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Revenues down, net income up in SkyWest 1Q10 results

SkyWest, Inc., has reported its financial results for the first quarter of the calendar year and the company’s own financial year (1Q10).

The company achieved operating revenues of $632.2 million for the quarter ended 31 March 2010, compared with $672.6 million for the same period last year. SkyWest also reported net income of $15.0 million for 1Q10, compared to $9.4 million of net income for 1Q09.

Excluding fuel cost reimbursements, total 1Q10 operating revenues increased 7.6% to $577.1 million compared to $536.1 million for the same period last year. The increase was primarily the result of an increase in the number of block hours in contract flying and additional pro-rate flying.

Total operating expense and interest per available seat mile (ASM) for 1Q10, excluding fuel expense of $73.5 million, decreased 5.9% to $0.095 from $0.101 for 1Q09. The decrease was primarily due to an overall reduction in personnel (full-time equivalent basis) by approximately 5.9% for 1Q10, compared to the same period last year, while at the same time ASM production increased by approximately 9.9% for the comparable periods. The decrease was also partially attributable to flying more regional jets, which have larger seating capacities and typically generate more ASMs than smaller aircraft flying the same routes. Total 1Q10 operating expense and interest, excluding fuel expense, was $537.9 million, compared with $514.1 million for 1Q09.

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