SkyWest completes the acquisition of ExpressJet, reports financial results

SkyWest, Inc. (St. George) reported operating revenues of $796.3 million for the quarter ended December 31, 2010, compared to $604.4 million for the same period last year. SkyWest also reported net income of $37.2 million, or $0.67 per diluted share, for the quarter ended December 31, 2010, compared to $19.5 million of net income, or $0.34 per diluted share, for the same period last year. The results for the quarter ended December 31, 2010, includes $10.2 million in net earnings, or $0.18 per diluted share, of unusual items when compared to the historical results for the same period last year and are further explained below.

SkyWest also reported operating revenues of $2.77 billion for the twelve months ended December 31, 2010, compared to $2.61 billion for the same period last year. SkyWest reported net income of $96.4 million, or $1.70 per diluted share, for the twelve months ended December 31, 2010, compared to $83.7 million or $1.47 per diluted share for the same period last year. The net income for the twelve months ended December 31, 2010, includes $10.2 million in net earnings, or $0.18 per diluted share, of unusual items when compared to the historical results for the same period last year and are further explained below.

The operating results reported above include the operating and financial results from the acquisition of ExpressJet from November 12, 2010 to December 31, 2010, or 50 days.

On November 12, 2010, SkyWest completed the acquisition of ExpressJet for a total cash purchase price of $136.5 million which includes the value of the shares previously owned by Atlantic Southeast Airlines, Inc. (Atlanta), SkyWest’s wholly owned subsidiary. As a result of the acquisition, ExpressJet became a wholly-owned subsidiary of Atlantic Southeast on November 12.

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