JetBlue Announces First Quarter Results


25 Apr 2007 [22:20h]     Bookmark and Share


  • Urlaub.digital

JetBlue Airways Corporation (Nasdaq:JBLU) reported its results for the first quarter 2007:

NEW YORK, —

 * Operating revenues for the quarter totaled $608 million,
   representing growth of 24.0% over operating revenues of
   $490 million in the first quarter of 2006.

 * Operating loss for the quarter was $13 million, resulting
   in a negative 2.2% operating margin, compared to an operating
   loss of $25 million and a negative 5.2% operating margin in
   the first quarter of 2006.

 * Pre-tax loss for the quarter was $45 million, resulting in
   a negative 7.3% pre-tax margin, compared with a pre-tax loss
   of $47 million and a negative 9.7% pre-tax margin in the
   year-ago period.

 * Net loss for the quarter was $22 million, representing a loss
   of $0.12 per diluted share, compared with first quarter 2006
   net loss of $32 million, or a loss of $0.18 per diluted share.

„We are disappointed with our first quarter results, which were significantly impacted by two ice storms in the Northeast area,“ said David Neeleman, JetBlue’s Chairman and CEO. „We learned a great deal following the events and consequently, we’re better able to recover from irregular operations and provide the superior service our customers deserve and have grown to appreciate.“

JetBlue achieved a completion factor of 96.1% of scheduled flights in the first quarter, compared to 99.0% in 2006. On-time performance, defined by the U.S. Department of Transportation as arrivals within 14 minutes of schedule, was 63.6% in the first quarter compared to 70.6% in the same period in 2006. The Company attained a load factor in the first quarter of 2007 of 80.6%, a decrease of 3.6 points on a capacity increase of 12.1% over the first quarter of 2006.

Dave Barger, JetBlue’s President, commented: „Our operational results were notably impacted by the ice storms. In response to these events, we made several fundamental changes to our operational strategy, implemented new communication tactics and introduced the JetBlue Customer Bill of Rights. While we realize there is more work to do, we were pleased with the outcome of the second ice storm in March and our improved response.“

For the first quarter, revenue passenger miles increased 7.3% from the first quarter of 2006 to 5.9 billion. Yield per passenger mile was 9.49 cents, up 13.4% compared to 2006. Passenger revenue per available seat mile (PRASM) increased 8.6% year-over-year to 7.65 cents. Available seat miles grew 12.1% to 7.4 billion. Operating expenses for the first quarter were $621 million, up 20.5% from the first quarter of 2006. Operating expense per ASM (CASM) for the first quarter 2007 increased 7.5% year-over-year to 8.43 cents. During the quarter, realized fuel price was $1.88 per gallon, a 1.1% increase over first quarter 2006 realized fuel price of $1.86 per gallon. Excluding fuel, CASM increased 8.2% year-over-year. JetBlue ended the quarter with $774 million in cash and investment securities.

Looking ahead, for the second quarter of 2007, JetBlue expects to report an operating margin between eight and ten percent based on an assumed aircraft fuel cost per gallon of $2.06, net of hedges. Pre-tax margin for the quarter is expected to be between three and five percent. CASM is expected to increase between six and eight percent over the year-ago period. Excluding fuel, CASM in the second quarter is expected to increase between five and seven percent year over year. Capacity is expected to increase between 12 and 14 percent in the second quarter and stage length is expected to decrease roughly ten percent over the same period last year.

For the full year 2007, JetBlue expects to report an operating margin between five and seven percent based on an assumed aircraft fuel cost per gallon of $2.06, net of hedges. Pre-tax margin for the full year is expected to be between one and three percent. CASM for the full year is expected to increase between seven and nine percent over full year 2006. Excluding fuel, CASM in 2007 is expected to increase between seven and nine percent year over year. Capacity for the full year 2007 is expected to increase between 11 and 13 percent over 2006 and stage length is expected to decrease roughly six percent over full year 2006. The CASM and ex-fuel CASM guidance in both the second quarter and full year includes the impact of the reduction in seats on JetBlue’s A320 aircraft from 156 to 150 seats per aircraft, which was completed in early February.

JetBlue will conduct a conference call to discuss its quarterly earnings today, April 24, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will be available via the internet at http://investor.jetblue.com.

About Jetblue:

New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers the most legroom throughout coach (based on average fleet-wide seat pitch for U.S. airlines). JetBlue is also America’s first and only airline to offer its own Customer Bill of Rights, with meaningful compensation for customers inconvenienced by service disruptions within JetBlue’s control. Visit www.jetblue.com/promise for details. JetBlue serves 51 cities with up to 575 daily flights. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JETBLUE (1-800-538-2583) or visit www.jetblue.com.

