ST. GEORGE, Utah, Aug. 27, 2012 /PRNewswire/ -- SkyWest, Inc. ("SkyWest") (NASDAQ:SKYW) today announced that its Board of Directors has authorized the repurchase of up to an additional 5 million outstanding shares of SkyWest common stock. This is in addition to the remaining 1.51 million shares previously authorized under SkyWest's existing stock repurchase program, for a total of 6.51 million shares authorized. The authorization gives SkyWest management authority to repurchase outstanding shares of SkyWest common stock in the open market or in privately negotiated transactions as deemed appropriate by management. Depending on market conditions and other factors, these purchases may be commenced or suspended from time to time without prior notice. SkyWest also announced its regular quarterly dividend of $.04 per common share that will apply to shareholders of record on September 28, 2012 and is payable on October 5, 2012. This is the 69 th consecutive quarterly dividend SkyWest has paid.
SkyWest is the holding company for two scheduled passenger airline operations and an aircraft leasing company and is headquartered in St. George, Utah. SkyWest's scheduled passenger airline operations consist of SkyWest Airlines, also based in St. George, Utah, and ExpressJet Airlines, based in Atlanta, Georgia. SkyWest Airlines operates as United Express and Delta Connection carriers under contractual agreements with United Airlines, Inc. ("United") and Delta Air Lines, Inc. ("Delta"). SkyWest Airlines also operates as US Airways Express under a contractual agreement with US Airways, Inc., and operates flights for Alaska Airlines under a contractual agreement. ExpressJet Airlines operates as United Express and Delta Connection carriers under contractual agreements with United and Delta. System-wide, SkyWest serves markets in the United States, Canada, Mexico and the Caribbean with approximately 4,000 daily departures and a fleet of approximately 725 regional aircraft. This press release and additional information regarding SkyWest can be accessed at www.skywest.com
In addition to historical information, this release contains forward-looking statements. SkyWest may, from time to time, make written or oral 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 "forecasts", "expects," "intends," "believes," "anticipates," "should," "likely" and similar expressions 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. Readers should note that many factors could affect the future operating and financial results of SkyWest, SkyWest Airlines and ExpressJet Airlines, and could cause actual results to vary materially from those expressed in forward-looking statements set forth in this release. These factors include, but are not limited to, the ability of ExpressJet Airlines to realize potential synergies and other anticipated financial impacts of the consolidation of its operations, the possibility that future financial and operating results of ExpressJet Airlines may not meet SkyWest's forecasts and the timing of ongoing consolidation of the operations of ExpressJet Airlines, if achieved.
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