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ExpressJet sets cost-cutting moves
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... Regional airline operator ExpressJet Holdings Inc (XJT.N) said on Monday that it is implementing a hiring freeze for management openings and taking other steps to cut costs.
The company, which flies planes for bigger carriers such as UAL Corpīs (UAUA.O) United Airlines, said it would look to reduce worker compensation claims and lower restricted cash requirements, collect revenue currently owed to it under third-party contracts, and improve crew-planning procedures to boost productivity and lower related travel expenses.
Tom Hanley, who was named president and chief executive of ExpressJet in April, said the moves would help restore "sustained profitability" to the airline operator in a statement.
ExpressJet, once a subsidiary of Continental Airlines Inc (CAL.N), has posted net losses for three of the past four quarters and had losses for both 2009 and 2008.
The company said the cost-cutting initiatives began during the second quarter and were expected to provide up to $40 million in run-rate savings by 2012. It said it also plans a comprehensive review of salaries and benefits.
ExpressJet shares were off 3 cents to $3.12 in morning New York Stock Exchange trading. |
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