þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 87-0617894 | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
incorporation or organization) | ||
118-29 Queens Boulevard, Forest Hills, New York | 11375 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
September 30,
December 31,
2008
2007
(unaudited)
$
565
$
190
644
104
92
65
236
190
970
1,116
3,850
3,547
194
238
4,044
3,785
384
336
3,660
3,449
500
475
151
130
349
345
4,009
3,794
519
452
305
73
53
208
183
1,105
688
$
6,084
$
5,598
$
125
$
140
525
426
96
110
151
120
20
43
186
417
1,103
1,256
2,929
2,588
183
192
499
438
89
88
771
718
3
2
1,173
853
143
162
(38
)
19
1,281
1,036
$
6,084
$
5,598
Table of Contents
Three Months Ended
Nine Months Ended
September 30,
September 30,
2008
2007
2008
2007
$
807
$
712
$
2,334
$
1,959
95
53
243
144
902
765
2,577
2,103
394
249
1,072
665
173
159
519
481
52
44
152
136
54
44
145
129
33
32
97
92
38
32
118
92
32
25
97
78
104
101
317
291
880
686
2,517
1,964
22
79
60
139
(64
)
(58
)
(173
)
(166
)
15
11
43
30
23
14
43
41
(26
)
(33
)
(87
)
(95
)
(4
)
46
(27
)
44
23
(8
)
22
$
(4
)
$
23
$
(19
)
$
22
$
(0.02
)
$
0.13
$
(0.08
)
$
0.12
$
(0.02
)
$
0.12
$
(0.08
)
$
0.12
Table of Contents
Nine Months Ended
September 30,
2008
2007
$
(19
)
$
22
(8
)
22
134
118
15
15
13
13
49
106
(12
)
(30
)
(33
)
(9
)
109
287
(498
)
(536
)
(45
)
(84
)
164
33
(108
)
(185
)
(11
)
13
(69
)
(450
)
391
553
(64
)
72
2
5
(227
)
(590
)
317
16
578
337
26
156
18
35
104
185
(487
)
(155
)
(41
)
(41
)
(22
)
(5
)
493
528
375
225
190
10
$
565
$
235
Table of Contents
quoted prices in active markets for identical assets or liabilities;
quoted prices in active markets for similar assets and liabilities and inputs that
are observable for the asset or liability; or
unobservable inputs, such as discounted cash flow models or valuations.
Table of Contents
Level 1
Level 2
Level 3
Total
$
553
$
$
$
553
134
134
305
305
1
1
$
687
$
$
306
$
993
$
50
$
50
$
$
50
$
$
50
Table of Contents
Auction Rate
Interest Rate
Securities
Swaps
Total
$
307
$
2
$
309
1
(1
)
(3
)
(3
)
$
305
$
1
$
306
$
$
$
255
255
(13
)
1
(12
)
63
63
$
305
$
1
$
306
Table of Contents
Table of Contents
Table of Contents
Three Months Ended
September 30,
2008
2007
$
(4
)
$
23
(102
)
3
3
(1
)
1
$
(103
)
$
26
Nine Months Ended
September 30,
2008
2007
$
(19
)
$
22
(69
)
7
20
14
(8
)
$
(76
)
$
43
Table of Contents
Three Months Ended
Nine Months Ended
September 30,
September 30,
2008
2007
2008
2007
$
(4
)
$
23
$
(19
)
$
22
1
$
(4
)
$
24
$
(19
)
$
22
225,927
180,154
221,875
179,298
3,992
4,795
14,620
10
11
225,927
198,776
221,875
184,104
Table of Contents
Table of Contents
2008
2007
$
(50
)
$
25
12
12
3,237
2,778
Three Months Ended
Nine Months Ended
September 30,
September 30,
2008
2007
2008
2007
$
22
$
9
$
105
$
8
1
1
2
5
3
3
42
%
53
%
41
%
62
%
Table of Contents
Table of Contents
Three Months Ended
September 30,
Percent
2008
2007
Change
(in cents)
4.84
2.98
62.6
%
2.13
1.90
11.8
%
.64
.54
18.7
%
.66
.53
23.4
%
.40
.37
5.3
%
.45
.39
18.5
%
.40
.30
34.1
%
1.28
1.21
6.9
%
10.80
8.22
31.5
%
Table of Contents
Table of Contents
Nine Months Ended
September 30,
Percent
2008
2007
Change
(in cents)
4.30
2.79
53.9
%
2.08
2.03
3.0
%
.61
.57
6.4
%
.58
.54
6.6
%
.39
.39
.47
.39
22.3
%
.39
.33
19.4
%
1.28
1.22
4.1
%
10.10
8.26
22.3
%
Table of Contents
Table of Contents
Three Months Ended
Nine Months Ended
September 30,
Percent
September 30,
Percent
2008
2007
Change
2008
2007
Change
5,657
5,528
2.3
16,812
16,206
3.7
6,848
6,848
0.0
20,167
19,526
3.3
8,154
8,355
(2.4
)
24,932
23,791
4.8
84.0
%
82.0
%
2.0
pts.
