Southwest Airlines Company http://www.alacrastore.com/company-snapshot/Southwest_Airlines_Company-1015643 Friday, October 10, 2008 11:08:18 PM 1015643 Southwest Airlines Company en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/PRN-0005-28642196newstex/PRN-0005-28642196xml DALLAS, Oct. #, #### (PRNewswire-FirstCall delivered by Newstex) -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its third quarter #### financial results. Details are as follows: When: October...0400000004015000040150010401600004016048040160180401600110/9/2008 7:22:27 PM180000001800400018008000PR Newswire USPRN-0005-28642196SOUTHWEST AIRLINES COGARY C KELLYLaura WrightLUVNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/675955spcred/675955normThe latest News from S&Pstructuredglobal10/9/2008 6:43:00 PM100News675955United StatesAirlinesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsAsset-Backed SecuritiesTransportationNewsNEW YORK (Standard&Poor's) Oct. 9, 2008--Standard&Poor's Ratings Services today lowered its ratings on Southwest Airlines Co., including lowering the long-term corporate credit rating to 'BBB+' from 'A-'. The ratings are removed from CreditWatch, where they had been placed with negative implications May 22, 2008. The outlook is stable. The downgrade reflects a weakening in the company's financial profile because of high and volatile (albeit recently somewhat reduced) fuel prices, pressure on revenues due to lower demand in a weaker economy, and a more negative assessment of the long-term fundamentals of the U.S. airline industry. "The downgrade is based on a moderate weakening in the company's still-strong financial profile that began in late 2007 and continued intoUSA84474Q84474E84474W84474Y84474120302010 203020 2030 20Southwest Airlines Co.102183ASIAEMERGINGEUROMIDAFRLATAMERICAUSALUVNEWSGLOBISSSTRUCFICORPABSTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/675956spcred/675956normThe latest Research Update from S&Pglobalstructured10/9/2008 6:43:00 PM175Research Update675956United StatesAirlinesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesStructured FinanceGlobal IssuersAsset-Backed SecuritiesCorporationsFinancial InstitutionsTransportationResearch UpdateOn Oct. 9, 2008, Standard&Poor's Ratings Services lowered its ratings on Southwest Airlines Co., including lowering the long-term corporate credit rating to 'BBB+' from 'A-'. The ratings are removed from CreditWatch, where they had been placed with negative implications May 22, 2008. The outlook is stable. The downgrade reflects a weakening in the company's financial profile because of high and volatile (albeit recently somewhat reduced) fuel prices, pressure on revenues due to lower demand in a weaker economy, and a more negative assessment of the long-term fundamentals of the U.S. airline industry. The downgrade is based on a moderate weakening in the company's still-strong financial profile that began in late 2007 and continued into 2008. While we expectUSA84474Q84474E84474W84474Y84474120302010 203020 2030 20Southwest Airlines Co.102183ASIAEMERGINGEUROMIDAFRLATAMERICAUSALUVRESUPDSTRUCGLOBISSABSCORPFITransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/74742cs/74742norm Airlines - #Q## Fleet Economics Industry aircraft operating unit costs grew ##% Y-o-Y on a ##% jump in fuel and #% in maintenance.  Network carriers removing older narrowbodies must balance traffic connecting through hubs onto profitable...74742586YesC0Article13011145107715130215421445137114251142109979310694corphy3442High Yield33Capital Structure9/30/2008 1:05:00 AM150Fleet rationalization is just not "get rid of the old planes".74742Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/403906_report_framefitch/403906_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.American Airlines, Inc.AMR CorporationCitgo Petroleum CorporationCon-Way IncConocoPhillipsContinental Airlines, Inc.CSX CorporationDelta Air Lines, Inc.Federal Express CorporationFedEx CorporationFord Motor CompanyGeneral Motors CorporationJetBlue Airways CorporationKirby CorporationMarathon Oil CorporationNorfolk Southern CorporationSouthwest Airlines CompanySunoco Inc.Tesoro CorporationUAL CorporationUnited Air lines Inc.USF CorporationValero Energy CorporationYRC Worldwide Inc80088995800890008008902480089308800900988009076280091049800911068009118080091748800917538009214580361387803613888036146180361701813882688138827981986345823918998276472083067925833892638338926683589265835894689/23/2008 2:20:41 PM01030000010308000103100001031300010313010104000001070000275Special ReportAMRCALCNWCOPCSXDALFFDXGMJBLUKEXLUVMRONSCSUNTSOUAUAVLOYRCW403906_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/74496cs/74496norm Airlines August #### Traffic Review - Takeoff to Higher PRASM The industry takes its first steps to rationalization. Domestic capacity dropped -#.#%, but more importantly low-cost-carriers shrank for the first time ever and regional...74496995YesC0Article1439941145107715106931142142597corphy3433Capital Structure42High Yield9/23/2008 8:06:12 AM150Domestic capacity rationalization takes its first baby steps; plus international sectors are on fire.74496Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74264cs/74264norm Airlines: #Q## Aircraft Cost Survey - Focus on ##-Seat RJ's Unit fuel consumption does not seem to be the major issue with ##-seat RJ's-regional fares are. Unit fuel costs jumped ##% Y-o-Y across all the airlines. Maintenance costs...Yes150The focus of this quarterly aircraft cost survey is on unit fuel consumption.74264859C0Article13011145947151071302154214391425114210997137193106corphy3442High Yield9/16/2008 10:05:00 PM74264Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73731cs/73731norm Southwest Airlines #Q## Tearsheet Southwest Airlines posted its ##th consecutive quarterly profit. Not bad for a competitive, cyclical, and capital intensive industry.Profitability in many of the previous quarters was provided by LUV's...73731630YesC21Tearsheet107tearsheets/premium349/3/2008 5:06:39 