July 01, 1973

Southwest announces second quarter of 1973 was first quarter that all three months were profitable.

December 31, 1973

Southwest ends 1973 with our first yearly profit!

January 13, 1974

Jan. 13, 1974 Southwest announces its first profitable year was 1973.

January 26, 1977

Southwest's Board of Directors declares 5-for-4 stock split for shareholders of record at the close of business February 23, 1977, payable on March 16, 1977. They also declare second quarterly cash dividend payable on February 21, 1977 to shareholders of record at close of business February 7, 1977.

October 25, 1977

Southwest's Board of Directors announces a quarterly dividend of $ .07 per share to be paid on November 15, 1977 to shareholders of record at the close of business on Tuesday, November 8, 1977.

January 25, 1978

Southwest Board of Directors declares 3-for-2 stock split of the Company's common stock to be distributed on March 24, 1978. The stock split will result in an additional 1,000,000 shares of the Company's common stock issued. The Southwest Board also declared a quarterly cash dividend of $ .07 per shareholders of record at the close of business on February 10, 1978.

January 31, 1978

For calendar year 1977 the unaudited net income of $7,545,000 was 53% higher than the $4,939,000 net income earned during calendar year 1976.

January 31, 1978

For calendar year 1977, per share earning on the present number of shares outstanding was $.378, up 20% over the $3.15 reported for 1976. Reflecting the recently Announces 3-for-2 stock split, earnings per share for the 4th quarter for 1977 were $ .69 and, for the full year, $2.52.

January 31, 1978

Southwest revenues during 1977 total $49,113,000, up 59% over 1976 revenues of $30,966,000.

April 26, 1978

Southwest Board of Directors announces a quarterly dividend of $ .07 per share. The $ .07 per share dividend was paid on May 22 to shareholders of record at the close of business on May 12, 1978.

October 31, 1978

The Board of Directors of Southwest declares the Company's regular quarterly cash dividend on the current 3,000,000 issued and out-standing shares of Southwest Common Stock in the amount of $ .07 per share. This cash dividend will be paid on November 28, 1978 to shareholders of record at the close of business on November 14, 1978. In additional action, the Board gives final approval to the purchase of a previously announced Advanced Boeing 737-200 jet aircraft to be delivered in February 1980, bringing the number of Boeing 737 in the Southwest fleet to 18. Southwest also places deposits with the Boeing Commercial Aircraft Company for options to purchase three additional Advanced 737-200 jet aircraft (numbers 19-20-21) to be delivered in early 1981.

January 23, 1979

Southwest Board of Directors declares a 3-for-2 stock split of the Company's common stock to be distributed on February 23, 1979 to shareholders of record at the close of business on February 9, 1979. The stock split will result in an additional 1,500,000 shares of the Company's common stock issued. The Board also declared a quarterly cash dividend of $ .07 per share to be paid on March 23, 1979 to shareholders of record at the close of business on March 9, 1979.

August 28, 1979

Southwest Board of Directors in its regular bimonthly meeting declares a dividend of $.07 per share on the Company's Common Stock, its twelfth consecutive dividend payable on September 25, 1979 to shareholders of record on September 11, 1979.

October 16, 1979

Southwest third quarter earnings reflect 33% increase in operating profit. Net earnings reach $1.09 per share.

October 22, 1979

Board of Directors declares a dividend of $.07 per share on the Company's common stock, the Company's thirteenth consecutive, payable on December 18, 1979 to shareholders of record on December 4, 1979.

July 22, 1980

Southwest second quarter net income increases 91%; six months earnings up 63%.

July 28, 1981

Southwest's second quarter results set new second quarter operating and financial records. Operating expenses increased 36%. As a result operating income increased 4% and net income increased 28%.

April 23, 1982

Net income (unaudited) for the first quarter was $3,490,000, which represents earnings per share of $.34. Earnings were down 50% and total revenues were up 7.4%.

August 24, 1982

Board of Directors declares the Company's regular quarterly currently issued and out-standing. This 24th consecutive cash dividend will be paid on September 30, 1982 to shareholders of record at the close of business on September 10, 1982.

January 24, 1984

Southwest's (unaudited) net income for the year ended December 31, 1983 was a record $40,867,000, an increase of 20% over the $34,004,000 earned in 1982.

April 17, 1984

Net income (unaudited) for the first quarter ended March 31, 1984, was a record $10,224,000, a 99.8% increase over first quarter of 1983. Earnings per share were $0.35. Total revues were up 31.9%.

July 19, 1984

Revenues for the second quarter increased 22.8% to $137,565,000 and operating expenses increased 30.9% to $118,222,000, while revenues for the first six months increased 27% to $262,633,000 and operating expenses increased 30.1% to $227,743,000. Net income for the first six months of 1984 was a record $24,145,000.

July 19, 1984

Revenues for the second quarter increased 22.8% to $137,565,000 and operating expenses increased 30.9% to $118,222,000, while revenues for the first six months increased 27% to $262,633,000 and operating expenses increased 30.1% to $227,743,000. Net income for the first six months of 1984 was a record $24,145,000.

October 19, 1984

Revenue for the third quarter increased 21% to $139,806,000 and operating expenses increased 26% to $121,821,000 resulting in a third quarter operating profit of $17,985,000. Net income was $14,159,000, a 20% increase.

October 23, 1984

Southwest declares 33rd consecutive quarterly dividend of 3.25 cents per share on the 29,502,272 shares currently issued to be paid on December 28 to shareholders of record at the close of business on December 4, 1984.

January 24, 1985

Southwest's (unaudited) net income for the year ended December 31, 1984, was $49,724,000, a 22% increase over the $40,867,000 earned in 1983.

February 26, 1985

Southwest declares the 34th consecutive quarterly dividend of 3.25 cents per share on the 29,532,272 shares currently issued to be paid on March 28, to shareholders of record at the close of business on March 12, 1985.

April 23, 1985

Southwest's (unaudited) net income for the first quarter of 1985 was $5,323,000 compared to the $10,224,000 earned in the record first quarter of 1984. Operating revenues increased 8.5% to $135,673,000, while operating expenses increased 15.7% to $126,715,000. Southwest declares the 35th consecutive quarterly dividend of 3.25 cents per share on the 29,532,272 shares currently issued to be paid on June 28, to shareholders of record at the close of business on June 12, 1985.

