8-K

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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 24, 2003

JETBLUE AIRWAYS CORPORATION
(Exact name of registrant as specified in its charter)

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

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

(718) 709-3026
(Registrant's telephone number, including area code)

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

(c)

Exhibits

Exhibit Number	Description
99.1	Press Release dated July 24, 2003 announcing financial results for the second quarter ended June 30, 2003.

Item 9. Regulation FD Disclosure

        The information included in this section is being furnished pursuant to Item 12—Results of Operations and Financial Condition.

        On July 24, 2003, JetBlue Airways Corporation issued a press release announcing its financial results for its second quarter ended June 30, 2003. A copy of the press release is filed herewith as Exhibit 99.1.

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SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, 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 24, 2003
	By:	/s/  HOLLY L. NELSONVice President and Controller (principal accounting officer)

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EXHIBIT INDEX

Exhibit Number	Exhibit
99.1	Press Release dated July 24, 2003 announcing financial results for the second quarter ended June 30, 2003.

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SIGNATURE
EXHIBIT INDEX

EX-99.1

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Exhibit 99.1

CONTACT:
Investor Relations
Amy Carpi
(203) 656-7651
amy.carpi@jetblue.com


Corporate Communications
Gareth Edmondson-Jones
(718) 709-3089
gareth.edmondson-jones@jetblue.com

JETBLUE ANNOUNCES SECOND QUARTER 2003 EARNINGS

Low-Fare Carrier Achieves Second Quarter Operating Margin of 18.6%;
Announces Tenth Consecutive Quarter of Profitability

New York, NY (July 24, 2003)—JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the second quarter 2003:

•

Operating revenues for the quarter totaled $244.7 million, representing growth of 63.9% over operating revenues of $149.3 million in the second quarter of 2002.



•

Operating income in the quarter was $45.6 million, resulting in an 18.6% operating margin. This compares with operating income of $27.7 million and an 18.6% operating margin in the second quarter of 2002.



•

Net income for the quarter was $37.9 million, representing earnings of $0.55 per diluted share, compared with second quarter 2002 net income of $14.6 million, or $0.22 per diluted share. Net income and diluted earnings per share reflect our receipt of $22.8 million ($11.5 million net of tax and profit-sharing) in compensation related to the Emergency War Time Supplemental Appropriations Act. This compensation increased our diluted earnings per share by $0.17 for the three months ended June 30, 2003.

        "This was a great quarter for JetBlue," commented David Neeleman, chief executive officer. "We continued to demonstrate excellent cost control and solid operational performance in the face of strong growth."

        During the second quarter of 2003, JetBlue achieved a completion factor of 99.9% of scheduled flights, identical to the second quarter of 2002. On-time performance, defined by the US Department of Transportation as arrivals within 14 minutes of schedule, was 87.4% in the second quarter of 2003 compared to 85.7% for the same period in 2002. The Company attained a load factor of 85.3%, an improvement of 1.2 points, on a capacity increase of 69.5% over the second quarter of 2002.

        "Without a doubt, JetBlue's success is due to the exceptional efforts put forth by all of our great crewmembers and their focus on delivering The JetBlue Experience to our customers," said Dave Barger, president and chief operating officer.

        For the second quarter 2003, operating revenues increased by 63.9% over 2002 to $244.7 million. Revenue passenger miles increased 71.9% from the second quarter of 2002 to 2.8 billion. Available seat miles grew 69.5% to 3.3 billion. Yield per passenger mile was 8.48 cents, down 4.5% compared to 2002 on a 3.7% increase in average length of haul. Operating revenue per available seat mile (RASM) decreased 3.3% year-over-year to 7.47 cents.

        Operating expenses for the second quarter of 2003 were $199.1 million, up 63.8% from the second quarter of 2002. Operating expense per ASM (CASM) for the second quarter decreased 3.5% year-over-year to 6.07 cents and decreased 2.9% from the first quarter 2003. During the quarter,

realized fuel price was 79 cents per gallon, a 14.6% increase over second quarter 2002 realized fuel price of 69 cents. JetBlue ended the quarter with $268 million in cash and short-term investments.

