EXHIBIT 99.1

 

 

NEWS RELEASE

 

For Further Information Contact:

Michael J. Kraupp

Vice President Finance and Treasurer

Telephone:  (435) 634-3212

Fax:  (435) 634-3205

 

FOR IMMEDIATE RELEASE:          February 11, 2010

 

SKYWEST ANNOUNCES FOURTH QUARTER 2009 RESULTS

 

St. George, Utah—SkyWest, Inc. (“SkyWest”) (NASDAQ: SKYW) today reported operating revenues of $604.4 million for the quarter ended December 31, 2009, compared to $743.3 million for the same period last year.  SkyWest also reported net income of $19.5 million or $0.34 per diluted share, for the quarter ended December 31, 2009, compared to $21.2 million of net income or $0.37 per diluted share, for the same period last year.

 

SkyWest also reported operating revenues of $2.61 billion for the year ended December 31, 2009, compared to $3.50 billion for the year ended December 31, 2008.  SkyWest reported net income of $83.7 million or $1.47 per diluted share, for the year ended December 31, 2009, compared to $112.9 million of net income, or $1.93 per diluted share for the year ended December 31, 2008.

 

Following are the significant items effecting SkyWest’s financial and operating performance during the quarter ended December 31, 2009:

 

SkyWest is reimbursed by its major partners for fuel and certain other costs under its contract flying arrangements. For financial reporting purposes, these reimbursements are recorded as operating revenues.  Excluding fuel cost reimbursements, total operating revenues for the fourth quarter of 2009 were $555.8 million compared to $551.2 million for the same period last year.  The increase was primarily the result of an increase in the number of block hours in contract flying and additional pro-rate flying.  SkyWest produced 335,776 block hours, a 4.6% increase, for the quarter ended December 31, 2009, compared to 320,932 block hours for the same period last year.

 

Total operating expense and interest per available seat mile (“ASM”) for the fourth quarter of 2009, excluding fuel expense of $59.2 million, or $0.011 per ASM, decreased 6.9% to $0.094 from $0.101 for the comparable quarter of 2008.  The decrease is primarily due to the overall reduction in personnel (full-time equivalent basis) by approximately 8.1% for the quarter ended December 31, 2009, compared to the same period last year, while at the same time experiencing an increase in ASM production by approximately 7.5% for the comparable periods. The decrease was also partially attributable to flying more regional jets, with larger seating capacity, that typically generate more ASMs than smaller aircraft flying the same routes.  Total operating expense and interest, excluding fuel expense, was $517.9 million for the quarter ended December 31, 2009, compared to $517.1 million for the quarter ended December 31, 2008.

 

SkyWest recorded stock-based compensation expense of approximately $1.8 million ($1.1 million after-tax) for the quarter ended December 31, 2009, compared to $2.6 million ($1.7 million after tax) for the

 

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The following information was filed by Skywest Inc (SKYW) on Thursday, February 11, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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