continued Ornstein. 'Our scheduling and utilization have been increasing sequentially, and we anticipate utilization will increase again for the June 2025 quarter. As of the end of February, we are exclusively flying E-175s, creating a more efficient operation and enabling us to transact on our remaining surplus CRJ assets. We plan to continue to strengthen our operational and financial performance ahead of the closing of our transaction with Republic.' ________________________________ 1 See Reconciliation of GAAP versus non-GAAP Disclosures 2 Adjusted net loss primarily excludes $22.8 million of costs related to impairment of assets held for sale 3 Excludes cancellations due to weather and air traffic control Fourth Quarter Fiscal 2024 Details Total operating revenues in Q4 2024 were $115.3 million, an increase of $0.9 million from $114.4 million for Q4 2023. Contract revenue decreased by $0.9 million, or 1.0%, to $93.8 million, compared to $94.7 million in Q4 2023, driven by a reduction in DHL revenue due to the wind-down of the FSA, offset by an increase in United Airlines revenue as a result of higher E-175 block-hour rates. Pass-through revenue increased by $1.8 million, or 9.1%, driven primarily by higher maintenance pass-through expense. Mesa's Q4 2024 results include, per GAAP, the deferral of $2.8 million in revenue, versus the recognition of $1.7 million of previously deferred revenue in Q4 2023. The remaining deferred revenue balance of $9.6 million will be recognized as flights are completed over the remaining term of the United contract. Total operating expenses in Q4 2024 were $132.3 million, a decrease of $2.3 million, or 1.7%, versus Q4 2023. This decrease primarily reflects a $14.2 million decrease in flight operations expense and a $6.8 million decrease in maintenance expense, due to fewer contracted aircraft and decreases in pilot training costs, as well as $6.1 million lower depreciation and amortization expense primarily due to the retirement and sale of CRJ aircraft and engines. These decreases were partially offset by asset impairment costs that were $19.4 million higher versus Q4 2023. Mesa's Q4 2024 results reflect a net loss of $24.9 million, or $(0.60) per diluted share, compared to a net loss of $28.3 million, or $(0.69) per diluted share, for Q4 2023. Mesa's Q4 2024 adjusted net loss was $0.1 million, or $(0.00) per diluted share, versus an adjusted net loss of $26.4 million, or $(0.64) per diluted share, in Q4 2023. Mesa's adjusted EBITDA1 for Q4 2024 was $14.7 million, compared to an adjusted EBITDA loss of $2.9 million for Q4 2023. Adjusted EBITDAR was $18.2 million for Q4 2024, compared to an adjusted EBITDAR loss of $2.4 million for Q4 2023. Fourth Quarter Fiscal 2024 Operating Performance Operationally, the Company reported a controllable completion factor of 99.88% for United during Q4 2024. This is compared to a controllable completion factor of 99.54% for United during Q4 2023. Controllable completion factor excludes cancellations due to weather and air traffic control. For Q4 2024, the Company operated 67 large (70/76 seats) jets under its CPA with United, comprising 55 E-175s and twelve CRJ-900s. Fiscal Full-Year 2024 Results Total operating revenues for fiscal full-year 2024 were $476.4 million, a decrease of $21.7 million, or 4.3%, from $498.1 million for fiscal full-year 2023. Contract revenue decreased by $17.0 million, or 4.0%. This was primarily driven by a reduction in block hours, fewer aircraft under contract, and the wind-down of the DHL FSA, partially offset by higher United Airlines block-hour rates. Pass-through revenue, driven by lower pass-through maintenance expense, decreased by $4.7 million, or 6.1%. Mesa's fiscal full-year 2024 results include, per GAAP, the recognition of $11.4 million of previously deferred revenue, versus the recognition of $3.0 million of previously deferred revenue in fiscal full-year 2023. Total operating expenses in fiscal full-year 2024 were $542.2 million, a decrease of $40.2 million, or 6.9%, versus fiscal full-year 2023. This decrease reflects a $32.3 million decrease in flight operations expense and a $14.9 million decrease in maintenance expense, due to fewer contracted aircraft and decreases in pilot training costs, as well as $20.3 million lower depreciation and amortization expense, primarily due to the retirement and sale of CRJ aircraft and engines. These decreases were partially offset by asset impairment costs that were $19.4 million higher versus fiscal full-year 2023. Mesa's fiscal full-year 2023 