UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 1, 2011
SOUTHWEST AIRLINES CO.
(Exact name of registrant as specified in its charter)
| Texas | 1-7259 | 74-1563240 | ||
| (State or other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| P.O. Box 36611, Dallas, Texas | 75235-1611 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (214) 792-4000
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01 | Other Events. |
Summary Consolidated Financial Data of Southwest
The following statement of operations data for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 and the balance sheet data as of December 31, 2009, 2008, 2007, 2006 and 2005 have been derived from the audited consolidated financial statements of Southwest Airlines Co. (“Southwest”) for such years.
The statement of operations data for the year ended December 31, 2010 and the balance sheet data as of December 31, 2010 is preliminary. This information is unaudited, but, in the opinion of Southwest’s management, contain all adjustments necessary to present fairly Southwest’s financial position and results of operations for the period indicated.
You should read this selected historical financial data together with the audited financial statements, their accompanying notes and management’s discussion and analysis of financial condition and results of operations of Southwest contained in its Annual Reports on Form 10-K for the years presented, including Southwest’s Annual Report on Form 10-K for the year ended December 31, 2010 once it is filed.
Statement of Operations Data of Southwest
(In millions, except per share amounts)
| Year Ended December 31, | ||||||||||||||||||||||||
| 2010 (Unaudited) |
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
| Operating revenue |
$ | 12,104 | $ | 10,350 | $ | 11,023 | $ | 9,861 | $ | 9,086 | $ | 7,584 | ||||||||||||
| Operating expenses |
11,116 | 10,088 | 10,574 | 9,070 | 8,152 | 6,859 | ||||||||||||||||||
| Earnings from operations |
988 | 262 | 449 | 791 | 934 | 725 | ||||||||||||||||||
| Income before income taxes |
745 | 164 | 278 | 1,058 | 790 | 779 | ||||||||||||||||||
| Income taxes |
286 | 65 | 100 | 413 | 291 | 295 | ||||||||||||||||||
| Net income (1) |
459 | 99 | 178 | 645 | 499 | 484 | ||||||||||||||||||
| Earnings per share: |
||||||||||||||||||||||||
| Basic |
.62 | .13 | .24 | .85 | .63 | .61 | ||||||||||||||||||
| Diluted |
.61 | .13 | .24 | .84 | .61 | .60 | ||||||||||||||||||
| (1) Includes the following special income (expense) items: |
||||||||||||||||||||||||
| Impact of fuel contracts, net |
(87 | ) | (9 | ) | (128 | ) | 197 | (88 | ) | 59 | ||||||||||||||
| AirTran integration costs |
(4 | ) | — | — | — | — | — | |||||||||||||||||
| Impact of early retirement offer |
— | (35 | ) | — | (12 | ) | — | — | ||||||||||||||||
| Other, net |
— | — | 12 | (11 | ) | 9 | — | |||||||||||||||||
Balance Sheet Data of Southwest
(In millions)
| As of December 31, | ||||||||||||||||||||||||
| 2010 (Unaudited) |
2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
| Unrestricted cash, cash equivalents and short-term investments |
$ | 3,538 | $ | 2,593 | $ | 1,803 | $ | 2,779 | $ | 1,759 | $ | 2,531 | ||||||||||||
| Total assets |
15,463 | 14,269 | 14,068 | 16,772 | 13,460 | 14,003 | ||||||||||||||||||
| Long-term debt and capital lease obligations, excluding current portion |
2,875 | 3,325 | 3,498 | 2,050 | 1,567 | 1,394 | ||||||||||||||||||
| Stockholders’ equity |
6,237 | 5,454 | 4,953 | 6,941 | 6,449 | 6,675 | ||||||||||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOUTHWEST AIRLINES CO. | ||||
| Date: February 1, 2011 | By: | /s/ Laura H. Wright | ||
| Name: | Laura H. Wright | |||
| Title: | Senior Vice President Finance & Chief Financial Officer (Principal Financial and Accounting Officer) | |||