oil and gas companies, Benzinga does not provide investment advice. Fleet: All of our operating revenue in the three months ended December 31, 2020 was derived from operations associated with our American and United Capacity Purchase Agreements and DHL Flight Services Agreement. waste stocks, gold mining sector, movie stocks, The primary reason for the $3.7 million increase in adjusted pre-tax income from Q1 2020 to Q1 2021 was $11.3 million of benefit from the Payroll Support Program (“PSP”) under the CARES Act offset by the $5.2 million of deferred revenue and the impact of a 26% reduction in Contract Revenue related to reduced flying as a result of COVID-19. supermarket stock, biotech investment, gold mining sector, Investor RelationsBrian GillmanInvestor.Relations@mesa-air.com MediaMegan BilbaoMedia@mesa-air.com. Mesa Air Group said the start-up would apply for an Air Operator's Certificate in the European Union to launch by year-end. airline stock, electric utility stocks, home stocks, college stock, mining industries, transportation stocks, specialty retail, service stocks, Mesa Air Group Inc. exploration sector, semiconductor investments, wine stocks, In Mesa's case, that means it flies primarily for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Deutsche Post (OTC: DPSGY) DHL. Click here now. mortgage banking, © 2021 Verizon Media. packaging sector, regional bank stocks, natural gas pipelines, lending stocks, oil gas pipeline, mining stocks, biotechnology investment, natural gas pipeline companies, railroad investment, biotechnology investing, Additionally, Mesa's Adjusted EBITDA1 for Q1 2021 was $47.4 million, compared to $47.4 million in Q1 2020, and Adjusted EBITDAR1 was $57.5 million, compared to $58.8 million in Q1 2020. stocks agriculture, Big movements in Mesa Air Group Inc stock price on Wednesday moving 10.69% between high and low (Updated on March 10, 2021) Buy or Hold candidate since 2021-02-03 Gain 139.60% PDF . specialty retail, mining industries, consumer goods stocks, sports stocks, gas pipeline stocks, oilfield service companies, real estate investing guide, open ended and closed ended mutual funds, nanotechnology stock, Archer's team is based in Palo Alto, CA. oil and gas companies, real estate companies, chemicals company, oil refining company, Find the latest Mesa Air Group, Inc. (MESA) stock quote, history, news and other vital information to help you with your stock trading and investing. national bank stocks, chemical news, publishing sector, silver mining companies, bank stocks, The Company recognized the benefit received through the PSP under the CARES Act as an offset to payroll expenses in Flight Operations, Maintenance and General and Administrative expense. As of January 31st, 2021, Mesa operated a fleet of 160 aircraft with approximately 393 daily departures and 3,700 employees. diagnostic company, oil pipeline stocks, In place of standard jet engines, Archer’s advanced fully electric vertical takeoff and landing (eVTOL) aircraft to use electric motors and can travel up to 60 miles at speeds of up to 150 mph. biotechnology industries, Mesa Air Group, Inc. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein, to reflect any change in Mesa Air Group, Inc.’s expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except as required by law. auto parts stocks, digital media sector, biotechnology news, Vesting occurs as follows, subject to vesting acceleration under certain circumstances: (i) 40% of the shares are vested immediately upon receipt of the Mesa Warrant; (ii) 20% of the shares vest upon the closing of Mesa’s investment in the proposed PIPE transaction or a similar financing transaction; (iii) 10% of the shares vest upon the approval of the Aircraft’s final type certificate by the FAA but only so long as the United-Archer Purchase Agreement or Collaboration Agreement is in effect on the date that such type certificate is issued; and (iv) 30% of the shares shall vest on a pro rata basis (based on the number of Aircraft (excluding the option) deliverable under the Purchase Agreement) upon the purchase of each Aircraft as set forth in the Purchase Agreement. book publishing companies, While Didora viewed Mesa Air’s investment of $5 million into Atlas Crest Investing Corp (NYSE: ACIC), the SPAC that acquired Archer, as small, he noted it gives Mesa Air exposure into a high growth sector. global wine stocks, construction industry, Forward Guidance: The Company is providing the following guidance for FY2021: Outlook FY 2021 ($ amounts in millions) Fiscal Year 2020 Fiscal Year 2021 Q3 (Jun '20)Q4 (Sep '20) Q1 (Dec '20)Q2 (Mar '21) Q3 (Jun '21)Q4 (Sep '21) Actual Actual Actual Forecast Forecast Forecast Block Hours31,62257,622 69,24776,00085,00089,000 Pass Through Maintenance ($2.5)$9.3 $19.7$13.0$12.0$5.0 Non-Pass Through Engine and C Check$2.8$8.1 $8.3$14.0$14.0$11.0 Deferred Revenue $16.0$7.8 $5.2$3.7$1.5$0.2 Mesa Air Group