Posted on: 23 February 2011 by Ross McSweeny
SkyWest, Inc. has reported net income of $96.4 million for the complete 2010 calendar year, compared with $83.7 million recorded for 2009, based on respective operating revenue figures of $2.77 billion and $2.61 billion.
SkyWest, Inc. has reported net income of $37.2 million for the quarter ended 31 December 2010, compared with $19.5 million of net income for the same period in 2009, all based on 4Q10 operating revenues of $796.3 million which were up on the $604.4 million for the same period last year.
The results for both 4Q10 and the full year include $10.2 million in net earnings of unusual items when compared to the historical results for the same period last year.
These operating results include the operating and financial results from the acquisition of ExpressJet from 12 November 2010 to 31 December 2010. Following the acquisition, SkyWest recorded a purchase accounting gain of $15.6 million, the result of SkyWest acquiring ExpressJet for less than the net fair value of the assets acquired and liabilities assumed. Additionally, the purchase accounting gain was a non-taxable item as the tax basis in the net assets acquired did not change as a result of the transaction.
During the quarter ended 31 December 2010, SkyWest entered into an agreement with Horizon Air to acquire eight Bombardier CRJ700s for operation by SkyWest Airlines and Atlantic Southeast. Deliveries have begun and are scheduled to be completed during June 2011.