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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 THIRD QUARTER 2003 EARNINGS

Low-Fare Carrier Achieves Eleventh Consecutive Quarter of Profitability

        New York, NY (October 23, 2003)—JetBlue Airways Corporation (NASDAQ: JBLU) today reported its results for the third quarter 2003:

        "Our strong financial results this quarter are a result of great customer demand coupled with ongoing cost control diligence," said David Neeleman, CEO of JetBlue. "As we approach delivery of our 50th aircraft, we are extremely grateful for the support of our crewmembers, customers and stockholders and proud of all we've accomplished to-date. At the same time, looking toward the future, we are dedicated to ensuring we have the right people, processes and facilities in place to support our continued plans for steady, controlled expansion."

        During the third quarter of 2003, JetBlue achieved a completion factor of 99.8%. On-time performance, defined by the US Department of Transportation as arrivals within 14 minutes of schedule, was 86.2% in the third quarter of 2003. The Company attained a record quarterly load factor of 87.7%, an improvement of 2.9 points, on a capacity increase of 66.3% over the third quarter of 2002.

        "We're extremely proud of the efforts our crewmembers put forth this quarter to drive these exceptional results", said Dave Barger, President and COO of JetBlue. "Faced with an incredible challenge—27 hours of manual operations at JFK as a result of the blackout—our crewmembers showed astonishing dedication, ingenuity and stamina, enabling us to accommodate more than 35,000 customers during that time and keep the operation going. They are truly the reason that JetBlue continues to be widely embraced by the traveling public."

        For the third quarter 2003, operating revenues increased by 65.5% over 2002 to $273.6 million. Revenue passenger miles increased 72.1% from the third quarter of 2002 to 3.2 billion. Available seat miles grew 66.3% to 3.7 billion. Yield per passenger mile was 8.14 cents, down 4.1% compared to 2002 on a 7.1% increase in average length of haul. Operating revenue per available seat mile (RASM) decreased 0.5% year-over-year to 7.38 cents.

        Operating expenses for the third quarter of 2003 were $219.7 million, up 53.9% from the third quarter of 2002. Operating expense per ASM (CASM) for the second quarter decreased 7.7% year-over-year to 5.92 cents on a 3.6% increase in average stage length. During the quarter, realized fuel price was 81 cents per gallon, an 8.7% increase over third quarter 2003 realized fuel price of 75 cents. JetBlue ended the quarter with $600 million in cash and short-term investments.


        JetBlue will conduct a conference call to discuss its quarterly earnings today, October 23rd, 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 48 new Airbus A320 aircraft and is scheduled to place into service another five 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)

        Based out of New York City's John F. Kennedy International Airport, JetBlue currently operates 192 flights a day and serves 22 destinations in 11 states and Puerto Rico and plans to commence service from Boston, Massachusetts beginning January 7, 2004. 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 the 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 and Quarterly Reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

2


JETBLUE AIRWAYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

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

 
   Three Months Ended
September 30,
    
   Nine Months Ended
September 30,
    
  
 
   Percent
Change
   Percent
Change
  
 
   2003
   2002
   2003
   2002
  
OPERATING REVENUES                                  
  Passenger   $ 264,431   $ 160,239   65.0   $ 711,371   $ 433,625   64.1  
  Other     9,145     5,022   82.1     24,036     14,308   68.0  
   
 
     
 
     
    Total operating revenues     273,576     165,261   65.5     735,407     447,933   64.2  

OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Salaries, wages and benefits     69,875     41,747   67.4     194,603     112,930   72.3  
  Aircraft fuel     38,296     21,170   80.9     106,719     51,137   108.7  
  Sales and marketing     15,067     11,795   27.7     41,035     33,430   22.8  
  Landing fees and other rents     18,851     11,865   58.9     51,448     31,485   63.4  
  Aircraft rent     15,673     10,061   55.8     43,659     29,850   46.3  
  Depreciation and amortization     13,700     6,926   97.8     35,493     17,333   104.8  
  Maintenance materials and repairs     5,755     2,733   110.6     14,453     6,144   135.2  
  Other operating expenses     42,523     36,503   16.5     114,164     92,078   24.0  
   
 
     
 
     
    Total operating expenses     219,740     142,800   53.9     601,574     374,387   60.7  
   
 
     
 
     

OPERATING INCOME
 
 
53,836
 
 
22,461
 
139.7
 
 
133,833
 
 
73,546
 
82.0
 
 
Operating margin
 
 
19.7%
 
 
13.6%
 
6.1pts.
 
 
18.2%
 
 
16.4%
 
1.8pts.
 

