GLA Reports Record 2nd Qtr Operating Results

FOR IMMEDIATE RELEASE

Contact: Doug Voss
President & CEO
(712)262-1000

GREAT LAKES AVIATION REPORTS RECORD SECOND QUARTER OPERATING RESULTS

Spencer, Iowa – July 22, 1999 – Great Lakes Aviation, Ltd. (NASDAQ:GLUX) today reported record second quarter net income of $2,034,000 for the quarter ended June 30, 1999. This represents an increase of 13.4% over the $1,793,000 recorded for the same period of last year. The net income for the six month period of $1,287,000, or $0.14 per share, also represents a significant improvement over the $2,086,000 net loss ($0.27 per share) for the first half of 1998. This also represents the first time since 1994 that the Company achieved an operating income for the first half of the year.

"We are pleased with the record setting revenue and net income performance of the second quarter, even though we are disappointed with a lower than expected yield per RPM in May and June", said Douglas G. Voss, the Company’s President and Chief Executive Officer. "The reduction in yield resulted from the implementation of a new yield management system by United Airlines in May. The long term impact of the system is uncertain, although it appears that we will continue to experience lower yields, but with improved levels of traffic", he continued.

The Company’s business is seasonal and, accordingly, interim quarterly results are not necessarily indicative of results for a full year. Operating results in 1999 also reflect the significant expansion of the Company’s service at the Denver hub beginning in April 1998. The number of weighted average shares outstanding used in the calculation of earnings per share has increased principally due to the previously announced private placement of common stock that closed on August 31, 1998.

Great Lakes Aviation, Ltd. provides scheduled passenger and freight service to 70 destinations in fourteen states, with hubs located at Chicago O’Hare, Denver and Minneapolis/St. Paul, as of July 21, 1999.

Great Lakes Aviation, Ltd. trades on the NASDAQ/SmallCap Market under the symbol GLUX. the following financial and statistical data for the three months and six months ended June 30, 1999 (in thousands, except per share and selected operating data):

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