DALLAS , Jan. 22 /PRNewswire-FirstCall/ -- Southwest Airlines (NYSE: LUV) today reported full year 2008 net income of
Including special charges totaling
Fourth Quarter 2008 Financial Highlights:
Gary C. Kelly , CEO, stated: "We are very proud to report another profitable year in one of the most difficult years in aviation's 100-year-plus history. We certainly had our challenges in 2008, but thanks to the extraordinary efforts and Warrior Spirit of our People, we persevered to report our 36th consecutive year of profitability.
"We celebrated many operational successes throughout 2008 and enhanced our already exceptional Brand and Customer Experience. With one full year of our new boarding system and Business Select product offering, the Customer response has been overwhelmingly favorable. We've made significant advancements in our revenue management and network optimization capabilities. And, we've made great progress on the technology side to lay the foundation for improved Customer Service, a new southwest.com, a new Rapid Rewards program, and international codeshare agreements with WestJet to Canada and Volaris to Mexico .
"Despite the difficult credit markets, we were able to boost our liquidity by
"Due to the rapid collapse in energy prices during fourth quarter 2008, we substantially reduced our net fuel hedge position to approximately ten percent of our estimated fuel gallons in each year from 2009 through 2013. Based on this current 2009 portfolio and future market prices for energy (as of January 20, 2009 ), we estimate our economic fuel costs per gallon, including fuel taxes, to be approximately
"The current market value (as of January 20, 2009 ) of our net fuel derivative contracts for 2009 through 2013 reflects a net liability of approximately
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