results reflect a net loss of $91.0 million, or $(2.21) per diluted share, compared to a net loss of $120.1 million, or $(3.04) per diluted share, for fiscal full-year 2023. Mesa's fiscal full-year 2024 adjusted net loss was $23.0 million, or $(0.56) per diluted share, versus an adjusted net loss of $79.5 million, or $(2.01) per diluted share, in fiscal full-year 2023. Mesa's Adjusted EBITDA for fiscal full-year 2024 was $55.5 million, compared to $24.2 million in fiscal full-year 2023. Adjusted EBITDAR was $63.3 million for fiscal full-year 2024, compared to $30.4 million in fiscal full-year 2023. Balance Sheet and Liquidity Mesa ended the September quarter with $15.6 million in unrestricted cash and cash equivalents. As of September 30, 2024, the Company had $315.2 million in total debt, secured primarily with aircraft and engines, compared to a balance of $538.3 million as of September 30, 2023. During the quarter, the Company paid $51.1 million in debt, comprising payments related to CRJ engine sale transactions and scheduled obligations. As of March 31, 2025, Mesa had $54.1 million in unrestricted cash and cash equivalents. Based on the most recent appraisal value of spare parts, Mesa had $12.4 million in available credit under its United facility, subject to approval. Form 10-Qs The Company continues to work diligently to complete the Form 10-Qs for the periods ended December 31, 2024 and March 31, 2025 and plans to file them as soon as possible. About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 82 cities in 32 states, the District of Columbia, Cuba, and Mexico. As of March 31, 2025, Mesa operated a fleet of 60 aircraft, with approximately 238 daily departures. The Company had approximately 1,650 employees. Mesa operates all its flights as United Express pursuant to the terms of a capacity purchase agreement entered into with United Airlines, Inc. Important Cautions Regarding Forward-Looking Statements This Press Release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as 'anticipate', 'estimate', 'expect', 'project', 'plan', 'intend', 'believe', 'may', 'might', 'will', 'should', 'can have', 'likely' and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the Company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. These factors include, without limitation, the ability to complete the proposed merger with Republic on the proposed terms or on the anticipated timeline, or at all, including the risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the proposed transaction, the Company's ability to respond in a timely and satisfactory matter to the inquiries by Nasdaq, the Company's ability to regain compliance with Listing Rule, the Company's ability to become current with its reports with the SEC, and the risk that the completion and filing of the Form 10-Q will take longer than expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the SEC, including the risk factors contained in its most recent Annual Report on Form 10-K and the Company's other subsequent filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. Contact: Mesa Air Group, Inc. Media [email protected] Investor Relations [email protected] MESA AIR GROUP, INC. Consolidated Statements of Operations and Comprehensive Income (Loss) (In thousands, except per share amounts) (Unaudited) MESA AIR GROUP, INC. Consolidated Balance Sheets (In thousands) (Unaudited) MESA AIR GROUP, INC. Operating Highlights (Unaudited) *Controllable completion factor excludes cancellations due to weather and air traffic control **Total completion factor includes all cancellations Reconciliation of non-GAAP financial measures Although these financial statements are prepared in accordance with accounting principles generally accepted in the U.S. ('GAAP'), certain non-GAAP financial measures may provide investors with useful information regarding the underlying business trends and performance of Mesa's ongoing operations and may be useful for period-over-period comparisons of such operations. The tables below reflect supplemental financial data and reconciliations to GAAP financial statements for the three and twelve months ended September 30, 2024 and September 30, 2023. Readers should consider these non-GAAP measures in addition to, not a substitute for, financial reporting measures prepared in accordance with GAAP. These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income or loss. Additionally, these calculations may not be comparable with similarly titled measures of other companies. Reconciliation of GAAP versus non-GAAP Disclosures (In thousands) (Unaudited) (1) $0.1 million loss and $2.1 million gain resulting from changes in the fair value of the Company's investments in equity securities for the three months ended September 30, 2024 and 2023, respectively. (2) $22.8 million and $3.4 million in asset impairment related to held for sale assets during the three months ended September 30, 2024 and 2023, respectively. (3) $0.1 million and $0.2 million loss on deferred financing costs related to retirement of debts during the three months ended September 30, 2024 and 2023, respectively. (4) $1.9 million and $0.1 million loss on the disposal of aircraft and engines during the three months ended September 30, 2024 and 2023, respectively. (5) $1.2 million in non-recurring third party costs associated with non-recurring transactions during the three months ended September 30, 2024. (6) $1.6 million gain on the sale of investments in equity securities during the three months ended September 30, 2024. (1) $3.7 million impairment loss on intangible assets during the fiscal year ended September 30, 2023. (2) $1.6 million and $1.2 million loss on deferred financing costs related to the retirement of debts during the during the fiscal years ended September 30, 2024 and 2023, respectively. (3) $73.7 million and $50.6 million in asset impairment related to held for sale assets during the fiscal years ended September 30, 2024 and 2023, respectively. (4) $6.1 million loss and $5.4 million gain resulting from changes in the fair value of the Company's investments in equity securities during the fiscal years ended September 30, 2024 and 2023, respectively. (5) $0.7 million loss and $7.2 million gain on the sale of aircraft, engines, and other assets during the fiscal years ended September 30, 2024 and 2023, respectively. (6) $6.0 million in third party costs associated with non-recurring transactions during the fiscal year ended September 30, 2024. (7) $0.9 million loss for early payment fees on the retirement of debt during the fiscal year ended September 30, 2024. (8) $10.5 million gain on debt forgiveness during the fiscal year ended September 30, 2024. (9) $3.0 million gain on extinguishment of debt during the fiscal year ended September 30, 2024. (10) $8.0 million gain on the sale of investments in equity securities during the fiscal year ended September 30, 2024. Source: Mesa Air Group, Inc.
Yahoo
29-04-2025
- Yahoo
Black Hawk pilot missed instructions before DC crash: reports
(NewsNation) — New details suggest missed instructions played a role in the January mid-air collision between an Army Black Hawk helicopter and a passenger jet in Washington, D.C., that killed 67 people. A new report from the New York Times reveals the pilot aboard the Black Hawk failed to heed a flight instructor's warning seconds before the crash. It appears multiple safety precautions failed the night of the crash, and the discussion about the crash has largely centered around the height of the helicopter. Border Patrol, Mexican government dismantle cartel lookout posts The new reporting also indicates that pilot Rebecca Lobach missed an order from her co-pilot and flight instructor Andrew Eaves, who was overseeing the training mission. The order would have changed the course of the helicopter to avoid the oncoming American Airlines jet. The pilots also missed key information when they stepped on instructions from flight control, meaning they talked over instructions from air traffic control. That meant they didn't hear directives from the tower that the plane was circling. In audio that was recorded 20 seconds from the crash, the tower asked the Black Hawk if they had the plane in sight and told them to pass behind the plane. The helicopter pilot requests visual separation to use their own visuals instead of direction from the tower. The tower approved visual separation, but it was too late. Seconds later, you can hear commotion in the tower, and then you can hear the reaction to the impact. 3 American children deported with their mothers, lawyers say The National Transportation Board has corroborated some of this. In February, they said the Black Hawk may not have heard the command because they had stopped on the audio where air traffic control told the Black Hawk helicopter twice that the plane was changing runways, was circling and would be landing. 'A radio transmission from the tower was audible on the CRJ CVR, informing the Black Hawk that traffic just south of the Wilson Bridge was a CRJ at 1200 feet, circling to runway three. CVR data from the Black Hawk indicated that the portion of the transmission stating the CRJ was circling may not have been received by the Black Hawk Crew,' NTSB chair Jennifer Homendy said. 