Exhibit 99.1

 

 

NEWS RELEASE

 

For Further Information Contact:

Michael J. Kraupp

Chief Financial Officer and Treasurer

Telephone:  (435) 634-3212

Fax:  (435) 634-3205

 

FOR IMMEDIATE RELEASE:     February 14, 2013

 

SKYWEST, INC. ANNOUNCES FOURTH QUARTER 2012 RESULTS

 

St. George, Utah—SkyWest, Inc. (“SkyWest”) (NASDAQ: SKYW)  today reported net income of $13.9 million, or $0.27 per diluted share, for the quarter ended December 31, 2012, compared to a net loss of  $(18.0) million, or $(0.35) per diluted share, for the same period last year.

 

Quarter Highlights

 

SkyWest’s operating and financial results for the quarter ended December 31, 2012 reflect a significant improvement compared to the same period of 2011, primarily as a result of recording additional revenues from an increase in block hour production and continuing to reduce its cost structure as part of its profit improvement plan; however, for financial reporting purposes, the increased revenues were offset by lower reimbursement payments for fuel and maintenance overhaul expenses under contracts with SkyWest’s major partners, resulting in a net decrease in total operating revenues. These efforts resulted in a $53.3 million improvement in pretax income and an improvement in fully diluted earnings per share of $0.62 for the quarter ended December 31, 2012, compared to the same period last year. This is the fourth quarter in a row where reported results have exceeded market estimates.  Following are some selected highlights for the quarter and twelve months ended December 31, 2012 compared to the same periods last year:

 

(Unaudited)

 

Three Months Ended

 

Twelve Months Ended

 

Dollars in thousands, except per share

 

December 31,

 

December 31,

 

amounts

 

2012

 

2011

 

% Change

 

2012

 

2011

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating revenue

 

$

810,725

 

$

899,851

 

(9.9

)%

$

3,534,372

 

$

3,654,924

 

(3.3

)%

Total operating margin

 

5.4

%

(0.6

)%

6.0

pts

4.7

%

1.1

%

3.6

pts

Pretax income (loss)

 

$

25,556

 

$

(27,773

)

192.0

%

$

85,896

 

$

(50,170

)

271.2

%

Net income (loss)

 

$

13,946

 

$

(17,967

)

177.6

%

$

51,157

 

$

(27,335

)

287.1

%

Fully diluted earnings per share

 

$

0.27

 

$

(0.35

)

177.1

%

$

0.99

 

$

(0.52

)

290.4

%

Block hours

 

568,808

 

550,808

 

3.3

%

2,297,014

 

2,250,280

 

2.1

%

 

Commenting on the results, Jerry C. Atkin, SkyWest’s Chairman and CEO, said “We are very pleased with our operating and financial results for the quarter ended December 31, 2012.  This is a solid result for a quarter that can typically be very challenging.”  He continued, “We

 


The following information was filed by Skywest Inc (SKYW) on Thursday, February 14, 2013 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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