Mesa Air Group, Inc. (NASDAQ: MESA) has reported second quarter fiscal 2020 net income of USD 1.9 million or USD 0.05 per diluted share, compared to net income of USD 13.2 million, or USD 0.38 per diluted share for Q2 2019, the company said.
Mesa´s Q2 2020 pre-tax income was USD 3.2 million, compared to USD 17.3 million for Q2 2019. Mesa´s Adjusted EBITDA for Q2 2020 was USD 35.3 million, compared to USD 53.7 million in Q2 2019 and Adjusted EBITDAR was USD 47.6 million, compared to USD 67.8 million in Q2 2019.
Mesa ended the quarter at USD 52.4 million in unrestricted cash and equivalents compared to USD 57.8 in Q1 FY2020. During the quarter Mesa drew down the line of credit facility by USD 23 million, paid USD 11 million in deposits in connection with previously ordered engines, paid USD 3 million in capital expenditures, paid USD 8 million in property tax for prior periods and had USD 6 million in cash lease payments in excess of book lease amounts.
Mesa paid USD 43 million in scheduled principal payments on aircraft and engine debt. As previously disclosed, Mesa expects to receive a total of USD 92.5 million in connection with the Payroll Support Program under the Coronavirus Aid, Relief, and Economic Security Act, covering the period April through September 2020. In April Mesa received USD 30.8 million under the program and expects to receive USD 15.4 each month from June through September.
Mesa has also applied for a loan under the CARES Act and will be meeting with the Treasury Department and their advisors in the coming weeks to determine amounts that are available to Mesa. Mesa will then evaluate its participating in the loan program and determine how much if any additional debt to take on.
Mesa Air Group, Inc. is the holding company of Mesa Airlines, a regional air carrier providing scheduled passenger service to 103 cities in 35 states, the District of Columbia and Mexico.