'We hear the word circling in ATC communications, but we do not hear the word circling on the CVR of the Black Hawk.' All of which adds to the complicated picture of what happened that night. 'The Army continues to participate in the NTSB investigation and looks forward to opportunities to implement the report's recommendations,' a spokesperson from the Army told NewsNation. 'We are committed to ensuring the safety of air operations anywhere we operate and will continue to comply with FAA requirements and restrictions to enhance flight safety while supporting mission readiness.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
International Business Times
28-04-2025
- General
- International Business Times
Army Black Hawk Pilot Rebecca Lobach Failed to Follow Flight Instructor's Command that Led to Collision with Passenger Jet Killing 67: Report
The female Army Blackhawk pilot involved in the Washington, DC, plane crash failed to comply with her flight instructor's warning and change direction just 15 seconds before the tragic accident that killed 67 people, according to a new report. On the night of January 29, Army Black Hawk pilot Capt. Rebecca Lobach was conducting her annual flight evaluation with co-pilot Chief Warrant Officer 2 Andrew Loyd Eaves, who was acting as her flight instructor. Three months down the line, new details reported by The New York Times shows that the pilot made several mistakes that contributed to one of the deadliest disasters in the aviation history of the United States. Black Hawk Pilot's Mistake Caused Collision Besides the mistakes, Lobach was also flying her Black Hawk too high. Officials also found that the pilots had "stepped on" some of the air traffic controller's instructions — meaning they accidentally interrupted him by pressing the radio button and likely missed key information. According to the report, Lobach's flying abilities were being tested during the evaluation flight when the crew was alerted about an aircraft flying close to them. A crucial moment came around 8:46 p.m., when Eaves asked for and was granted permission for the helicopter pilots to rely on their own visual abilities instead of instructions from air traffic control to navigate around other aircraft. This is a common practice to speed up operations, but it comes with the risk of human error. Investigators believe that during this time, Eaves and Lobach failed to follow the information that an American Airlines plane was "circling" because one of them had the microphone button pressed, blocking the message from being heard. Just 15 seconds before the crash, the air traffic controller asked Lobach and the co-pilot if they had spotted American Airlines Flight 5342, which was approaching Runway 33 where the helicopter was heading. "PAT two-five, do you have the CRJ in sight?" he asked, using the abbreviation for the aircraft model of Flight 5342. That was the final communication between the plane and the air traffic controller. Black Hawk Was at Fault The report also says that technology on the Black Hawk that could have helped air traffic control better monitor the helicopter was found to have been turned off that day, which is standard procedure for real missions. However, this was a training mission for Lobach's annual flight evaluation, simulating a scenario where top congressional officials needed to be flown out of a Capitol under attack. The report said: "The Black Hawk was 15 seconds away from crossing paths with the jet. Warrant Officer Eaves then turned his attention to Captain Lobach. He told her he believed "that air traffic control wanted them to turn left, toward the east river bank." "If she had turned left, it 'would have opened up more space between the helicopter and Flight 5342," the report added. Instead, 67 lives were lost — everyone aboard both the plane and the helicopter. Lobach, originally from Durham, North Carolina, was an aviation officer in the Army with about 500 hours of flying experience. She had also served as a White House military social aide during the Biden administration. According to Federal Aviation Administration (FAA) regulations, a key rule in the industry is that pilots must be notified if two aircraft are on a collision path. Experts concluded that this did not happen that night and that "immediate intervention was necessary" to avoid the tragic incident that claimed 67 lives.
