Southwest Airlines 1997 Annual Report Download - page 37

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37
SOUTHWEST AIRLINES CO. ♥ FIVE SYMBOLS OF FREEDOM
CONSOLIDATED STATEMENT OF INCOME
YEARS ENDED DECEMBER 31,
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS) 1997 1996 1995
OPERATING REVENUES:
Passenger $3,639,193 $3,269,238 $2,760,756
Freight 94,758 80,005 65,825
Other 82,870 56,927 46,170
Total operating revenues 3,816,821 3,406,170 2,872,751
OPERATING EXPENSES:
Salaries, wages, and benefits (Note 8) 1,136,542 999,719 867,984
Fuel and oil 494,952 484,673 365,670
Maintenance materials and repairs 256,501 253,521 217,259
Agency commissions 157,211 140,940 123,380
Aircraft rentals 201,954 190,663 169,461
Landing fees and other rentals 203,845 187,600 160,322
Depreciation 195,568 183,470 156,771
Other operating expenses 646,012 614,749 498,373
Total operating expenses 3,292,585 3,055,335 2,559,220
OPERATING INCOME 524,236 350,835 313,531
OTHER EXPENSES (INCOME):
Interest expense 63,454 59,269 58,810
Capitalized interest (19,779) (22,267) (31,371)
Interest income (36,616) (25,797) (20,095)
Nonoperating (gains) losses, net 221 (1,732) 1,047
Total other expenses 7,280 9,473 8,391
INCOME BEFORE INCOME TAXES 516,956 341,362 305,140
PROVISION FOR INCOME TAXES (NOTE 9) 199,184 134,025 122,514
NET INCOME $317,772 $207,337 $182,626
NET INCOME PER SHARE, BASIC
(NOTES 6, 7, AND 10) $1.45 $.95 $.85
NET INCOME PER SHARE, DILUTED
(NOTES 6, 7, AND 10) $1.40 $.92 $.82
See accompanying notes.