SkyWest, Inc. (St. George) today reported operating revenues of $686.9 million for the quarter ended September 30, 2010, compared to $637.7 million for the same period last year. SkyWest also reported net income of $25.5 million, or $0.45 per diluted share, for the quarter ended September 30, 2010, compared to $28.6 million of net income, or $0.50 per diluted share, for the same period last year.
SkyWest also reported operating revenues of $1.97 billion for the nine months ended September 30, 2010, compared to $2.01 billion for the same period last year. SkyWest reported net income of $59.1 million, or $1.04 per diluted share, for the nine months ended September 30, 2010, compared to $64.2 million, or $1.13 per diluted share for the same period last year.
On August 4, 2010, SkyWest announced that it entered into a definitive merger agreement with ExpressJet Holdings, Inc. (“ExpressJet”) whereby Atlantic Southeast proposed to acquire all of the outstanding common stock of ExpressJet for $6.75 per share in cash, representing a net purchase price of approximately $133 million after giving effect to shares of ExpressJet common stock already owned by Atlantic Southeast. On September 13, 2010, SkyWest and ExpressJet jointly announced that the parties were notified by the Federal Trade Commission that it granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the proposed acquisition. ExpressJet has filed definitive proxy materials with the Securities and Exchange Commission and has scheduled a meeting of its stockholders on November 10, 2010 for the purpose of voting on the proposed transaction. Both parties currently anticipate the transaction will close during the fourth quarter of 2010.
SkyWest Airlines, based in St. George, UT, and Atlantic Southeast, based in Atlanta, GA are wholly-owned subsidiaries of SkyWest. SkyWest Airlines operates as United Express and Delta Connection carriers under contractual agreements with United and Delta. SkyWest Airlines also has entered into a marketing agreement with AirTran. Atlantic Southeast operates as Delta Connection and United Express carriers under contractual agreements with Delta and United. System-wide, SkyWest serves a total of approximately 225 cities in the United States, Canada, Mexico and the Caribbean, with approximately 2,800 daily departures.
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