Yoshives Belizaire Zhongling Cao Shawn Parker Dave Saucier 1 © 2013, Yoshives Belizaire, Zhongling...

Southwest AirlineStrategic Management Case Study

Yoshives Belizaire Zhongling Cao Shawn Parker Dave Saucier

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Overview

Company Overview History Mission & Vision Objectives & Strategies Current Issue

New Mission and VisionExternal Assessment

Industry analysisOpportunities and threats EFE Matrix

CPM Matrix

Internal AssessmentStrengths and weaknessesFinancial Condition IFE Matrix

Strategy FormulationSWOT Matrix – (make the frame)

Space Matrix

IE Matrix

Grand Strategy Matrix

Matrix Analysis

QSPM Matrix

Strategic Plan for the FutureObjectivesStrategies

Implementation Issues EPS/EBIT

Evaluation

© 2013, Yoshives Belizaire, Zhongling Cao, Shawn Parker, Dave Saucier, UMFK

2

Southwest Timeline


3

From 1966 to 19714


Dallas

San Antonio

Houston

Southwest Airlines was incorporated in Texas and commenced Customer Service on June 18, 1971, with four Boeing 737 aircraft serving three Texas cities - Houston, Dallas, and San Antonio.

Today5

Southwest Airlines is now America's largest low-fare carrier, serving more Customers domestically than any other airline. Southwest Airlines operates more than 3,000 flights a day. In 2011, Southwest led the industry with more than 1,100 pieces of electric ground support equipment, which conserves fuel and reduces emissions. May 2, Southwest acquired Orlando-based AirTran Airways and expects to complete the integration of the two airlines by 2015.


Stock Performance6


Global Industry Growth


7

2009 2010 2011

-10

-5

0

5

10

15

20

25

Net Profit

U.S. Industry Growth


8

Industry Fuel Costs and Net Profits 9


Existing Vision Statement

Our vision is to expand our locations both domestic and overseas by being the largest and most profitable airline company, to achieve both short- and long-haul carriers efficiently and with low cost. Also to be an airline carrier that has the most productive workforce, to guarantee the best flight possible for each and every passenger.© 2013, Yoshives Belizaire, Zhongling Cao, Shawn Parker,

Dave Saucier, UMFK

10

Existing Mission StatementThe mission of Southwest Airlines is dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit.TO OUR EMPLOYEESWe are committed to provide our Employees a stable work environment with equal opportunity for learning and personal growth. Creativity and innovation are encouraged for improving the effectiveness of Southwest Airlines. Above all, Employees will be provided the same concern, respect, and caring attitude within the organization that they are expected to share externally with every Southwest Customer.TO OUR COMMUNITIESOur goal is to be the hometown airline of every community we serve, and because those communities sustain and nurture us with their support and loyalty, it is vital that we, as individuals and in groups, embrace each community with the Southwest Spirit of involvement, service, and caring to make those communities better places to live and work.TO OUR PLANETWe strive to be a good environmental steward across our system in all of our hometowns, and one component of our stewardship is efficiency, which, by its very nature, translates to eliminating waste and conserving resources. Using cost-effective and environmentally beneficial operating procedures (including facilities and equipment) allows us to reduce the amount of materials we use and, when combined with our ability to reuse and recycle material, preserves these environmental resources.TO OUR STAKEHOLDERSSouthwest Airlines’ vision for a sustainable future is one where there will be a balance in our business model between Employees and community, the environment, and our financial viability. In order to protect our world for future generations and uphold our commitments to our Employees, Customers, and other Stakeholders, we will strive to lead our industry in innovative efficiency that conserves natural resources, maintains a creative and innovative workforce, and gives back to the communities in which we live and work.


11

Existing Business Strategy12

Low cost structure, which is designed to allow it to profitably charge low fares

Free checked bags Loyal employees


New Vision Statement

Become the number one airline in the world


13

New Mission Statement


14

Here at Southwest Airlines our mission as a company is to provide affordable direct flights (1). We want to also accommodate our customers with the best all around flight service from the moment they arrive at the airport to the time they arrive at their destination (2). At Southwest our service and philosophy is to fly safe with high frequency, low-cost flights that allow for timely arrival with limited travel from the airport(6).Constantly looking for new ways to satisfy our customers by staying atop technological advances and services (4). Not only do we look after our customers but also the planet by limiting waste and recycling used materials (8). We provide equal employment opportunities and a stable working environment with room for advancement (9).Continuing to grow as a company and developing to be the top airline and meet the demand of consumers is key (3). We believe that air travel should be provided at an affordable rate in order to satisfy our customers (5). Providing the lowest fairs and the highest quality service is our guarantee to customers (7).

