Southwest Airlines 2004 Annual Report Download - page 70

QUARTERLY FINANCIAL DATA
(Unaudited)
Three Months Ended
March 31 June 30 Sept. 30 Dec. 31
(In millions except per share amounts)
2004
Operating revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,484 $1,716 $1,674 $1,655
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46 197 191 120
Income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 41 179 181 89
Net incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 26 113 119 56
Net income per share, basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ .03 .14 .15 .07
Net income per share, diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ .03 .14 .15 .07
March 31 June 30 Sept. 30 Dec. 31
2003
Operating revenues ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $1,351 $1,515 $1,553 $1,517
Operating income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 46 140 185 111
Income before income taxes ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 39 397 171 101
Net incomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24 246 106 66
Net income per share, basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ .03 .32 .14 .08
Net income per share, diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ .03 .30 .13 .08
Item 9. Changes In and Disagreements With 1934. The Company's internal control over Ñnancial
Accountants on Accounting and Financial reporting is designed to provide reasonable assurance to
Disclosure the Company's management and board of directors
regarding the preparation and fair presentation of pub-
None. lished Ñnancial statements.
Because of its inherent limitations, internal control
Item 9A. Controls and Procedures
over Ñnancial reporting may not prevent or detect
Disclosure Controls and Procedures. The Com- misstatements. Therefore, even those systems deter-
pany maintains controls and procedures designed to mined to be eÅective can provide only reasonable assur-
ensure that it is able to collect the information it is ance with respect to Ñnancial statement preparation and
required to disclose in the reports it Ñles with the SEC, presentation.
and to process, summarize and disclose this information
Management assessed the eÅectiveness of the
within the time periods speciÑed in the rules of the
Company's internal control over Ñnancial reporting as
SEC. Based on an evaluation of the Company's disclo-
of December 31, 2004. In making this assessment,
sure controls and procedures as of the end of the period
management used the criteria set forth by the Commit-
covered by this report conducted by the Company's
tee of Sponsoring Organizations of the Treadway Com-
management, with the participation of the Chief Execu-
mission (COSO) in Internal Control Ì Integrated
tive and Chief Financial OÇcers, the Chief Executive
Framework. Based on our assessment, we believe that, as
and Chief Financial OÇcers believe that these controls
of December 31, 2004, the Company's internal control
and procedures are eÅective to ensure that the Company
over Ñnancial reporting is eÅective based on those
is able to collect, process and disclose the information it
criteria.
is required to disclose in the reports it Ñles with the SEC
within the required time periods. Management's assessment of the eÅectiveness of
Management's Report on Internal Control over internal control over Ñnancial reporting as of Decem-
Financial Reporting. Management of the Company is ber 31, 2004, has been audited by Ernst & Young, LLP,
responsible for establishing and maintaining eÅective the independent registered public accounting Ñrm who
internal control over Ñnancial reporting as deÑned in also audited the Company's consolidated Ñnancial state-
Rules 13a-15(f) under the Securities Exchange Act of ments. Ernst & Young's attestation report on manage-
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