July 18, 1985

Southwest's (unaudited) net income for the second quarter was $19,154,000 a 37.6% increase over the $13,921,000 earned in second quarter 1984. Revenues increased 23.4% to $169,805,000 and operating expenses increased 19.8% to $141,646,000.

August 30, 1985

Southwest declares 36th consecutive quarterly dividend of 3.25 cents per share on the 32,254,211 shares currently issued to be paid on September 27, to shareholders of record at the close of business on September 10, 1985.

October 22, 1985

The third quarter 1985 represents the first financial quarter for which Muse Air results are incorporated in the Consolidated Statement of Income for Southwest. Muse Air contributed $386,000 to the total profit for the quarter. Revenues for the third quarter increased 14% to $160,077,000 and operating expenses increased 12% to $136,571,000, resulting in a third quarter operating profit of $23,506,000, a 31% increase over the same quarter of 1984. The revenue totals for the first nine months (Southwest only) increased 16% to $465,555,000 with an increase in operating expenses of 16% to $404,932,000 producing a year-to-date operating profit of $60,623,000. Net income for the first nine months of 1985 was $41,286,000.

January 28, 1986

Southwest's (unaudited) net income for the year ended December 31, 1985 was $47,278,000, a 4.9% decrease from the $49,724,000 earned in 1984.

March 03, 1986

Herb co-hosts a reception with the Metro Nashville Airport Authority to dedicate the Airport's new West Terminal. Board of Directors declares the company's 38th consecutive quarterly dividend of 3.25 cents per share on the 32,254,220 shares currently issued and outstanding. This cash dividend will be paid on March 27, 1986 to shareholders of record at the close of business on March 11, 1986.

April 17, 1986

Southwest's (unaudited) net income for the first quarter of 1985 was $2,727,000 compared to $5,323,000 in the first quarter of 1985. Revenue for Southwest increased one % to $137,145,000 and operating expenses increased four % to $131,922,000. Revenues for TranStar were $36,449,000 while operating expenses were $34,561,000. TranStar's pre-tax income for the period included a gain of $2,883,000 from the sale of certain 1986-87 aircraft delivery positions.

April 22, 1986

Declares the 39th consecutive quarterly dividend of 3.25 cents per share on the 32,254,220 shares currently issued to be paid on June 27, 1986.

July 21, 1986

Southwest's consolidated net income (unaudited) for the second quarter was $17,100,000, compared to $19,154,000 in the second quarter of 1985. Net income for the first six months of 1985 was $19,827,000, or $.61 per share, compared to $24,477,000 or $.83 per share for the same period last year. Revenue for Southwest decreased 7.8% to $156,603,000 and operating expenses were $34,826,000. The combined net income of Southwest and TranStar was $17,100,000 for the quarter, the second largest quarterly earnings to be reported in the entire history of Southwest, and the 53rd consecutive quarter of positive results.

October 21, 1986

Southwest's (unaudited) net income for the third quarter of 1986 was $21,181,000, the largest quarterly net income ever recorded by Southwest in its15 year history, compared to $16,809,000 in the third quarter of 1985. Revenue for Southwest increased 6.2% to $169,972,000 and operating expenses increased only .8% % to $137,624,000. Revenues for TranStar were $37,780,000, while operating expenses were $35,429,000, resulting in an operating income of $2,351,000.

October 28, 1986

Board of Directors declares the Company's 41st consecutive quarterly dividend of 3.25 cents per share on the 32,254,269 shares currently issued and outstanding at its meeting held October 28, to be paid on December 18, 1986 to shareholders of record at the close of business on December 3, 1986.

January 21, 1987

Board of Directors declares the Company's 42nd consecutive quarterly dividend of 3.25 cents per share on the 32,254,269 shares currently issued and outstanding to be paid on March 26, 1987 to shareholders of record at the close of business on March 10, 1987.

January 23, 1987

Consolidated net income (unaudited) for the year ended December 31, 1986 was a record $50.0 million, a 5.8% increase from the $47.3 million earned in 1985. Total revenues for 1986 were $768.8 million, up 13.1% over the prior year, while the comparable operating expenses increased 13.1% to $679.8 million. Record operating income was realized for the year, totaling $89.0 million, a 13.3% increase over the prior year.

April 29, 1987

Southwest's (unaudited) consolidated net loss for the first quarter ended March 31, 1987 was $9,835,000, compared to net income of $2,727,000 in the first quarter of 1986. This represents a loss per share of $.30 ($.30 fully diluted), compared to earnings of $.08 ($.08 fully diluted) reported in the first quarter of last year. Consolidated revenue increased 3% to $178,383,000 and operating expenses increased 11.6% to $185,404,000, resulting in the first quarter operating loss of $7,021,000 compared to $7,111,000 of operating profit in the same quarter of 1986.

July 15, 1987

Board of Directors declares the Company's 44th consecutive quarterly dividend of 3.25 cents per share on the 32,254,269 shares currently issued and outstanding to be paid on September 25, 1987 to shareholders of record at the close of business on September 9, 1987.

July 31, 1987

Southwest's (unaudited) net income for the second quarter ended June 30, 1987 was $635,000, compared to net income of $17,100.000 for the same period last year, and represents earnings of $.02 ($.02 fully diluted), compared to $.53 ($.53 fully diluted) reported in the second quarter of last year. Revenue for Southwest, parent company only, increased 4.9% to $164,265,000 and operating expenses increased 18.5% to $155,396,000, resulting in a second quarter operating profit of $8,869,000, compared to $25,481,000 of operating profit in the same quarter of 1986.

November 02, 1987

Southwest's (unaudited) consolidated net income for the third quarter ended September 30, 1987 was $20,432,000, compared to net income of $21,181,000 in the third quarter of 1986, and represents earnings per share of $.63, compared to $.66 reported in the third quarter of last year. Revenue for Southwest on a consolidated basis decreased 3.3% to $200,743,000 and operating expenses increased 2.1% to $176,496,000 resulting in a third quarter operating profit of $24,247,000, compared to $34,699,000 of operating profit in the same quarter of 1986.

January 20, 1988

Declares 46th consecutive quarterly dividend of 3.25 cents per share to be paid on March 25, 1988 to all shareholders of record at close of business on March 10, 1988.

