8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2008

JETBLUE AIRWAYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State of Other Jurisdiction of
Incorporation) 000-49728
(Commission
File Number) 87-0617894
(I.R.S. Employer
Identification No.)

118-29 Queens Boulevard, Forest Hills, New York 11375
(Address of principal executive offices) (Zip Code)

(718) 286-7900

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 Results of Operations and Financial Condition
	Item 9.01 Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EX-99.1: PRESS RELEASE

Item 2.02 Results of Operations and Financial Condition

     On July 22, 2008, we issued a press release announcing our financial results for the second quarter ended June 30, 2008. A copy of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

     The information included under Item 2.02 of this report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01 Financial Statements and Exhibits

     (d) Exhibits

Exhibit
Number		Description
	99.1	Press Release dated July 22, 2008 of JetBlue Airways Corporation announcing financial results for the second quarter ended June 30, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	JETBLUE AIRWAYS CORPORATION (Registrant)
Date: July 22, 2008	By:	/s/ Edward Barnes
		Executive Vice President and Chief
		Financial Officer (Principal Financial Officer)

EXHIBIT INDEX

Exhibit
Number		Exhibit
	99.1	Press Release dated July 22, 2008 announcing financial results for the second quarter ended June 30, 2008.

EX-99.1

exhibit 99.1

CONTACTS:

Investor Relations
(718)709-2202
ir@jetblue.com

Corporate Communications
(718) 709-3089
CorporateCommunications@jetblue.com

JETBLUE ANNOUNCES SECOND QUARTER RESULTS

New York, NY (July 22, 2008) — JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the second quarter 2008:

• Operating revenues for the quarter totaled $859 million, representing growth of 17.7% over operating revenues of $730 million in the second quarter of 2007.

• Operating income for the quarter was $21 million, resulting in a 2.4% operating margin, compared to operating income of $73 million and a 10.0% operating margin in the second quarter of 2007.

• Pre-tax loss for the quarter was $10 million, compared with pre-tax income of $43 million in the year-ago period.

• Net loss for the quarter was $7 million, representing a net loss of $0.03 per diluted share, compared with second quarter 2007 net income of $21 million, or $0.11 per diluted share.

• Cash and cash equivalents of $846 million and $397 million of investment securities at the end of the second quarter.

“Thanks to the hard work and dedication of our crewmembers, we continued to achieve strong unit revenue growth during the second quarter,” said Dave Barger, JetBlue’s CEO. “We are also encouraged to see continued strength in our bookings throughout the summer. However, revenue gains are clearly not keeping pace with the extraordinary increase in the price of jet fuel.”

“As the industry faces unprecedented challenges, we remain committed in our ongoing efforts to ensure that JetBlue is well-positioned for the long term,” said Barger. “To that end, we have suspended our near-term growth plans beginning in September, after the busy summer travel period ends. In September of this year, we expect our capacity to be down about ten percent year over year, and we currently do not plan to grow in 2009.”

JetBlue Announces Deferral of 10 EMBRAER 190 Aircraft and New $110 million Line of Credit

JetBlue announced today that it will defer 10 EMBRAER 190 aircraft originally scheduled for delivery between 2009 and 2011 to 2016.

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“We believe slower growth, combined with our rigorous cost control and aggressive revenue focus, will further strengthen our liquidity position, which is essential in this environment” said Ed Barnes, JetBlue’s CFO.

In addition, JetBlue announced it has obtained a new $110 million line of credit with Citigroup Global Markets Inc. JetBlue plans to use the funding to fund working capital, capital expenditures and other general corporate purposes. The credit facility, which expires next July, is secured by a portion of JetBlue’s auction rate securities.

“We are keenly focused on cash preservation and liquidity,” said Barnes. “This new line of credit further bolsters our financial position and better positions us to address the challenges and opportunities that lie ahead.”

JetBlue To Discontinue Operations in Ontario, California

JetBlue announced it will discontinue operations in Ontario, CA, effective September 3, 2008.

“The dramatic rise in fuel prices has forced us to make the difficult decision to discontinue operations in Ontario,” said Dave Barger. “While we understand the impact this decision has on our customers and our crewmembers, we need to make appropriate network adjustments to better match our capacity with customer demand.”

Operational Performance

JetBlue was again awarded highest honors in airline customer satisfaction among low-cost carriers by J.D. Power and Associates. Russ Chew, JetBlue’s President and COO, commented, “Despite the difficult industry environment, our crewmembers continue to deliver exceptional customer service and differentiate us from the rest of the industry.”

