SkyWest reports improved full year and 4th quarter results

SkyWest reported financial and operating results for the fourth quarter of 2015, including adjusted net income of US$25m, up from adjusted net income of US$15.7m. GAAP net income for the quarter was US$40m, compared to a loss of US$28m for the same quarter of 2014. Adjusted net income for the full year 2015 was US$103m, up from adjusted net income of US$7m in 2014. GAAP net income for the full year 2015 was US$118m, compared to a net loss of US$24m for 2014. The GAAP results for the fourth quarter 2015 include two special items totaling US$25m in pre-tax income: a net gain of US$33m from the early extinguishment of debt and US$8m revenue reduction from the resolution of a flying contract matter. Both of these special items are excluded from the calculation of SkyWest’s adjusted net income for the quarter.