-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tzk70lCasBUdItS+WepYEdDbSUq8SKu8iJwSjhM/z0fSteCdutt3N3Il7SBcGk/U 5/j0jtng3tXd+isZ6oghag== 0000835768-97-000013.txt : 19970715 0000835768-97-000013.hdr.sgml : 19970715 ACCESSION NUMBER: 0000835768-97-000013 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970714 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MESABA HOLDINGS INC CENTRAL INDEX KEY: 0000835768 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 411616499 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 000-17895 FILM NUMBER: 97640112 BUSINESS ADDRESS: STREET 1: 7501 26TH AVE S CITY: MINNEAPOLIS STATE: MN ZIP: 55450 BUSINESS PHONE: 6127265151 MAIL ADDRESS: STREET 1: 7501 26TH AVE SOUTH CITY: MINNEAPOLIS STATE: MN ZIP: 55450 10-K405/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 0-17895 MESABA HOLDINGS, INC. --------------------- (Exact name of registrant as specified in its charter) Minnesota 41-1616499 ------------------------------ ----------------------------------- (State of other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 7501 26th Avenue South Minneapolis, Minnesota 55450 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (612) 726-5151 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $.01 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.[X] The aggregate market value of voting stock held by nonaffiliates of the registrant as of June 6, 1997 was approximately $194,919,000. As of June 6, 1997, there were 12,781,546 shares of Common Stock of the registrant issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE None MESABA HOLDINGS, INC. AND SUBSIDIARY Consolidated Statements of Operations (In Thousands, Except Share and Per Share Information) For the Years Ended March 31, 1997 1996 1995 -------- -------- -------- OPERATING REVENUES: Passenger $183,409 $166,900 $142,470 General aviation, freight and other 2,292 3,555 3,430 -------- -------- -------- Total operating revenues 185,701 170,455 145,900 OPERATING EXPENSES: Wages and benefits 49,850 47,000 40,957 Aircraft fuel 17,850 17,795 15,993 Aircraft maintenance 25,012 19,518 11,539 Aircraft rents 31,242 31,330 32,293 Landing fees 4,770 4,474 4,200 Insurance and taxes 5,307 5,886 4,495 Depreciation and amortization 4,265 4,854 6,086 Other 27,822 27,291 25,978 -------- -------- -------- Total operating expenses 166,118 158,148 141,541 -------- -------- -------- Operating income 19,583 12,307 4,359 NONOPERATING (EXPENSE) INCOME: Interest expense (511) (1,441) (562) Interest income and other 1,625 1,761 1,332 Gain on distribution of subsidiary - 49,303 - -------- -------- -------- Income before income taxes 20,713 61,930 5,129 PROVISION FOR INCOME TAXES 8,727 5,655 2,523 -------- -------- -------- Net income $ 11,986 $ 56,275 $ 2,606 ======== ======== ======== NET INCOME PER SHARE $ .93 $ 4.81 $ .29 ======== ======== ======== WEIGHTED AVERAGE SHARES OUTSTANDING 12,873 11,689 9,113 ======== ======== ======== The accompanying notes are an integral part of these consolidated statements. -2- MESABA HOLDINGS, INC. AND SUBSIDIARY Consolidated Statements of Cash Flows (In Thousands)
For the Years Ended March 31, 1997 1996 1995 -------- -------- -------- OPERATING ACTIVITIES: Net income $ 11,986 $ 56,275 $ 2,606 Adjustments to reconcile net income to net cash provided by operating activities- Gain on distribution of subsidiary - (49,303) - Depreciation and amortization 4,265 4,854 6,086 Accrued maintenance, long-term (2,227) (701) (531) Deferred income taxes (2,228) 293 (139) Change in current operating items: Accounts receivable, net (4,090) (1,310) (2,455) Restricted cash - - (3,765) Inventories (411) 164 (180) Prepaid expenses and deposits (280) (4,174) (599) Accounts payable and accrued liabilities 16,344 10,012 5,553 -------- -------- -------- Net cash flows provided by operating activities 23,359 16,110 6,576 -------- -------- -------- INVESTING ACTIVITIES: Acquisition of jet operation - - (2,500) Purchases of property and equipment, net (3,301) (4,127) (3,564) (Increase) decrease in other assets (215) - (1,266) Decrease in other liabilities (4) (4) (17) -------- -------- -------- Net cash flows used for investing activities( 3,520) (4,131) (7,347) -------- -------- -------- FINANCING ACTIVITIES: Proceeds from issuance of debt - 300 - Distribution of subsidiary - (21,372) - Distribution of restricted cash of subsidiary - 3,765 - Repayment of capital lease obligations ( 434) (322) (503) Proceeds from issuance of common stock 293 8,748 738 Dividends paid - (521) (1,025) -------- -------- -------- Net cash flows used for financing activities (141) (9,402) (790) -------- -------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 19,698 2,577 (1,561) CASH AND CASH EQUIVALENTS: Beginning of year 29,428 26,851 28,412 -------- -------- -------- End of year $49,126 $29,428 $26,851 ======== ======== ======== SUPPLEMENTARY CASH FLOW INFORMATION: Cash paid during the year for- Interest $ 511 $ 555 $ 576 ======== ======== ======== Income taxes $ 7,948 $ 5,296 $ 2,759 ======== ======== ========
The accompanying notes are an integral part of these consolidated statements. -3- SIGNATURES Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized. MESABA HOLDINGS, INC. Dated: July 14, 1997 By /s/ John S. Fredericksen --------------------------- John S. Fredericksen Vice President, Administration, General Counsel and Secretary -----END PRIVACY-ENHANCED MESSAGE-----