<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K/A
Amendment No. 1
AMENDMENT TO ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1997
Commission File No. 1-7259
Southwest Airlines Co.
(Exact name of registrant as specified in its charter)
TEXAS 74-1563240
(State or other jurisdiction of I.R.S. employer
incorporation or organization) identification no.)
P.O. Box 36611 75235-1611
Dallas, Texas (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (214) 792-4000
The undersigned registrant hereby amends the following items, financial
statements, exhibits, or other portions of its Annual Report for the year
ended December 31, 1997 on Form 10-K as set forth in the pages attached
hereto:
(List all such items, financial statements, exhibits or other portions
amended)
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
3. Exhibit:
27 Restated Financial Data Schedules
The remaining exhibits are not affected by this amendment.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: April 3, 1998 SOUTHWEST AIRLINES CO.
Registrant
By /s/ Gary C. Kelly
Gary C. Kelly
Vice President - Finance, Chief Financial
Officer
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<CIK> 0000092380
<NAME> SOUTHWEST AIRLINES CO.
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 DEC-31-1995
<PERIOD-START> JAN-1-1997 JAN-1-1996 JAN-1-1995
<PERIOD-END> DEC-31-1997 DEC-31-1996 DEC-31-1995
<CASH> 623,343 581,841 317,363
<SECURITIES> 0 0 0
<RECEIVABLES> 76,530 73,440 79,781
<ALLOWANCES> 0 0 0
<INVENTORY> 52,376 51,094 41,032
<CURRENT-ASSETS> 806,416 750,990 473,136
<PP&E> 4,811,324 4,157,628 3,784,388
<DEPRECIATION> 1,375,631 1,188,405 1,005,081
<TOTAL-ASSETS> 4,246,160 3,723,479 3,256,122
<CURRENT-LIABILITIES> 868,513 765,404 610,621
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 221,207 145,112 144,033
<OTHER-SE> 1,787,811 1,503,200 1,283,285
<TOTAL-LIABILITY-AND-EQUITY> 4,246,160 3,723,479 3,256,122
<SALES> 0 0 0
<TOTAL-REVENUES> 3,816,821 3,406,170 2,872,751
<CGS> 0 0 0
<TOTAL-COSTS> 3,292,585 3,055,335 2,559,220
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 63,454 59,269 58,810
<INCOME-PRETAX> 516,956 341,362 305,140
<INCOME-TAX> 199,184 134,025 122,514
<INCOME-CONTINUING> 317,772 207,337 182,626
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 317,772 207,337 182,626
<EPS-PRIMARY> 1.45 0.95 0.85
<EPS-DILUTED> 1.40 0.92 0.82
<FN>
On September 25, 1997, the Company's Board of Directors declared a three-for-two
stock split on the Company's Common Stock, distributed on November 26, 1997.
All per share data in this exhibit have been restated to give effect to the
stock split.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<CIK> 0000092380
<NAME> SOUTHWEST AIRLINES CO.
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-1-1997 JAN-1-1997 JAN-1-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 652,412 577,784 554,118
<SECURITIES> 0 0 0
<RECEIVABLES> 84,493 88,384 106,000
<ALLOWANCES> 0 0 0
<INVENTORY> 50,171 49,931 52,281
<CURRENT-ASSETS> 823,117 759,200 756,978
<PP&E> 4,270,302 4,537,401 4,704,002
<DEPRECIATION> 1,240,253 1,264,820 1,323,068
<TOTAL-ASSETS> 3,857,245 4,035,983 4,142,034
<CURRENT-LIABILITIES> 761,426 915,476 898,630
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 145,415 145,708 146,785
<OTHER-SE> 1,554,457 1,651,015 1,760,665
<TOTAL-LIABILITY-AND-EQUITY> 3,857,245 4,035,983 4,142,034
<SALES> 0 0 0
<TOTAL-REVENUES> 887,095 1,843,987 2,841,228
<CGS> 0 0 0
<TOTAL-COSTS> 799,892 1,600,377 2,445,848
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 15,225 31,444 47,872
<INCOME-PRETAX> 83,401 237,224 387,611
<INCOME-TAX> 32,527 92,518 150,394
<INCOME-CONTINUING> 50,874 144,706 237,217
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 50,874 144,706 237,217
<EPS-PRIMARY> 0.23 0.66 1.09
<EPS-DILUTED> 0.23 0.64 1.05
<FN>
On September 25, 1997, the Company's Board of Directors declared a three-for-two
stock split on the Company's Common Stock, distributed on November 26, 1997.
All per share data in this exhibit have been restated to give effect to the
stock split.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<CIK> 0000092380
<NAME> SOUTHWEST AIRLINES CO.
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-1-1996 JAN-1-1996 JAN-1-1996
<PERIOD-END> MAR-31-1996 JUN-30-1996 SEP-30-1996
<CASH> 324,680 478,285 594,030
<SECURITIES> 0 0 0
<RECEIVABLES> 97,473 98,963 84,299
<ALLOWANCES> 0 0 0
<INVENTORY> 47,940 49,857 52,397
<CURRENT-ASSETS> 502,960 664,553 773,954
<PP&E> 3,916,963 4,006,272 3,995,105
<DEPRECIATION> 1,054,191 1,102,754 1,152,884
<TOTAL-ASSETS> 3,369,291 3,751,512 3,619,515
<CURRENT-LIABILITIES> 681,926 758,297 720,914
<BONDS> 0 0 0
0 0 0
0 0 0
<COMMON> 144,574 144,790 144,985
<OTHER-SE> 1,321,698 1,409,121 1,470,046
<TOTAL-LIABILITY-AND-EQUITY> 3,369,291 3,571,512 3,619,515
<SALES> 0 0 0
<TOTAL-REVENUES> 772,529 1,682,837 2,574,329
<CGS> 0 0 0
<TOTAL-COSTS> 715,136 1,483,238 2,271,795
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 14,902 29,924 44,642
<INCOME-PRETAX> 54,771 194,760 295,005
<INCOME-TAX> 21,771 76,443 115,828
<INCOME-CONTINUING> 33,000 118,317 179,177
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 33,000 118,317 179,177
<EPS-PRIMARY> 0.15 0.55 0.83
<EPS-DILUTED> 0.15 0.52 0.79
<FN>
On September 25, 1997, the Company's Board of Directors declared a
three-for-two stock split on the Company's Common Stock, distributed on
November 26, 1997. All per share data in this exhibit have been restated to
give effect to the stock split.
</FN>
</TABLE>