Ok this clarifies alot - thanks for the link :)
PHOENIX, May 11, 2009 - Mesa Air Group, Inc. (NASDAQ: MESA) (the "Company") announced today a second quarter pre-tax operating profit of $27.2 million from continuing operations and a net loss after tax of $37.3 million from continuing operations on operating revenues of $233.0 million. The significant after tax net loss is the result of recording $64.5 million income tax expense primarily driven by an IRC Section 382 tax provision affecting Net Operating Loss (NOL) carryforwards. Total operating revenues for the second quarter of 2009 decreased $87.3 million, or 27.3% primarily resulting from a year-over-year decrease in capacity and lower fuel revenue. The net loss of $37.3 million, or $0.43 per share on a diluted basis, compares to net gain from continuing operations of $17.5 million, or $0.51 per diluted share for the same period of fiscal 2008. Pro forma net loss for the quarter was $0.1 million or break even on a per diluted share basis compared to a loss of $4.1 million or $0.15 per diluted share for the same period of fiscal 2008. Pro forma net loss for the quarter includes adjustments for the following items on an after tax basis: $54.0 million adjustment to income tax expense, $1.7 million loss from equity method investments, $1.6 million costs associated with the Chinese joint venture, $1.1 million in lease return costs, a $1.1 million inventory write-down, $0.3 million in go! legal expenses, a $0.2 million impairment charge, and $0.1 million for loss on disposal. These losses were partially offset by a $22.9 million gain on extinguishment of debt.