Despite 61% profit dip, SWA in the black for 39th straight year in 2011

Southwest Airlines (SWA) reported 2011 net income of $178 million, down 61.2% from a net profit of $459 million in 2010. The Dallas-based low-cost carrier attributed the profit decline to "significantly higher fuel prices," but it noted that its revenue performance was strong and 2011 marked its 39th consecutive year of profitability.