Daily Mirror
28-04-2025
- General
- Daily Mirror
Bombshell report reveals key factors behind Black Hawk collision with jet that killed 67
The disaster near Washington DC's Ronald Reagan International Airport killed 64 people on board American Airlines Flight 5342 and three Army personnel on the Black Hawk helicopter A bombshell new report has revealed the fatal mistakes that caused the catastrophic collision between a US Army helicopter and a passenger plane. The disaster over the Potomach river near Washington DC's Ronald Reagan International Airport on January 29 killed 64 people on board American Airlines Flight 5342, and three Army personnel on the helicopter. The mid-air crash was deadliest incident involving an aircraft in the US since the terrorist attacks on September 11, 2001, and sparked a new wave of concern over pressures on air traffic control in the country. Now, an investigative report has found made two critical errors made by the helicopter's pilot in the moments leading up to the collision. Before the crash, air traffic control had issued Army Black Hawk pilot Capt. Rebecca Lobach and her co-pilot Chief Warrant Officer 2 Andrew Loyd Eaves with a warning about the close proximity of the regional passenger jet, which the crew acknowledged. They then requested to perform "visual separation," a common aviation procedure where pilots use their sight to navigate and keep their distance from other aircraft. Recordings from the incident uncovered by the New York Times reveal that the controller responded with "Visual separation approved," meaning the request was granted. However, Cpt. Lobach failed to visually separate from the incoming passenger jet. It is believed that the captain - who was on her annual Black Hawk flight evaluation with her instructor and co-pilot Mr Eaves - either did not spot the plane, or was unable to navigate the helicopter to a safer position. Then, 15 seconds before the crash, co-pilot then relayed order from the air control tower to turn left "toward the east river bank" but Capt Lobach did not follow this instruction. It remains unclear why the visual separation or the instruction to move left was not followed, and there remains "no indication" that the captain had suffered a medical event, the report found. Investigators suspect that a malfunctioning microphone may have prevented crucial information from reaching the cockpit of the US Army helicopter. This could have involved human error if the both the pilot and co-pilot simultaneously pressed the talk button, as this would have cut off incoming audio. Jennifer Homendy, chair of the US National Transportation Safety Board, this mistake may have led to the crew recieving an incomplete message, leaving them unaware of where to manoeuvre their helicopter. She told reporters: "At 8:47:42 - or 17 seconds before impact - a radio transmission from the tower was audible on both CVRs directing the Black Hawk to pass behind the CRJ. "CVR data from the Black Hawk indicated that the portion of the transmission that stated 'pass behind the' may not have been received by the Black Hawk crew." Among the victims on board the American Airlines flight were 28 members of the US figure skating community. It included former figure skating world champions Evgenia Shishkova and Vadim Naumov, as well as promising teenage skaters Jinna Han and Spencer Lane.
Khaleej Times
20-02-2025
- Business
- Khaleej Times
Delta offers $30,000 each to Toronto plane crash passengers
US airline Delta will offer $30,000 to each passenger on a plane that crashed as it landed at Toronto airport this week, the carrier told AFP on Wednesday. "This gesture has no strings attached and does not affect rights" of passengers, a company spokesman said. On Monday, a Delta Air Lines plane that departed from the US city of Minneapolis, Minnesota, hit the runway hard at Toronto's main airport and flipped upside down. A fireball and thick plumes of black smoke engulfed the plane as it skidded to a halt on its roof but none of the 80 people on board were killed. Delta said 21 passengers were injured in the accident but only one was still hospitalised as of Wednesday morning. Paramedic services said emergency responders dealt with various injuries among the passengers, including back sprains, head injuries, anxiety and headaches. Dramatic footage of the crash posted on social media and verified by AFP on Tuesday showed the Bombardier CRJ-900 coming in to land before slamming into the runway, then sliding forward in a roll, with its wings sheared off before it stopped on its back. Canada's Transportation Safety Board launched an investigation, assisted by the US Federal Aviation Administration, Delta and Mitsubishi, which purchased the CRJ line of planes from Bombardier in 2019. The Toronto crash was the latest in a recent string of air incidents in North America, including a midair collision between a US Army helicopter and a passenger jet in Washington that killed 67 people, and a medical transport plane crash in Philadelphia that left seven dead.
