Southwest

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Dec. 00 Dec. 001 Dec. 000 Dec. 1

Net Sales 5,51.77 5,585.17 5,64.56 4,75.5

Cost of Goods Sold ,684.81 ,667. 1,68.6 ,884.47Operating Inc 417.4 54. 1,01.15 781.58

Pretax Income .68 87.66 1,017.6 77.61

Net Income 40.7 511.15 65. 474.8

Balance Sheet

Assets Dec. 00 Dec. 001 Dec. 000 Dec. 1

Total Current Assets ,1.6 ,50. 81.54 61.01

Net PP&E 6,645.46 6,445.4 5,81.7 5,008.17

Total Assets 8,5.75 8,7.14 6,66.57 5,65.11

Liabilities & Shareholders Equity

Short-term debt 10.45 514.57 107.75 7.87

Total Current Liabilities 14.8 ,.1 1,8.40 60.47

Long-Term Debt 1,55.78 1,7.16 760. 871.7

Total Liabilities 4,5.1 4,8.0 ,18.5 ,816.

Total Common Equity 4,41.6 4,014.05 ,451. ,85.7

Cash Flow Statement

Dec. 00 Dec. 001 Dec. 000 Dec. 1

Net Cash Flows from Operations 50.1 1,484.61 1,8. 1,001.71

Net Cash Flows from Investing 60.06 7.84 1,14.64 1,167.8

Net Cash Flows from Financing -81.66 1,70.10 -5.47 06.4

Key Ratios

P/E 56.7

Earnings Per Share EPS 0.0

Dividends Per Share DPS 0.0

Dividend Yield 0.11

Quick Ratio 1.

Current Ratio 1.56

Return on Equity Per Share 5.7

Returns on Assets .

Return on Invested Capital 5.1

In Millions of USD

Southwests market capitalization of $14 billion exceeded the combined market capitalization of United Airlines, American Airlines and Continental Airlines. In the first quarter of 001, Southwest reported net profits of $11 million, Delta, American and U.S Airways reported losses.

Weaknesses

Discontinued service in Beaumont/Port Arthur, Texas (180), Denver (186) and San Francisco (001) because they were unable to generate profits.

Marketing

Strengths

Dressed flight attendants in colorful hot pants and knee-high boots to attract customers.

Gave passengers free alcoholic beverages during daytime flights.

Tag line "Now theres somebody else up there who loves you."

"Nobody Is Going to Shoot Southwest Airlines Out of the Sky for a Lousy $1". This ad announced that Southwest would not only matchaniffs $1 fare but would also give passengers the choice of buying a regular priced ticket for $6 and receiving a complimentary fifth of Chivas Regal Scotch, Crown Royal, Smirnoff or a leather ice bucket.

Customers are able to make reservations and purchase tickets at the companys website.

Promotions such as $0 one-way fares to 0 destinations on its 0th anniversary.

Triple crown awards.

Frequent flyer programs.

Weaknesses

Operations

Strengths

The 10-minute turn became one of Southwests signatures.

Management queried flight attendants about what customers were saying to see how they could improve service and customer satisfaction.

To fill empty seats in 17, Southwest cut its regular fare or $6 to $1 for all seats, all days and all times.

Managers were encouraged to look down the road, think ahead, have contingency plans.

In 001, Southwest was the only major short-hop, low-fare, point-to-point carrier in the US airline industry. Keeping the aircraft fleet entirely of Boeing 77s, this minimized the need for spare part inventories and made it easier to train maintenance personnel.

Aircraft fleet only consists of Boeing 77s. This minimized the need for spare parts inventories and makes it easier to train maintenance and repair personnel.

Steers clear of congested airports.

Point-to-point system of scheduling flights is more cost efficient than hub-and-spoke systems.

"Cattle call" seating.

Converted from cloth to leather seats because they are more durable and easier to maintain.

Gradual expansion into new geographical markets.

Additional flights where rivals were cutting back service.

Improved on-time performance.

The Culture Committee.

Weaknesses

No first class section.

No meals served on flight

No baggage transfers to other carriers

Some customers object to seating arrangements.

Human Resources

Strengths

Passes/Travel Privileges

Profit Sharing and 401(k)

Stock Purchase Plan

Medical Insurance

Dental Insurance

Vision

Life Insurance

Sick Leave, Vacation and Holidays

80 - 0 percent of Southwests supervisory positions are filled internally.

No lay-off policy.

Weaknesses

Southwests pay scales are close to industry average.

Staff shortages in certain locations.

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