JetBlue Airlines 2007 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2007 JetBlue Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

Note 14—Quarterly Financial Data (Unaudited)
Quarterly results of operations for the years ended December 31 are summarized below (in
millions, except per share amounts):
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2007 (1)
Operating revenues ......................... $ 608 $730 $765 $ 739
Operating income (loss) ...................... (13) 73 79 30
Net income (loss) ........................... (22) 21 23 (4)
Basic earnings (loss) per share ................ $(0.12) $0.12 $0.13 $(0.02)
Diluted earnings (loss) per share .............. $(0.12) $0.11 $0.12 $(0.02)
2006 (2)
Operating revenues ......................... $ 490 $612 $628 $ 633
Operating income (loss) ...................... (25) 47 41 64
Net income (loss) ........................... (32) 14 — 17
Basic earnings (loss) per share ................ $(0.18) $0.08 $ — $ 0.10
Diluted earnings (loss) per share .............. $(0.18) $0.08 $ — $ 0.10
(1) During the third and fourth quarters of 2007, we sold a total of three Airbus A320 aircraft, which
resulted in gains of $2 million and $5 million, respectively.
(2) During the third and fourth quarters of 2006, we sold a total of five Airbus A320 aircraft, which
resulted in gains of $7 million and $5 million, respectively.
The sum of the quarterly earnings per share amounts does not equal the annual amount reported
since per share amounts are computed independently for each quarter and for the full year based on
respective weighted-average common shares outstanding and other dilutive potential common shares.
Note 15—Subsequent Events
In January 2008, we completed a $300 million, net of transaction costs, equity offering to
Deutsche Lufthansa AG. Under the terms of the agreement Lufthansa purchased, in a private
placement, approximately 42 million newly issued common shares of JetBlue, or 19%of JetBlue’s
equity after giving effect to the issuance. Under the terms of the agreement, a Lufthansa nominee was
appointed to the Board of Directors. The Lufthansa nominee is a Class II director and will be up for
election at JetBlue’s annual meeting in 2008.
66