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WN Announces 2nd Quater Profit/RSW Schedule

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WN Announces 2nd Quater Profit/RSW Schedule

Old 07-14-2005, 09:32 AM
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Default WN Announces 2nd Quater Profit/RSW Schedule

SWA Posts $159 million 2Q Profit
57th consecutive quarterly profit is up 41 percent over $113 mil in 2004

Southwest has reported a profit of $159 million ($.20 per diluted share) for the second quarter, compared to $113 million ($.14 per share) for the same period last year, topping analysts’ expectations.
"We are proud to report our second quarter 2005 earnings of $159 million, which represented our 57th consecutive quarter of profitability and a significant increase in earnings versus last year," CEO Gary Kelly said. "Even with a 25 percent rise in our jet fuel costs per gallon, second quarter 2005 unit costs decreased 3.5 percent.

"Based on current cost trends, we expect third quarter unit costs, excluding fuel, to be in line with second quarter unit costs of 6.27 cents," he said.

Total operating revenues for the second quarter increased 13.3 percent to $1.94 billion, compared to $1.72 billion last year. Operating income was $277 million compared to $197 million in 2004. Revenue passenger miles (RPMs) increased 8.1 percent in the quarter, as compared to a 13.7 percent increase in available seat miles (ASMs), resulting in a 3.8 point decline in load factor to 72.5 percent. The passenger revenue yield per RPM increased 4.6 percent to 12.07 cents from 11.54 cents in second quarter 2004. Operating revenue yield per ASM (RASM) decreased slightly to 9.11 cents from 9.14 cents last year.

Total second quarter operating expenses were $1.67 billion, an increase of 9.7 percent, compared to $1.52 billion in second quarter 2004. Operating expenses per ASM (CASM) decreased 3.5 percent to 7.81 cents, compared to 8.09 cents in 2004.

"We have been very pleased with the tremendous Customer response and demand for service (at Pittsburgh)," he said. "As a consequence, more flights are planned for PIT later this year. ... We recently expanded our codeshare agreement with ATA Airlines with new connecting service through LAS. As a result of our codeshare, we expect to generate a total of $50 million in additional passenger revenue, annually."

The Company’s hedging program resulted in a reduction to fuel and oil expense of $196 million. The Company remains approximately 85 percent hedged for the second half of 2005 at $26 per barrel; approximately 65 percent in 2006 at $32; over 45 percent in 2007 at $31; 30 percent in 2008 at $33; and over 25 percent in 2009 at $35 per barrel. Excluding fuel, CASM for the second quarter decreased 7.7 percent to 6.27 cents. We experienced unit cost declines in almost every non-fuel cost category.
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Southwest Announces RSW Schedule, Fares
Southwest has unveiled our low fares and flight schedule to and from Ft. Myers’ Southwest Florida International Airport (RSW), where we will launch service on October 2. Customers can now purchase tickets for the new service with airfares beginning as low as $29 one-way.

We will begin service with nine daily nonstop departures to the following cities: BWI (two daily), MDW (two daily), ISP (one daily), MCO (three daily), and PHL (one daily).

"We’ve been working with Southwest Florida International Airport for more than a decade, and it is fantastic to see our plans come to fruition," said Vice President Revenue Management Keith Taylor. "The fares are very competitive, and our schedule offers direct and connecting service to our West Coast destinations."



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