PM15073731Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73712cs/73712norm Oil Meltdown Ignites Airlines Another big equity rally on oil price declines. Expect sequential deterioration in #Q## financials. $### million of industry out-of-period hedge gains put in #Q## operating income will likely be reversed....737121022YesD0Article114510971594107106971142142593corphy3433Capital Structure42High Yield21Sector Outlooks9/3/2008 12:05:00 AM150The oil price decline takes significant future risk out of the airline industry, but at the cost of near-term profitabiliy and cash balances.73712Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73516cs/73516norm Airlines July #### Traffic Review - PRASM Deceleration Returns to Trend Atlantic sector PRASM growth bounced back. LatAm continues to outperform. Fares up across all sectors but Y-o-Y lower load factors retard unit revenue growth....73516617YesC0Article114510971594107142511429310697corphy3442High Yield9/2/2008 11:05:17 AM150The big news is a sharp deline emerging in low-cost carrier growth.73516Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72484cs/72484norm Airlines: Bulls vs Bears Many airline equities doubled while term debt remains priced in the low ##'s. Industry cash levels are deceivingly high given hedge counterparty collateral deposits and air traffic liability seasonality. Revenue...724841967YesD0Article114593109941077151142142597106corphy3433Capital Structure34Companies with Convertibles55Bankruptcy42High Yield21Sector Outlooks7/30/2008 11:05:00 PM150Looking inside the 2Q08 numbers reveals a much stronger case for the bears.72484Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72235cs/72235norm Southwest Airlines #Q## - Great Hedge But Fares Did Not Cover Expense Increases $### million in hedge gains drove a $### million operating income.  Additional out-of-period fuel contract gains boosted net income to $### million. Revenue...72235853YesC0Article107corphy3468Earnings Reports - Industrials/Consumer42High Yield7/25/2008 12:05:00 AM150There is no port for any airline in the fuel storm until revenues grow enough to cover fuel expense increases.72235Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1645829ccbn/B1645829norm...Co. reported #Q## revenues of $#.#b, net income excluding special items of $###m, and EPS of $#.##, exceeding expectations.... 7/24/2008 10:14:00 PMSouthwest Airlines54.0000EditedQ2 2008 Southwest Airlines Financial Results Conference Call SummaryLUV12:30pm ETBriefB1645829Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1645829ccbn/T1645829norm... - Southwest Airlines - Chairman, President, CEO Thank you, Matt, for that intro, and thanks, everyone, for joining us this morning for our second quarter earnings call. Let's start out by saying it was a very gratifying quarter in many, many respects. We're making tremendous progress in our efforts to transform Southwest and overcome a very challenging economy and of course come to grips with gigantic jet fuel price increases. ... 7/24/2008 7:06:00 PMSouthwest Airlines54.0000FinalQ2 2008 Southwest Airlines Financial Results Conference Call TranscriptLUV12:30pm ETTranscriptT1645829Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/MCOM-0002-26902268newstex/MCOM-0002-26902268xml Jul. ##, #### (M# Communications Ltd. delivered by Newstex) -- Southwest Airlines (NYSE:LUV) has reported results for the second quarter of ####.Net income for the quarter was USD###m, or USD#.## per share, in comparison with USD###m,...040000000401600004016018040160017/24/2008 1:22:55 PM1800000018004000M2 Airline Industry InformationMCOM-0002-26902268SOUTHWEST AIRLINES COLUVNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26893375newstex/PRN-0005-26893375xml DALLAS, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Southwest Airlines (NYSE: LUV) today reported its second quarter #### results. Net income for second quarter #### was $### million, or $.## per diluted share, compared...0400000004016000040160180401604804016001040160030401500004015001040170000401700204011000040110011300000013002000130020027/24/2008 8:22:56 AM180000001800400018008000180230001800500018003000PR Newswire USPRN-0005-26893375SOUTHWEST AIRLINES COGARY C KELLYLUVNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26860856newstex/PRN-0005-26860856xml DALLAS, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its second quarter #### financial results. Details are as follows: When: ...040000000401500004015001040160000401604804016018040160017/23/2008 9:18:54 AM180000001800400018008000PR Newswire USPRN-0005-26860856SOUTHWEST AIRLINES COGARY C KELLYLaura WrightLUVNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26811704newstex/PRN-0005-26811704xml Jul. ##, #### (PR Newswire delivered by Newstex) -- WHO: Gary Kelly, Chairman of the Board, President, and Chief Executive Officer Laura Wright, Senior Vice President Finance and Chief Financial Officer WHAT: Upon completion...040000000401500004015001040160000401604804016018040160017/21/2008 2:21:54 PM180000001800800018004000PR Newswire USPRN-0005-26811704SOUTHWEST AIRLINES COGARY C KELLYLaura WrightLUVNewsNewstexhttp://www.alacrastore.com/storecontent/cs/71910cs/71910norm Airlines June #### Traffic Review - Atlantic Bubble Bursting? Atlantic PRASM growth ground to a halt-only one data point but in a very important sector. LatAm continues with strong financial growth, driven by both yield and load factor. ...71910657YesC0Article114510971594107142511429310697corphy3442High Yield7/21/2008 12:07:05 AM150Storm clouds over the Atlantic.71910Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26744011newstex/PRN-0005-26744011xml DALLAS, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Southwest Airlines Co. (NYSE: LUV) invites you to listen to a live webcast of its second quarter #### financial results. Details are as follows: When: ...040000000401500004015001040160000401604804016018040160017/17/2008 6:15:51 PM180000001800400018008000PR Newswire USPRN-0005-26744011SOUTHWEST AIRLINES COGARY C KELLYLaura WrightLUVNewsNewstex