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Business Description
Southwest Airlines Co. is a domestic airline that provides predominantly shorthaul, high-frequency, point-to-point, low-fare service in the United States. The Company focuses principally on point-to-point, rather than hub-and-spoke, service in markets with frequent, conveniently timed flights and low fares. As of December 31, 2003, Southwest served 337 nonstop city pairs. Southwest's average aircraft trip stage length in 2003 was 558 miles, with an average duration of approximately 1.5 hours. Examples of markets offering frequent daily flights are Dallas to Houston, 35 weekday roundtrips; Phoenix to Las Vegas, 19 weekday roundtrips, and Los Angeles International to Oakland, 22 weekday roundtrips. Southwest complements these high-frequency shorthaul routes with longhaul nonstop service between markets such as Baltimore and Los Angeles; Phoenix and Tampa Bay; Seattle and Nashville, and Houston and Oakland.

Financial Information
For the nine months ended 9/30/04, revenues rose 10% to $4.88 billion. Net income decreased 31% to $258 million. Revenues reflect an increase in revenue passenger miles and additional aircraft. Net income was offset by higher fuel and oil expenses.