PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA 
STAFF BRIEFING 
Item No.       7b 
Date of Meeting    May 8, 2012 

DATE:      April 26, 2012 
TO:        Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:    First Quarter Financial Performance Briefing 

BACKGROUND: 
In compliance with Port strategies of "Ensuring Airport and Seaport Vitality" through financial
performance and "Enhancing Public Understanding and Support of the Port's Role in the
Region," this presentation is to provide a status report the first quarter of 2012 financial
performance results. 
The Port's overall operating revenues for the first quarter of 2012 were $119.6 million, which is
$293,000, or 0.2%, above budget. Excluding the $1.4 million unfavorable budget variance from
the aeronautical revenues, which are based on airline cost recovery formulas, and $49,000 
favorable budget variance from Seaport Security Grants, which would have a corresponding
reduction in operating expense, operating revenues were $1.6 million over budget. 
Total operating expenses for the first quarter of 2012 were $65.0 million, which is $7.1 million,
or 9.9%, below budget. The operating expense variance was largely due to timing of spending,
delay hiring, and some vacant positions. All divisions and Corporate were under budget as of
March. 
Operating income before depreciation was $54.6 million, which is $7.4 million, or 15.8%, over 
budget. Operating income after depreciation was $14.2 million, which is $6.4 million, or 81.3%, 
higher than budget. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Portwide Operating Results 
2.  Aviation Division Operating Results
3.  Seaport Division Operating Results

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
April 26, 2012 
Page 2 of 2 
4.  Real Estate Division Operating Results 
5.  Capital Development Division Operating Results 
6.  Corporate Operating Results 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
2012 Q1 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.