Form 8-K

 

 

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

 

 

LOGO

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)