Southwest Airlines 2003 Annual Report Download - page 1

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1999 2000 2001 2002 2003
Net Margin
12%
10%
8%
6%
4%
2%
10.0%
11.1%
9.2%
4.4%
7.4%
6.8%
15.8%
0.5
pts.
83.4%
3.0
pts.
80.6%
80.0%
14.2%
3.6
pts.
12.5%
4.2%
5.6%
4.2%
0.9
pts.
1.7%
3.1%
2.6%
3.5%
Operating expenses
Operating income
Operating margin
Net income
Net margin
Net income per share – basic
Net income per share – diluted
Stockholders’ equity
Revenue passengers carried
Revenue passenger miles {RPMs} (000s)
Available seat miles {ASMs} (000s)
Passenger load factor
Passenger revenue yield per RPM
Operating revenue yield per ASM
Operating expenses per ASM
Size of fleet at yearend
(2.5)%
Number of Employees at yearend
Stockholders’ equity per common share outstanding
Return on average stockholders’ equity
CONSOLIDATED HIGHLIGHTS
Operating revenues
7.5%
CHANGE
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
$5,454
$483
8.1%
$442
7.4%
$.56
$.54
$5,052
9.3%
$6.40
65,673,945
47,943,066
71,790,425
66.8%
11.97¢
8.27¢
7.60¢
388
32,847
$5,937
2003
$5,105
$417
7.6%
$241
4.4%
$.31
$.30
$4,422
5.7%
$5.69
63,045,988
45,391,903
68,886,546
65.9%
11.77¢
8.0 2 ¢
7.41¢
375
33,705
$5,522
2002
Southwest Airlines Co. is the nation’s low-fare, high Customer Satisfaction airline. We primarily serve short- and medium-haul
city pairs, providing single-class air transportation which targets business and leisure travelers. The Company, incorporated
in Texas, commenced Customer Service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities – Dallas,
Houston, and San Antonio. At yearend 2003, Southwest operated 388 Boeing 737 aircraft and provided service to 59 airports in
30 states throughout the United States. Southwest has one of the lowest operating cost structures in the domestic airline
industry and consistently offers the lowest and simplest fares. Southwest also has one of the best overall Customer Service
records. LUV is our stock exchange symbol, selected to represent our home at Dallas Love Field, as well as the theme of our
Employee and Customer relationships.
1999 2000 2001 2002
$.80
$.70
$.60
$.50
$.40
$.30
$.59
$.79*
$.63
$.30
2003
$.54
Net Income Per Share, Diluted
Excludes cumulative effect of change
in accounting principle of $.03.
*
1999 2000 2001 2002
Return On Stockholders’ Equity
20%
15%
10%
5%
18.1%
19.9%
13.7%
5.7%
2003
9.3%

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