Southwest Airlines 2003 Annual Report Download - page 49

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SOUTHWEST AIRLINES CO.
CONSOLIDATED STATEMENT OF INCOME
YEARS ENDED DECEMBER 31,
(In millions, except per share amounts) 2003 2002 2001
OPERATING REVENUES:
Passen
g
er 5,741$ 5,341$ 5,379$
Frei
g
ht 94 85 91
Other 102 96 85
Total operating revenues 5,937 5,522 5,555
OPERATING EXPENSES:
Salaries, wa
g
es, and benefits 2,224 1,993 1,856
Fuel and oil 830 762 771
Maintenance materials and repairs 430 390 398
A
g
ency commissions 48 55 103
Aircraft rentals 183 187 192
Landin
g
fees and other rentals 372 345 311
Depreciation and amortization 384 356 318
Other operatin
g
expenses 983 1,017 976
Total operating expenses 5,454 5,105 4,924
OPERATING INCOME 483 417 631
OTHER EXPENSES (INCOME):
Interest expense 91 106 70
Capitalized interest (33) (17) (21)
Interest income (24) (37) (43)
Other (
g
ains) losses, net (259) (28) (203)
Total other expenses (income) (225) 24 (197)
INCOME BEFORE INCOME TAXES 708 393 828
PROVISION FOR INCOME TAXES 266 152 317
NET INCOME 442$ 241$ 511$
NET INCOME PER SHARE, BASIC .56$ .31$ .67$
NET INCOME PER SHARE, DILUTED .54$ .30$ .63$
See accompanying notes.