ExpressJet Holdings, Inc. (Houston), parent company of regional and charter airline operator, ExpressJet Airlines (Houston) 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. (Nasdaq:SKYW – News) 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.
Copyright Photo: Bruce Drum. ExpressJet’s Embraer ERJ 145LR N15980 (msn 145202) taxies to the active runway at Charlotte.