WRAPUP 1-Regional airlines hit by falling travel demand

* ExpressJet Q1 net loss 67 cents/shr

* ExpressJet revenue down 62.1 pct

* SkyWest Q1 profit falls to 16 cents/shr from 47 cents/shr

* SkyWest revenue down 22 pct

* ExpressJet shares up 7 pct, Skywest up 3 pct.

CHICAGO, May 6 (Reuters) - U.S. regional airlines, ExpressJet Holdings Inc (XJT.N) and SkyWest Inc (SKYW.O) said on Wednesday their first-quarter results were weakened by shrinking travel demand in the recession.

ExpressJet, which provides regional flights for Continental Airlines (CAL.N), said its first-quarter net loss shrank to $11.4 million, or 67 cents per share, from a $35.7 million loss, or $6.96 a share, a year ago. Excluding items, the company posted a loss of 62 cents per share. Revenue fell 62.1 percent to $1.7 billion.

ExpressJet operates more than 87 percent of its fleet through Houston-based Continental.

SkyWest, which flies for Delta Air Lines (DAL.N) and UAL Corp's (UAUA.O) United Airlines, posted a smaller quarterly profit, hurt by falling travel demand and the grounding of some flights at its Atlanta hub.

The company reported net income of $9.4 million or 16 cents per share, compared with a profit of $29.1 million or 47 cents per share a year ago.

Revenue declined 22 percent to $673 million.

The carrier warned last month that results would trail expectations after its Atlantic Southeast Airlines unit grounded 60 jets for engine inspections.

The unit also experienced "significant" weather-related cancellations in Atlanta, the company said.

ExpressJet shares were up 12 cents to $1.84 on the New York Stock Exchange, while SkyWest shares were up 43 cents to $13.29. (Reporting by Kyle Peterson; Editing by Derek Caney)