=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/02/11/f= inancial1308EST0134.DTL ---------------------------------------------------------------------- Tuesday, February 11, 2003 (AP) SkyWest restates earnings (02-11) 14:24 PST (AP) -- ST. GEORGE, Utah (Dow Jones/AP) -- SkyWest Inc. Tuesday restated its results from half of last year and all of 2001, bringing the airline in compliance with periodic filing requirements of the SEC. SkyWest said it filed its report for the third quarter of 2002 along with amended reports for the first and second quarters of 2002 and all of 2001. The reports for the first nine months of 2002 report earnings of $69.1 million, or $1.20 a diluted share, compared with previously reported earnings of $55.6 million, or 97 cents a diluted share. The increase of $13.5 million, or 23 cents a diluted share, includes a gain on a change in accounting principle of $8.6 million, or 15 cents a diluted share, the company said. SkyWest also noted its financial statements for the year ended Dec. 31, 2001 report restated earnings of $50.5 million, or 88 cents a diluted share, as compared with previously reported earnings of $56.4 million, or 99 cents a diluted share. In November, SkyWest deferred the filing of its quarterly report because its independent auditor hadn't completed the required accounting-standards review. The auditor, KPMG LLP, determined that revenue and expenses might have been inaccurately allocated beginning in the third quarter of 2001, and continuing through Sept. 30, 2002, resulting in a downward restatement for full-year 2001 results and a boost to earnings for the third quarter of 2002. Shares of St. George, Utah-based SkyWest closed at $9.91 Tuesday on the Nasdaq Stock Market, down 3 cents. =20 ---------------------------------------------------------------------- Copyright 2003 AP