MK82Man
Well-known member
- Joined
- Jan 22, 2004
- Posts
- 210
Think how well we would be doing if the East Coast guys were playing with us instead of aganist us! With these kinds of numbers, only one group wins. Management.
Source: US Airways Group, Inc, Thursday October 25, 800 am ET
US Airways Group, Inc. Reports Significantly Improved 3rd Quarter Earnings. Highlights of the third quarter 2007 results:
- Net profit : $177 million, or $1.87 per diluted share versus a net loss of $78 million, or ($0.88) per share for the quarter in 2006.
- Excluding special items, 3rd quarter net profit: $185 million or $1.96 per diluted share versus a net profit of $101 million or $1.09 per share in 2006.
- On a year to date basis, accrued $55 million for its annual employee profit sharing program.
- The Company has $3.1 billion in total cash and investments, of which $0.5 billion was restricted.
TEMPE, Ariz.. US Airways Group, Inc.
US Airways Group Chairman and CEO Doug Parker stated, "We are very pleased to report a sharp improvement in our third quarter earnings. Customer demand has kept pace with supply and the revenue environment has held up well in spite of the credit market challenges and economic uncertainty experienced during the quarter. We are particularly pleased to note that overall industry capacity has remained in check during this period of recovery for our industry, which is a notable change from the past.
"We are especially pleased with the improvement we've seen in operating reliability as the result of our operational improvement plan. During September 2007, more than 80 percent of our flights arrived on time and we completed 99 percent of our flights as scheduled. This was our best on-time performance so far in 2007 and the second best month since our merger in September 2005. We have begun the fourth quarter well and are optimistic that we are on track to regain our position as an industry leader in operational reliability.
"Also during the third quarter, we completed the merger of our operating certificates and US Airways now operates under a single operating certificate. This accomplishment reflects two years of effort on the part of many employees to combine policies, procedures, flight operating systems and maintenance standards with the end goal to become one airline in the eyes of the FAA. Our team did a fantastic job, and we applaud and recognize their accomplishment of making the cutover seamless for our passengers.
"These results are due to the great work of our 37,000 employees who remain committed to their airline while we complete our integration work and transition back to consistent operating fundamentals. As a result of their efforts, we are producing one of the top profit margins in our industry.
"Looking into the current quarter, demand remains robust and the yield environment also remains strong. Recent fuel price increases remain problematic, but so long as our industry continues its recent capacity restraint we are optimistic about prospects for 2008," concluded Parker.
Mainline passenger revenue per available seat mile (PRASM) was 10.85 cents, up 6.5 percent over the same period last year. Express PRASM was 19.31 cents, up 4.0 percent over the third quarter 2006. Total mainline and Express PRASM for US Airways Group was 12.15 cents, which was up 5.6 percent over the third quarter 2006 on a 2.9 decline in total available seat miles (ASMs).
Mainline cost per available seat mile (CASM) at US Airways Group was 11.11 cents, down 2.6 percent versus the same period last year on a decrease in mainline capacity of 2.4 percent versus the third quarter of 2006. Excluding fuel, unrealized and realized gains/losses on fuel hedging instruments, and merger related transition expenses, mainline CASM was 7.68 cents, up 5.7 percent from the same period last year.
Chief Financial Officer Derek Kerr stated, "Our increase in CASM excluding fuel and special items was largely associated with the implementation of our operational improvement plan. We also pulled capacity down slightly to help ease some of the northeast air traffic control issues and other operational challenges. Because of the short-term nature of this capacity reduction, we were not able to pull out all of the corresponding fixed costs and as a result, experienced an increase in unit costs during the third quarter.
"While clearly not satisfied with our cost performance during the third quarter, we took the steps necessary to improve our operational reliability. We have seen a significant improvement in our operation and anticipate the rate of increase in CASM (excluding fuel and special items) to be lower as we move forward."
During its third quarter, the Company recognized $8 million of net special items. Expenses for the quarter included $17 million of merger-related transition expenses and $4 million of special non-cash state tax provision from the utilization of pre-acquisition net operating losses (NOL).
Other Notable Accomplishments Operations
-- Marked a significant milestone by obtaining a single operating certificate from the FAA. The single certificate allows US Airways to operate as a single airline with one set of policies, procedures, computer systems, maintenance and flight control systems.
-- Hired a new Chief Operating Officer (COO), Robert Isom, who has 15 years of airline experience and most recently served as Chief Restructuring Officer of GMAC, LLC. As COO, Isom oversees the airline's operations, including flight operations, inflight services, maintenance and engineering, airport customer service, reservations, cargo and the Express operation.
-- For the 9th consecutive year, Charlotte's line maintenance facility earned the FAA's highest award for excellence in maintenance -- the AMT Diamond Award.
-- The airline maintenance and reliability groups set a new V2500 engine operating hours performance record with the completion of more than 30,000 flight hours.
-- Announced plans to offer recall to all pilots furloughed by pre-merger US Airways, move some 140 pilots at regional partners as part of the jets for jobs program back to mainline, and hire an additional 350 pilots by the end of 2008.
