Business Services Industry
East Phoenix, Ariz.-Based Mesa Air Group Sees Profits Drop in Second Quarter.
Knight Ridder/Tribune Business News, May, 2004
By John Yantis, The Tribune, Mesa, Ariz. Knight Ridder/Tribune Business News
May 1--East Phoenix-based Mesa Air Group saw profits dip dramatically in the second quarter compared with the same time last year and the company announced Friday it would restate four years of prior earnings to reflect an accounting change in appreciation of some aircraft.
The regional carrier reported net income in the second quarter of $1.8million, or 5cents a share, a drop of nearly 84percent compared to the $11million, or 35cents a share, the company earned during the same time last year.
The company's stock fell 4percent Friday, or 29cents, to $7.05 a share. Mesa Air chairman and CEO Jonathan Ornstein attributed the drop to expansion and training costs....
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