ASACRJCAPT
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Thursday February 8, 2007
SkyWest Inc. reported net income of $145.8 million for 2006, a 29.9% increase over the $112.3 million earned for 2005, as revenue soared 58.6% to $3.11 billion.
Costs climbed 59.2% to $2.78 billion but operating profit still rose 53.9% to $339.2 million. Numbers would have been more impressive for the parent of SkyWest Airlines and Atlantic Southeast Airlines if not for a 19.2% drop in fourth-quarter earnings to $31.2 million, largely the result of December's weather-related shutdown of Denver International Airport.
SkyWest said it cancelled an estimated 2,850 flights during and after the storms, which resulted in a $5.2 million hit on its pre-tax profit. "Obviously it had a very significant impact on our operations," CFO Brad Rich said. "It's hard to fully describe the full impact on the system." Fourth-quarter results also were affected by one-time maintenance charges, increased training expenses and SFAS 123(R)-related tax charges that had a combined impact of approximately $7.4 million.
Full-year traffic rose 65.8% to 15.82 billion RPMs against a 58.9% jump in capacity to 20.21 billion ASMs, sending load factor up 3.3 points to 78.3%. Yield fell 3.9% to 19.5 cents while unit revenues were level at 15.4 cents. CASM was up 1.4% to 14.3 cents.
Fourth-quarter revenues grew just 6.4% to $789.6 million as expenses climbed 8.2% to $710.7 million, resulting in a 7.6% fall in operating profit to $78.9 million.
SkyWest Inc. reported net income of $145.8 million for 2006, a 29.9% increase over the $112.3 million earned for 2005, as revenue soared 58.6% to $3.11 billion.
Costs climbed 59.2% to $2.78 billion but operating profit still rose 53.9% to $339.2 million. Numbers would have been more impressive for the parent of SkyWest Airlines and Atlantic Southeast Airlines if not for a 19.2% drop in fourth-quarter earnings to $31.2 million, largely the result of December's weather-related shutdown of Denver International Airport.
SkyWest said it cancelled an estimated 2,850 flights during and after the storms, which resulted in a $5.2 million hit on its pre-tax profit. "Obviously it had a very significant impact on our operations," CFO Brad Rich said. "It's hard to fully describe the full impact on the system." Fourth-quarter results also were affected by one-time maintenance charges, increased training expenses and SFAS 123(R)-related tax charges that had a combined impact of approximately $7.4 million.
Full-year traffic rose 65.8% to 15.82 billion RPMs against a 58.9% jump in capacity to 20.21 billion ASMs, sending load factor up 3.3 points to 78.3%. Yield fell 3.9% to 19.5 cents while unit revenues were level at 15.4 cents. CASM was up 1.4% to 14.3 cents.
Fourth-quarter revenues grew just 6.4% to $789.6 million as expenses climbed 8.2% to $710.7 million, resulting in a 7.6% fall in operating profit to $78.9 million.
