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JETBLUE AIRWAYS CORP
Income Statements
The following financial information for the five years ended December 31, 2002, has been derived from our consolidated financial statements.
This information should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this report.
| |
| | Year Ended December 31, |
| |
| | 2002 | 2001 | 2000 | 1999 | 1998 |
| |
| | (in thousands, except per share data) |
| Statements of Operations Data: |
| Operating revenues |
$ |
635,191 |
|
$ |
320,414 |
|
$ |
104,618 |
|
$ |
— |
|
$ |
— |
| Operating expenses: | |
| Salaries,
wages and benefits |
|
162,191 |
|
|
84,762 |
|
|
32,912 |
|
|
6,000 |
|
|
423 |
| Aircraft fuel | | 76,271 | | | 41,666 | | | 17,634 | | | 4 | | |
—
|
| Sales
and marketing |
|
44,345 |
|
|
28,305 |
|
|
16,978 |
|
|
887 |
|
|
— |
| Landing fees and other rents | | 43,881 | | | 27,342 | | | 11,112 | | | 447 | | | 16 |
| Aircraft
rent |
|
40,845 |
|
|
32,927 |
|
|
13,027 |
|
|
324 |
|
|
— |
| Depreciation and amortization | | 26,922 | | | 10,417 | | | 3,995 | | | 111 | | | 2 |
| Maintenance
materials and repairs |
|
8,926 |
|
|
4,705 |
|
|
1,052 |
|
|
38 |
|
|
— |
| Other operating expenses |
|
126,823 | | | 63,483 | |
|
29,096 |
| |
6,405 |
| |
371 |
| Total
operating expenses |
|
530,204 |
|
|
293,607 |
|
|
125,806 |
|
|
14,216 |
|
|
812 |
| Operating income (loss) | | 104,987 | | | 26,807 | | | (21,188) | | | (14,216) | | | (812) |
| Airline Stabilization Act |
|
407 |
|
|
18,706 |
|
|
— |
|
|
— |
|
|
— |
| compensation(1) |
| Other income (expense) | | (10,370) | | | (3,598) | | | (381) | | | 685 | | | 26 |
| Income (loss) before income taxes |
|
95,024 |
|
|
41,915 |
|
|
(21,569) |
|
|
(13,531) |
|
|
(786) |
| Income tax expense (benefit)(2) | | 40,116 | | | 3,378 | | | (239) | | | 233 | | | 4 |
| Net income (loss) |
$ |
54,908 |
|
$ |
38,537 |
|
$ |
(21,330) |
|
$ |
(13,764) |
|
$ |
(790) |
| Earnings (loss) per common share: | |
| Basic |
$ |
1.10 |
|
$ |
6.59 |
|
$ |
(17.77) |
|
$ |
(24.54) |
|
$ |
(1.87) |
| Diluted | $ | 0.84 | | $ | 0.76 | | $ | (17.77) | | $ | (24.54) | | $ | (1.87) |
| Other Financial Data: |
|
| Operating margin | | 16.50 | % | | 8.40 | % | | (20.30) | % | |
— |
| |
— |
| Net cash provided by (used in) |
$ |
216,477 |
|
$ |
111,279 |
|
$ |
2,824 |
|
$ |
(6,556) |
|
$ |
(256) |
| operating
activities |
| Net cash used in investing activities | | (744,461) | | | (289,855) | | | (241,130) | | | (67,452) | | | (1,147) |
| Net cash provided by financing
activities |
|
657,214 |
|
|
261,695 |
|
|
254,463 |
|
|
80,740 |
|
|
12,917 |
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| (1) | Represents our share of compensation under the Air Transportation Safety and System Stabilization Act. See Note 13 to our consolidated financial statements for a more detailed discussion. |
| (2) | In 2001, our income tax expense was reduced due to the full reversal of our deferred tax asset valuation allowance. We do not expect any similar reductions in the future. See Note 8 to our consolidated financial statements for a more detailed discussion. |
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