Analysis: Although Jazz earned $34 million in operating profit, Air Canada posted a $91 million loss for the fourth quarter. ACE Holdings' reported a net loss of $103 million in the fourth quarter, primarily due to higher fuel costs. The company is cutting 600 management and salaried workers from its work foce to reduce expenses. The non-union labor force will be cut about 20 percent. These cuts are not anticipated to directly impact Jazz. Apple-to-apple comparisons for ACE and Jazz's 2004-to-2005 operations are not possible because its operations were restructured as a result of the 2003-2004 bankruptcy. The bulk of Jazz's new fleet is in place with the arrival in 2006 of 15 CRJ 705s, 13 new CRJ 200s and another 15 CRJ 200s transferred from Air Canada. #nm = not meaningful

Analysis: SkyWest's fourth quarter results include the first full quarter of its ownership of Atlantic Southeast. The combined earnings for the company were up 73 percent and in line with Wall Street's estimates. SkyWest is not breaking out the performance of each airline. The company's cash balance stands at $324 million. SkyWest maintained a 11.2 percent operating margin in 2005.

Analysis: The 13 percent growth over the last nine months in cargo revenues at Air T, billed by Mountain Air and CSA, account for the expenses of switching to the ATR aircraft. FedEx, which owns the 99 planes flown by Air T's cargo units, has been covering the conversion costs. In the last nine months, the company has paid out more than $900,000 in damages and repair costs associated with the February 2005 collapse of a de-icing boom, made by Air T's Global Ground Support unit, at the Philadelphia airport. The impact of repairs has been limited to $100,000 in the most recent quarter.

Analysis: With the Oct. 13 bankruptcy declaration by Mesaba Aviation, MAIR Holdings separated its financial reporting. Other than the first 13 days of the quarter, Mesaba's income and losses are not included in MAIR's. As a result of this accounting change, MAIR is now reporting details for both Mesaba and Big Sky. However, Big Sky's operating results are still not reported. Both Mesaba and MAIR adjusted the second quarter's results to reflect the $32 million payment Northwest did not make as it went into bankruptcy.

Analysis: The U.S. Postal Service contracts generate 97.6 percent of Alpine Air's annual income. The 51 percent growth in revenue was generated by the new Hawaiian contracts that began in April 2004. These initial contracts proved to be too expensive with higher fuel costs absorbed by Alpine and far less mail volume than projected New contracts have now been awarded for most of the Hawaiian routes. The first of these new contracts fueled a fourth quarter profit of $269,275. Alpine began working under new rates in January on other Hawaiian routes. Alpine did not provide a fourth quarter breakout.

[ ] corporate stock symbol ( ) Operating units { } code-share partners

Source: Company reports