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FOR IMMEDIATE RELEASE: February 12, 2015
SKYWEST, INC. ANNOUNCES FOURTH QUARTER 2014 RESULTS
St. George, UtahSkyWest, Inc. (SkyWest) (NASDAQ: SKYW) today reported financial and operating results for the quarter ended December 31, 2014. Highlights are as follows:
Excluding special items, SkyWests pre-tax income was $33.5 million for the December 2014 quarter, an increase of $18.4 million over the December 2013 quarter. SkyWests net loss, including special items, was $(27.9) million, or $(0.54) per diluted share, for the December 2014 quarter, compared to net income of $8.6 million, or $0.17 per diluted share, for the December 2013 quarter.
The December 2014 quarter includes special item expenses of $70.0 million pre-tax ($43.6 million after-tax) due to the accelerated retirement of SkyWests EMB-120 turboprop aircraft and a code-share agreement modification that shortened the contract term for ExpressJets operation of the ERJ145 aircraft type.
SkyWests pre-tax income for the December 2014 quarter, excluding special items, increased 122% from the December 2013 quarter, despite a 6.6% reduction in departures and a 4.4% reduction in completed block hours, from the December 2013 quarter. Excluding the special items, the increase in pre-tax income from the December 2013 quarter was primarily due to higher unit revenue from new and renewed flying arrangements at improved rates as described in more detail below.
For the 2014 year, SkyWests pre-tax income, excluding special items, was $58.4 million, compared to $98.5 million for the 2013 year. SkyWests net loss, including special items, was $(24.2) million, or $(0.47) per diluted share, for the 2014 year, compared to net income of $59.0 million, or $1.12 per diluted share, for the 2013 year.
· Significant operational and commercial items related to the December 2014 quarter include:
· SkyWest Airlines took delivery of six E175 aircraft during the quarter under its flying contract with United, which resulted in a total of 20 E175 deliveries for calendar 2014. SkyWest is scheduled to take delivery of the remaining 20 E175s under its United agreement during the first three quarters of 2015.
· SkyWest Airlines reached an agreement with Alaska to operate seven new E175 aircraft with deliveries scheduled between the third quarter of 2015 and the first quarter of 2016.
· SkyWest Airlines reached an agreement with Delta to operate 12 additional used CRJ200
The following information was filed by Skywest Inc (SKYW) on Thursday, February 12, 2015 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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