NEW YORK (AFX) - Regional airline Mesa Air Group Inc. on Tuesday said it plans to restate its cash flow statement for 2005 fiscal year due to improper accounting.
In a filing with the Securities and Exchange Commission, Phoenix-based Mesa Air said a review of its statement for the year ended September 2005 turned up errors in how it accounted for a $10 million payment made to United Airlines, $2.0 million of other contract incentive payments and $5.5 million of prepaid aircraft lease costs. Another $3.2 million of debt issue costs was incorrectly classified, as was a non-cash transfer of $2.7 million.
The restatement will not effect income, per-share earnings or its balance sheet and is expected to be complete in about two weeks, Mesa said.
Mesa Air finished up a penny at $9.06 on the Nasdaq.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.