OldTownPilot
Well-Known Member
http://biz.yahoo.com/bw/071219/20071219006084.html?.v=1
Should be REAL interesting.
MINNEAPOLIS--(BUSINESS WIRE)--Big Sky Airlines, the principal subsidiary of MAIR Holdings, Inc. (NASDAQ:MAIR - News), today announced that its east coast operations will cease service at Midnight on January 7, 2008. Big Sky also announced that it will attempt to transition its services in the west to another carrier.
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“We are disappointed that Big Sky was unable to overcome disappointing revenue, unusually bad weather and record-high fuel prices, obstacles which we now believe make it impossible to achieve sustained profitability,” said Paul F. Foley, MAIR’s president and chief executive officer. “We will assist Big Sky in managing this transition, and we also intend to continue pursuing MAIR’s goal of returning cash to its shareholders.”
Consistent with MAIR’s long-term strategy regarding the cash on its balance sheet and any recovery it receives from the Mesaba bankruptcy trust, MAIR intends to make cash distributions to its shareholders in 2008. MAIR intends to do this as expeditiously as possible, with the final process and method being dependent on a variety of factors, including tax issues and ongoing capital needs of MAIR.
MAIR will conduct a teleconference with the investment community on Thursday, December 20th at 10:00 A.M. (Central Time) to discuss these issues. The public is invited to participate in this event through a listen-only webcast by connecting to the teleconference provider and following the on-screen instructions.
Should be REAL interesting.