How has the current negative condition of the US majors impacted our business?
Traditionally, our business models under fee-for-departure and cost/plus arrangements have generated operating margins in the 13% range. As a result of significant losses at the major level in the airline industry, it has created pressure on SkyWest to continue to produce operating margins at previous levels. During the 2003 time frame, SkyWest is providing some concessions to our major partners in the form of reduced departure rates which will lower our expectations of operating margins. We encourage you to review our public filings that include our current financial results to review current financial and operational performance.
