SkyWest Inc., parent of SkyWest Airlines and ExpressJet Airlines, reported a 2011 net loss of $27.3 million, reversed from net income of $96.4 million in 2010. Full-year revenue increased 32% to $3.65 billion, though this result and other statistical indicators are skewed by SkyWest's November 2010 purchase of ExpressJet , which it merged with subsidiary Atlantic Southeast Airlines in the 2011 fourth quarter. SkyWest did not provide pro forma figures.
Expenses rose 41% to $3.61 billion, producing an operating income of $41.1 million, down 80% from an operating profit of $201.8 million in 2010.
SkyWest chairman and CEO Jerry Atkin attributed the loss to some “unanticipated expenses in the fourth quarter,” including $15.6 million in additional maintenance costs and other costs attributed to the company’s foreign investments.
It posted a fourth-quarter net loss of $18 million, reversed from a $37.2 million net profit in the prior-year period.
“We have an action plan in place for 2012 that we have started to execute and is expected to return us to profitability for the year,” Atkin said. He expects the first quarter of 2012 “to be challenged.”
Full-year traffic increased 43.9% to 29.1 billion RPMs on a 43.9% rise in capacity to 36.7 ASMs (again, the ExpressJet purchase skews these figures). Load factor remained flat at 79.3%. Yield lowered 8.9% to 12.3 cents as RASM decreased 7.4% to 10 cents and CASM dipped 2.9% to 10.1 cents. Block hours flown rose 45.4% to 2.25 million.
Article Source : ATW Daily News
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