JetBlue’s 36 channels of DIRECTV(r) service is not available on flights outside the continental United States; however, where applicable, FOX InFlight(tm) is offered complimentary on these routes. FOX InFlight(tm) is a trademark of Twentieth Century Fox Film Corporation. JetBlue’s in-flight entertainment is powered by LiveTV, a wholly owned subsidiary of JetBlue.

                      JETBLUE AIRWAYS CORPORATION
                 CONSOLIDATED STATEMENTS OF OPERATIONS
           (in millions, except share and per share amounts)
                              (unaudited)

                                       Three Months Ended
                                            March 31,
                                       ------------------    Percent
                                         2007       2006      Change
                                       -------    -------   ----------
 OPERATING REVENUES
   Passenger                           $   564    $   463     21.7
   Other                                    44         27     62.0
                                       -------    -------
      Total operating revenues             608        490     24.0

 OPERATING EXPENSES
   Salaries, wages and benefits            164        132     23.9
   Aircraft fuel                           190        160     18.8
   Landing fees and other rents             45         38     18.5
   Depreciation and amortization            42         34     24.9
   Aircraft rent                            30         22     33.7
   Sales and marketing                      29         20     43.9
   Maintenance materials and repairs        26         21     22.0
   Other operating expenses                 95         88      8.5
                                       -------    -------
      Total operating expenses             621        515     20.5
                                       -------    -------

 OPERATING INCOME                          (13)       (25)   (47.1)

   Operating margin                       (2.2)%     (5.2)%    3.0 pts.

 OTHER INCOME (EXPENSE)
   Interest expense                        (52)       (37)    38.5
   Capitalized interest                      8          5     54.8
   Interest income and other                12         10     23.4
                                       -------    -------
      Total other income (expense)         (32)       (22)    41.2
                                       -------    -------

 INCOME (LOSS) BEFORE INCOME TAXES         (45)       (47)

   Pre-tax margin                         (7.3)%     (9.7)%    2.4 pts.

   Income tax expense (benefit)            (23)       (15)
                                       -------    -------
 NET INCOME (LOSS)                     $   (22)   $   (32)
                                       =======    =======

 EARNINGS (LOSS) PER COMMON SHARE:

   Basic                               $ (0.12)   $ (0.18)
                                       =======    =======
   Diluted                             $ (0.12)   $ (0.18)
                                       =======    =======
   Weighted average shares
    outstanding (thousands):
      Basic                            178,204    173,246

      Diluted                          178,204    173,246


 COMPARATIVE OPERATING STATISTICS

                                      Three Months Ended
                                           March 31,
                                      ------------------      Percent
                                        2007       2006       Change
                                      -------    -------     ---------
 Revenue passengers (thousands)         5,091      4,335      17.4
 Revenue passenger miles (millions)     5,942      5,536       7.3
 Available seat miles
  (ASMs) (millions)                     7,370      6,577      12.1
 Load factor                             80.6%      84.2%     (3.6)pts.
 Breakeven load factor (a)               88.1%      92.7%     (4.6)pts.
 Aircraft utilization
  (hours per day)                        12.7       12.8      (1.4)

 Average fare                         $110.79    $106.86       3.7
 Yield per passenger
  mile (cents)                           9.49       8.37      13.4
 Passenger revenue per
  ASM (cents)                            7.65       7.04       8.6
 Operating revenue per
  ASM (cents)                            8.25       7.46      10.6
 Operating expense per
  ASM (cents)                            8.43       7.84       7.5
 Operating expense per
  ASM, excluding fuel (cents)            5.85       5.40       8.2
 Airline operating expense
  per ASM (cents) (a)                    8.36       7.76       7.7

 Departures                            46,574     34,417      35.3
 Average stage length (miles)           1,086      1,246     (12.8)
 Average number of operating
  aircraft during period                121.5       95.5      27.2
 Average fuel cost per gallon         $  1.88    $  1.86       1.1
 Fuel gallons consumed (millions)         101         86      17.5
 Percent of sales through
  jetBlue.com during period              76.4%      82.3%     (5.9)pts.
 Full-time equivalent employees
  at period end (a)                     9,260      9,039       2.4


 (a) Excludes operating expenses and employees of LiveTV, LLC,
     which are unrelated to our airline operations.


 SELECTED CONSOLIDATED BALANCE SHEET DATA
             (in millions)

                                      March 31,  December 31,
                                        2007          2006
                                      -------    -----------
 Cash, cash equivalents and
  investment securities               $   774      $   699
 Total assets                           5,145        4,843
 Total debt                             2,938        2,840
 Stockholders' equity                     960          952

  • Palma.guide

Adresse
CONTACT: JetBlue Airways Corporation
Investor Relations
(203) 669-3191
ir@jetblue.com
Corporate Communications
(718) 709-3089

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