SkyWest Q1 Op Revenue Up, Net Flat

Once again weather and operational issues hammered on-time and baggage delivery performance, forcing SkyWest’s to miss $3.9 million (pretax) from its major partners for incentives under its capacity purchase agreements. It also incurred about $2.1 million (pretax) in startup costs, consisting primarily of pilot and flight attendant training costs, related to aircraft acquisitions. While some of these costs were reimbursed, the remainder will be come in the second quarter and beyond as additional aircraft are put into service.
SkyWest, Inc. reported operating revenues of $789 million for the quarter ended March 31, 2007, a 6.2 percent increase, compared to $742.9 million for the same period last year. SkyWest also reported net income of $34.8 million for the quarter ended March 31, 2007, an increase of 0.6 percent, or $0.53 per diluted share compared to $34.6 million of net income or $0.57 per diluted share, for the same period last year. For a complete analysis and a report from the airline's investor call, see the May 7 issue of Regional Aviation News.