JetBlue Airlines 2003 Annual Report Download - page 55

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JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2003 2002 2001
OPERATING REVENUES
Passenger ......................................... $ 965,091 $ 615,171 $ 310,498
Other ............................................ 33,260 20,020 9,916
Total operating revenues ............................ 998,351 635,191 320,414
OPERATING EXPENSES
Salaries, wages and benefits ............................ 267,334 162,191 84,762
Aircraft fuel ....................................... 147,316 76,271 41,666
Landing fees and other rents ........................... 68,691 43,881 27,342
Aircraft rent ....................................... 59,963 40,845 32,927
Sales and marketing ................................. 53,587 44,345 28,305
Depreciation and amortization .......................... 50,397 26,922 10,417
Maintenance materials and repairs ....................... 23,114 8,926 4,705
Other operating expenses ............................. 159,116 126,823 63,483
Total operating expenses ............................ 829,518 530,204 293,607
OPERATING INCOME ................................ 168,833 104,987 26,807
OTHER INCOME (EXPENSE)
Interest expense .................................... (28,897) (21,009) (14,132)
Capitalized interest .................................. 5,203 5,325 8,043
Interest income and other ............................. 7,539 5,314 2,491
Government compensation ............................ 22,761 407 18,706
Total other income (expense) ......................... 6,606 (9,963) 15,108
INCOME BEFORE INCOME TAXES ...................... 175,439 95,024 41,915
Income tax expense .................................. 71,541 40,116 3,378
NET INCOME ....................................... 103,898 54,908 38,537
Preferred stock dividends ............................. — (5,955) (16,970)
NET INCOME APPLICABLE TO COMMON STOCKHOLDERS . . $ 103,898 $ 48,953 $ 21,567
EARNINGS PER COMMON SHARE:
Basic ............................................ $ 1.07 $ 0.73 $ 4.39
Diluted .......................................... $ 0.97 $ 0.56 $ 0.51
See accompanying notes to consolidated financial statements.
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