Airtran 2002 Annual Report Download - page 47

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15. Quarterly Financial Data (Unaudited)
Summarized quarterly financial data for 2002 and 2001 is as follows (in thousands, except per share data):
Quarter
First Second Third Fourth
Fiscal 2002
Operating revenues $159,304 $190,645 $183,151 $200,270
Operating income (loss) (2,932) 12,154 7,620 14,361
Net income (loss) (3,034) 5,099 1,177 7,503
Earnings (loss) per share, basic $ (0.04) $ 0.07 $ 0.02 $ 0.11
Earnings (loss) per share, diluted $ (0.04) $ 0.07 $ 0.02 $ 0.10
Quarter
First Second Third Fourth
Fiscal 2001
Operating revenues $173,743 $205,763 $150,677 $134,981
Operating income (loss) 17,932 22,485 1,766 (6,474)
Income (loss) before cumulative effect of change in accounting principle 9,457 13,195 (10,594) (14,158)
Net income (loss) 8,800 13,195 (10,594) (14,158)
Earnings (loss) per share:
Basic earnings (loss) per share before cumulative effect of change in accounting principle $ 0.14 $ 0.20 $ (0.15) $ (0.20)
Cumulative effect of change in accounting principle (0.01) –––
Earnings (loss) per share, basic $ 0.13 $ 0.20 $ (0.15) $ (0.20)
Diluted earnings (loss) per share before cumulative effect of change in accounting principle $ 0.13 $ 0.18 $ (0.15) $ (0.20)
Cumulative effect of change in accounting principle (0.01) –––
Earnings (loss) per share, diluted $ 0.12 $ 0.18 $ (0.15) $ (0.20)
The results of the first quarter of 2002 included a credit of $5.6 million resulting from a favorable change in fair value of the company’s fuel-related derivative instruments.
During the fourth quarter of 2002 and 2001, year-end adjustments resulted in increasing income or increasing loss before income taxes by approximately $1.5 million and $1.5 million,
respectively, the majority of which relates to revisions of revenue and expenses recorded earlier in the respective year.
During the year, we provide for income taxes using anticipated effective annual tax rates. The rates are based on expected operating results and permanent differences between book and
tax income. Adjustments are made each quarter for changes in the anticipated rates used in previous quarters. If the actual annual effective rates had been used in each of the quarters
of 2002 and 2001, net income (loss) for the first through fourth quarters of 2002 would have been ($3.2) million, $5.3 million, $1.2 million and $7.5 million, respectively, and net income
(loss) for the first through fourth quarters of 2001 would have been $8.7 million, $11.2 million, ($9.9) million and ($12.8) million, respectively.
16. Supplemental Cash Flow Information
Supplemental cash flow information is summarized as follows for the years ended December 31,
2002 2001 2000
Supplemental disclosure of cash flow activities:
Cash paid for interest, net of amounts capitalized $26,135 $35,530 $35,607
Cash paid (received) for income taxes, net of amounts refunded (1,328) 1,506 1,141
Noncash financing and investing activities:
Purchase and sale/leaseback of aircraft 455,654 305,271 62,608
Gain on sale/leaseback of aircraft and payment of debt 46,000 34,100 –
Repayment of debt and sale/leaseback of aircraft –63,144 –
Conversion of debt to equity –12,000 –
Acquisition of equipment for debt –– 63,144
Acquisition of equipment for capital leases 703 – 2,627
Acquisition of rotable inventory –19,658 –
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