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SkyWest, Inc. Announces Delay in Filing Form 10-Q for the Quarter Ended September 30, 2002.

SkyWest, Inc. announced today that it has deferred the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 because the Company's independent auditors, KPMG LLP (KPMG), have not completed the required Statement of Accounting Standards No. 71 (SAS 71) review required under the Securities Exchange Act of 1934, as amended. KPMG has determined that certain revenue and expenses may have been inaccurately allocated among interim and fiscal year periods beginning in the quarterly period ended September 30, 2001 and continuing through the quarterly period ended September 30, 2002. The primary adjustment identified consists of approximately $7.3 million of maintenance expense which the Company recognized during the quarterly period ended September 30, 2002, but which may be more properly attributable to maintenance activities conducted during the quarterly periods ended September 30, 2001 and December 31, 2001. Accordingly, KPMG has informed the Company that due to revisions in the consolidated financial statements for the year ended December 31, 2001, they will not be able to complete the SAS 71 review for the three months ended September 30, 2002, until a re-audit of the 2001 consolidated financial statements has been completed.

Based upon information currently available to management, including discussions with KPMG, management believes that the principal adjustment is limited to the timing of the recognition of the $7.3 million of maintenance expense and therefore will not reduce the aggregate net income or earnings per share for the five quarterly periods under consideration. Management anticipates that its previously reported earnings, announced in its press release dated October 30, 2002, for the three months ended September 30, 2002, will be adjusted from $0.35 per diluted share to approximately $0.41 per diluted share and the reported earnings for the nine months ended September 30, 2002 will be adjusted from $0.97 per diluted share to approximately $1.04 per diluted share. Additionally, management believes the Company's previously reported earnings for the year ended December 31, 2001, will be adjusted from $0.99 per diluted share to approximately $0.90 per diluted share. Although management believes the adjusted earnings per share amounts described herein fairly reflect the results of operations of the Company for the periods indicated, there can be no assurance that the information set forth herein will not be adjusted further as a result of the re-audit of the Company's consolidated financial statements for the year ended December 31, 2001 or the completion of the pending SAS 71 review. The Company is proceeding with the re-audit process and expects it to be completed in approximately four weeks.

The Company has notified the Nasdaq Stock Market of the delay in filing the Quarterly Report on Form 10-Q and intends to work closely with Nasdaq to maintain the Company's listing on the Nasdaq National Market.

SkyWest Airlines is the nation's largest independently operated regional carrier and recently celebrated its 30-Year anniversary. In January 2002, SkyWest was named Regional Airline of the Year by Air Transport World. SkyWest Airlines operates as United Express and Delta Connection under marketing agreements with United Airlines and Delta Air Lines, respectively. SkyWest serves 87 cities with more that 1,000 daily flights in the United States and Canada. This press release and information on SkyWest can be accessed at .

Statements in this press release which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements encompass SkyWest's beliefs, expectations, hopes or intentions regarding future events. Words such as "expects," "intends," "believes," "anticipates," "should" and "likely" also identify forward-looking statements. All forward-looking statements included in this release are made as of the date hereof and are based on information available to SkyWest as of such date. SkyWest assumes no obligation to update any forward-looking statement. Actual results could differ materially from those anticipated for a number of reasons, including among others: completion of the pending re-audit of SkyWest's financial statements for the year ended December 31, 2001; completion of the SAS 71 review of SkyWest's unaudited financial statements for the three and nine-month periods ended September 30, 2002; variations in market and economic conditions; and other unanticipated factors. Risk factors, cautionary statements and other conditions which could cause actual results to differ from SkyWest's current expectations are contained in SkyWest's filings with the Securities and Exchange Commission, including SkyWest's Annual Report on Form 10-K.

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CONTACT: Michael J. Kraupp, Vice President Finance and Assistant Treasurer of SkyWest, Inc., +1-435-634-3212, or fax, +1-435-634-3205

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Publication:PR Newswire
Geographic Code:1USA
Date:Nov 20, 2002
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