will host a conference call with analysts on Monday, February 9 at 4:30 pm ET/1:30 pm PT. consumer services companies, mining sector, dry bulk shipping, real estate investment trusts, agriculture investment, As the world’s only vertically integrated airline company, Archer is designing, manufacturing, and operating a fully electric vertical takeoff and landing aircraft that can carry passengers for 60 miles at speeds of up to 150 mph while producing minimal noise. The latest trend in earnings estimate revisions could translate into further price increase in the near term. Investor RelationsSusan DonofrioSusan.Donofrio@fticonsulting.com MediaMegan BilbaoMedia@mesa-air.com. publishing companies, digital media companies, sports investments, oil company, Once operational, Mesa, together with United, would acquire a fleet of these electric aircraft and are expected to give customers a quick, economical and low-carbon way to get to United’s hub airports and commute within dense urban environments within the next five years. Mesa Air Group, Inc. operates as the holding company for Mesa Airlines, Inc. that provides regional air carrier services under capacity purchase agreements with the American Airlines and the United Airlines. media investing, Mesa said it reached an agreement with United and Archer to purchase 20% of United’s 14,645,614 shares of Archer’s common stock. brazil oil stocks, natural gas pipeline companies, paper companies, medical equipment stocks, silver mining stocks, international mining companies, shipping sector, Zubeck brings 20 years of industry experience and will help oversee the company's financials and report directly to President and Chief Financial Officer, Michael Lotz. Mesa's Q1 2021 pre-tax income was $18.9 million, compared to $10.8 million for Q1 2020. diagnostic companies, clothing company stocks, tobacco stock, waste management stocks, largest biotech companies, Many of the risks identified in the periodic reports have been and will continue to be heightened as a result of the ongoing and numerous adverse effects arising from the COVID-19 pandemic. Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL. chemicals company, oil refinery company, service stocks, mortgage bank, The following stocks are considered to be notable value stocks in the industrials sector: Worthington Industries (NYSE:WOR) - P/E: 5.64 China Yuchai Intl (NYSE:CYD) - P/E: 8.12 GFL Environmental (NYSE:GFL) - P/E: 1.88 Seanergy Maritime Hldgs (NASDAQ:SHIP) - P/E: 0.18 Mesa Air Group (NASDAQ:MESA) - P/E: 9.54 This quarter, Worthington Industries experienced an increase in earnings per share, which was 0.64 in Q1 and is now 0.95. A low P/E multiple is a good indication that the stock is undervalued. office supply companies, cigar stocks, Torque spent ten years in various managing director roles at the company, such as Alaska Air Cargo and Financial & Strategic Planning. 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. lithium mines, publishing companies, BofA analyst Andrew Didora upgraded Mesa Air after the company fixed its balance sheet with government grants and a loan and expanded its contracts with American Airlines Group Inc (NASDAQ: AAL) and United Airlines Holdings Inc (NASDAQ: UAL). casino stocks, airline stock symbols, open ended and closed ended mutual funds, apparel companies, electronic stocks, real estate investment trusts REITs, computers stocks, Revenue of $150,371,000 decreased by 18.29% year over year, which beat the estimate of $130,400,000. mining metals, real estate investment company, water stocks, airline stock symbols, mortgage bankers, top biotech stocks, oil refining stocks, aerospace sector, liquor stock, alcohol stocks, Please upgrade the browser to the latest. Under the agreement, Mesa will own 49% of the partnership once the Air Operator’s Certificate is obtained. cigar stocks, plastic manufacturing companies, railroad company, oil refining sector, REIT stocks, These non-GAAP financial measures exclude some, but not all items that may affect the Company's net income. These forward-looking statements herein speak only as of the date of this press release and should not be relied upon as predictions of future events. apparel stocks, oil sector, REIT sector, Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL. metals and mining stocks, Subscribe to Premium to view Fair Value for MESA. paper sector, clothing stock, Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of the capacity purchase agreements entered into with American Airlines, Inc. (“American”) and United Airlines, Inc. (“United”) and flight services agreement with DHL (“DHL”). mining, gas pipeline stocks, “We are very excited at the potential to expand our regional business overseas. Pre-Market 0.00 (0.00%) exploration stocks, railroad companies, real estate sector, major railroad companies, construction industries, trucking stocks, oil drilling stocks, publishing company, paper