February 01, 1988

Reports net income for the fourth quarter of 1987 of $8,922,000, compared to net income of $9,027,000 for the same period of last year, which represents earnings per share of last year, which represents earnings per share of $.28, compared to $.28 for the last quarter of 1986. Approximately $646,000 of the net income resulted from the discontinuance of operations of TranStar, Southwest's subsidiary which ceased operation August 9, and disposition of TranStar's assets. Revenue for the fourth quarter 1987 increased 24% to $193.9 million, compared to $156.0 million for the fourth quarter 1986. Total net expenses for the fourth quarter 1987 increased 30% to $184,167,000 or $.0606 per ASM, compared to $141,500,000 or $.0557 per ASM for the fourth quarter 1986. Net income for the year 1987 was $20,155,000 ($.63 per share), compared to $50,035,000 ($1.55 per share) for 1986. Revenue increased 13% in 1987 to $698,663,000 as compared to $619,699,000 in 1986. Total net expenses increased 20% in 1987 to $668,883,000 or $.0574 per ASM in 1986.

April 27, 1988

Consolidated net income for the first quarter of 1988 was $168,000, compared to a net loss of $9,834,000 in the first quarter of 1987, and represents earnings per share of $.01, compared to a net loss of $.30 reported in the first quarter of 1987. Revenue was $178,572,000, while operating expenses decreased 4.5% to $177,044,000, resulting in first quarter operating and pretax income of $1,528,000 and $243,000, respectively, compared to operating and pretax losses of $7,021,000 and $13,089,000 respectively in the same quarter of 1987.

May 18, 1988

Announces quarterly dividend of three and one-fourth cents (3.25) per share, the company's 47th consecutive quarterly dividend, to be paid on June 28 to shareholders of record as of the close of business June 13, 1988.

August 01, 1988

Southwest's consolidated net income for the second quarter ended June 30, 1988 was $15,125,000, an improvement of $14,490,000 over net income of $635,000 in the second quarter of 1987, and represents earnings per share of $.48, compared to earnings per share of .02 reported in the second quarter of last year.

October 26, 1988

Consolidated net income for the third quarter ended September 30, 1988 was $26,586,000 representing earnings of $.85 per share. Herb said "Our third quarter 1988 earnings of $26,586,000 constitute record quarterly earnings for our company and surpass by 30% our third quarter 1987 earnings of $20,432,000. Our third quarter 1988 earnings per share of $.85 exceed by 35% our third quarter 1988 earnings per share of $.63.

February 01, 1989

Net income for the fourth quarter ended December 31, 1988 was $16.1 million, up 81% from the fourth quarter 1987 earnings of $8.9 million, and represents earnings per share of $.51, compared to $.28 reported in the fourth quarter of 1987. Net income for the year 1988 was $58.0 million ($1.84 per share) compared to $20.2 million ($.63 per share) for 1987. Excluding TranStar in 1987, revenues increased 23% in 1988 to $860.4 million from $698.7 million in 1987, due to increased yields of 8% and increased RPMs of 14%. Operating expenses increased 18% in 1988 to $774.5 million from $657.5 million in 1987, commensurate with the 16% increase in ASMs. This represents an increase in operating expenses per ASM of 1 % to $.05.

July 26, 1989

Net income for the second quarter ended June 30, 1989 was up 27.2% to $19.2 million compared to the $15.1 million earned in second quarter 1988. Earnings per share were $.64 in 1989 versus $.48 in 1988, an increase of 33.3%. The large increase in earnings was primarily achieved from operations: a traffic increase of 27.3% and a 22.4% increase in operating income for the quarter.

January 17, 1990

Board of Directors declares a quarterly dividend of 3.5 cents per share on all shares currently issued and outstanding. This 54th consecutive quarterly dividend will be paid on March 27, 1990, to shareholders of record at the close of business on March 9, 1990.

January 31, 1990

In a press conference, Herb announces the following: In 1989, Southwest, for the second consecutive year, established new records in operating income, at $97,626,000 (+13.5%), and net income, at $71,558,000 (+23.5%). Earnings per share also increased to a record $2.37 (+28.8%). Southwest reached major carrier status in 1989. A major airline is defined by the DOT as an airline whose operating revenues exceed $1 billion in a 12 month period. Service between BUR and OAK with ten roundtrips will commence April 16. The non-restricted walkup fare will be $59 each way versus the current non-restricted fare of $164 each way charged by other carriers.

January 31, 1990

Net income for the fourth quarter ended December 31, 1989, was $8.1 million, down 49.5% from the fourth quarter 1988 earnings of $16.1 million, and represents earnings per share of $.27 compared to $.51 reported in the fourth quarter of 1988. The decrease in net income is principally attributable to a 37% increase in jet fuel cost per gallon in fourth quarter 1989 and the inclusion of $4.2 million of nonoperating gains in fourth quarter 1988.

January 31, 1990

Revenues for fourth quarter 1989 increased 13.2% to $255.6 million compared to $225.8 million for fourth quarter 1988. Operating expenses for fourth quarter 1989 increased 18.1% to $241.3 million, or $.0638 per available seat mile (ASM), compared to $204.4 million, or $.0598 per ASM for fourth quarter 1989. Net income for the year 1989 was a record $71.6 million ($2.37 per share) compared to $58.0 million ($1.84 per share) for 1988, an increase of 23.5%. Revenues increased 18.0% in 1989 to $1.015 billion from $860.4 million in 1988 due primarily to a 20.9% increase in RPMs in 1989. Operating expenses increased 18.5% in 1989 to $917.4 million from $774.5 million in 1988, representing an increase in operating expenses per ASM of 6.5% to $.0620 due primarily to increases in jet fuel and maintenance costs.

July 09, 1990

In the second quarter 1990, Southwest flew 2,558.6 million RPMs compared with 2,403.6 million RPMs recorded for the same period in 1989, and increase of 6.4%. ASMs increased 9.0% to 4,109.7 million from the 1989 second quarter level of 3,771.2 million. Load factor was 62.3% compared to 63.7% for the same period last year. The 68.4% load factor for June 1989 and the 63.7% load factor for the second quarter of 1989 were the highest such figures reported by Southwest since 1985. Net income for the second quarter ended June 30, 1990, was up 22.3% to a record $23.5 million, compared to the $19.2 million earned in second quarter 1989. Revenues for second quarter 1990 increased 16.9% to $308.2 million compared to $263.6 million for the second quarter 1989. Operating expenses for the second quarter 1990 increased 13.6% to $266.9 million, or $.0649 per ASM, compared to $234.9 million, or $.0623 per ASM, for second quarter 1989.

