SkyWest reports an increase of 31% in quarterly net income

SkyWest Inc. on Friday reported net income of $40.9 million for the fourth quarter of 2007, a 31 percent increase from the same period last year.

The St. George-based company, which is the parent of SkyWest Airlines and Atlantic Southeast Airlines, said net income for the year ended Dec. 31 was $159.2 million, compared with a net income of $145.8 million in 2006.

SkyWest said its operating revenues increased 8.3 percent in 2007 to $3.37 billion because of higher income from passenger-ticket sales and increased fuel-cost reimbursements by SkyWest's partners, including Delta Air Lines Inc.

Shares of SkyWest were down 26 cents Friday to close at $25.35. The company's share prices in the past year have ranged from $21.27 to $29.50.