SkyWest Inc., the Utah-based parent of regionals SkyWest Airlines and ExpressJet, reported a first-quarter net loss of $682,000 compared to a net loss of $11.1 million in the year-ago period.
SkyWest Inc., the Utah-based parent of regionals SkyWest Airlines and ExpressJet, reported a first-quarter net loss of $682,000 compared to a net loss of $11.1 million in the year-ago period (ATW Daily News, May 5, 2011).
The company said in a statement positive revenue growth was generated primarily byflying approximately 16,500 additional block hours during the first quarter. “SkyWest’s improved results also reflected the implementation of cost reduction programs during 2011 from which SkyWest achieved reduced maintenance costs, as well as other benefits,” it said.
First-quarter consolidated revenue increased 6.4% to $921 million while expenses rose 3.9% to $900.7 million, producing an operating income of $20.5 million, up from $227,000 in the prior-year quarter.
Consolidated traffic increased 7.6% to 6.9 billion RPMs on a 4.6% rise in capacity to 9 billion ASMs, producing a load factor of 77.1%, up 2.2 points. Yield dipped slightly .001% to 13 cents as RASM rose a scarce .001% to 10.2 cents and CASM decreased a scant .001% to 10.2 cents.
Chairman and CEO Jerry Atkin said the company “remains committed to our return to profitability program for 2012.”
As of March 21, SkyWest Inc.’s fleet totaled 727 aircraft compared to 713 aircraft for the year-ago period.