SkyWest Airlines 2003 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 sheet of SkyWest, Inc. and subsidiaries as of December 31, 2002 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.
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 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 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 CRJ200
engine overhaul costs from the accrual method to the direct expense method in 2002.
/s/ KPMG LLP
Salt Lake City, Utah
March 27, 2003
28