External Audit


Industry Market Analysis16

Source from BTS© 2013, Yoshives Belizaire, Zhongling Cao, Shawn Parker,

Dave Saucier, UMFK

Scheduled Passengers Carried

17


Opportunity18

11 out of 12 U.S. airline charge second checked bag. Deregulation on global sky policies in international countries

(Canada). Business and leisure travel is beginning to increase due to

the recovering US Economy. 9 out 12 U.S. airline offers business/first class. Traveler traffic is expected to grow by 3.5% through 2019 as

the United States recovers from the recession. Delta partner with 22 other airlines. Over 58 million U.S. citizen travel to overseas in 2011. Boeings’ new plane models could burn 70% less fuel than

conventional planes and travel farther. Research shows that economy passengers are willing to

spend up to $21 on onboard services (including food and entertainment)

Threats19

Increased competition in low cost market, no longer a niche market for Southwest as there is now JetBlue, Spirit, Frontier, Public Airways and Allegiant Travel.

Introduction of ultra low cost carriers like Spirit and Frontier. The operating costs of airlines are constantly increasing, roughly

5% since 2010. High unemployment of 8.9% is preventing people from choosing

air travel. Joint ventures can negatively affect brand name for example

customer service. Transportation Security Administration (TSA) will assess an

Aviation Security Infrastructure Fee ("ASIF") on each airline. The company's ASIF liability is $3.5 million annually.

In June 2010, the Department of Transportation (DOT) proposed a new rule that would expand the Passenger Protection Rule and increase fines and penalties for airlines.

Ever-increasing costs of jet fuel [up 300% since 2000] at historical highs and continuing to rise.

Technological and capital intensive industry could prove increasing cost of planes.


20


Southwest DeltaUnited Airlines

Critical Success factors

Weights Rating

Weighted Score

RatingWeighted

Score

RatingWeighted Score

0.0 to 1.0 1 to 4 1 to 4 1 to 4

Advertising 0.05 3 0.15 4 0.2 3 0.15

Organization 0.09 2 0.18 3 0.27 3 0.27

Structure 0.09 3 0.27 2 0.18 3 0.27

Customer Service 0.1 4 0.4 3 0.3 2 0.2

Global Expansion 0.06 1 0.06 3 0.18 3 0.18

Financial Position 0.08 3 0.24 2 0.16 3 0.24

Employee Deduction 0.06 3 0.18 3 0.18 3 0.18Management Experience 0.05 2 0.1 4 0.2 3 0.15

Customer Loyalty 0.09 3 0.27 3 0.27 4 0.36

Market Share 0.06 3 0.18 4 0.24 2 0.12

Product Quality 0.1 2 0.2 2 0.2 4 0.4

E-commerce 0.07 3 0.21 3 0.21 3 0.21Price Competitiveness 0.1 2 0.2 3 0.3 4 0.4

Totals 1 3.14 2.89 3.13

Competitive Profile Matrix (CPM)

21


External Factor Evaluation Matrix (EFE)

Key External Factors Weights RatingWeighted

ScoreOpportunities 0.0 to 1.0 1 to 4

11 out 12 us airlines charge for Second checked bag 0.05 1 0.05

Deregulation on global sky policies in international countries (Canada). 0.07 2 0.14

Business and leisure travel is beginning to increase due to the recovering US Economy. 0.06 2 0.129 out of 12 U.S. Airlines offers business/first class. 0.08 1 0.08

Traveler traffic is expected to grow by 3.5% through 2019 as the United States recovers from the recession. 0.03 3 0.09Delta Partnered with 22 other airlines 0.04 2 0.08Over 58 million US citizens travel to overseas in 2011 0.06 1 0.06

Boeings’ new plane models could burn 70% less fuel than conventional planes and travel farther. 0.05 1 0.05Research shows that that economy passengers are willing to spend up to $21 on onboard services( including food and entertainment 0.06 1 0.06

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Key External Factors Weights RatingWeighted

ScoreThreats 0.0 to 1.0 1 to 4

Increased competition in low cost market, no longer a niche market for Southwest as there is now JetBlue, Spirit, Frontier, Public Airways and Allegiant Travel. 0.08 2 0.16Introduction of ultra low cost carriers like Spirit and Frontier. 0.05 2 0.1

