Finally, we are fiercely in it. We do believe that the long term interest of our owners is best serviced by JetBlue remaining a standalone organically growing sustainable carrier.
So quick summary of some of the results that you may have seen. Nine consecutive quarters of profitability. We finished the second quarter more than doubling last year's net income to $52 million. Operating profit margins improved by 2.7 points. We continue to outpace the domestic A4A results while at the same time growing at a reasonable clip in very targeted areas. And we'll talk a little bit more about where we do grow and why.
We also ended the quarter as we have in prior quarters with a strong liquidity position of 25% of 2012 revenues. I should note, this does not include the benefit of two revolver facilities that we have totally about $225 million. But why do you have so much cash? For sure, we're not getting great returns to anybody's getting great returns after the session. So we're not getting great returns, so that certainly is a big of friction against generating great returns. The ROIC, but cash because it still remains from a fuel perspective a very volatile uncertain market. And it's also nice as I think you can attest, Robin, on that it's nice to have cash as a flexibility to pursue organic growth opportunities. Notably, that would include things like the slot transaction that we did earlier this year where we picked up some very, very valuable [inaudible] in LaGuardia and DCA. So that's sort of why we maintain the cash.
Having said that as we'll talk about in a minute, it's also been a very, very interesting way to manage our debt. Again, the context here is that not only are we managing our debt balances, but we're also trying to manage our debt balances and preserve what I think is a pretty favorable weight of that, which cost of debt, which I think at last week, it was about 4.5%. And so as we look at new opportunities to grow and fund ourselves, we're looking at pre-payment options. Maintaining that 4.5% is absolutely critical.Read the rest of this transcript for free on seekingalpha.com
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