NEW YORK--(BUSINESS WIRE)--Jan. 27, 2005--JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the fourth quarter and full year 2004:

-- Operating revenues for the quarter totaled $334.0 million, representing growth of 27.0% over operating revenues of $262.9 million in the fourth quarter of 2003. For the full year, operating revenues totaled $1.27 billion, representing growth of 26.8% over operating revenues of $998.4 million for the full year 2003.

-- Operating income in the quarter was $12.2 million, resulting in a 3.7% operating margin, compared to operating income of $35.0 million and a 13.3% operating margin in the fourth quarter of 2003. For the full year 2004, operating income was $112.9 million, resulting in an operating margin of 8.9%. This compares with operating income of $168.8 million and a 16.9% operating margin for the full year 2003.

-- Net income for the quarter was $2.4 million, representing earnings of $0.02 per diluted share, compared with fourth quarter 2003 net income of $19.5 million, or $0.17 per diluted share. For the full year 2004, net income totaled $47.5 million, or $0.43 per diluted share, compared with net income of $103.9 million, or $0.96 per diluted share, for the full year 2003. Results for the full year 2003 reflect the receipt of $22.8 million in compensation related to the Emergency War Time Supplemental Appropriations Act. Net of income taxes and profit sharing, this amounts to $11.5 million, or $0.11 per diluted share for the twelve months ended December 31, 2003.

``I`m extremely proud of the efforts our crewmembers made this quarter, a very tough one characterized by continued high fuel prices and weak yields,`` said David Neeleman, JetBlue`s Chairman and CEO. ``Many challenges remain as we start our sixth year of operations, yet we are confident that we have the capital structure, the low cost base and the customer loyalty to allow us to continue to grow and prosper over the long term.``

During the fourth quarter of 2004, JetBlue achieved a completion factor of 99.9% of scheduled flights, compared to 99.6% in 2003. On-time performance, defined by the US Department of Transportation as arrivals within 14 minutes of schedule, was 80.1% in the fourth quarter of 2004 compared to 86.7% for the same period in 2003. For the full year 2004, JetBlue achieved a completion factor of 99.4% versus 99.5% reported for the full year 2003. On-time performance for the full year 2004 was 81.6%, compared to 84.3% for the full year 2003. The Company attained a load factor in the fourth quarter of 2004 of 82.9%, a decrease of 0.2 points on a capacity increase of 36.2% over the fourth quarter of 2003. Load factor for the full year 2004 was 83.2%, a decrease of 1.3 points on a capacity increase of 38.6%.

Dave Barger, President and COO, commented, ``The JetBlue Team, now over 7,500 strong, rose to the occasion to meet the unique challenges of 2004. In 2005, the breadth of our airline will continue to develop as we add another fifteen A320 aircraft to our route system, launch our new fleet of Embraer E190 aircraft later this year, further grow our route network, and expand our home base here in New York City.``

For the fourth quarter 2004, operating revenues increased by 27.0% over 2003 to $334.0 million. Revenue passenger miles increased 36.0% from the fourth quarter of 2003 to 4.2 billion. Yield per passenger mile was 7.58 cents, down 7.1% compared to 2003 on a 1.7% increase in average length of haul. Operating revenue per available seat mile (RASM) decreased 6.7% year-over-year to 6.56 cents. Available seat miles grew 36.2% to 5.1 billion. Operating expenses for the fourth quarter were $321.8 million, up 41.2% from the fourth quarter of 2003. Operating expense per ASM (CASM) for the fourth quarter 2004 increased 3.7% year-over-year to 6.32 cents. During the quarter, realized fuel price was $1.24 per gallon, a 47.4% increase over fourth quarter 2003 realized fuel price of $0.84. As a result of its fuel hedging program, JetBlue realized a $13.1 million benefit in the fuel expense line in the fourth quarter and a $37.0 million benefit for the full year 2004. JetBlue ended the year with $449.2 million in cash and short-term investments.

JetBlue will conduct a conference call to discuss its quarterly earnings today, January 27, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will be available via the World Wide Web at http://investor.jetblue.com.

About JetBlue

JetBlue is a low-fare, low-cost passenger airline, which provides high-quality customer service. JetBlue operates a fleet of 70 new Airbus A320 aircraft and plans to add 14 additional A320s and 7 Embraer E190s to its fleet in 2005. Based at New York City`s John F. Kennedy International Airport, JetBlue currently operates 276 flights a day and serves 30 destinations in 12 states, Puerto Rico, the Dominican Republic and The Bahamas.

All JetBlue aircraft feature roomy leather seats; all equipped with an in-seat digital entertainment system offering up to 36 channels of free DIRECTV(R) programming. On many flights, a selection of first-run movies and bonus features from FOX InFlight Premium Entertainment may be available. (*)

With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and a Saturday night stay is never required. For more information, schedules and fares, please visit www.jetblue.com or call JetBlue reservations at 1-800-JETBLUE (538-2583), 1-888-538-2583 if calling from Puerto Rico, or 1-200-9898 if calling from the Dominican Republic. This press release, as well as past press releases, can be found on www.jetblue.com.

(*) DIRECTV(R) service is not available on flights between JFK and Puerto Rico or the Dominican Republic; however, where available, FOX InFlight Premium Entertainment is offered complimentary on these routes