For the second quarter, revenue passenger miles increased 0.3% year-over-year to 6.8 billion on a capacity increase of 3.9%, resulting in a second quarter load factor of 80.6%, a decrease of 2.9 points year over year. Yield per passenger mile in the second quarter was 11.53 cents, up 13.7% compared to the second quarter of 2007. Passenger revenue per available seat mile (PRASM) for the second quarter 2008 increased 9.8% year over year to 9.29 cents and operating revenue per available seat mile (RASM) increased 13.2% year-over-year to 10.24 cents.

JetBlue’s operating expense per available seat mile (CASM) for the second quarter increased 22.8% year-over-year to 9.99 cents. Excluding fuel, CASM increased 4.7% to 5.59 cents. During the quarter, JetBlue hedged 47% of its fuel consumption resulting in a realized fuel price of $3.17 per gallon, a 58.5% increase over second quarter 2007 realized fuel price of $2.00. JetBlue realized $59 million in fuel hedging gains during the second quarter. Of this total, $1 million are unrealized gains which relate to fuel hedges for the third quarter 2008 and beyond which were required to be recognized in the second quarter.

Third Quarter and Full Year Outlook

Looking ahead, for the third quarter of 2008, JetBlue expects to report an operating margin between negative one and one percent based on an assumed aircraft fuel cost per gallon of $3.59, net of hedges. Pre-tax margin for the quarter is expected to be between negative six and negative four percent. PRASM is expected to increase between 14 and 16 percent year over year. RASM is expected to increase between 19 and 21 percent year over year. CASM is expected to increase between 33 and 35 percent over the

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year-ago period. Excluding fuel, CASM in the third quarter is expected to increase between 12 and 14 percent year over year. Capacity is expected to decrease between one and three percent in the third quarter and stage length is expected to decrease roughly two percent over the same period last year.

For the full year 2008, JetBlue expects to report an operating margin between negative one and one percent based on an assumed aircraft fuel cost per gallon of $3.27, net of hedges. Pre-tax margin for the full year is expected to be between negative five and negative three percent. PRASM for the full year is expected to increase between 14 and 16 percent year over year. RASM for the full year is expected to increase between 18 and 20 percent year over year. CASM for the full year is expected to increase between 25 and 27 percent over full year 2007. Excluding fuel, CASM in 2008 is expected to increase between eight and ten percent year over year. Capacity for the full year 2008 is expected to increase between zero and two percent over 2007 and stage length is expected to decrease about one percent over full year 2007.

JetBlue will conduct a conference call to discuss its quarterly earnings today, July 22, at 10:00 a.m. Eastern Time. A live broadcast of the conference call will be available via the internet at http://investor.jetblue.com.

About JetBlue

New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers Lots of Legroom and super-spacious Even More Legroom seats. JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft “BetaBlue,” a first among U.S. domestic airlines. JetBlue is also America’s first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue’s control. Visit www.jetblue.com/promise for details. JetBlue serves 53 cities with 600 daily flights. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JETBLUE (1-800-538-2583) or visit www.jetblue.com.

This press release contains statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors, including, without limitation, our extremely competitive industry; increases in fuel prices, maintenance costs and interest rates; our ability to implement our growth strategy, including the ability to operate reliably the EMBRAER 190 aircraft and our new terminal at JFK; our significant fixed obligations; our ability to attract and retain qualified personnel and maintain our culture as we grow; our reliance on high daily aircraft utilization; our dependence on the New York metropolitan market and the effect of increased congestion in this market; our reliance on automated systems and technology; our being subject to potential unionization; our reliance on a limited number of suppliers; changes in or additional government regulation; changes in our industry due to other airlines’ financial condition; and external geopolitical events and conditions. Further information concerning these and other factors is contained in the Company’s Securities and Exchange Commission filings, including but not limited to, the Company’s 2007 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

JETBLUE AIRWAYS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share and per share amounts)
(unaudited)

