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Southwest Airlines Co. was founded by Herb Kelleher and Rollin King in 1966 and incorporated in 1967 as Air Southwest Company. The current name was adopted in 1971.
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With $500,000 in the bank, Herb files the application with the Texas Aeronautics Commission (TAC) to serve DAL, IAH, and SAT.
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TAC votes unanimously to grant Air Southwest a certificate of public convenience and necessity. #ReadyForTakeOff
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Boeing offers to sell Southwest three 737-200s with Boeing carrying 90% of the financing.
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An Initial Public Offering of 650,000 shares of Southwest stock at $11 per share ($6.5 million) was made. Thomson McKinnon Auchincloss, Inc. and Model, Roland & Co., Inc. were the Principal Underwriters. The exchange was traded over the counter, and did not have an associated ticker symbol.
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Southwest Airlines begins airline service to Dallas, San Antonio, and Houston. Initial flight schedule starts with six roundtrips from Dallas to San Antonio and 12 roundtrips from Dallas to Houston with $20 one-way fares. Initail target market of Families and Businesses flying throughout The Lone Star State.
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The "love airline" is born since Southwest Airlines HQ is located at Dallas "Love" Field. Captain Emilio Salazar flies the inaugural flight.
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1971 Milestones
Passengers carried: 108,554
Trips flown: 6,051
Fleet: 4 aircraft
Employees: 195 at yearend
Cities opened: DAL, SAT, IAH, HOU
Advertising budget: $700,000 -
Southwest's (unaudited) net income for the year ended December 31, 1984, was $49,724,000, a 22% increase over the $40,867,000 earned in 1983.
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Consolidated net income for the year ended December 31, 1994 was $179.3 million, as compared to the corresponding 1993 amount (before the cumulative effect of accounting changes) of $154.3 million, an increase of 16.2%. Net income per share was $1.22 in 1994, as compared to $1.05 (before the cumulative effect of accounting changes) in 1993, an increase of 16.2%.
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The Federal Aviation Administration (FAA) accepts Southwest Airlines’ transition plan to combine the operations of Southwest and AirTran Airways, following the financial close of its transaction to acquire AirTran.
