Fuel costs buffet Skywest results

Fuel costs buffet Skywest results

Fuel and aircraft costs, along with expenses associated with a takeover bid from Captive-Vision Capital and a legal settlement with former CEO Bill Meake have stripped more than two thirds from Skywest’s profit forecast for 2003-04.

The regional airline is also making an application to the Australian Securities and Investments Commission for an extension for the release of its target statement in response to CVC’s takeover bid.

That bid was due out on June 23, however, Skywest chairman Pat Ryan said June 25 was a more likely time, given the recent profit news.

Skywest had forecast a $2.4 million profit for this financial year in its prospectus for a convertible note but announced on June 21 that the forecast had been revised to $700,000.