80.9
%
82.1
%
(1.2
) pts.
89.7
%
78.0
%
11.7
pts.
85.3
%
81.5
%
3.8
pts.
11.7
13.0
(9.9
)
12.4
12.9
(4.1
)
$
142.55
$
128.83
10.7
$
138.80
$
120.87
14.8
11.78
10.40
13.2
11.57
10.03
15.3
9.89
8.52
16.0
9.36
8.23
13.7
11.07
9.16
20.8
10.34
8.84
16.9
10.80
8.22
31.5
10.10
8.26
22.3
5.96
5.24
13.8
5.80
5.46
6.1
10.56
8.11
10.3
9.87
8.17
20.8
51,125
50,233
1.8
155,626
146,320
6.4
1,132
1,161
(2.4
)
1,134
1,128
0.5
142.2
130.7
8.8
139.4
126.3
10.3
$
3.42
$
2.13
60.8
$
3.08
$
2.01
53.2
115
117
(1.3
)
348
331
5.3
76.9
%
74.5
%
2.4
pts.
76.9
%
75
%
1.9
pts.
9,398
9,301
1.0
(1)
Excludes operating expenses and employees of LiveTV, LLC, which are unrelated to our airline
operations.
Table of Contents
Table of Contents
Payments due in
Total
2008
2009
2010
2011
2012
Thereafter
$
4,203
$
121
$
321
$
511
$
301
$
320
$
2,629
2,033
59
217
195
180
161
1,221
5,110
140
365
300
450
925
2,930
20
20
3,878
59
153
141
157
198
3,170
$
15,244
$
399
$
1,056
$
1147
$
1,088
$
1,604
$
9,950
(1)
Includes actual interest and estimated interest for floating-rate debt based on September 30,
2008 rates. These obligations assume that we will be required to
repurchase our convertible debt at their new callable dates.
(2)
Amounts include noncancelable commitments for the purchase of goods and services.
Table of Contents
Firm
Option
Airbus
EMBRAER
Airbus
EMBRAER
Year
A320
190
Total
A320
190
Total
3
1
4
3
8
11
3
3
6
8
8
5
4
9
3
11
14
13
10
23
4
12
16
13
12
25
7
14
21
12
12
24
4
21
25
9
11
20
4
20
24
10
10
61
71
132
22
86
108
Table of Contents
Table of Contents
Table of Contents
Table of Contents
25
26
27
Table of Contents
impact our ability to obtain additional financing to support capital
expansion plans and for working capital and other purposes on
acceptable terms or at all;
divert substantial cash flow from our operations and expansion plans
in order to service our fixed obligations;
require us to incur significantly more interest or rent expense than
we currently do, since a large portion of our debt has floating
interest rates and five of our aircraft leases have variable-rate
rent; and
place us at a possible competitive disadvantage compared to less
leveraged competitors and competitors that have better access to
capital resources.
Table of Contents
Table of Contents
28
JETBLUE AIRWAYS CORPORATION
(Registrant)
Date: October 24, 2008
By:
/s/ EDWARD BARNES
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer
and Principal
Accounting
Officer)
Table of Contents
29
Exhibit
Number
Exhibit
Amendment No. 5 to Purchase Agreement DCT-025/2003, dated as of July 18, 2008,
between Embraer-Empresa Brasileira de Aeronautica S.A. and JetBlue Airways
Corporation.
