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Net 2% Net income——non-GAAP 11 (59) 22 $248 $425 (9) $578 23 (12) $471 $294 2008 non-GAAP Reconciliation of Reported Amounts to non-GAAP Items See table for a reconciliation of non-GAAP to GAAP results. (See Note on page 14.) (unaudited) Consolidated Highlights (GA AP) (D ollars In Millions , E xcept Per Share Amounts) 2008 Operating revenues $11,023 $9,861 11.8 % Operating expenses $10,574 $9,070 16.6 % $449 $791 Operating income Operating margin Net income Net...
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I would like to start out by saying that first a lot has changed since our last shareholders meeting in our economy our industry and our company 2008 has unfolded just as we have expected as a very difficult year for the industry and certainly perpetuating what has been the most challenging decade in the airline industry history first we've had recession then 9/11 dramatic changes in airport security soaring energy prices and through it all brutal competition just this decade five major US airlines have filed for bankruptcy won twice and just last month our industry incurred the unprecedented failure of four airline bankruptcies in one week three of which have shut down and are being liquidated and as before Southwest still stands alone with an unbroken string of quarterly profits dating back to the first Gulf War in 1991 as well as an unbroken string of annual profits dating back to 1972, and unbelievably I was in high school at that point in time I did indeed about six years later bu


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