        JetBlue will conduct a conference call to discuss its quarterly earnings today, July 24th, at 10:00 a.m. EDT. 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 45 new Airbus A320 aircraft and is scheduled to place into service another eight A320s by the end of 2003. The airline recently placed an order for 100 EMBRAER 190 aircraft with options for an additional 100. The first EMBRAER 190 is scheduled to be delivered in mid 2005. All JetBlue aircraft feature roomy all-leather seats each equipped with free live satellite television, offering up to 24 channels of DIRECTV(R) Programming at every seat.(1)

        From its base at New York City's John F. Kennedy International Airport, JetBlue flies to: Fort Lauderdale, Fort Myers, Orlando, Tampa and West Palm Beach, FL; Buffalo, Rochester and Syracuse, NY; Long Beach, Oakland, Ontario, and San Diego, CA; Burlington, VT; Denver, CO; Las Vegas, NV; New Orleans, LA; Salt Lake City, UT; San Juan, Puerto Rico; and Seattle, WA. From Washington DC, the airline serves Fort Lauderdale, FL, and Long Beach and Oakland, CA. From Long Beach, CA, the airline serves Atlanta, GA, Oakland, CA, Las Vegas, NV, Fort Lauderdale, FL and Salt Lake City, UT. JetBlue is scheduled to begin service between Atlanta, GA and Long Beach, CA beginning September 8.

        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). This press release, as well as past press releases, can be found on www.jetblue.com.

(1)

DIRECTV(R) service is not available on flights between New York City and San Juan, Puerto Rico.

#    #    #

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, potential hostilities in the Middle East or other regions, our ability to implement our growth strategy and our dependence on the New York market, our fixed obligations and our limited operating history, seasonal fluctuations in our operating results, increases in maintenance costs, fuel prices and interest rates, our competitive environment, our reliance on sole suppliers, government regulation, our failure to properly integrate LiveTV or enforce its patents, our ability to hire qualified personnel, the loss of key personnel and potential problems with our workforce including work stoppages, and continuing changes in the airline industry following the September 11th terrorist attacks and the increased risk of future attacks, as well as potential risks with respect to, delivery, placing into service and integration into our operations of the EMBRAER 190 aircraft. Additional 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 2002 Annual Report on Form 10-K. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

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JETBLUE AIRWAYS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)
(unaudited)

			Three Months Ended June 30,								Six Months Ended June 30,
									Percent Change								Percent Change
			2003			2002					2003			2002
OPERATING REVENUES
	Passenger		$	237,037		$	144,295		64.3		$	446,940		$	273,386		63.5
	Other			7,664			5,008		53.0			14,891			9,286		60.4
		Total operating revenues		244,701			149,303		63.9			461,831			282,672		63.4
OPERATING EXPENSES
	Salaries, wages and benefits			67,827			37,622		80.3			124,728			71,183		75.2
	Aircraft fuel			32,457			16,983		91.1			68,423			29,967		128.3
	Sales and marketing			14,541			11,785		23.4			25,968			21,635		20.0
	Landing fees and other rents			16,309			9,681		68.5			32,597			19,620		66.1
	Aircraft rent			14,907			10,298		44.8			27,986			19,789		41.4
	Depreciation and amortization			11,471			5,695		101.4			21,793			10,407		109.4
	Maintenance materials and repairs			5,366			1,506		256.4			8,698			3,411		155.0
	Other operating expenses			36,279			28,026		29.4			71,641			55,575		28.9
		Total operating expenses		199,157			121,596		63.8			381,834			231,587		64.9
OPERATING INCOME				45,544			27,707		64.4			79,997			51,085		56.6
	Operating margin			18.6	%		18.6	%	—	pts.		17.3			18.1		(0.8	)pts.
OTHER INCOME (EXPENSE)
	Interest expense			(6,023	)		(4,725	)	27.5			(12,217	)		(8,912	)	37.1
	Capitalized interest			1,221			1,435		(14.9	)		2,242			2,732		(17.9	)
	Interest income and other			1,948			617		215.7			2,720			2,419		12.4
	Emergency War Time compensation(1)			22,761			—					22,761			—
		Total other income (expense)		19,907			(2,673	)				15,506			(3,761	)
INCOME BEFORE INCOME TAXES				65,451			25,034		161.4			95,503			47,324		101.8
	Income tax expense			27,494			10,448					40,188			19,734
NET INCOME			$	37,957		$	14,586		160.2		$	55,315		$	27,590		100.5
EARNINGS PER COMMON SHARE:
	Basic		$	0.60		$	0.27				$	0.88		$	0.78
	Diluted		$	0.55		$	0.22				$	0.80		$	0.44
	Weighted average shares outstanding:
		Basic		62,985			50,682					62,807			27,578
		Diluted		69,522			66,504					69,025			62,016

