SkyWest Airlines 2002 Annual Report Download - page 31

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INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholders
SkyWest, Inc.:
We have audited the accompanying consolidated balance sheets of SkyWest, Inc. and subsidiaries
as of December 31, 2002 and 2001, and the related consolidated statements of income, stockholders’
equity and comprehensive income, and cash flows for each of the years in the two-year period ended
December 31, 2002. In connection with our audits of the consolidated financial statements, we also
have audited the accompanying 2002 and 2001 financial statement schedule. These consolidated
financial statements and financial statement schedule are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated financial statements and
financial statement schedule based on our audits. The consolidated financial statements and financial
statement schedule of the Company and its subsidiaries for the year ended December 31, 2000 were
audited by other auditors who have ceased operations. Those auditors expressed an unqualified opinion
on those consolidated financial statements and financial statement schedule in their reports dated
February 22, 2002.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the 2002 and 2001 consolidated financial statements referred to above present
fairly, in all material respects, the financial position of SkyWest, Inc. and subsidiaries as of
December 31, 2002 and 2001, and the results of their operations and their cash flows for each of
the years in the two-year period ended December 31, 2002 in conformity with accounting principles
generally accepted in the United States of America. Also, in our opinion, the related financial
statement schedule for each of the years in the two-year period ended December 31, 2002, when
considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in
all material respects, the information set forth therein.
As discussed in Note 1 to the consolidated financial statements, the Company changed its method
of accounting for CRJ engine overhaul costs from the accrual method to the direct expense method in
2002.
/s/ KPMG LLP
Salt Lake City, Utah
March 27, 2003
27