ST. GEORGE, Utah, May 24 /PRNewswire/ -- SkyWest, Inc. (Nasdaq: SKYW), today reported a 96.8 percent increase in income from continuing operations of $42,628,000 or $1.72 per share on a diluted basis for the year ended March 31, 1999 compared to $21,660,000 or $1.02 per share on a diluted basis for the year ended March 31, 1998. After reporting a loss on the disposition and operations of Scenic Airlines, Inc., net income was $41,835,000 or $1.69 per share on a diluted basis for the year ended March 31, 1999 compared to $21,944,000 or $1.04 per share on a diluted basis for the year ended March 31, 1998. Operating revenues increased 46.0 percent to $388,626,000 for the year ended March 31, 1999 compared to $266,135,000 for the year ended March 31, 1998. SkyWest, Inc. also reported an 89.9 percent increase in income from continuing operations of $11,163,000 or $.45 per share on a diluted basis for the three months ended March 31, 1999 compared to $5,877,000 or $.26 per share on a diluted basis for the three months ended March 31, 1998. After reporting a loss on the disposition and operations of Scenic Airlines, Inc., net income was $10,715,000 or $.43 per share on a diluted basis for the three months ended March 31, 1999 compared to $4,667,000 or $.21 per share on a diluted basis for the three months ended March 31, 1998. Operating revenues increased 53.9 percent to $103,183,000 for the three months ended March 31, 1999 compared to $67,025,000 for the three months ended March 31, 1998. "The past year has been pivotal for our company. We have strengthened our relationships with both Delta Air Lines and United Airlines, implemented a significant expansion into San Francisco and the Pacific Northwest, and our employees continue to create a very high quality product for our passengers," said Bradford R. Rich, Executive Vice President and Chief Financial Officer. "Additionally, we have reduced our operating risks and at the same time realized significant margin improvements." Significant company developments for fiscal 1999 include: -- Declaration of a 100 percent stock dividend on May 5, 1998 which was distributed on June 8, 1999 -- Announced agreements for the purchase of 35 CRJ aircraft with options on an additional 35 CRJ aircraft valued at approximately $785 million dollars -- Acquired 37 additional EMB-120 Basilia aircraft and one CRJ aircraft which increased the total fleet from 60 to 93 aircraft -- Expanded United Express operations into three new hubs, including San Francisco, Portland and Seattle as well as expanded existing Los Angeles operations -- Carried 4.9 million passengers -- Increased income from continuing operations by 96.8 percent -- Increased the quarterly dividend from 2.5 cents to 3.0 cents and maintained our record of paying regular quarterly dividends since 1986 SkyWest, Inc., is the holding company of SkyWest Airlines, Inc., and National Parks Transportation, Inc. SkyWest is the nation's fourth largest regional carrier. The airline's growing fleet of regional aircraft provide nearly 1,000 daily departures to cities in 13 western states and Canada in partnership with Delta Airlines at Salt Lake City and as United Express along the West Coast. This press release, as well as past releases, can be accessed on the SkyWest Internet site at: http://www.skywest.com SKYWEST, INC. Unaudited Financial and Operating Highlights Three Months Ended March 31, Financial Highlights 1999 1998 % Change Operating revenues $103,183,000 $67,025,000 53.9 Operating expenses 85,364,000 57,855,000 47.5 Operating income 17,819,000 9,170,000 94.3 Other income 629,000 539,000 16.7 Income from continuing operations 11,163,000 5,877,000 89.9 Loss from discontinued operations (448,000) (1,210,000) (63.0) Net income 10,715,000 4,667,000 129.6 Income from continuing operations per common share: Basic $ 0.46 $ 0.27 Diluted $ 0.45 $ 0.26 Loss from discontinued operations per common share: Basic ($ 0.02) ($ 0.06) Diluted ($ 0.02) ($ 0.05) Net income per common share: Basic $ 0.44 $ 0.21 Diluted $ 0.43 $ 0.21 Weighted average common shares: Basic 24,324,000 22,143,000 Diluted 24,917,000 22,693,000 Operating Highlights Passengers carried 1,238,914 760,321 62.9 Revenue passenger miles (000) 255,649 177,949 43.7 Available seat miles (000) 482,279 350,489 37.6 Passenger load factor 53.0% 50.8% 2.2 pts Breakeven load factor 44.3% 44.3% -- Yield per revenue passenger mile 39.6cents 36.8cents 7.6 Revenue per available seat mile 21.3cents 19.0cents 12.1 Cost per available seat mile 17.8cents 16.6cents 7.2 Average passenger trip length 206 234 (12.0) SKYWEST, INC. Unaudited Financial and Operating Highlights Year Ended March 31, Financial Highlights 1999 1998 % Change Operating revenues $388,626,000 $266,135,000 46.0 Operating expenses 324,321,000 233,316,000 39.0 Operating income 64,305,000 32,819,000 95.9 Other income 5,596,000 2,406,000 132.6 Income from continuing operations 42,628,000 21,660,000 96.8 (Loss) income from discontinued operations (793,000) 284,000 (379.2) Net income 41,835,000 21,944,000 90.6 Income from continuing operations per common share: Basic $ 1.76 $ 1.04 Diluted $ 1.72 $ 1.02 (Loss) income from discontinued operations per common share: Basic ($ 0.03) $ 0.02 Diluted ($ 0.03) $ 0.02 Net income per common share: Basic $ 1.73 $ 1.06 Diluted $ 1.69 $ 1.04 Weighted average common shares: Basic 24,199,000 20,799,000 Diluted 24,787,000 21,168,000 Operating Highlights Passengers carried 4,900,921 2,989,062 64.0 Revenue passenger miles (000) 1,015,872 745,386 36.3 Available seat miles (000) 1,844,123 1,463,975 26.0 Passenger load factor 55.1% 50.9% 4.2 pts Breakeven load factor 46.3% 45.0% 1.3 pts Yield per revenue passenger mile 37.5cents 34.8cents 7.7 Revenue per available seat mile 21.0cents 18.1cents 16.0 Cost per available seat mile 17.6cents 16.0cents 10.0 Average passenger trip length 207 249 (16.9)  