Mesa Air Group drops on delayed financial filings
Mesa Air Group, Inc. (OTC: MESA) shares are sliding after the Phoenix, Ariz.-based company delayed its fourth-quarter and full-year earnings statement until Jan. 15. In fiscal 2006, the operator of regional air carriers earned $34 million, or $0.84 per share.
Reporting a business sale is taking longer than expected, according to the company. Mesa sold Air Midwest Inc. on the last day of its fourth quarter, Sept. 30, and the firm said this timing has caused a delay.
The firm expects to post a loss for the fourth quarter and for the full fiscal year. Mesa recorded losses during the first three quarters of fiscal 2007.
The company canceled its conference call, originally scheduled for 11 a.m. ET on Friday morning and anticipates announcing the new date next week.
In afternoon trading, MESA shares are down 4.71%, or $0.16, at $3.24. Over the last 52 weeks, shares have ranged from $3.10 to $8.82.