(1)

On May 15, 2003 we received $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 $0.17 per diluted share for the three and six months ended June 30, 2003.

JETBLUE AIRWAYS CORPORATION

COMPARATIVE OPERATING STATISTICS

	Three Months Ended June 30,								Six Months Ended June 30,
							Percent Change								Percent Change
	2003			2002					2003			2002
Revenue passengers		2,209,920			1,332,906		65.8			4,220,537			2,513,823		67.9
Revenue passenger miles (000)		2,795,016			1,625,536		71.9			5,169,862			2,929,811		76.5
Available seat miles (000)		3,275,219			1,932,113		69.5			6,193,290			3,546,783		74.6
Load factor		85.3	%		84.1	%	1.2	pts.		83.5	%		82.6	%	0.9	pts.
Breakeven load factor		71.6	%		70.9	%	0.7	pts.		71.2	%		70.0	%	1.2	pts.
Aircraft utilization (hours per day)		12.9			13.3		(2.6	)		13.0			13.0		—
Average fare	$	107.26		$	108.26		(0.9	)	$	105.90		$	108.75		(2.6	)
Yield per passenger mile (cents)		8.48			8.88		(4.5	)		8.65			9.33		(7.4	)
Passenger revenue per available seat mile (cents)		7.24			7.47		(3.1	)		7.22			7.71		(6.4	)
Operating revenue per available seat mile (cents)		7.47			7.73		(3.3	)		7.46			7.97		(6.4	)
Operating expense per available seat mile (cents) (2)		6.07			6.29		(3.5	)		6.16			6.53		(5.7	)
Departures		16,133			10,090		59.9			31,544			19,529		61.5
Average stage length (miles)		1,253			1,182		6.0			1,212			1,121		8.1
Average number of operating aircraft during period		41.6			24.6		69.2			40.2			23.4		71.6
Average fuel cost per gallon (cents)		79.01			68.92		14.6			87.80			65.75		33.5
Fuel gallons consumed (000)		41,080			24,641		66.7			77,927			45,575		71.0
Percent of sales through jetBlue.com during period		72.5	%		61.3	%	11.2	pts.		71.7	%		58.3	%	13.4	pts.
Full-time equivalent employees at period end										4,475			2,642		69.4

(2)

Excludes direct costs associated with LiveTV third party sales of $268,000 and $499,000 for the three and six months ended June 30, 2003, which are unrelated to our airline operations

SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)

	June 30, 2003		December 31, 2002
Cash and cash equivalents	$	253,525	$	246,752
Total assets		1,565,322		1,378,923
Total debt		758,320		711,931
Stockholders' equity		480,594		414,673

SOURCE: JetBlue Airways Corporation

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JETBLUE ANNOUNCES SECOND QUARTER 2003 EARNINGS
Low-Fare Carrier Achieves Second Quarter Operating Margin of 18.6%; Announces Tenth Consecutive Quarter of Profitability
JETBLUE AIRWAYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)
JETBLUE AIRWAYS CORPORATION