October 22, 1990

Introduces its "Just Plane Smart" ad campaign in PHX. Net income for the third quarter ended September 30, 1990, was down 6.2% to $23.0 million, compared to the $24.6 million earned in third quarter 1989. Revenues for third quarter 1990 increased 18.8% to $316.4 million, compared to $266.4 million for third quarter 1989. Operating expenses for the third quarter 1990 increased 19.7% to $279.7 million, or $.0657 per ASM, compared to $233.8 million, or $.0606 per ASM, for third quarter 1989.

January 28, 1991

Net loss for the fourth quarter ended December 31, 1990, was $4.6 million, down from the 1989 fourth quarter earnings of $8.1 million. The $12.7 million decrease in earnings is attributable to the 63.4% increase in the average jet fuel cost per gallon in fourth quarter 1990, which reduced earnings $17.1 million, after tax. Revenues for fourth quarter 1990 increased 18.0% to $301.6 million compared to $255.6 million for fourth quarter 1989. Operating expenses for fourth quarter 1990 increased 26.7% to $305.8 million, or $.0730 per available seat mile (ASM), compared to $241.3 million, or $.0638 per ASM for fourth quarter 1989. Net income for the year 1990 was $47.1 million ($1.10 per share) compared to last year's record of $71.6 million ($1.58 per share), a decrease of 34.2%. Operating expenses increased 20.4% in 1990 to $1,104.9 million from $917.4 million in 1989. Revenues increased 16.9% in 1990 to $1.187 billion from $1.015 billion in 1989.

April 22, 1991

Net loss for the first quarter ended March 31, 1991 was $8.2 million ($.19 per share) compared to the net income of $5.1 million ($.12 per share) in the first quarter 1990. The decrease in earnings was principally due to slowed revenue growth and $2.0 million less in nonoperating gains, before the effects of income taxes.

July 22, 1991

Net income for the second quarter ended June 30, 1991 was 10.6 million compared to the $23.5 million earned in second quarter 1990, a decrease of 55.1%. Earnings per share were $.25 in 1991 versus $.55 in 1990, a decrease of 54.5%. The weak domestic economy has resulted in considerably weaker demand for the airline industry as a whole, which, in turn, spurred heavy fare discounting. The result for Southwest--slower than normal revenue growth, was primarily responsible for the decreases in earnings from 1990.

October 21, 1991

Net income for the third quarter ended September 30, 1991 was down 31.7% to $15.7 million, compared to the $23.0 million earned in a notably strong third quarter 1990. Earnings per share were $.37 versus $.54 in third quarter 1990, a decrease of 31.5%. The decrease in earnings was principally caused by a decrease in operating income of 15.1% and $2.7 million less in nonoperating gains.

January 24, 1992

Net income for the fourth quarter ended December 31, 1991 was $8.8 million, up from the fourth quarter loss of $4.6 million. Earnings per share was $.21 in fourth quarter 1991 compared to a loss per share of $.11 in fourth quarter 1990. The $13.4 million increase in earnings is primarily attributable to a 29.9% decrease in fuel and oil costs.

April 27, 1992

Income for the first quarter ended March 31, 1992, before the cumulative effect of a change in accounting principle, was $13.5 million ($.30 per share) compared to a net loss of $8.2 million ($.19 per share) in first quarter 1991. The increase in earnings was principally due to a 32.4% increase in passenger revenues accompanied by a 26.1% decrease in the average cost of jet fuel per gallon. The load factor for the first quarter was 62.8%, up 2.1 points from first quarter 1991. FUN FARES will undergo some changes designed to offer greater flexibility for Customers traveling on the airline's lowest fares. Under the new terms, Customers who are unable to use their FUN FARE tickets as originally scheduled are now allowed to use those same tickets toward the purchase of other FUN FARE tickets.

October 09, 1992

Phoenix Maintenance Hangar opens, becoming Southwest's largest Maintenance facility–a $10 million project at PHX. When fully staffed, the center will employ 250-300 Maintenance personnel. Net income for the third quarter of 1992 was up 71.0% to $26.9 million, compared to the $15.7 million earned in third quarter 1991. Earnings per share were $.28 versus $.18 in third quarter 1991, an increase of 55.6%. The increase in earnings was principally caused by an increase in operating income of 73.1% to $53.9 million. Revenues for third quarter 1992 increased 25.9% to $447.3 million, compared to $355.3 million for third quarter 1991.

January 26, 1993

Net income for the fourth quarter ended December 31, 1992 was $27.2 million compared to the $8.8 million earned on fourth quarter 1991, an increase of 207.3%. Total operating revenues for fourth quarter 1992 increased 27.4% to $447.2 million compared to $350.9 million for fourth quarter 1991.

April 21, 1993

Income for the first quarter 1993, before the cumulative effect of accounting changes, was $22.7 million ($.24 per share) in first quarter 1992. The increase in earnings was principally due to a 21.1% increase in passenger revenues. The load factor for first quarter 1993 was 64.3%, up 1.5 points from first quarter 1992. Total operating revenues for first quarter 1993 increased 21.4% to $453.8 million compared to $373.9 million for first quarter 1992. RPMs increased 17.5% in first quarter 1993 as compared to a 14.7% increase in ASMs , resulting in a 1.5 point increase in the load factor. The passenger revenue yield per RPM increased 3.0% to $.1199 from $.1164 in first quarter 1992.

July 20, 1993

Net income for the second quarter ended June 30, 1993 was $41.9 million compared to the $23.5 million earned in the second quarter 1992, an increase of 78.4%. Total operating revenues for second quarter 1993 increased 24.9% to $520.5 million, compared to $416.8 million for the second quarter 1992.

October 19, 1993

Announces third quarter earnings went up 63.4%. Net income for the quarter was $43.9 million, compared to the $26.9 million earned in third quarter 1992. Revenues increased 23.9% to 554.4 million, compared to 447.3 million for the same quarter last year. RPMs increased 22.6% and ASMs increased 8.0%.

