New York, NY (April 25, 2002) - JetBlue Airways Corporation (Nasdaq: JBLU), New York’s low-fare airline, today reported its results for the first quarter of 2002:
- Net income for the quarter was $13.0 million, or $0.34 per diluted share, compared to 2001 net income of $6.7 million, or $0.21 per diluted share AND Operating income was $23.4 million resulting in a 17.5% operating margin compared to operating income of $7.5 million and an 11.8% operating margin in 2001.
“We are pleased with our financial performance for the first quarter of 2002, especially in light of the challenging industry environment,” said David Neeleman, chief executive officer. “We attained our highest ever load factor of 80.8% for the quarter, which is quite an accomplishment given that our capacity increased 117% over the first quarter of 2001 and 18% over the fourth quarter of 2001.”
Commenting on the Company’s operational performance, Dave Barger, president and chief operating officer, said, “During the first quarter of 2002, we completed 99.9% of our scheduled flights compared to 99.5% in 2001. We increased our on-time performance to 85.2% for the first three months of 2002, compared to 79.8% in 2001, during a quarter when our load factor was the highest in the U.S. airline industry. Our continued strong performance demonstrates the commitment of our Crewmembers to provide our Customers with the best flying experience possible each and every day.”
Operating revenues for the quarter were $133.4 million, up 109% from the first quarter of 2001, while revenue passenger miles increased 117% from the prior year. Yield per passenger mile was 9.90 cents, down 4.1% compared to 2001 on a 21% increase in average stage length. Operating revenue per available seat mile (ASM) decreased 3.5% year-over-year to 8.26 cents. Operating expenses for the quarter were $110.0 million, up 95% from the first quarter of 2001. Operating expense per ASM for the first quarter 2002 decreased 9.8% year-over-year to 6.81 cents. Excluding aircraft fuel, operating expense per ASM for the first quarter 2002 was 6.01 cents, a decrease of 6.2% over 2001.
John Owen, executive vice president and chief financial officer, said, “JetBlue was profitable in each month during the first quarter of 2002 and attained a record quarterly operating margin of 17.5%. This is usually a strong quarter for our airline. Because the first quarter of 2002 was aided by seasonal traffic related to both Easter and Passover, we expect our second quarter operating margin will be lower than the first quarter. We ended the first quarter with $92.5 million in cash and cash equivalents, which excludes the $167.9 million net proceeds from our initial public offering of 6,746,667 shares of common stock.”
JetBlue is a low-fare, low-cost passenger airline, which provides high-quality customer service primarily on point-to-point routes. From its base at New York City’s John F. Kennedy International Airport, JetBlue flies to: Fort Lauderdale, Tampa, Orlando, Fort Myers and West Palm Beach, FL; Buffalo, Rochester and Syracuse, NY; Long Beach, Ontario and Oakland, CA; Burlington, VT; New Orleans, LA; Denver, CO; Salt Lake City, UT; and Seattle, WA. The airline also operates between Washington, DC and Fort Lauderdale. JetBlue is scheduled to add twice-daily service between Washington DC and both Oakland and Long Beach starting May 1, and three daily round-trip flights between JFK and San Juan, Puerto Rico, commencing May 30. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and a Saturday night stay is never required. The airline is offering $5 each way off all fares booked through its web site, www.jetblue.com, through May 31. For more information, schedules and fares, please visit www.jetblue.com or call JetBlue reservations at 1-800-JETBLUE (538-2583).