PHOENIX, Dec. 29, 2022 (GLOBE NEWSWIRE) -- Mesa Air Group, Inc. (NASDAQ: MESA) today reported financial results for its fourth fiscal quarter and full year ended September 30, 2022. Fourth Quarter Fiscal Year 2022 Highlights: Pre-tax income of $13.7 million, compared to pre-tax income of $1.9 million in the fourth quarter of fiscal year 2021 Net income of $10.2 million, or $0.28 per diluted share, compared to net income of $1.5 million, or $0.04 per diluted share, in the fourth quarter of fiscal year 2021 Generated $17.3 million of operating cash flow Full Year Fiscal Year 2022 Highlights: Pre-tax income of $14.9 million, compared to pre-tax loss of $67.2 million in fiscal year 2021 Net income of $10.3 million, or $0.28 per diluted share, compared to net loss of $51.1 million, or $1.46 per diluted share, in fiscal year 2021 Generated $10.2 million of operating cash flow "We are pleased to report a profitable fourth quarter and fiscal year 2022, driven by the continued recovery in the regional aviation sector and the full benefit of our amended agreements with both United and American Airlines," said Jonathan Ornstein, Mesa Air Group Chairman and Chief Executive Officer. "We are also excited to announce that we have reached an agreement in principle with United to add twenty E175 aircraft to our United Express operations. We expect to take delivery of these aircraft beginning in the second calendar quarter of 2023. This agreement is a testament to our strong operating performance and the value Mesa brings to our major airline partners." Fourth Quarter Results Mesa reported a net income of $10.2 million, or $0.28 per diluted share, for the fourth quarter of fiscal year 2022, compared to a net income of $1.5 million, or $0.04 per diluted share, for the fourth quarter of fiscal year 2021. Contract revenue increased by $35.4 million, or 20%, to $213.4 million for the fourth quarter of fiscal year 2022, compared to $178.0 million for the fourth quarter of fiscal year 2021. The increase in contract revenue was primarily due to the higher rates in our amended agreements with United and American, as well as the recognition of a $10.0 million incentive payment from United. Full Year Results Mesa reported a net income of $10.3 million, or $0.28 per diluted share, for fiscal year 2022, compared to a net loss of $51.1 million, or $1.46 per diluted share, for fiscal year 2021. Contract revenue increased by $102.8 million, or 17%, to $702.8 million for fiscal year 2022, compared to $600.0 million for fiscal year 2021. The increase in contract revenue was primarily due to the higher rates in our amended agreements with United and American. About Mesa Air Group, Inc. Headquartered in Phoenix, Arizona, Mesa Air Group, Inc. is a holding company with subsidiaries that operate as regional air carriers providing scheduled passenger service to 117 cities in 41 states, the District of Columbia, Canada, Mexico, The Bahamas, and the Caribbean. The company's subsidiaries operate under Capacity Purchase Agreements (CPA) with American Airlines (American Eagle) and United Airlines (United Express). Mesa operates a fleet of 160 aircraft with approximately 350 daily departures and 2,500 employees. Forward Looking Statements Certain statements contained in this press release that are not historical facts, including statements about our beliefs, expectations, plans, estimates, projections, goals and objectives are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: risks related to the COVID-19 pandemic and the measures intended to prevent its spread; risks related to our relationship with our major airline partners; risks related to pilot shortages; risks related to our amended CPAs with American and United; risks related to our fleet transition; risks related to our dependence on our relationship with American and United; risks related to our concentration of business in the regional airline industry; risks related to our dependence on a limited number of aircraft types; risks related to the increasing cost of fuel; risks related to our significant indebtedness; risks related to our dependence on third-party maintenance providers; risks related to our dependence on the regional airline industry; risks related to our business model and our ability to operate successfully under our CPAs; risks related to our high operating leverage; risks related to labor relations; risks related to our ability to attract and retain qualified personnel; risks related to general economic conditions; risks related to geopolitical events; and other factors discussed from time to time in our filings with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Except as required by law, we undertake no obligation and do not intend to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Investor Relations Contact: Doug Cooper doug.cooper@mesa-air.com (602) 685-4010