February 18, 1994

Morris Air announces it will discontinue Bullhead City/Laughlin city service effective May 2, 1994. Service to and from SJC will cease May 2, 1994, and service to and from SLC will cease on June 6, 1994. Southwest's consolidated net income for the month ended January 31, 1994, including Morris Air, was $8.8 million.

April 21, 1994

Consolidated net income for first quarter 1994 was $41.8 million ($.28 per share) compared to first quarter 1993 net income (before the cumulative effect of accounting changes) of $24.9 million ($.17 per share). Total consolidated operating revenues for first quarter 1994 increased 24.1% to $619.4 million compared to $498.9 million for first quarter 1993.

October 20, 1994

Consolidated net income for third quarter 1994 was $58.6 million ($.40 per share) compared to third quarter 1993 net income of $48.8 million ($.33 per share), an increase of 20%.

January 26, 1995

Consolidated net income for the year ended December 31, 1994 was $179.3 million, as compared to the corresponding 1993 amount (before the cumulative effect of accounting changes) of $154.3 million, an increase of 16.2%. Net income per share was $1.22 in 1994, as compared to $1.05 (before the cumulative effect of accounting changes) in 1993, an increase of 16.2%.

April 21, 1995

Net income for first quarter 1995 was $11.8 million ($.08 per share), compared to $41.8 million ($.28 per share) in first quarter 1994.

July 24, 1995

Net income for second quarter 1995 was $59.7 million ($.41 per share), compared to second quarter 1994 net income of $58.5 million ($.40 per share).

October 19, 1995

Net income for third quarter 1995 increased 15.5% to $67.7 million ($.45 per share), compared to third quarter 1994 net income of $58.6 million ($.40 per share). A Certified Emergency Evacuation Trainer (CEET) is unveiled for use in Flight Attendant safety and emergency training unique to the industry in its authenticity to a real aircraft.

January 24, 1996

LRC one-year anniversary. More than 900 people are now employed at the center, which officially accepted its first call in January 1995. Adds nonstop service between MCO-BHM and MCO-SDF effective May 10, 1996. Net income for the year ended December 31, 1995 was a record $182.6 million, as compared to 1994's net income of $179.3 million. Net income per share was $1.23 in 1995 versus $1.22 in 1994. Net income for fourth quarter 1995 increased 113.1% to a record $43.4 million ($.29 per share), compared to fourth quarter 1994 net income of $20.3 million ($.14 per share). Total operating revenues for fourth quarter 1995 increased 19.5% to $748.6 million, compared to $626.2 million for fourth quarter 1994. RPMs increased 8.9% in fourth quarter 1995 as compared to a 12.1% increase in ASMs, resulting in a load factor of 61.8% versus the fourth quarter 1994 load factor of 63.5%. The passenger revenue yield per RPM increased 9.7% to $.1222, up from $.1114 in fourth quarter 1994.

April 23, 1996

Net income for first quarter 1996 was $33.0 million ($.22 per share), compared to $11.8 million ($.08 per share) in first quarter 1995. Recently employed the services of Dallas based King Group, Inc. as its African-American agency of record for advertising, promotions, and public relations.

July 25, 1996

Net income for second quarter 1996 was $85.3 million ($.56 per share), compared to second quarter 1995 net income of $59.7 million ($.41 per share).

October 24, 1996

Net income for third quarter 1996 decreased 10.1% to $60.9 million ($.40 per share), compared to third quarter 1995 net income of $67.7 million ($.45 per share).

January 23, 1997

Net income for year ended Dec. 31, 1996, was a record $207.3 million, as compared to 1995's net income of $182.6 million, an increase of 13.5%. Net income per share was $1.37 in 1996 versus $1.23 in 1995. Net income for fourth quarter 1996 was $28.2 million ($.19 per share), compared to fourth quarter 1995 net income of $43.4 million ($.29 per share). A 25.0% increase in jet fuel prices was the primary cause for the decrease in earnings.

April 24, 1997

Net income for first quarter 1997 increased 54.2% to $50.9 million ($.34 per share) compared to $33.0 million ($.22 per share) in first quarter 1996.

July 24, 1997

Net income for second quarter 1997 increased 10% to $93.8 million ($.62 per share).

September 26, 1997

Declares 3-for-2 stock split to be distributed on November 26, 1997.

October 23, 1997

Net income for third quarter 1997 increased 52.0% to $92.5 million ($.60 per share), compared to third quarter 1996 net income of $60.9 million ($.40) per share.

January 22, 1998

Net income for fourth quarter 1997 was $80.6 million, an increase of 186% over 1996's fourth quarter net income of $28.2 million. Net income per share was $.35 versus $.13 for 1996. Net income for the year ended Dec. 31, 1997 was $317.8 million, a 53.5% increase over 1996's net income of $207.3 million. Net income per share for year ended 1997 was $1.40 per share.

April 23, 1998

Announces 1998 first quarter earnings up 37.6% to $70 million, compared to $50.9 million in first quarter 1997. Total operating revenues increased 6.3 percent to $942.7 million, compared to $887.1 million for the first quarter 1997. The load factor was 61.2 percent versus 1997 first quarter load factor of 62.1 percent.

July 23, 1998

Board of Directors approves 3-for-2 stock split effective with the dividend paid on Sep. 23, 1998 to shareholders of record at close of business on Sep. 2, 1998. A record quarterly profit of $133.4 was earned in the second quarter. Diluted income per share was $.57 for the quarter.

October 20, 1998

Southwest announces third quarter earnings up 40.1% net income for third quarter 1998 increased 40.1% to 129.6 million, compared to 92.5 million in third quarter 1997. Total operating revenues for third quarter were $1,094.8 million (+9.8%), compared to 997.2 million for third quarter 1997. RPMs increased 11.9 percent in third quarter 1998 as compared to a 6.9% increase in ASMs, resulting in a 3.1 point increase in load factor to 68.9%.

January 21, 1999

Southwest Airlines announces fourth quarter earnings. Net income for fourth quarter 1998 was $100.4 million, as compared to $80.6 million earned in fourth quarter 1997, an increase of 24.6 percent. Total operating revenues for fourth quarter 1998 increased 7.4 percent to $1.05 billion, compared to $975.6 million for fourth quarter 1997.