Amendment No. 5 to Letter Agreement DCT-026/2003, dated as of March 6, 2008, between
Embraer-Empresa Brasileira de Aeronautica S.A. and JetBlue Airways Corporation.
Amendment No. 6 to Letter Agreement DCT-026/2003, dated as of July 18, 2008, between
Embraer-Empresa Brasileira de Aeronautica S.A. and JetBlue Airways Corporation.
Computation of Ratio of Earnings to Fixed Charges.
13a-14(a)/15d-14(a) Certification
of the Chief Executive Officer, furnished herewith.
13a-14(a)/15d-14(a) Certification of the Chief Financial Officer, furnished herewith.
Certification Pursuant to Section 1350, furnished herewith.
*
Pursuant to 17 CFR 240.24b-2, confidential information has been omitted and has been filed
separately with the Securities and Exchange Commission pursuant to a Confidential Treatment Request
filed with the
SEC.
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
2.8 | [***] |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
Delivery | Delivery | Delivery | Delivery | |||||||||||||||||||||||||
Aircraft # | Month** | Aircraft # | Month** | Aircraft # | Month** | Aircraft # | Month** | |||||||||||||||||||||
1
|
[***]-05 | 28 | [***]-07 | 55 | [***] -12 | 82 | [***] -14 | |||||||||||||||||||||
2
|
[***]-05 | 29 | [***]-07 | 56 | [***] -12 | 83 | [***] -14 | |||||||||||||||||||||
3
|
[***]-05 | 30 | [***]-07 | 57 | [***] -12 | 84 | [***] -14 | |||||||||||||||||||||
4
|
[***]-05 | 31 | [***] -08 | 58 | [***] 12 | 85 | [***] -14 | |||||||||||||||||||||
5
|
[***]-05 | 32 | [***] -08 | 59 | [***] -12 | 86 | [***]-15 | |||||||||||||||||||||
6
|
[***]-05 | 33 | [***] -08 | 60 | [***] -12 | 87 | [***]-15 |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
7
|
[***]-05 | 34 | [***] -08 | 61 | [***] -12 | 88 | [***]-15 | |||||||||||||||||||||
8
|
[***]-05 | 35 | [***] -08 | 62 | [***]-13 | 89 | [***]-15 | |||||||||||||||||||||
9
|
[***] -06 | 36 | [***] -08 | 63 | [***]-13 | 90 | [***]-15 | |||||||||||||||||||||
10
|
[***] -06 | 37 | [***]-09 | 64 | [***]-13 | 91 | [***]-15 | |||||||||||||||||||||
11
|
[***] -06 | 38 | [***]-09 | 65 | [***]-13 | 92 | [***]-15 | |||||||||||||||||||||
12
|
[***] -06 | 39 | [***]-09 | 66 | [***]-13 | 93 | [***]-15 | |||||||||||||||||||||
13
|
[***] -06 | 40 [***] | [***]-09 | 67 | [***]-13 | 94[***] | [***]-15 | |||||||||||||||||||||
14
|
[***] -06 | 41 [***] | [***]-09 | 68 | [***]-13 | 95 [***] | [***]-15 | |||||||||||||||||||||
15
|
[***] -06 | 42 | [***]-09 | 69 | [***]-13 | 96 | [***]-15 | |||||||||||||||||||||
16
|
[***] -06 | 43 | [***]-09 | 70 | [***]-13 | 97 | [***] -16 | |||||||||||||||||||||
17
|
[***] -06 | 44 [***] | [***]-09 | 71 | [***]-13 | 98 | [***] -16 | |||||||||||||||||||||
18
|
[***] -06 | 45 | [***] -10 | 72 | [***]-13 | 99 | [***] -16 | |||||||||||||||||||||
19
|
[***] -06 | 46 | [***] -10 | 73 | [***]-13 | 100 | [***] -16 | |||||||||||||||||||||
20
|
[***] -06 | 47 | [***] -10 | 74 | [***] -14 | 101 | [***] -16 | |||||||||||||||||||||
21
|
[***] -06 | 48 | [***]-11 | 75 | [***] -14 | 102 | [***] -16 | |||||||||||||||||||||
22
|
[***] -06 | 49 | [***]-11 | 76 | [***] -14 | 103 | [***] -16 | |||||||||||||||||||||
23
|
[***] -06 | 50 | [***]-11 | 77 | [***] -14 | 104 | [***] -16 | |||||||||||||||||||||
24
|
[***]-07 | 51 | [***]11 | 78 | [***] -14 | 105 | [***] -16 | |||||||||||||||||||||
25
|
[***]-07 | 52 | [***] -12 | 79 | [***] -14 | 106 | [***] -16 | |||||||||||||||||||||
26
|
[***]-07 | 53 | [***] -12 | 80 | [***] -14 | |||||||||||||||||||||||
27
|
[***]07 | 54 | [***] -12 | 81 | [***] -14 |
4.1 | The Option Aircraft schedule delivery table in Article 21 of the Purchase Agreement shall be deleted and replaced as follows: |
Group | Option | Delivery | Group | Option | Delivery | |||||||||||||||
# | Aircraft # | Month | # | Aircraft # | Month | |||||||||||||||
|
