SkyWest's revenue takes a nosedive

ST. GEORGE — SkyWest Inc. said Thursday that it had lower net income and revenues during 2009 and the year's fourth quarter, compared to prior-year periods.

The company reported net income of $83.7 million, or $1.47 per share, for the year. That compares with $112.9 million, or $1.93 per share, for 2008. Operating revenues totaled $2.61 billion, down from $3.5 billion a year earlier.

For the fourth quarter, SkyWest reported net income of $19.5 million, or 34 cents per share, on operating revenues of $604.4 million. That compares with income of $21.2 million, or 37 cents per share, on operating revenues of $743.3 million in the 2008 fourth quarter.

SkyWest fell short of the consensus analyst expectations for the company. Wall Street had expected the company's fourth-quarter earnings per share to be 41 cents and the full-year EPS to be $1.55.

At year's end, SkyWest had about $732.4 million in cash and marketable securities, compared with $705.2 million at the end of 2008. Its long-term debt was $1.82 billion, up from $1.68 billion a year earlier.

SkyWest Inc. has two subsidiaries: SkyWest Airlines, based in St. George, and ASA, based in Atlanta. They serve a total of 224 cities in the U.S., Canada, Mexico and the Caribbean with approximately 2,600 daily flights.