July 20, 1999

Net income for second quarter 1999 increased 18.3 percent to $157.8 million, compared to $133.4 million in second quarter 1998. Total operating revenues increased 13.1 percent to $1.22 billion, compared to $1.08 billion for second quarter 1998.

October 19, 1999

Southwest Airlines Announces 3rd quarter earnings. Operating income was up 1.2 percent to $206.5 million versus third quarter 1998, while net income was down 2.1 percent to $127.0 million. Total operating revenues for third quarter 1999 increased 12.8 percent to $1.24 billion, compared to $1.09 billion for third quarter 1998. RPMs increased 13.6 percent in third quarter 1999 as compared to a 10.9 percent in ASMs, resulting in a 1.7 point increase in load factor to 70.6 percent. Herb said: "Our third quarter 1999 results were adversely affected by significantly higher jet fuel prices and Hurricane Floyd. Despite these challenges, the splendid People of Southwest Airlines produced third quarter 1999 earnings of $127.0 million at a net margin of 10.3 percent.

January 18, 2000

Southwest Airlines' net income for fourth quarter 1999 was down 6.6 percent to $93.8 million versus fourth quarter 1998. Operating revenues for fourth quarter 1999 increased 15.0 percent to $1.2 billion, compared to $1.05 billion for fourth quarter 1998. Southwest Airlines announces that it will inaugurate daily service from Albany International Airport on May 7, 2000 with 10 daily nonstop flights to three cities: Baltimore/Washington, Las Vegas, and Orlando.

April 18, 2000

Southwest Airlines' net income, before the cumulative effect of a change in accounting principle, for first quarter 2000 was $95.6 million, compared to $95.8 million in first quarter 1999. After consideration of the accounting change, net income was $73.5 million. Total operating revenues for first quarter 2000 increased 15.5 percent to $1.24 billion, compared to $1.08 billion for first quarter 1999. RPMs increased 17.5 percent in first quarter 2000, compared to a 14.2 percent increase in ASMs, resulting in a load factor of 66.8 percent versus the first quarter 1999 load factor of 64.9 percent.

July 18, 2000

Net income for second quarter 2000 increased 20.8 percent to $190.6 million, compared to $157.8 million in second quarter 1999. Diluted net income per share was 24.1 percent to $.36, exceeding First Call's consensus estimate of 4.31 and second quarter 1999 diluted net income per share of $.29 Total operating revenues increased 19.7 percent to $1.46 billion, compared to $1.22 billion for second quarter 1999. Operating income of 314.6 million increased 23.7 percent, resulting in an operation margin of 21.5 percent. The load factor was 74.3 percent, the highest quarterly load factor in Company history.

October 17, 2000

Net income for third quarter increased 45.1 percent to $184.3 million, compared to $27.0 million in third quarter 1999. Diluted net income per share for third quarter 2000 was $.35, exceeding First Call's consensus estimate of $.32 and third quarter 1999 diluted net income per share of $.24. Total operating revenues for third quarter 2000 increased 19.7 percent to $1.48 billion, compared to $1.24 billion for third quarter 1999. Load factor was 71.6 percent, the highest third quarter load factor in Company history.

January 16, 2001

Southwest gives "a nod to the past and looks to the future with a fresh coat of paint," unveiling its new "Canyon Blue" livery and revamped interior design, featuring "Canyon Blue" and "Saddle Tan" leather seats throughout. In an event at DAL Maintenance Hangar C, two new Boeing 737-700s–painted in the new livery–were delivered with 19 of Southwest's original Employees and 59 new Employees (representing each airport served by Southwest) aboard. To introduce the new look nationwide, the two aircraft and our Original Employees embark the following day on a 20-city tour of our System. 2000 marked the 28th consecutive year of profitability with an annual income of $625.2 million, compared to 1999's $474.4 million in incomes.

April 19, 2001

Southwest Airlines' net income for first quarter 2001 was $121.0 million, compared to first quarter 2000 net income of $95.6 million, an increase of 26.6 percent. Total operating revenues for first quarter 2001 increased 15.0 percent to $1.43 billion, compared to $1.24 billion for first quarter 2000. RPM's increased 12.8 percent in first quarter 2001, compared to a 12.0 percent increase in ASM's – resulting in a load factor of 67.3 percent versus the first quarter 2000 load factor of 66.8 percent.

July 18, 2001

Southwest Airlines is honored on the Web Business 50 Awards in CIO Magazine. Southwest Airlines' net income for second quarter 2001 was $175.6 million, compared to second quarter 2000 net income of $190.6 million, a decrease of 7.9 percent. Total operating revenues increased 6.4 percent to $1.55 billion, compared to $1.46 billion for second quarter 2000. Revenue passenger miles increased 7.6 percent, compared to an 11.5 percent increase in available seat miles, resulting in a load factor of 71.7 percent versus the second quarter 2000 load factor of 74.3 percent.

October 18, 2001

Net income for the third quarter was $151 million, a decrease of 18.1 percent from the $184.3 earned in the same quarter of 2000. Between July 1 and September 11, the load factor was 74.6 percent. For the remainder of the quarter after 9/11, the load factor dropped to 45.4 percent.

April 18, 2002

Southwest Airlines' net income for first quarter 2002 was $21.4 million, compared to first quarter 2001 net income of $121.0 million, a decrease of 82.3 percent. Total operating revenues decreased 12.0 percent to $1.26 billion, compared to $1.43 billion for first quarter 2001. Revenue passenger miles decreased 2.5 percent, compared to a 4.2 percent increase in available seat miles, resulting in a load factor of 62.9 percent versus the first quarter 2001 load factor of 67.3 percent.

October 17, 2002

Southwest Airlines' net income for third quarter 2002 was $74.9 million, compared to third quarter 2001 net income of $151.0 million. Available seat miles (ASMs) increased 8.1 percent from third quarter 2001.

January 22, 2003

Southwest Airlines net income for fourth quarter 2002 was $42.4 million, compared to $63.5 million for fourth quarter 2001. Net income diluted share was $.05 for fourth quarter 2002, compared to $.08 in fourth quarter 2001. The Company also reported the 30th consecutive year of profitability.

