JetBlue Announces First Quarter 2004 Earnings; Low-Fare Carrier Achieves 11.3% Operating Margin

Business Wire, April 22, 2004

                   JETBLUE AIRWAYS CORPORATION

                CONSOLIDATED STATEMENTS OF INCOME

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

                                        Three Months Ended
                                            March 31,      Percent
                                       -------------------
                                           2004      2003  Change
                                       --------- --------- -------

OPERATING REVENUES
Passenger                              $279,616  $209,903    33.2
Other                                     9,387     7,227    29.9
                                       --------- ---------
    Total operating revenues            289,003   217,130    33.1

OPERATING EXPENSES
Salaries, wages and benefits             77,584    56,901    36.3
Aircraft fuel                            49,245    35,966    36.9
Landing fees and other rents             21,517    16,288    32.1
Aircraft rent                            17,255    13,079    31.9
Sales and marketing                      13,421    11,427    17.4
Depreciation and amortization            16,316    10,322    58.1
Maintenance materials and repairs        12,498     3,332   275.0
Other operating expenses                 48,503    35,362    37.2
                                       --------- ---------
    Total operating expenses            256,339   182,677    40.3
                                       --------- ---------

OPERATING INCOME                         32,664    34,453    (5.2)

  Operating margin                         11.3 %    15.9 %  (4.6)pts.

OTHER INCOME (EXPENSE)
Interest expense                         (9,821)   (6,194)   58.6
Capitalized interest                      1,576     1,021    54.3
Interest income and other                 1,345       772    74.4
                                       --------- ---------
    Total other income (expense)         (6,900)   (4,401)
                                       --------- ---------

INCOME BEFORE INCOME TAXES               25,764    30,052   (14.3)

  Income tax expense                     10,571    12,694
                                       --------- ---------

NET INCOME                              $15,193   $17,358   (12.5)
                                       ========= =========

EARNINGS PER COMMON SHARE:

  Basic                                   $0.15     $0.18
                                       ========= =========

  Diluted                                 $0.14     $0.17
                                       ========= =========

Weighted average shares outstanding:
    Basic                               102,251    93,940

    Diluted                             110,233   102,785



                   JETBLUE AIRWAYS CORPORATION

COMPARATIVE OPERATING STATISTICS

                                       Three Months Ended
                                           March 31,       Percent
                                     ---------------------
                                          2004       2003  Change
                                     ---------- ---------- -------

Revenue passengers                   2,650,073  2,010,617    31.8
Revenue passenger miles (000)        3,372,295  2,374,846    42.0
Available seat miles (000)           4,218,520  2,918,071    44.6
Load factor                               79.9 %     81.4 %  (1.5)pts.
Breakeven load factor (1)                 73.0 %     70.7 %   2.3 pts.
Aircraft utilization (hours per day)      13.3       13.1     1.5

Average fare                           $105.51    $104.40     1.1
Yield per passenger mile (cents)          8.29       8.84    (6.2)
Passenger revenue per available seat
 mile (cents)                             6.63       7.19    (7.9)
Operating revenue per available seat
 mile (cents)                             6.85       7.44    (7.9)
Operating expense per available seat
 mile (cents)                             6.08       6.26    (2.9)
Airline expense per available seat
 mile (cents) (1)                         6.05       6.25    (3.2)

Departures                              20,845     15,411    35.3
Average stage length (miles)             1,297      1,169    11.0
Average number of operating aircraft
 during period                            55.3       38.7    43.0
Average fuel cost per gallon (cents)     91.66      97.61    (6.1)
Fuel gallons consumed (000)             53,725     36,847    45.8
Percent of sales through jetBlue.com
 during period                            76.9 %     71.0 %   5.9 pts.
Full-time equivalent employees at
 period end (1)                          5,292      3,981    32.9


(1) Excludes results of operations and employees for LiveTV, LLC,
    which are unrelated to our airline operations.



SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)

                                     March 31,  December 31,
                                          2004      2003
                                     ----------  ----------

   Cash and cash equivalents          $554,958    $570,695
   Total assets                      2,356,266   2,185,757
   Total debt                        1,223,769   1,108,595
   Stockholders' equity                692,844     671,136


SOURCE:  JetBlue Airways Corporation