SKYW - XJT earnings

[Mickey Mouse]

According to the Q for the 3 months ended 9/30/13 Skywest had an operational profit of $59,197,000 and XJT had an operational loss of $834,000. And for the 9 months ended 9/30/13, Skywest had an operational profit of $147,927,000 and XJT had an operational loss of $19,672,000.

As a comparison, for the 3 months ended 9/30/12 Skywest had an operational profit of $49,151,000 and XJT had an operational profit of $4,292,000. And for the 9 months ended 9/30/12, Skywest had an operational profit of $122,794,000 and XJT had an operational profit of $5,174,000.

Could you please post the data sheet or public release of the information that you are describing. The only public information I could find is that which is released by SKYW Inc. It doesn't break down airline specific data. I would love to see accurate line item financial allocation data per airline. Below is SKYW Inc. official release for 3Q 2012. If it is an SEC violation, then don't bother.

http://inc.skywest.com/invest/investor_releases/SKYW Earnings 3Q2012.pdf

 

[Mickey Mouse]

Here is 3Q 2013. Still profitable. Don't be askin' me for no concessions now.

http://inc.skywest.com/invest/investor_releases/SKYW Earnings 3Q2013.pdf

 

[centralpilot]

Here is 3Q 2013. Still profitable. Don't be askin' me for no concessions now.

http://inc.skywest.com/invest/investor_releases/SKYW Earnings 3Q2013.pdf

Where are you seeing a profitable XJT in that report? To me it looks like that segment of SKYW, Inc lost $6.1M.

 

[Mickey Mouse]

3Q 2013 SKWY (Public)

 Increased pretax income 34.8% to $44.4 million, compared to $32.9 million
 Increased fully-diluted EPS 25.0% to $0.50, compared to $0.40
 Increased block hour production 2.8% to 613,821 block hours, compared to 596,901
block hours
 Increased operating revenues by approximately $32.9 million (net of fuel, certain engine
overhaul and landing fee pass through revenues), primarily related to rate escalations
under SkyWest’s agreements with its major partners and increased block hour production
 Made cash payments of $22.9 million consisting of $11.5 million for the repurchase of
800,000 shares of treasury stock and $11.4 million for deposits on new aircraft
 Increased total aircraft fleet to 756 aircraft as of September 30, 2013, compared to 739
aircraft as of September 30, 2012

Commenting on the results, Jerry C. Atkin, SkyWest’s Chairman and CEO, said “We are pleased with the improved financial performance for the current quarter.

If Jerry Atkin is happy, I"m happy. I re-read the financial report. I still could not find what you are describing.

 

[Mickey Mouse]

We are one company, Skywest Incorporated. Stop all the bolstering of Skywest Airlines. It's getting nauseating.

 

[centralpilot]

I re-read the financial report. I still could not find what you are describing.

I assumed that you had linked the 3Q 10Q which breaks out profit/loss for each business segment. The press release you posted is just a consolidated summary for Inc as a whole. Like it or not the XJT side of the holding company has not been profitable for some time. You are naive if you think the investors are going to accept XJT dragging down SKYW, Inc profitability indefinitely.

I don't think pilot concessions are the answer to the problem, but there are financial realities. Eventually Inc will solve the problem, and most of the options will not be good for XJT employees. The best course of action is to GTFO as soon as possible.

 

[centralpilot]

Here is 3Q 2013. Still profitable. Don't be askin' me for no concessions now.

http://inc.skywest.com/invest/investor_releases/SKYW Earnings 3Q2013.pdf

Here is the 2013 3Q 10Q filing:

Summary: http://biz.yahoo.com/e/131107/skyw10-q.html
Full filing: http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?dcn=0001104659-13-082092

 

[Mickey Mouse]

How peculiar. XJT had less operating expense than Skywest Airlines. Even accounting for proportiate size differences.

Operating Revenues:
SkyWest Airlines Operating Revenue $ 468,517 $ 475,662 $ (7,145 ) (1.5 )%
ExpressJet Operating Revenues 381,749 386,803 (5,054 ) (1.3 )%
Other Operating Revenues 474 2,794 (2,320 ) (83.0 )%
Total Operating Revenues $ 850,740 $ 865,259 $ (14,519 ) (1.7 )%
Airline Expenses:
SkyWest Airlines Expense $ 420,132 $ 438,803 $ (18,671 ) (4.3 )%
ExpressJet Expense 387,857 388,464 (607 ) (0.2 )%
Other Airline Expense 3,576 2,492 1,084 43.5 %
Total Airline Expense(1) $ 811,565 $ 829,759 $ (18,194 ) (2.2 )% Airlines.

 

[centralpilot]

How peculiar. XJT had less operating expense than Skywest Airlines. Even accounting for proportiate size differences.

Yep. XJT's problem is primarily insufficient revenue. The primary options are to negotiate better contract rates with customers, shed the unprofitable contracts, or reduce expenses. They are of course attempting to do all three.

 

[Mickey Mouse]

We can massage these reports ad infinitum to make it appear that the sun is shining out of our respective asses. The bottom line is that SKYW Inc. is profitable because of both airlines. SKYW Inc. regularly assigns losses and gains to either side, for a variety reasons. For example, XJT or Skywest airlines may take a major hit in one quarter on engine overhauls for aircraft in their particular fleet, while the other airline does not. It's all a shell game. I am very pleased that SKYW Inc is a well managed and successful company. We need to stop all this separatist nonsense. If XJT as a collective pilot group takes one penny of concessions on the coming TA, they will reveal themselves to be nothing more than the spurious labels that they cast on airlines like Pinnacle, Mesa, and PSA.