sector, Forward-looking statements can be identified by the use of words such as “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximate” or “plan,” or the negative of these words and phrases or similar words or phrases. For more information on risk factors for Mesa Air Group, Inc.’s business, please refer to the periodic reports the Company files with the Securities and Exchange Commission from time to time. sports stocks, semiconductor investments, computer stock, gold stocks, President Tom Nealon collected at $2.98 million, while Chief Operating Officer Mike Van de Ven got $1.82 million and Chief Financial Officer Tammy Romo had $1.74 million. radio invest, See more from BenzingaClick here for options trades from BenzingaEarnings Outlook For AstraZenecaEarnings Preview for Walt Disney© 2021 Benzinga.com. bonds fund, plastic companies, Mesa operates all of its flights as either American Eagle, United Express, or DHL Express flights pursuant to the terms of capacity purchase agreements entered into with American Airlines, Inc., United Airlines, Inc., and DHL. bio stocks, gold mining company, retail store stocks, dry bulk shipping companies, major oil companies list, construction stocks, list of oil drilling companies, oil exploration stocks, Annual stock financials by MarketWatch. MESA AIR GROUP, INC.Condensed Consolidated Statements of Operations(In thousands, except per share amounts) (Unaudited) Three Months EndedDecember 31, 2020 2019 Operating revenues: Contract revenue $127,158 $171,800 Pass-through and other 23,213 12,236 Total operating revenues 150,371 184,036 Operating expenses: Flight operations 36,964 52,644 Fuel 390 169 Maintenance 52,864 58,095 Aircraft rent 10,048 11,329 Aircraft and traffic servicing 901 1,064 General and administrative 13,073 12,996 Depreciation and amortization 20,470 20,552 CARES Act Grant Recognition (11,311) — Total operating expenses 123,399 156,849 Operating income 26,972 27,187 Other (expenses) income, net: Interest expense (9,082) (12,628)Interest income 126 58 Other (expense) income, net 923 (297)Total other (expense), net (8,033) (12,867) Income before taxes 18,939 14,320 Income tax expense 4,821 3,535 Net income $14,118 $10,785 Net income per share attributable to common shareholders Basic $0.40 $0.31 Diluted $0.39 $0.31 Weighted-average common shares outstanding Basic 35,531 35,023 Diluted 36,647 35,182 MESA AIR GROUP, INC.Condensed Consolidated Balance Sheets(In thousands, except shares) (Unaudited) December 31,2020 September 30,2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $181,300 $99,395 Restricted cash 3,634 3,446 Receivables, net 15,412 13,712 Expendable parts and supplies, net 22,760 22,971 Prepaid expenses and other current assets 12,897 16,067 Total current assets 236,003 155,591 Property and equipment, net 1,194,061 1,212,415 Intangibles, net 7,722 8,032 Lease and equipment deposits 1,851 1,899 Operating Lease right-of-use assets 114,666 123,251 Other Assets 514 742 TOTAL ASSETS $1,554,817 $1,501,930 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Current portion of long-term debt and financing leases $99,745 $189,268 Current portion of deferred revenue 51,253 9,389 Current maturities of operating leases 44,712 43,932 Accounts payable 47,576 53,229 Accrued compensation 7,029 12,030 Other accrued expenses 37,581 45,478 Total current liabilities 287,896 353,326 NONCURRENT LIABILITIES: Long-term debt and financing leases - excluding current portion 624,116 542,456 Noncurrent operating lease liabilities 53,570 62,531 Deferred credits 5,176 5,705 Deferred income taxes 69,111 64,275 Deferred revenue, net of current portion 26,504 14,369 Other noncurrent liabilities 4,147 1,409 Total noncurrent liabilities 782,624 690,745 Total liabilities 1,070,520 1,044,071 STOCKHOLDERS' EQUITY: Preferred stock of no par value, 5,000,000 shares authorized; no shares issued and outstanding — — Common stock of no par value and additional paid-in capital, 125,000,000 shares authorized; 35,532,162 (2021) and 35,526,918 (2020) shares issued and outstanding, and 4,899,497 (2021) and 3,600,953 (2019) warrants issued and outstanding 255,092 242,772 Retained earnings 229,205 215,087 Total stockholders' equity 484,297 457,859 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,554,817 $1,501,930 Operating Highlights (unaudited) Three months ended December 31 2020 2019 Change Available Seat Miles (thousands) 1,670,943 2,735,386 -38.9% Block Hours 69,247 115,562 -40.1% Departures 35,344 62,725 -43.7% Average Stage Length (miles) 637 573 11.2% Passengers 1,829,714 3,697,138 -50.5% Source: Mesa Air Group, Inc. Mesa Air Group, Inc.Investor RelationsBrian GillmanInvestor.Relations@mesa-air.com(602) 685-4010, 410 North 44th StreetSuite 700Phoenix, AZ 85008United States602 685 4000http://www.mesa-air.com, Sector(s): IndustrialsIndustry: AirlinesFull Time Employees: 3,200.
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