The operating costs of airlines are constantly increasing, roughly 5% since 2010. 0.04 3 0.12

High unemployment of 8.9% is preventing people from choosing air travel. 0.06 3 0.18

Joint ventures can negatively affect brand name for example customer service. 0.04 3 0.12

Transportation Security Administration (TSA) will assess an Aviation Security Infrastructure Fee ("ASIF") on each airline. The company's ASIF liability is $3.5 million annually. 0.05 2 0.1

In June 2010, the Department of Transportation (DOT) proposed a new rule that would expand the Passenger Protection Rule and increase fines and penalties for airlines. 0.03 3 0.09Ever-increasing costs of jet fuel [up 300% since 2000] at historical highs and continuing to rise. 0.07 4 0.28

Technological and capital intensive industry could prove increasing cost of planes. 0.06 2 0.12

Totals 0.98 2

External Factor Evaluation Matrix (EFE)

Internal Audit23

Organization Chart24

Southwest Net Income Growth

25


Net Margin26


Operating Revenues27


28


Financial Information – Income Statement

(in millions, except per share amount)

29


Financial Information – Balance Sheet

(in millions)

30


Financial Information – Balance Sheet

(in millions, except per share amount)

Financial Information – Net Worth Analysis

31


Net Worth Analysis (in millions)

Stockholders' Equity $6,877

Net Income x 5 890

(Share Price/EPS) x Net Income 6,594

Number of Shares Outstanding x Share Price 6,876

Method Average $5,309

Ratio Analysis32


Southwest Delta United AirlinesLiquidity Ratios

Current Ratio 0.78 0.61 0.85Quick Ratio 0.40 0.58 0.80

Leverage RatiosDebt-to-Total Assets Ratio 0.62 1.03 0.78Debt-to-equity Ratio 1.63 -32.16 -7.50Long-term debt-to-equity Ratio 0.97 -23.06 -3.86Times-Interest-earned Ratio 3.57 2.19 1.49

Activity RatiosFixed Assets Turnover 1.28 1.74 2.63Total Assets Turnover 0.87 0.81 1.16Accounts Receivable Turnover 52.37 22.47 27.73Average Collection Period 6.84 15.55 12.71

Profitability RatiosGross Profit margins 58.86% 67.40% 61.00%Operating Profit Margin 4.43% 5.62% 4.19%Net Profit Margin 1.14% 2.43% 1.33%Return on Total Assets 0.99% 1.96% 1.54%Return on Stockholders equity 2.59% -61.17% -14.76%Earning per share 0.20 0.99 0.23Price-earnings Ratio 37.04 7.93 37.04

Growth Rations (yearly)Sales 29.36% 10.58% 6.96%Net Income -61.22% 44.01% -29.57%Earnings per share -62.90% 43.66% 108.20%Dividends per share 7.69% -

Strength33

Only Airline with 1st and 2nd bags flying free within the U.S. Is considered the largest airline carrying 104 million passengers in

2011 compared to its’ main competitor United Airlines at 96 million. Has been in the airline industry for 40 plus years. Strong brand image, Named tenth most admired Company in the world

in FORTUNE magazine's survey of corporate reputations Company is known for its great staff, loyal employees, and low

turnover rate having laid off three people in the last 25 years; hiring them back almost immediately.

Southwest.com was the second-largest travel site. The "look-to-book" ratio is twice that Travelocity and higher than any traditional retailer.

Southwest has high capacity usage due to its’ low turnaround time leading the industry at approximately 20 minutes attributed by point-to-point service versus hub-and-spoke.

Southwest is one of the 7 safest U.S. airlines Largest domestic carrier with 698 aircraft owning roughly 71% or 499

of those aircraft outright and the remaining 29% (199) aircraft being leased.

Strong financial position and cash flow with roughly $3.1B in cash and short-term investments, $800M fully available in lines-of-credit, and debt-to-capital down roughly 3% with the acquisition of AirTran.


Weakness34

They only fly to six near-international countries and no international countries.

They are heavily dependent on one producer Boeing, and only have two aircraft they use being the Boeing 737 and Boeing-717.

They have the lowest number of morning flights in the industry.

One of the only carriers who do not offer business class or first class.

They do not offer entertainment in their flights like video or audio programs.

Southwest doesn't transfer package to other carrier. Customer has to do it on them own.

