Southwest will discuss its first quarter 2009 results on a conference call at 11:30 a.m. Eastern Time today. A live broadcast of the conference call will be available at http://www.southwest.com/?src=INVRINVQ109000000090416.
Total operating revenues for first quarter 2009 decreased 6.8 percent to
"Other expenses" were
The first quarter 2009 tax rate was impacted by the Company's current projections for financial results for the year and the related impact that permanent tax differences have on these projections. The first quarter 2008 income tax rate of approximately 9 percent was primarily the result of a decrease in deferred tax liabilities of approximately
Net cash provided by operations for first quarter 2009 was
In its continued effort to structure counterparty agreements to minimize liquidity exposure, the Company replaced an existing fuel hedging agreement with a major fuel hedge counterparty, effective April 8, 2009 . Previously, Southwest became obligated to post cash or letters of credit as security to this counterparty upon a noninvestment grade credit rating. Under the new agreement, the Company posts cash as collateral for obligations in amounts of up to
During the first quarter 2009, the Company closed on the second five aircraft tranche of the sale and leaseback transaction entered into at the end of 2008 for ten of the Company's Boeing 737-700 aircraft. Including the
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