ExpressJet Holdings, Inc. (NYSE: XJT), parent company of regional and charter airline operator, ExpressJet Airlines, Inc., recently reported a third quarter loss for 2009, excluding special items, of $7.7 million or $0.52 per common share. These results reflect an improvement over the same period in 2008 where the company reported a loss of $15.8 million or $1.00 per common share, excluding special items. Overall, ExpressJet reported a third quarter loss of $9.0 million or $0.61 per common share versus income of $4.4 million or $0.28 per common share during third quarter 2008.
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ExpressJet generated $179.2 million in revenue during the three months ended September 30, 2009 versus $262.3 for the three months ended September 30, 2008. The year-over-year decrease in passenger revenue stems from numerous factors including: lower utilization due to the global economic recession and ExpressJet's suspension of flying for both its branded and Delta operations during third quarter 2008.Under the amended capacity purchase agreement, Continental paid ExpressJet $151.9 million in block hour revenue and pass-through expense reimbursements for third quarter 2009 versus $161.1 million for third quarter 2008. The decrease in revenue earned from Continental year-over-year primarily relates to the transition of agent wages and facility rents from pass-through expenses under the amended capacity purchase agreement. ExpressJet also experienced an off-setting decline in expenses related to this transition.ExpressJet flew 8,393 block hours during the third quarter within its corporate aviation division, including those hours flown under a short-term agreement with United Air Lines for ten 50-seat aircraft that accounted for 6,684 block hours flown during the quarter. Block hours generated for the nine months ended September 30, 2009 within the corporate aviation division totaled 16,469.ExpressJet's fleet within the corporate aviation division consisted of eight 41-seat aircraft and twenty-two 50-seat aircraft during the quarter, totaling an operating fleet of 30 aircraft. ExpressJet operated 244 aircraft during third quarter 2009. Last year during the third quarter, ExpressJet returned 29 aircraft to Continental as part of the amended capacity purchase agreement that began on July 1, 2008. During the quarter, ExpressJet managed 40 contracts at 30 stations. Total activity during the quarter as measured by aircraft turns was 19,578.
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