Analysis: SkyWest's fourth quarter earnings came right in at Wall Street's 37 cents per share estimate. SkyWest later this year will end its contract flying for Continental; however, United and Delta generated 93 percent of SkyWest's 2004 revenues. In the fourth quarter, SkyWest reached a verbal agreement with Delta on its 2005 rate schedule and expects to sign a definitive agreement based on this oral contract. SkyWest continues to explore other flying relationships and to that end, it purchased four used 50-seat RJs in December to be readily available to develop new service. In the last 12 months, SkyWest increased its cash balance by $69 million to $549.7 million. The carrier has declared a 3 cents per share cash dividend to be paid on April 8 to shareholders of record on March 31.

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Sources: Company reports, Raymond James