Southwest does not flight 13 states in the U.S. Southwest does not provide any meals, only drinks and

peanuts. Realized a -28% change in operating income and a -40%

change in net income from 2010. (1167839B Oper. Income / 550330B Net Income)

Increased indirect labor costs, health care up $6M, workers’ compensation up $20M, vacation pay up $48M; totaling $74M and accounting for 75% of the increase in accrued liabilities.


Key Internal Factors Weights Rating Weighted Score

Internal Strengths 3 or 4

Only Airline with 1st and 2nd bags flying free within the U.S. 0.05 3 0.15

Is considered the largest airline carrying 104 million passengers in 2011 compared to its’ main competitor United Airlines at 96 million. 0.05 4 0.2

Has been in the airline industry for 40 plus years. 0.04 4 0.16

Strong brand image, Named tenth most admired Company in the world in FORTUNE magazine's survey of corporate reputations 0.04 4 0.16Company is known for its great staff, loyal employees, and low turnover rate having laid off three people in the last 25 years; hiring them back almost immediately. 0.05 4 0.2

Southwest.com was the second-largest travel site. The "look-to-book" ratio is twice that Travelocity and higher than any traditional retailer. 0.05 4 0.2Southwest has high capacity usage due to its’ low turnaround time leading the industry at approximately 20 minutes attributed by point-to-point service versus hub-and-spoke. 0.04 4 0.16

Southwest is one of the 7 safest U.S. airlines 0.06 3 0.18Largest domestic carrier with 698 aircraft owning roughly 71% or 499 of those aircraft outright and the remaining 29% (199) aircraft being leased. 0.05 4 0.2

Strong financial position and cash flow with roughly $3.1B in cash and short-term investments, $800M fully available in lines-of-credit, and debt-to-capital down roughly 3% with the acquisition of AirTran. 0.04 3 0.1235


Internal Factor Evaluation Matrix (IFE)

Key Internal Factors Weights Rating Weighted Score

Internal Weaknesses 1 or 2

They only fly to six near-international countries and no international countries. 0.06 2 0.12

They are heavily dependent on one producer Boeing, and only have two aircraft they use being the Boeing 737 and Boeing-717. 0.05 2 0.1

They have the lowest number of morning flights in the industry. 0.06 1 0.06

One of the only carriers who do not offer business class or first class. 0.06 2 0.12

They do not offer entertainment in their flights like video or audio programs. 0.05 2 0.1

Southwest doesn't transfer package to other carrier. Customer has to do it on them own. 0.06 2 0.12

Southwest does not flight 13 states in the U.S. 0.05 1 0.05

Southwest does not provide any meals, only drinks and peanuts. 0.05 2 0.1

Realized a -28% change in operating income and a -40% change in net income from 2010. (1167 to 839B Oper. Income / 550 to 330B Net Income) 0.04 2 0.08

Increased indirect labor costs, health care up $6M, workers’ compensation up $20M, vacation pay up $48M; totaling $74M and accounting for 75% of the increase in accrued liabilities. 0.05 1 0.05

Totals 1 2.63

36

Internal Factor Evaluation Matrix (IFE)


Strategy Formulation37


Source of Passenger Revenues

38


SWOT Matrix


39

Strengths Weaknesses

Opportunity

SO Strategies WO Strategy1. Add ability to purchase tickets threw mobile devices (S6, O3)

1. Provide a better variety of food that people can eat on the plane (W8, O9)

2. Start charging second checked bag (S7, S8, O1)2. Offering business/first class (W4, O3)

3. Expand international flight to Canada. (S2, O2)3. Have flights to all 50 states in the US. (W7, O6)

4. Acquire new planes that have wifi, tv access, and audio in there planes. (W2, W5, O8)

Threats

ST Strategies WT Strategy1. Aquire/merge with competitors such as Jetblue and Frontier. (S10, T1, T2)

1. Offer a business/first class to differentiate itself from other ULCC(W4, T2)

2. Purchase airline fuel refinery(S10, T8) 2. Start offering Wi-fi, videos on demand, video games, satellite radio, etc to differentiate itself from its competion, and market the changes. (W5,T2)

3. Market southwest's web site more, with the highest look-to-book ratio, there low cost flights might appealing then competitors sites(S6,T1)

SPACE Matrix40

Financial Position Score Competitive Position ScoreCash flow 4 Market share -1working capital 5 Product quality -1Inventory turnover 7 Customer loyalty -2EPS 3 Technology know-how -1Leverage 3 Product life cycle -2Liquidity 3 Capacity utilization -2

