ExpressJet Holdings loses $16.1 million in the first quarter

ExpressJet Holdings, Inc. (Houston-Bush Intercontinental), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., today reported a first quarter loss of $16.1 million or $0.93 per share. Excluding special items, ExpressJet’s loss totaled $12.7 million or $0.73 per share.

Under its capacity purchase agreement with Continental Airlines, ExpressJet flew 162,823 block hours using an average of 208 aircraft. The year-over-year improvement in block hours led to ExpressJet utilizing each aircraft an average of 8 hours and 41 minutes per day-a 6.2% year-over-year improvement. In first quarter 2010, ExpressJet generated 1.9 million revenue passenger miles on 2.5 million available seat miles, producing a load factor of 76% within its Continental Express operation.

ExpressJet continued the expansion phase of its United Express operation, where it flew an average of 16 aircraft during the first quarter. The United Express operation produced 14,432 block hours or average daily utilization of 9 hours and 54 minutes per day. Within the United Express operation, ExpressJet flew 197,244 available seat miles, generating 138,832 revenue passenger miles and a load factor of 70.4%. Currently, ExpressJet operates 22 aircraft in its United Express operation and expects to add 10 additional aircraft on May 1, 2010.

ExpressJet flew 3,027 block hours during the first quarter with an average of 20 aircraft, 6.3% less than first quarter 2009 when 30 aircraft were allocated to ExpressJet’s Corporate Aviation (charter) fleet. With the addition of United Express flying, ExpressJet expects to operate only six 50-seat aircraft within the Corporate Aviation (charter) division for the remainder of 2010. ExpressJet expects the resizing of the Corporate Aviation (charter) fleet will enhance the revenue production per charter aircraft on a go-forward basis.

ExpressJet operated a total of 244 aircraft during first quarter and expects its 2010 fleet plan from May to December 2010 to consist of 244 fifty-seat aircraft allocated as follows:

206 aircraft flying as Continental Express;
32 aircraft flying as United Express; and
6 aircraft flying within Corporate Aviation (charter).

Copyright Photo: Jeffrey S. DeVore. Embraer ERJ 145LR (EMB-145LR) N11544 (msn 145557) has now been painted in full United Express colors.