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 23, 2011

 

SKYWEST ANNOUNCES FOURTH QUARTER 2010 RESULTS

INCLUDING ACQUISITION OF EXPRESSJET HOLDINGS INC.

 

St. George, Utah—SkyWest, Inc. (“SkyWest”) (NASDAQ: SKYW) today reported operating revenues of $796.3 million for the quarter ended December 31, 2010, compared to $604.4 million for the same period last year.  SkyWest also reported net income of $37.2 million, or $0.67 per diluted share, for the quarter ended December 31, 2010, compared to $19.5 million of net income, or $0.34 per diluted share, for the same period last year. The results for the quarter ended December 31, 2010, includes $10.2 million in net earnings, or $0.18 per diluted share, of unusual items when compared to the historical results for the same period last year and are further explained below.

 

SkyWest also reported operating revenues of $2.77 billion for the twelve months ended December 31, 2010, compared to $2.61 billion for the same period last year.  SkyWest reported net income of $96.4 million, or $1.70 per diluted share, for the twelve months ended December 31, 2010, compared to $83.7 million or $1.47 per diluted share for the same period last year. The net income for the twelve months ended December 31, 2010, includes $10.2 million in net earnings, or $0.18 per diluted share, of unusual items when compared to the historical results for the same period last year and are further explained below.

 

The operating results reported above include the operating and financial results from the acquisition of ExpressJet from November 12, 2010 to December 31, 2010, or 50 days.

 

On November 12, 2010, SkyWest completed the acquisition of ExpressJet for a total cash purchase price of $136.5 million which includes the value of the shares previously owned by Atlantic Southeast Airlines, Inc. (“Atlantic Southeast”), SkyWest’s wholly owned subsidiary. As a result of the acquisition, ExpressJet became a wholly-owned subsidiary of Atlantic Southeast and SkyWest’s consolidated operations and financial results for the periods subsequent to the acquisition reflect the addition of 244 regional jet aircraft operated by ExpressJet Airlines, Inc. (“ExpressJet Airlines”) the primary operating entity of ExpressJet. In conjunction with the acquisition, SkyWest recorded a purchase accounting gain of $15.6 million which is reflected in the Other Income (Expense) category in SkyWest’s Condensed Consolidated Statements of Income. This gain was the result of SkyWest acquiring ExpressJet for less than the net fair value of the assets acquired and liabilities assumed. Additionally, the purchase accounting gain was a

 


The following information was filed by Skywest Inc (SKYW) on Wednesday, February 23, 2011 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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