SkyWest Inc., parent company of SkyWest Airlines, announced improved results for the quarter ended June 30 over the same period a year ago.
Net income for the first quarter was $875,000 or 17 cents per share vs. a loss of $103,000 or 2 cents per share for the first quarter of fiscal year 1988.The company said the prior year quarter includes the cumulative effect of a change in accounting principle. The company adopted SFAS 96 "Accounting for Income Taxes" on April 1, 1987, which reduced the net loss and per share amounts previously reported by $493,000 and 12 cents respectively.
SkyWest said the turnaround is mainly due to improvement in the load factor following a period of rapid expansion. The load factor increased to 42.7 percent during the quarter compared to 37.7 percent for the same quarter last year.
SkyWest presently serves 45 cities in eight Western states, operating as "The Delta Connection" to major hubs in Salt Lake City and Los Angeles.