JetBlue Annual Report

[a320drivr]

Did any of you JB brothers bother to read it? Only 18.7 mil cash on hand with 430 mil in short term investments. 77.7 % breakeven load factor now. Things have really changed.

 

[G4G5]

Deleted see below

 

[Skygod]

This is what I read:

"As a rapidly growing company in a capital intensive industry, we recognize the importance of a strong balance sheet and are committed to a prudent approach to debt management. Consistent with this philosophy, we maintain one of the most attractive debt-to-total-capital ratios of any major U.S. airline, and believe we have more cash and short-term investments per operating aircraft than any other major U.S. airline. As one of the few airlines with access to capital at attractive terms, we recently seized on the opportunity to improve our balance sheet through the issuance of convertible notes, which raised a total of $243 million. We currently have $650 million available in cash and short-term investments, which gives us the flexibility to move quickly to take advantage of any opportunities that may arise. Additionally, our solid financial performance permitted us to tap the capital markets last year for more than $900 million of aircraft financing at desirable rates. All of our 2005 aircraft are financed, and the first thirty E190 deliveries have also been financed with our business partner, GE Capital."​

 

[lowecur]

Take a look at the 10Q

BELF is over 82% for the 1st Q vs 73% this time last year. Fuel hedging kicked in almost $11M to the revenue side with an additional $2.5M from D-TV sales and installations to 3rd parties. Operating income would have actually showed a loss of ($7M) without those two. All in all a very solid Quarter with limited fuel hedging.

RASM's will start to increase beginning toward the middle of 2006 as the 190s are deployed on shorter revenue intensive routes. The BELF will also begin to fall at that time and continue as the hyper expansion begins into smaller cities.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001104659%2D05%2D017902%2Etxt&FilePath=%5C2005%5C04%5C25%5C&CoName=JETBLUE+AIRWAYS+CORP&FormType=10%2DQ&RcvdDate=4%2F25%2F2005&pdf=

 

[G4G5]

Liquidity and Capital Resources

At December 31, 2004, we had cash and cash equivalents of $18.7 million and investment securities of $430.4 million, compared to cash and cash equivalents of $102.8 million and investment securities of $504.5 million at December 31, 2003. We presently have no lines of credit other than a short-term borrowing facility for certain aircraft predelivery deposits. This facility allowed for borrowings of up to $48.0 million prior to November 2005, with $43.6 million in borrowings outstanding at December 31, 2004.

This is from page 41 of the annual report 10K.

The latest 10Q report for the first quater of 2005 states the exact same numbers.

http://www.sec.gov/Archives/edgar/data/1158463/000110465905017902/a05-7046_210q.htm#Item1_FinancialStatements_070708

The good news is cash on hand increased to $55 million from the $18.7 in just 3 months.
From page 30 of the 10k
CASM's for 2004 were 6.03 (that's low)
While Break even LF was 77.7% actual LF for 2004 was 83.2%
The most impressive number to me was utilization was at it's highest 13.4 hr per day

156 x 77.7%=122 pax
156 x 83.2%=130 pax

This just goes to show you how fragile this industry is, 8 people per flight make up all the profit

 

[lowecur]

This is what I read:




"We currently have $650 million available in cash and short-term investments, which gives us the flexibility to move quickly to take advantage of any opportunities that may arise."​

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Interesting comment. I wonder if an offer for the UAIR shuttle gates and slots are in the cards?

Also, JBLU just signed a contract with Virgin Blue to put LiveTV on 51 of their existing 737 with an option to install on all new a/c. It would be nice if they got an order from WN. Kind of like a free fuel hedge.

http://www.primezone.com/newsroom/?d=76876


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