Alaska Airlines and Horizon Air 2007 Annual Report Download - page 166
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ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31 (In millions except per share amounts) 2007 2006 2005
Operating Revenues
Passenger ............................................... $3,236.5 $3,083.0 $2,728.7
Freight and mail ........................................... 97.8 97.3 94.1
Other—net ............................................... 171.7 154.1 152.5
Total Operating Revenues .................................. 3,506.0 3,334.4 2,975.3
Operating Expenses
Wages and benefits ....................................... 957.9 937.0 903.6
Variable incentive pay ...................................... 20.8 36.8 20.0
Aircraft fuel, including hedging gains and losses ................. 876.3 873.5 548.9
Aircraft maintenance ....................................... 241.8 230.7 228.5
Aircraft rent .............................................. 178.4 180.2 187.0
Landing fees and other rentals ............................... 226.0 204.0 202.7
Contracted services ....................................... 160.6 153.2 132.4
Selling expenses .......................................... 160.5 169.3 163.4
Depreciation and amortization ............................... 177.4 157.5 143.4
Food and beverage service .................................. 49.7 51.2 51.3
Other ................................................... 230.5 214.0 207.2
Fleet transition costs—Alaska ............................... — 189.5 —
Fleet transition costs—Horizon ............................... 14.1 — —
Restructuring charges and adjustments ........................ — 24.8 20.4
Total Operating Expenses .................................. 3,294.0 3,421.7 2,808.8
Operating Income (Loss) ................................... 212.0 (87.3) 166.5
Nonoperating Income (Expense)
Interest income ........................................... 53.9 54.3 30.9
Interest expense .......................................... (88.0) (78.0) (63.0)
Interest capitalized ........................................ 27.8 24.7 8.9
Other—net ............................................... (4.1) (1.5) (6.1)
(10.4) (0.5) (29.3)
Income (loss) before income tax and accounting change ........... 201.6 (87.8) 137.2
Income tax expense (benefit) ................................ 76.6 (35.2) 52.7
Income (loss) before accounting change ....................... 125.0 (52.6) 84.5
Cumulative effect of accounting change, net of tax ............... — — (90.4)
Net Income (Loss) ........................................ $ 125.0 $ (52.6) $ (5.9)
Basic Earnings (Loss) Per Share:
Income (loss) before accounting change .................... $ 3.12 $ (1.39) $ 3.06
Cumulative effect of accounting change .................... NA NA (3.27)
Net Income (Loss) Per Share ............................. $ 3.12 $ (1.39) $ (0.21)
Diluted Earnings (Loss) Per Share:
Income (loss) before accounting change .................... $ 3.09 $ (1.39) $ 2.65
Cumulative effect of accounting change .................... NA NA (2.66)
Net Income (Loss) Per Share ............................. $ 3.09 $ (1.39) $ (0.01)
Shares used for computation:
Basic ............................................... 40.125 37.939 27.609
Diluted .............................................. 40.424 37.939 33.917
See accompanying notes to consolidated financial statements.
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