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Monday, December 5, 2005

Quick Takes

  • SkyWest [SKYW] has filed papers with the U.S. Securities and Exchange Commission (SEC) to sell an additional 4 million shares of stock to raise money to pay off debt. Based on its current $30-per-share price range, SkyWest could receive more than $122 million in the offering, or about one-third of $425 million it paid to buy Atlantic Southeast Airlines from Delta Air Lines [DALQ]. Merrill Lynch and Raymond James are handling the offering. The underwriters can sell an additional 600,000 shares if the demand warrants.
  • The Horizon Air mechanics and fleet service agents, represented by the Aircraft Mechanics Fraternal Association (AMFA), ratified a new three-year contract with the carrier. The agreement covers 400 workers at the regional unit of Alaska Air [ALK]. Details on the terms of the new contract were not provided.
  • The pilots at NetJets Aviation ratified a new contract by an 84 percent approval vote. Ninety-one percent of the 2,000 pilots represented by the Teamsters participated in the vote. The new contract becomes amendable in 2010. The former contract was signed in 1998 and has been amendable since October 2001. Contract details were not released.
  • Embraer [ERJ] recently released its 2006 and 2007 forecasts. It anticipates delivering 145 airplanes in 2006, with more than 70 percent of the production to be aircraft from the new Embraer 170/190 family. In 2007, the Brazilian firm expects to deliver 150 airplanes. Both estimates include commercial jetliners, military aircraft and business jets.
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