SkyWest, Inc. Updates Q1 2014 Outlook

ST. GEORGE, Utah, April 21, 2014 /PRNewswire/ — SkyWest, Inc. (“SkyWest”) (NASDAQ: SKYW) today updated its previously expressed outlook regarding the effect of extreme weather conditions and other factors on its anticipated financial and operating results for the quarter ended March 31, 2014. During SkyWest’s fourth quarter earnings results call, held on February 13, 2014, management expressed their caution regarding the anticipated negative impact of a series of severe weather events on SkyWest’s operations during the period between January 1, 2014 and February 12, 2014. Subsequent to February 12, 2014, SkyWest’s operations continued to be negatively impacted by severe weather for the next several weeks and SkyWest experienced additional flight cancellations resulting in operating losses. SkyWest estimates the total negative impact from severe weather to be approximately $30 million pretax (including missed contract incentives) for the quarter ended March 31, 2014, and SkyWest canceled approximately 21,000 total flights related to severe weather. SkyWest experienced other challenges in the quarter ended March 31, 2014 and, as a result currently estimates that its fully-diluted loss per share will range from $(.46) to $(.41) for the quarter ended March 31, 2014. SkyWest cautioned, however, that these estimates are preliminary and are subject to modification or revision in the course of completing SkyWest’s quarterly financial review procedures.

A more detailed explanation of these items affecting SkyWest’s quarter ended March 31, 2014 will be given when SkyWest announces its reviewed financial results, which is currently estimated to occur in early May 2014.