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense     (7,857 )   (5,738 ) 36.9     (20,074 )   (14,650 ) 37.0  
  Capitalized interest     1,405     1,415   (0.8 )   3,647     4,147   (12.1 )
  Interest income and other     2,033     1,943   4.7     4,753     4,362   9.0  
  Government compensation (1)     —     407         22,761     407      
   
 
     
 
     
    Total other income (expense)     (4,419 )   (1,973 )       11,087     (5,734 )    
   
 
     
 
     
INCOME BEFORE INCOME TAXES     49,417     20,488   141.2     144,920     67,812   113.7  
  Income tax expense     20,374     8,333         60,562     28,067      
   
 
     
 
     
NET INCOME   $ 29,043   $ 12,155   138.9   $ 84,358   $ 39,745   112.2  
   
 
     
 
     
EARNINGS PER COMMON SHARE:                                  
  Basic   $ 0.44   $ 0.20       $ 1.32   $ 0.87      
   
 
     
 
     
  Diluted   $ 0.39   $ 0.18       $ 1.19   $ 0.62      
   
 
     
 
     
  Weighted average shares outstanding:                                  
    Basic     65,942     60,878         63,864     38,800      
    Diluted     73,865     68,084         70,674     64,061      
(1)
On May 15, 2003 we received $22.8 million ($11.5 million net of tax and related profit sharing) in compensation related to the Emergency War Time Supplemental Appropriations Act. This compensation increased our diluted earnings per share by $0.16 for the nine months ended September 30, 2003.


JETBLUE AIRWAYS CORPORATION

COMPARATIVE OPERATING STATISTICS

 
   Three Months Ended
September 30,
    
   Nine Months Ended
September 30,
    
  
 
   Percent
Change
   Percent
Change
  
 
   2003
   2002
   2003
   2002
  
Revenue passengers     2,413,505     1,501,946   60.7     6,634,042     4,015,769   65.2  
Revenue passenger miles (000)     3,248,958     1,888,151   72.1     8,418,820     4,817,962   74.7  
Available seat miles (000)     3,704,841     2,227,254   66.3     9,898,131     5,774,037   71.4  
Load factor     87.7 %   84.8 % 2.9 pts.   85.1 %   83.4 % 1.7 pts.
Breakeven load factor     72.7 %   75.5 % (2.8) pts.   71.8 %   72.0 % (0.2) pts.
Aircraft utilization (hours per day)     13.2     12.8   3.2     13.1     13.0   0.8  

Average fare
 
$
109.56
 
$
106.69
 
2.7
 
$
107.23
 
$
107.98
 
(0.7
)
Yield per passenger mile (cents)     8.14     8.49   (4.1 )   8.45     9.00   (6.1 )
Passenger revenue per available seat mile (cents)     7.14     7.19   (0.8 )   7.19     7.51   (4.3 )
Operating revenue per available seat mile (cents)     7.38     7.42   (0.5 )   7.43     7.76   (4.2 )
Operating expense per available seat mile (cents) (1)     5.92     6.41   (7.7 )   6.07     6.48   (6.4 )

Departures
 
 
17,175
 
 
11,245
 
52.7
 
 
48,719
 
 
30,774
 
58.3
 
Average stage length (miles)     1,267     1,223   3.6     1,231     1,158   6.3  
Average number of operating aircraft during period     45.8     28.4   61.3     42.1     25.0   68.2  
Average fuel cost per gallon
(cents)		     81.33     74.80   8.7     85.37     69.22   23.3  
Fuel gallons consumed (000)     47,087     28,301   66.4     125,014     73,876   69.2  
Percent of sales through jetBlue.com during period     73.7 %   65.1 % 8.6 pts.   72.4 %   60.8 % 11.6 pts.
Full-time equivalent employees at period end                     4,650     3,143   47.9  
(1)
Excludes direct costs associated with LiveTV third party sales of $480,000 and $979,000 for the three and nine months ended September 30, 2003, which are unrelated to our airline operations

SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)

 
   September 30,
2003
   December 31,
2002
Cash and cash equivalents   $ 574,229   $ 246,752
Total assets     2,010,013     1,378,923
Total debt     990,359     711,931
Stockholders' equity     639,540     414,673

SOURCE: JetBlue Airways Corporation




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JETBLUE ANNOUNCES THIRD QUARTER 2003 EARNINGS
Low-Fare Carrier Achieves Eleventh Consecutive Quarter of Profitability
JETBLUE AIRWAYS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)
JETBLUE AIRWAYS CORPORATION