[***] | [***] -10 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***] -10 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***] -10 | [***] | [***] -14 |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
|
[***] | [***] -10 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***] -10 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***] -10 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***] -10 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***] -10 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***]-11 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***]-11 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***]-11 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***]-11 | [***] | [***] -14 | ||||||||||||||||
[***]
|
[***] | [***] -12 | [***] | [***] | [***] -14 | |||||||||||||||
|
[***] | [***] -12 | [***] | [***] -14 | ||||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***] -12 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***] -12 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***] -12 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***] -12 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***]-13 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***]-13 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***]-13 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
|
[***] | [***]-13 | [***] | [***]-15 | ||||||||||||||||
[***]
|
[***] | [***]-13 | [***] | [***] | [***]-15 | |||||||||||||||
|
[***] | [***]-13 | ||||||||||||||||||
|
[***] | [***]-13 | ||||||||||||||||||
[***]
|
[***] | [***]-13 | ||||||||||||||||||
|
[***] | [*** ]-13 |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
5. | Aircraft Prices | |
5.1 | Aircraft Basic Price for Firm Aircraft: Due to the changes in the Aircraft configuration, Article 3.1 of the Purchase Agreement shall be deleted and replaced as follows: |
Aircraft # | Basic Price[***] | |
1 to 3 | US$ [***] | |
4 | US$ [***] | |
7 | US$ [***] | |
5, 6 and 8 to 12 | US$ [***] | |
13 to 24 | US$ [***] | |
25 | US$ [***] | |
26 | US$ [***] | |
27 | US$ [***] | |
28 to 30 | US$[***] | |
31 to 34 | US$[***] | |
35 to 39, 42, 43, 45 to 50 | US$ [***] | |
51 to 106 | US$ [***] | |
Exercised Option
[***] |
US$ [***] |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
5.2 | Aircraft price for Option Aircraft: Due to the changes in the Aircraft configuration, Article 21.1 of the Purchase Agreement shall be deleted and replaced as follows: |
Option Aircraft # | Option Aircraft Basic Price ([***]) | |
All | US$ [***] |
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
Embraer Empresa Brasileira de Aeronáutica S.A. | JetBlue Airways Corporation | |||||||||
|
||||||||||
By:
|
/s/ Artur Coutinho | By: | /s/ Mark D. Powers | |||||||
|
||||||||||
Name:
|
Artur Coutinho | Name: | Mark D. Powers | |||||||
Title:
|
Executive Vice President of Industrial Operations | Title: | Senior Vice President and Treasurer | |||||||
|
||||||||||
By:
|
/s/ José Luís D. Molina | |||||||||
|
||||||||||
Name:
|
José Luís D. Molina | |||||||||
Title:
|
Vice President Contracts
Airline Market |
|||||||||
|
||||||||||
Date:
|
July 18, 2008 | Date: | July 18, 2008 | |||||||
|
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Place:
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São José Dos Campos, Brasil | Place: | Forest Hills, NY USA | |||||||
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Witness:
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/s/ Rinaldo Piubeli Prado | Witness: | /s/ Laura King | |||||||
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Name:
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Rinaldo Piubeli Prado | Name: | Laura King |
[***]
Represents material which has been redacted and
filed separately with the Commission pursuant to a request for confidential
treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.
