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14 Southwest Airlines Co. 2003 Annual Report
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in millions, except per share amounts) 2003(4) 2002(3) 2001(3) 2000
Operating revenues:
Passenger(2) $ 5,741 $ 5,341 $ 5,379 $ 5,468
Freight 94 85 91 111
Other(2) 102 96 85 71
Total operating revenues 5,937 5,522 5,555 5,650
Operating expenses 5,454 5,105 4,924 4,628
Operating income 483 417 631 1,022
Other expenses (income), net (225) 24 (197) 4
Income before income taxes 708 393 828 1,018
Provision for income taxes 266 152 317 392
Net income(1) $442 $241 $511 $626
Net income per share, basic(1) $.56 $.31 $.67 $.84
Net income per share, diluted(1) $.54 $.30 $.63 $.79
Cash dividends per common share $.0180 $.0180 $.0180 $.0148
Total assets $ 9,878 $ 8,954 $ 8,997 $ 6,670
Long-term debt less current maturities $ 1,332 $ 1,553 $ 1,327 $ 761
Stockholders’ equity $ 5,052 $ 4,422 $ 4,014 $ 3,451
CONSOLIDATED FINANCIAL RATIOS
Return on average total assets 4.7% 2.7% 6.5% 10.1%
Return on average stockholders’ equity 9.3% 5.7% 13.7% 19.9%
CONSOLIDATED OPERATING STATISTICS
Revenue passengers carried 65,673,945 63,045,988 64,446,773 63,678,261
RPMs (000s) 47,943,066 45,391,903 44,493,916 42,215,162
ASMs (000s) 71,790,425 68,886,546 65,295,290 59,909,965
Passenger load factor 66.8% 65.9% 68.1% 70.5%
Average length of passenger haul 730 720 690 663
Trips flown 949,882 947,331 940,426 903,754
Average passenger fare(2) $87.42 $84.72 $83.46 $85.87
Passenger revenue yield per RPM(2) 11.97¢ 11.77¢ 12.09¢ 12.95¢
Operating revenue yield per ASM 8.27¢ 8.02¢ 8.51¢ 9.43¢
Operating expenses per ASM 7.60¢ 7.41¢ 7.54¢ 7.73¢
Operating expenses per ASM, excluding fuel 6.44¢ 6.30¢ 6.36¢ 6.38¢
Fuel cost per gallon (average) 72.3¢ 68.0¢ 70.9¢ 78.7¢
Number of Employees at yearend 32,847 33,705 31,580 29, 274
Size of fleet at yearend(5) 388 375 355 344
(1) Before cumulative effect of change in accounting principle
(2) Includes effect of reclassification of revenue reported in 1999 through 1995 related to sale of flight segment
credits from Other to Passenger due to the accounting change implemented in 2000
(3) Certain figures in 2001 and 2002 include special items related to the September 11, 2001, terrorist attacks and Stabilization Act grant
(4) Certain figures in 2003 include special items related to the Wartime Act grant
(5) Includes leased aircraft
(6) Includes certain estimates for Morris Air Corporation, acquired by the Company in 1994
TEN-YEAR SUMMARY