Great Lakes Reports a 69.3% Increase in Year-To-Date Net Income

Spencer, Iowa – October 25, 1999 – Great Lakes Aviation, Ltd. (NASDAQ:GLUX) today reported third quarter net income of $3,412,000 for the quarter ended September 30, 1999, and record year to date net income of $4,699,000. Diluted earnings per share for the quarter ended September 30, 1999 were $0.36 per share, versus a $0.56 result from the same period in 1998, a quarter in which the Company benefited significantly from the Northwest Airlines pilot strike. Diluted earnings per share for the nine months ended September 30, 1999 and 1998 were $0.50 per share, and $0.33 per share, respectively. 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.

"We continue to be pleased with our year-to-date financial performance wherein we have achieved record revenues and net operating results", said Douglas G. Voss, the Company's President and Chief Executive Officer. "The 26.4 percent increase in year-to-date passengers carried is the direct result of continued coordinated market transitions with United and two other United Express partners. The Company has swapped longer haul, lower yield markets from both Chicago and Denver for shorter haul, higher yielding segments. The new market segments are more suitable to our large fleet of 19 seat aircraft. These market changes, along with increased passenger activity attributable to United's new inventory management system that was operationally implemented in May of this year, have generated a record revenue per available seat mile of 24.9� year-to-date", he continued.

"Unit operating expense increases in the third quarter are primarily attributable to reduced available seat mile production resulting from significantly shorter average flight segment distances and a reduction of approximately 9.5% in scheduled flying for the month of September. The reduction in September available seat miles reflects adjustments to capacity that were required due to a temporary flight crew staffing shortage. Significant increases in pilot training costs as well as fuel unit costs during the quarter also contributed to increased operating expenses. Interest expense in the third quarter increased as a result of the purchase and financing of 22 previously leased aircraft."

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.

Great Lakes Aviation, Ltd. provides scheduled passenger and freight service to 72 destinations in fourteen states, with hubs located at Chicago O'Hare and Denver as of October 25, 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 nine months ended September 30, 1999 (in thousands, except per share and selected operating data):

	QUARTER ENDED SEPTEMBER 30 (unaudited)			NINE MONTHS ENDED SEPTEMBER 30 (unaudited)
FINANCIAL SUMMARY	1999	1998	Change	1999	1998	Change
Passenger revenue	$ 30,145	$ 30,493	-1.1%	$ 81,203	$ 68,086	19.3%
Public service revenue	$ 4,121	$ 4,201	-1.9%	$ 12,618	$ 10,865	16.1%
Freight, charter & other	$ 2,428	$ 1,490	63.0%	$ 6,355	$ 3,551	79.0%
Total operating revenue	$ 36,694	$ 36,184	1.4%	$100,176	$ 82,502	21.4%
Salaries, wages & benefits	$ 8,253	$ 7,830	5.4%	$ 24,607	$ 20,779	18.4%
Other operating expenses	$ 23,115	$ 22,572	2.4%	$ 67,118	$ 56,338	19.1%
Total operating expenses	$ 31,368	$ 30,402	3.2%	$ 91,725	$ 77,117	18.9%
Operating income (loss)	$ 5,326	$ 5,782	-7.9%	$ 8,451	$ 5,385	56.9%
Interest expense	$ 1,914	$ 781	145.0%	$ 3,752	$ 2,469	52.0%
Net income (loss) before income tax	$ 3,412	$ 5,001	-31.8%	$ 4,699	$ 2,916	61.1%
Income taxes		140			140
Net income (loss)	$ 3,412	$ 4,861	-29.8%	$ 4,699	$ 2,776	69.3%

NET INCOME (LOSS) PER SHARE:
Basic	$ 0.40	$ 0.61		$ 0.54	$ 0.36
Diluted	$ 0.36	$ 0.56		$ 0.50	$ 0.33

WEIGHT SHARES OUTSTANDING:
Basic	8,637,440	7,916,930		8,633,125	7,700,247
Diluted	9,365,311	8,690,412		9,360,996	8,473,729

OPERATING STATISTICS
Revenue passengers carried	313,001	277,709	12.7%	792,780	627,102	26.4%
Available seat miles (000)	133,793	140,777	-5.0%	403,374	349,807	15.3%
Revenue pax miles (000)	76,831	80,622	-4.7%	200,989	181,982	10.4%
Passenger load factor	57.4%	57.3%	0.1pts	49.8%	52.0%	-2.2 pts
Yield per RPM	39.2�	37.8�	3.7%	41.0�	37.4�	9.6%
Revenue per ASM	27.4�	25.7�	6.6%	24.8�	23.6�	5.1%
Operating costs per ASM	24.9�	22.2�	12.2%	23.7�	22.8�	3.9%