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History of Southwest Airlines Co.

By mralexrest

  • Air Southwest Co. is incorporated.

    Air Southwest Co. is incorporated.
    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.

  • Application Filing

    Application Filing
    With $500,000 in the bank, Herb files the application with the Texas Aeronautics Commission (TAC) to serve DAL, IAH, and SAT.

  • Permission Granted

    Permission Granted
    TAC votes unanimously to grant Air Southwest a certificate of public convenience and necessity. #ReadyForTakeOff

  • Getting Planes

    Getting Planes
    Boeing offers to sell Southwest three 737-200s with Boeing carrying 90% of the financing.

  • Becoming a Public Company

    Becoming a Public Company
    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.

  • Starting to Fly

    Starting to Fly
    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.

  • "Love" Airline

    "Love" Airline
    The "love airline" is born since Southwest Airlines HQ is located at Dallas "Love" Field. Captain Emilio Salazar flies the inaugural flight.

  • 1971 Milestones

    1971 Milestones
    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

  • 1984 Earnings

    1984 Earnings
    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.

  • 1994 Earnings

    1994 Earnings
    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%.

  • Southwest and Airtran become one

    Southwest and Airtran become one
    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.