SkyWest income, revenues down

SkyWest Inc. reported Wednesday net income of $9.4 million, or 16 cents per share, for the quarter ended March 31. That compares with $29.1 million, or 47 cents per share, for the same period last year.

Total operating revenues for St. George-based company in the first quarter of 2009 decreased as SkyWest experienced a reduction in cost reimbursements of approximately $164.5 million paid by the airline's major partners, a company news release stated.

SkyWest's operating revenues fell due to reductions in the flight schedules made by SkyWest's major partners. Also, the airlines' wholly-owned subsidiary Atlantic Southeast Airlines Inc. experienced weather-related cancellations at its Atlanta hub during the quarter, the release said.

Operating revenues for the most recent quarter totaled $672.6 million, down from $868 million reported for the first quarter of 2008.

Shares of SkyWest finished down 6 cents Wednesday to close at $12.80. The stock price has ranged from $8.17 to $20.70 in the past year.