4.17 -1.50Stability Position Score Industry Position ScoreTechnological changes -2 Growth potential 5Rate of inflation -3 Profit potential 6Demand variability -4 Financial stability 4Competitive pressure -3 Extent leverage 4Barriers to entry -3 Resource utilization 5Price elasticity of demand -3 Ease of entry into market 3

-3.00 4.50


SPACE Matrix41


Market PenetrationMarket Development

Grand Strategy Matrix


42

Quadrant II Quadrant I

Quadrant III Quadrant IV

Rapid Market Growth

Strong Competiti

ve Position

WeakCompetiti

ve Position

Slow Market Growth

Matrix Analysis


43

Alternative Starategies IE SPACE GRAND BCG COUNT

Forward Integration x x 2

Backward integration x x 2

Horizontal Integration x x 2

Market Penetration x x 2

Product Development x x 2

Market Development x x 2

Related Diversification x 1

Unrelated Diversification x 1

Retrenchment 0

Divestiture 0

Liquidation 0

QSPM44


Add meal, entertaining system,

and business/first class Add more international

and domestic flights Key factors Weight AS TAS AS TASExternal 1 to 4 1 to 4

Deregulation on global sky policies in international countries (Canada). 0.11 - - 4 0.44

Business and leisure travel is beginning to increase due to the recovering US Economy. 0.09 3 0.27 - -

9 out 12 U.S. airline offers business/first class. 0.08 2 0.16 - -

Traveler traffic is expected to grow by 3.5% through 2019 as the United States recovers from the recession. 0.13 2 0.26 3 0.39

Over 58 million U.S. citizen travel to overseas in 2011. 0.11 1 0.11 4 0.44

Boeings’ new plane models could burn 70% less fuel than conventional planes and travel farther. 0.09 - - 2 0.18

Research shows that economy passengers are willing to spend up to $21 on onboard services (including food and entertainment) 0.11 4 0.44 1 0.11

The operating costs of airlines are constantly increasing, roughly 5% since 2010. 0.06 3 0.18 1 0.06

Joint ventures can negatively affect brand name for example customer service. 0.07 - - 1 0.07

Ever-increasing costs of jet fuel [up 300% since 2000] at historical highs and continuing to rise. 0.05 1 0.05 3 0.15

Technological and capital intensive industry could prove increasing cost of planes. 0.10 3 0.3 2 0.2Total 1

QSPM45


Internal

Only Airline with 1st and 2nd bags flying free within the U.S. 0.09 - - 3 0.27

Strong brand image, Named tenth most admired Company in the world in FORTUNE magazine's survey of corporate reputations 0.09 2 0.18 3 0.27

Southwest has high capacity usage due to its’ low turnaround time leading the industry at approximately 20 minutes attributed by point-to-point service versus hub-and-spoke. 0.1 - - 2 0.2

Strong financial position and cash flow with roughly $3.1B in cash and short-term investments, $800M fully available in lines-of-credit, and debt-to-capital down roughly 3% with the acquisition of AirTran. 0.12 3 0.36 4 0.48They only fly to six near-international countries and no international countries. 0.07 - - 3 0.21They are heavily dependent on one producer Boeing, and only have two aircraft they use being the Boeing 737 and Boeing-717.

0.07 - - 1 0.07One of the only carriers who do not offer business class or first class. 0.11 4 0.44 - -They do not offer entertainment in their flights like video or audio programs. 0.12 3 0.36 - -Southwest does not fly to 13 states in the U.S. 0.07 - - 4 0.28Southwest does not provide any meals, only drinks and peanuts.

0.1 3 0.3 - -Increased indirect labor costs, health care up $6M, workers’ compensation up $20M, vacation pay up $48M; totaling $74M and accounting for 75% of the increase in accrued liabilities.

0.06 0 01 3.41 3.82

3 Year Goal and Annual Objectives46

Year one, expand into Canada’s 10 largest cities. Expand south into Mexico’s vacation destinations

Year two, start trans- Atlantic flights into Europe, expand into more cities in Mexico and Canada, re-evaluate.

Year three, expand into South America and Asia, Australia.