April 21, 2003

Southwest Airlines' net income for first quarter 2003 was $24 million, compared to first quarter 2002 net income of $21 million, an increase of 14.3 percent. Diluted net income per share was $.03 in both first quarter 2003 and first quarter 2002. Total operating revenues for first quarter 2003 increased 7. 5 percent to $1.35 billion, compared to $1.26 billion for first quarter 2002. Revenue passenger miles increased 4.8 percent in first quarter 2003, compared to 5.3 percent increase in available seat miles, resulting n a load factor of 62.6 percent versus the first quarter 2002 load factor of 62.9 percent.

July 21, 2003

Southwest Airlines' net income for second quarter 2003 was $246 million, compared to second quarter 2002 net income of $102 million. Diluted net income per share was $.30 for second quarter 2003, compared to $.13 for second quarter 2002. Total operating revenues for second quarter 2003 increased to 2.9 percent to $1.52 billion, compared to $1.47 billion for second quarter 2002. Revenue passenger miles increased 4.6 percent in second quarter 2003, compared to a 4.2 percent increase in available seat miles, resulting in a load factor of 70.1 percent versus the second quarter 2002 load factor of 69.9 percent.

October 20, 2003

Southwest reports its 50th straight profitable quarter with earnings of $106 million.

January 22, 2004

Southwest recorded a profit of $66 million during the fourth quarter of 2003, compared to fourth quarter 2002 net income of $42 million, marking our 51st consecutive profitable quarter. In addition to our quarterly earnings, Southwest also reported our 31st consecutive year of profitability, with annual net income of $442 million, up from $241 million in 2002. Excluding special items in each year, 2003 net income was $298 million compared to $198 million for 2002.

April 15, 2004

Southwest recorded a profit of $26 million during the first quarter of 2004, compared to first quarter 2003 net income of $24 million, marking our 52nd consecutive profitable quarter.

October 14, 2004

Southwest posted a profit of $119 million in the third quarter, compared to a profit of $106 million during the same period last year–an increase of 12.3 percent.

January 19, 2005

Southwest posted a profit of $56 million in the fourth quarter, compared to $66 million during the same period last year. This is the 32nd consecutive year of profitability, with net income of $313 million for 2004—down from a profit of $442 million in 2003.

April 14, 2005

Southwest announces 1Q profits of $76 Million, compared to $26 million during the same period last year. The quarter marked the 56th consecutive quarterly profit.

July 14, 2005

For the second quarter, Southwest reports a $159 million profit, as compared to the $113 million profit in the same quarter of 2004.

October 20, 2005

Southwest reported third quarter 2005 net income of $174 million, or $.21 per diluted share, compared to $119 million for third quarter 2004, or $.15 per diluted share, up 46.2 percent. These third quarter 2005 results exclude $87 million (before income taxes) in unrealized gains associated with derivative instruments that will settle in future accounting periods. Including these unrealized gains, our third quarter 2005 net income was $227 million, or $.28 per diluted share. Southwest announces that we will begin service from Denver International Airport (DEN) beginning in early 2006. Southwest had served the Mile High City through the old Stapleton Airport from 1983 to 1986.

January 18, 2006

Southwest reports that Net Income for fourth quarter 2005 was $98 million, excluding SFAS 133 items, compared to $68 million for fourth quarter 2004. Our fourth quarter 2005 results included $24 million (before ProfitSharing and income taxes) in additional 2005 federal airport security expenses due to a retroactive assessment by the Transportation Security Administration (TSA) made, without notice or opportunity to protest, in January 2006. This assessment was completely unexpected, and Southwest believes it is improper and plans to vigorously contest it. Also this is our 33rd consecutive year of profitability, with net income of $489 million for 2005—compared to 2004 net income of $324 million, excluding SFAS 133 items in both years. Including the SFAS 133 items, Net Income was $86 million and $548 million for fourth quarter 2005 and full-year 2005, respectively.

April 20, 2006

Southwest reports first quarter 2006 net income of $64 million, an increase of 49 percent compared to $43 million for first quarter 2005, excluding unrealized SFAS 133 "Accounting for Derivative Instruments and Hedging Activities," gains/losses.

July 19, 2006

Southwest reports a second quarter 2006 net income of $273 million, excluding unrealized SFAS 133 "Accounting for Derivative Instruments and Hedging Activities," gains/losses. This represents an increase of 87 percent compared to $146 million for second quarter 2005.

October 18, 2007

During the fourth quarter of 2007, Southwest reports a net income for the quarter of $162 million or $.22 per diluted share. This is the Company's 66th consecutive profitable quarter. Because of rising fuel costs, the airline announces that it is slowing growth for the current quarter and 2008 by about five to six percent.

April 17, 2008

For its 68th straight profitable quarter, Southwest reports first quarter net income of $37 million, and excluding special items net income was $43 million or $.04 per diluted share. The airline also states that it is reconsidering its previous plan to retire all of 22 aircraft in light of "dramatic industry developments."

July 24, 2008

In second quarter earnings, Southwest posted a net income of $321 million and excluding special items the net income was $121 million or $.16 per diluted share. Gary stated: "With the weak domestic economy and unprecedented jet fuel prices, we are pleased to report our 69th consecutive quarter of profitability. Although we have prepared ourselves well for today's challenging environment and are proud of our ability to sustain profitability, we cannot stand still. We must continue to make the necessary adjustments to adapt to higher jet fuel prices and restore our profit margins."

October 16, 2008

Southwest reports its 70th consecutive quarterly operating profit, with earnings of $69 million. After special charges totaling $247 million primarily related to mark-to-market adjustments on a portion of the future periods' fuel hedge portfolio required by Statement of Financial Accounting Standard (SFAS) 133, "Accounting for Derivative Instruments and Hedging Activities," as amended, the Company reported a third quarter 2008 net loss of $120 million, or $.16 loss per diluted share.

January 15, 2009

Southwest declares its 130th consecutive quarterly dividend to be paid on March 19.

January 22, 2009

The year 2008 was Southwest's 36th consecutive profitable year. The airline reported a profit of $178 million. Excluding special items, the full-year net income was $294 million. Including special items, the fourth-quarter net loss was $56 million. Excluding those special items, fourth-quarter income was $61 million.

April 16, 2009

Southwest announces a first quarter loss of $91 million. Excluding special items the first quarter loss was $20 million.

July 21, 2009

Second quarter earnings were a profit of $54 million. Excluding special charges, the second quarter profit was $59 million.