	Three Months Ended									Six Months Ended
	June 30,						Percent			June 30,						Percent
	2008			2007			Change			2008			2007			Change
OPERATING REVENUES
Passenger	$	779		$	683			14.1		$	1,527		$	1,247			22.5
Other		80			47			70.4			148			91			62.0
Total operating revenues		859			730			17.7			1,675			1,338			25.2
OPERATING EXPENSES
Aircraft fuel		370			226			63.7			678			416			62.8
Salaries, wages and benefits		168			158			6.1			346			322			7.3
Landing fees and other rents		49			47			4.8			100			92			9.3
Depreciation and amortization		46			43			8.3			91			85			7.1
Aircraft rent		32			30			5.2			64			60			6.5
Sales and marketing		41			31			36.7			80			60			35.0
Maintenance materials and repairs		32			27			16.9			65			53			22.5
Other operating expenses		100			95			5.4			213			190			11.6
Total operating expenses		838			657			27.6			1,637			1,278			28.0
OPERATING INCOME		21			73			(71.4	)		38			60			(35.6	)
Operating margin		2.4	%		10.0	%	(7.6		) pts.		2.3	%		4.5	%	(2.2		) pts.
OTHER INCOME (EXPENSE)
Interest expense		(53	)		(56	)		(3.6	)		(109	)		(108	)		1.5
Capitalized interest		14			11			40.3			28			19			50.3
Interest income and other		8			15			(43.7	)		20			27			(26.4	)
Total other income (expense)		(31	)		(30	)		1.9			(61	)		(62	)		(0.7	)
INCOME (LOSS) BEFORE INCOME TAXES		(10	)		43						(23	)		(2	)
Pre-tax margin		(1.2	)%		5.9	%	(7.1		) pts.		(1.4	)%		(0.1	)%	(1.3		) pts.
Income tax expense (benefit)		(3	)		22						(8	)		(1	)
NET INCOME (LOSS)	$	(7	)	$	21					$	(15	)	$	(1	)
EARNINGS (LOSS) PER COMMON SHARE:
Basic	$	(0.03	)	$	0.12					$	(0.07	)	$	(0.00	)
Diluted	$	(0.03	)	$	0.11					$	(0.07	)	$	(0.00	)
Weighted average shares outstanding (thousands):
Basic		225,283			179,514						219,850			178,862
Diluted		225,283			198,585						219,850			178,862

JETBLUE AIRWAYS CORPORATION

COMPARATIVE OPERATING STATISTICS

	Three Months Ended									Six Months Ended
	June 30,						Percent			June 30,						Percent
	2008			2007			Change			2008			2007			Change
Revenue passengers (thousands)		5,637			5,587			0.9			11,155			10,678			4.5
Revenue passenger miles (millions)		6,756			6,736			0.3			13,319			12,678			5.1
Available seat miles (ASMs) (millions)		8,383			8,066			3.9			16,778			15,436			8.7
Load factor		80.6	%		83.5	%	(2.9		) pts.		79.4	%		82.1	%	(2.7		) pts.
Breakeven load factor (a)		84.1	%		79.6	%	4.5		pts.		83.1	%		83.5	%	(0.4		) pts.
Aircraft utilization (hours per day)		12.6			13.2			(4.2	)		12.8			12.9			(1.0	)
Average fare	$	138.13		$	122.17			13.1		$	136.90		$	116.74			17.3
Yield per passenger mile (cents)		11.53			10.13			13.7			11.47			9.83			16.6
Passenger revenue per ASM (cents)		9.29			8.46			9.8			9.10			8.08			12.7
Operating revenue per ASM (cents)		10.24			9.05			13.2			9.98			8.67			15.2
Operating expense per ASM (cents)		9.99			8.14			22.8			9.75			8.28			17.8
Operating expense per ASM, excluding fuel (cents)		5.59			5.34			4.7			5.71			5.58			2.3
Airline operating expense per ASM (cents) (a)		9.69			8.07			20.1			9.53			8.21			16.1
Departures		52,236			49,513			5.5			104,501			96,087			8.8
Average stage length (miles)		1,138			1,135			0.3			1,135			1,111			2.1
Average number of operating aircraft during period		139.6			126.7			10.2			138.0			124.1			11.2
Average fuel cost per gallon	$	3.17		$	2.00			58.5		$	2.91		$	1.95			49.5
Fuel gallons consumed (millions)		116			113			3.3			233			214			8.9
Percent of sales through jetBlue.com during period		77.2	%		74.0	%	3.2		pts.		77.0	%		75.2	%	1.8		pts.
Full-time equivalent employees at period end (a)											9,856			9,421			4.6

(a) Excludes operating expenses and employees of LiveTV, LLC, which are unrelated to our airline operations.

SELECTED CONSOLIDATED BALANCE SHEET DATA
   (in millions)

	June 30,		December 31,
	2008		2007
Cash and cash equivalents	$	846	$	190
Total investment securities		397		644
Total assets		6,468		5,598
Total debt		3,335		3,048
Stockholders’ equity		1,378		1,036

SOURCE: JetBlue Airways Corporation