Exhibit 99.1

 

 

NEWS RELEASE

 

CONTACT:

Investor Relations

 

Corporate Communications

 

435.634.3200

 

435.634.3553

 

Investor.relations@skywest.com

 

corporate.communications@skywest.com

 

SkyWest, Inc. Announces Fourth Quarter and Full Year 2016 Results

 

·                  Fourth quarter 2016 GAAP net loss of $270 million, or $5.22 loss per share

·                  Fourth quarter 2016 adjusted net income of $29 million, or $0.54 earnings per diluted share

·                  Full year 2016 GAAP net loss of $162 million, or $3.14 loss per share

·                  Full year 2016 adjusted net income of $143 million, or $2.73 earnings per diluted share

·                  Q4 2016 adjusted results exclude a previously announced non-cash 50-seat aircraft asset impairment of $466 million and an early aircraft lease return charge of $7 million (pre-tax)

 

ST. GEORGE, Utah, February 2, 2017. SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today reported financial and operating results for the fourth quarter of 2016, including a net loss of $270 million, or $5.22 loss per share, compared to net income of $41 million, or $0.78 earnings per diluted share for Q4 2015. Adjusted net income for Q4 2016 was $29 million, or $0.54 earnings per diluted share, compared to adjusted net income of $25 million, or $0.49 earnings per diluted share for Q4 2015. The adjusted results for Q4 2016 exclude (pre-tax) a $466 million non-cash impairment charge and $7 million of early lease return charges, both previously announced. The improvement in adjusted net income was primarily due to SkyWest’s continued execution on its ongoing fleet transition and strong operating performance.

 

Net loss for the 2016 year was $162 million, or $3.14 loss per share, compared to net income of $118 million, or $2.27 earnings per diluted share for the 2015 year. Adjusted net income was $143 million, or $2.73 earnings per diluted share, for the 2016 year, compared to adjusted net income of $103 million, or $1.98 earnings per diluted share, for the 2015 year.

 

Commenting on the results, Chip Childs, SkyWest, Inc. Chief Executive Officer, said, “Our improved 2016 results were largely due to the addition, removal or redeployment of over 125 aircraft across our base fleet of 652 aircraft. The evolution of our fleet continues to reduce our risk, improve our capital flexibility and ensure we adapt to our major partners’ long and short-term needs. Our ability

 

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The following information was filed by Skywest Inc (SKYW) on Thursday, February 2, 2017 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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