August 03, 2009

Southwest's third quarter net income increased 72% and earnings were up 67%.

October 15, 2009

Southwest reports a third-quarter loss of $16 million. Excluding special items, third-quarter income was $23 million.

January 21, 2010 

Southwest Airlines reports a net income of $99 million (including special items) or $.13 per diluted share for the year 2009.  Excluding special items, the year's net income was $143 million or $.19 per diluted share.  For the fourth quarter of 2009, the airline reported net income of $116 million including special items and a net income of $74 million excluding special items.

April 22, 2010

Southwest Airlines first quarter 2010 net income was $11 million, or $.01 per diluted share.  First quarter 2010 results included special items (net of taxes) of $13 million, related to non-cash, mark-to-market, and other items associated with a portion of the Company's fuel hedge portfolio. Excluding special items for both periods, first quarter 2010 net income was $24 million, or $.03 per diluted share.

July 29, 2010

Southwest Airlines reports second quarter 2010 net income of $112 million, or $.15 per diluted share, including special items related to non-cash, mark-to-market, and other items associated with a portion of the Company's fuel hedge portfolio.   Excluding special items, second quarter 2010 net income was $216 million.

January 20, 2011

For the full year 2010, Southwest Airlines net income was $459 million, or $.61 per diluted share, compared to $99 million, or $.13 per diluted share, for full year 2009. In addition to full year 2010 results including charges related to the proposed acquisition of AirTran Holdings, Inc.*, and both years' results including special items primarily related to fuel hedging, full year 2009 results included a $35 million charge (net of ProfitSharing and taxes) relating to the Company's 2009 voluntary early-out program. Excluding these special items for both years, full year 2010 net income was $550 million, or $.74 per diluted share, compared to $143 million, or $.19 per diluted share, for full year 2009.

April 21, 2011

Southwest Airlines reports first quarter 2011 net income of $5 million, or $.01 per diluted share, including special items related to non-cash, mark-to-market, and other items associated with a portion of the Company's fuel hedge portfolio.  In addition, first quarter 2011 results included approximately $9 million in charges (net of ProfitSharing and taxes) primarily related to consulting fees in association with the Company's proposed acquisition of AirTran Holdings, Inc.  Excluding special items in both periods, first quarter 2011 net income was $20 million, or $.03 per diluted share.

October 20, 2011

Southwest Airlines reports a third quarter 2011 net loss of $140 million, or $.18 per share, which included $262 million (net) of unfavorable special items.  Excluding special items, third quarter 2011 net income was $122 million, or $.15 per diluted share.

January 26, 2012

The Board of Directors declare a quarterly dividend of $.0045 per share to Shareholders of record at the close of business on March 1, 2012 on all shares then issued and outstanding. The 142nd consecutive dividend will be paid on March 22, 2012.

July 19, 2012

Southwest Airlines Co. reports its second quarter 2012 results. Second quarter 2012 net income was $228 million, or $.30 per diluted share, which included $45 million (net) of unfavorable special items. Excluding special items, second quarter 2012 net income was a record $273 million, or $.36 per diluted share, compared to $121 million, or $.15 per diluted share, in second quarter 2011.

October 18, 2012

Southwest Airlines reports its third quarter 2012 results. Third quarter 2012 net income was $16 million, or $.02 per diluted share, which included $81 million (net) of unfavorable special items. Excluding special items, third quarter 2012 net income was $97 million, or $.13 per diluted share, compared to $122 million, or $.15 per diluted share, in third quarter 2011.

November 15, 2012

Southwest Airlines' Board of Directors declared a quarterly dividend of $.01 per share to Shareholders of record at the close of business on December 6, 2012 on all shares then issued and outstanding. The 145th consecutive dividend will be paid on January 3, 2013.

January 31, 2013

Southwest Airlines' Board of Directors declares a quarterly dividend of $.01 per share to Shareholders of record at the close of business on March 7, 2013 on all shares then issued and outstanding. The 146th consecutive dividend is paid on March 28, 2013.

April 25, 2013

Southwest Airlines reports a first quarter 2013 net income of $59 million, or $.08 per diluted share, which included $6 million (net) of favorable special items. Excluding special items, first quarter 2013 net income was $53 million, or $.07 per diluted share. Operating income for first quarter 2013 was $70 million, and excluding special items, operating income was $112 million.

May 15, 2013

Southwest Airlines' Board of Directors declared a quarterly dividend to $.04 per share from $.01 per share to Shareholders of record at the close of business on June 5, 2013 on all shares then issued and outstanding. The 147th consecutive quarterly dividend will be paid on June 26, 2013.

July 17, 2013

Southwest Airlines' Board of Directors declared a quarterly dividend of $.04 per share to Shareholders of record at the close of business on August 8, 2013 on all shares then issued and outstanding.  The 148th consecutive dividend will be paid on August 29, 2013.

July 25, 2013

Southwest Airlines reports second quarter 2013 net income was $224 million, or $.31 per diluted share, which included $50 million (net) of unfavorable special items. Excluding special items, second quarter 2013 net income was a record $274 million, or $.38 per diluted share. This was in line with the First Call consensus estimate of $.38 per diluted share.

October 24, 2013

Southwest Airlines reports a third quarter 2013 net income of $ 241 million (excluding special items), or $0.34 per diluted share. Record third quarter net income of $259 million, or $.37 per diluted share, which included $18 million (net) of favorable special items. Return on invested capital (before taxes and excluding special items) for the 12 months ended September 30, 2013 is reported at 11 percent.

November 21, 2013

Southwest Airlines' Board of Directors declared a quarterly dividend of $.04 per share to Shareholders of record at the close of business on December 12, 2013 on all shares then issued and outstanding.

December 31, 2013

Southwest reports its full year 2013 net income, excluding special items, was $805 million, or $1.12 per diluted share, compared to full year 2012 net income, excluding special items, of $417 million, or $.56 per diluted share. The record full year net income of $754 million, or $1.05 per diluted share, which included $51 million (net) of unfavorable special items. Return on invested capital (before taxes and excluding special items) for full year 2013 was 13.1 percent.

January 30, 2014

Southwest's Board of Directors declared a quarterly dividend of $.04 per share to Shareholders of record at the close of business on March 6, 2014 on all shares then issued and outstanding. The 150th consecutive dividend will be paid on March 27, 2014.