47

Increase advertising budget by 282 million to market the expansion into Canada and Mexico

Purchase 15 more planes for the extra flights

150M * 15 planes = 2.25 Billion Legal fees for expansion and terminal fees 468 Million Total cost for all three years Approximately 3,000

Million


Strategy Selection with Year 1 Cost

EPS/EBIT48


Recession Normal Boom Recession Normal BoomClose Price for Southwest on October 11, 2011 8.52

Common Stock Financing Debt Financing EPS for Disney on October 11,2011 0.20

EBIT 505 710 915 EBIT 505 710 915 Initial Shares Outstanding 807

Interest - - - Interest 150 150 150 Dividends on Preferred Stock 0.018

EBT 505 710 915 EBT 355 560 765 Funds Needed 3,000

Taxes 146 206 265 Taxes 103 162 222 90% of Funds Needed 2,700

EAT 359 504 650 EAT 252 398 543 10% of Funds Needed 300

# Shares 1,159 1,159 1,943 # Shares 807 807 807 Interest Rate 5%

EPS 0.42 0.59 0.45 EPS 0.61 0.86 1.12

Conclusion

Recession Normal Boom Recession Normal Boom The preferred financing option would 100% debt financing, proving the best EPS.

90% Stock – 10% Debt Financing 90% Debt – 10% Stock

EBIT 505 710 915 EBIT 505 710 915

Interest 15 15 15 Interest 135 135 135

EBT 490 695 900 EBT 370 575 780

Taxes 142 202 261 Taxes 107 167 226

EAT 348 493 639 EAT 263 408 554

# Shares 1,124 1,124 1,124 # Share 821 821 821

EPS 0.43 0.61 0.80 EPS 0.60 0.85 1.10

Projected Balance Sheet49


SOUTHWEST AIRLINES CO. CONSOLIDATED BALANCE SHEET / PROJECTED

2010 2011 Projected AssumptionsASSETS

Current assets:Cash and cash equivalents $ 1,261 $ 829 1,500Short-term investments

2,277 2,315 2,3843% increase in short term investments

Accounts and other receivables 195 299 314

5% increase in receivables

Inventories of parts and supplies, at cost 243 401 481 20% increase Deferred income taxes 214 263 268 2% increasePrepaid expenses and other current assets 89 238 243 2% increase

Total current assets 4,279 4,345 5,191Property and equipment, at cost:Flight equipment 13,991 15,542 17,542 2B increaseGround property and equipment 2,122 2,423 3,273 850M increaseDeposits on flight equipment purchase contracts 230 456 656

10% of 2B in new planes

16,343 18,421 21,471Less allowance for depreciation and amortization -5,765 -6,294 -7,188

increase of 894 for new planes

10,578 12,127 14,283Goodwill — 970 970Other assets 606 626 645 increase of 3%

$ 15,463 $ 18,068 35,371

50

Projected Balance SheetLIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities: Accounts payable 739 1,057 1,21615% increaseAccrued liabilities 863 996 1,0768% increaseAir traffic liability

1,198 1,836 2,57040% increase for international flights

Current maturities of long-term debt 505 644 86935% increaseTotal current liabilities 3,305 4,533 5,731

Long-term debt less current maturities2,875 3,107 5,957

2850M long term debt portion of new strategy

Deferred income taxes 2,493 2,566 2,6172% increaseDeferred gains from sale and leaseback of aircraft 88 75 75Other noncurrent liabilities 465 910 956Stockholders’ equity: Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 shares issued in 2011 and 2010

808 808 808Capital in excess of par value 1,183 1,222 1,222Retained earnings 5,399 5,395 5,685Accumulated other comprehensive loss

(262 (224) -239Average of two prior yearsTreasury stock, at cost: 35,050,991 and 60,177,362 shares in 2011 and 2010 respectively (891 (324) -324Total stockholders’ equity 6,237 6,877 7,152

Total Liabilities and Stockholders' Equity 15,463 18,068 35,371

Projected Income Statement

51


Southwest Update52


Questions53


Reference54

Southwest 2011 Annual Report Book: Lunch: How to quickly propel your

business beyond the competition Southwest.com Southwestonereport.com http://www.eturbonews.com/12003/

evolution-airline-food http://tinet.ita.doc.gov/view/m-2011-O-

001/index.html


Yoshives Belizaire Zhongling Cao Shawn Parker Dave Saucier 1 © 2013, Yoshives Belizaire, Zhongling...

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Transcript of Yoshives Belizaire Zhongling Cao Shawn Parker Dave Saucier 1 © 2013, Yoshives Belizaire, Zhongling...