[***] | Represents material which has been redacted and filed separately with the Commission pursuant to a request for confidential treatment pursuant to Rule24b-2 under the Securities Exchange Act of 1934, as amended. |
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Embraer Empresa Brasileira de Aeronáutica S.A. | JetBlue Airways Corporation | |||||||||
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By:
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/s/ Mauro Kern Junior | By: | /s/ Mark D. Powers | |||||||
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Name:
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Mauro Kern Junior | Name: | Mark D. Powers | |||||||
Title:
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Executive Vice President
Airline Market |
Title: | Senior Vice President and Treasurer | |||||||
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By:
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/s/ José Luís D. Molina | |||||||||
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Name:
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José Luís D. Molina | |||||||||
Title:
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Vice President Contracts | |||||||||
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Airline Market | |||||||||
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Date:
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March 6, 2008 | Date: | March 6, 2008 | |||||||
Place:
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Place: | Forest Hills, NY USA | ||||||||
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Witness:
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Witness: | /s/ Adam L. Schless | ||||||||
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Name:
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Name: | Adam L. Schless | ||||||||
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[***] | Represents material which has been redacted and filed separately with the Commission pursuant to the request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. |
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Embraer Empresa Brasileira de Aeronáutica S.A. | JetBlue Airways Corporation | |||||||||
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By:
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/s/ Artur Coutinho | By: | /s/ Mark D. Powers | |||||||
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Name:
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Artur Coutinho | Name: | Mark D. Powers | |||||||
Title:
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Executive Vice President of Industrial Operations | Title: | Senior Vice President and Treasurer | |||||||
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By:
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/s/ José Luís D. Molina | |||||||||
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Name:
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José Luís D. Molina | |||||||||
Title:
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Vice President Contracts Airline Market | |||||||||
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Date:
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July 18, 2008 | Date: | July 18, 2008 | |||||||
Place:
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São José Dos Campos, Brasil | Place: | Forest Hills, NY USA | |||||||
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Witness:
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/s/ Rinaldo Piubeli Prado | Witness: | /s/ Laura King | |||||||
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Name:
|
Rinaldo Piubeli Prado | Name: | Laura King |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Earnings:
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Income (loss) before income taxes
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$ | (4 | ) | $ | 46 | $ | (27 | ) | $ | 44 | ||||||
Less: capitalized interest
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(15 | ) | (11 | ) | (43 | ) | (30 | ) | ||||||||
Add: fixed charges
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93 | 86 | 259 | 246 | ||||||||||||
Amortization of capitalized interest
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1 | 1 | 1 | 1 | ||||||||||||
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Adjusted earnings
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$ | 75 | $ | 122 | $ | 190 | $ | 261 | ||||||||
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Fixed charges:
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Interest expense
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$ | 57 | $ | 57 | $ | 163 | $ | 162 | ||||||||
Amortization of debt costs
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7 | 1 | 10 | 4 | ||||||||||||
Rent expense representative of interest
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29 | 28 | 86 | 80 | ||||||||||||
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Total fixed charges
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$ | 93 | $ | 86 | $ | 259 | $ | 246 | ||||||||
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Ratio of earnings to fixed charges (1)
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| 1.41 | | 1.06 | ||||||||||||
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(1) | Earnings were inadequate to cover fixed charges by $18 million and $69 million for the three months and the nine months ended September 30, 2008, respectively. |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: October 24, 2008 | By: | /s/ DAVID BARGER | ||
Chief Executive Officer | ||||
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: October 24, 2008 | By: | /s/ EDWARD BARNES | ||
Executive Vice President and Chief Financial | ||||
Officer | ||||
Date: October 24, 2008 | By: | /s/ DAVID BARGER | ||
Chief Executive Officer | ||||
Date: October 24, 2008 | By: | /s/ EDWARD BARNES | ||
Executive Vice President and Chief Financial | ||||
Officer | ||||