UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 10-Q/A

          {X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934.

                For the quarterly period ended December 31, 1999

                                       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.
                             ---------------------

                    Incorporated under the laws of Minnesota

                                   41-1616499
                            (I.R.S. Employer ID No.)

                             7501 26th Avenue South
                             Minneapolis, MN  55450
                                 (612) 726-5151


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 (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                    Yes     X      No


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

               Class                    Outstanding as of February 1, 2000
               -----                    ----------------------------------
          Common Stock
          Par value $.01 per share                     20,267,141

<PAGE>
                      MESABA HOLDINGS, INC.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                    (Unaudited, in thousands)
                                                    Nine Months Ended
                                                       December 31,
                                                     1999          1998
                                                 -----------     ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                       $    24,245     $  14,843
Adjustments to reconcile net income to net
cash provided by operating activities:
     Depreciation and amortization                    10,499         6,799
     Amortization of deferred credits                 (1,730)        1,506

     Gain on sale of inventory                             -          (799)
     Deferred income tax benefit                           -        (2,356)
Changes in current operating items:
     Accounts receivable, net                        (19,310)         (733)
     Inventories                                         661        (3,932)
     Prepaid expenses and deposits                    (1,196)        1,317
     Accounts payable and accrued liabilities           (498)        9,762
                                                 -----------     ---------
Net cash provided by operating activities             12,671        26,407

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchase of property and equipment              (15,949)      (16,544)
     Other                                                 9            23
                                                 -----------     ---------
Net cash used for investing activities               (15,940)      (16,521)

CASH FLOWS FROM FINANCING ACTIVITIES:
     Issuance of common stock                          2,518         2,457
     Repayment of long-term obligations                 (318)         (342)
                                                 -----------     ---------
Net cash provided by financing activities              2,200         2,115

NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS                                           (1,069)       12,001
CASH AND CASH EQUIVALENTS:
     Beginning of period                              83,152        66,554
                                                 -----------     ---------
     End of period                               $    82,083     $  78,555
                                                 ===========     =========
SUPPLEMENTARY CASH FLOW INFORMATION:
     Cash paid during period for:
          Interest                               $       306     $     337
                                                 ===========     =========
          Income taxes                           $    14,922     $  10,984
                                                 ===========     =========

The accompanying notes to interim consolidated financial
statements are an integral part of these statements.

<PAGE>

                                   SIGNATURES


Pursuant to the  requirements of the  Securities and Exchange  Act of 1934,
the registrant has  duly caused  this report  to  be signed  on  its behalf
by  the undersigned thereunto duly authorized.


                                   MESABA HOLDINGS, INC.

Date:  March 14, 2000            BY:  /s/ Robert E. Weil
                                     -------------------------
                                     Robert E. Weil
                                     Vice President and Chief Financial Officer
                                     (Principal Financial Officer)

                                     /s/ Jon R. Meyer
                                     -------------------------
                                     Jon R. Meyer
                                     Director of Accounting/Controller
                                    (Principal Accounting Officer)