-- Awarded the right to fly the first ever route between Philadelphia and the Chinese capital city of Beijing by the U.S. Department of Transportation (DOT). The daily service to China will begin in 2009. The flight will originate at the airline's hub in Charlotte, N.C.
US Airways is the 5th largest domestic airline employing nearly 37,000 aviation professionals worldwide. US Airways, US Airways Shuttle and US Airways Express operate approximately 3,600 flights per day and serve more than 230 communities in the U.S., Canada, Europe, the Caribbean and Latin America. The new US Airways -- the product of a merger between America West and US Airways in September 2005 -- is a member of the Star Alliance network, which offers our customers 16,000 daily flights to 855 destinations in 155 countries worldwide. This press release and additional information on US Airways can be found at http://www.usairways.com. (LCCF)
Source: US Airways Group, Inc, Thursday October 25, 800 am ET
US Airways Group, Inc. Reports Significantly Improved 3rd Quarter Earnings. Highlights of the third quarter 2007 results:
- Net profit : $177 million, or $1.87 per diluted share versus a net loss of $78 million, or ($0.88) per share for the quarter in 2006.
- Excluding special items, 3rd quarter net profit: $185 million or $1.96 per diluted share versus a net profit of $101 million or $1.09 per share in 2006.
- On a year to date basis, accrued $55 million for its annual employee profit sharing program.
- The Company has $3.1 billion in total cash and investments, of which $0.5 billion was restricted.
TEMPE, Ariz.. US Airways Group, Inc.
US Airways Group Chairman and CEO Doug Parker stated, "We are very pleased to report a sharp improvement in our third quarter earnings. Customer demand has kept pace with supply and the revenue environment has held up well in spite of the credit market challenges and economic uncertainty experienced during the quarter. We are particularly pleased to note that overall industry capacity has remained in check during this period of recovery for our industry, which is a notable change from the past.
"We are especially pleased with the improvement we've seen in operating reliability as the result of our operational improvement plan. During September 2007, more than 80 percent of our flights arrived on time and we completed 99 percent of our flights as scheduled. This was our best on-time performance so far in 2007 and the second best month since our merger in September 2005. We have begun the fourth quarter well and are optimistic that we are on track to regain our position as an industry leader in operational reliability.
"Also during the third quarter, we completed the merger of our operating certificates and US Airways now operates under a single operating certificate. This accomplishment reflects two years of effort on the part of many employees to combine policies, procedures, flight operating systems and maintenance standards with the end goal to become one airline in the eyes of the FAA. Our team did a fantastic job, and we applaud and recognize their accomplishment of making the cutover seamless for our passengers.
"These results are due to the great work of our 37,000 employees who remain committed to their airline while we complete our integration work and transition back to consistent operating fundamentals. As a result of their efforts, we are producing one of the top profit margins in our industry.
"Looking into the current quarter, demand remains robust and the yield environment also remains strong. Recent fuel price increases remain problematic, but so long as our industry continues its recent capacity restraint we are optimistic about prospects for 2008," concluded Parker.
Mainline passenger revenue per available seat mile (PRASM) was 10.85 cents, up 6.5 percent over the same period last year. Express PRASM was 19.31 cents, up 4.0 percent over the third quarter 2006. Total mainline and Express PRASM for US Airways Group was 12.15 cents, which was up 5.6 percent over the third quarter 2006 on a 2.9 decline in total available seat miles (ASMs).
Mainline cost per available seat mile (CASM) at US Airways Group was 11.11 cents, down 2.6 percent versus the same period last year on a decrease in mainline capacity of 2.4 percent versus the third quarter of 2006. Excluding fuel, unrealized and realized gains/losses on fuel hedging instruments, and merger related transition expenses, mainline CASM was 7.68 cents, up 5.7 percent from the same period last year.
Chief Financial Officer Derek Kerr stated, "Our increase in CASM excluding fuel and special items was largely associated with the implementation of our operational improvement plan. We also pulled capacity down slightly to help ease some of the northeast air traffic control issues and other operational challenges. Because of the short-term nature of this capacity reduction, we were not able to pull out all of the corresponding fixed costs and as a result, experienced an increase in unit costs during the third quarter.
"While clearly not satisfied with our cost performance during the third quarter, we took the steps necessary to improve our operational reliability. We have seen a significant improvement in our operation and anticipate the rate of increase in CASM (excluding fuel and special items) to be lower as we move forward."
During its third quarter, the Company recognized $8 million of net special items. Expenses for the quarter included $17 million of merger-related transition expenses and $4 million of special non-cash state tax provision from the utilization of pre-acquisition net operating losses (NOL).
Other Notable Accomplishments Operations
-- Marked a significant milestone by obtaining a single operating certificate from the FAA. The single certificate allows US Airways to operate as a single airline with one set of policies, procedures, computer systems, maintenance and flight control systems.
-- Hired a new Chief Operating Officer (COO), Robert Isom, who has 15 years of airline experience and most recently served as Chief Restructuring Officer of GMAC, LLC. As COO, Isom oversees the airline's operations, including flight operations, inflight services, maintenance and engineering, airport customer service, reservations, cargo and the Express operation.
-- For the 9th consecutive year, Charlotte's line maintenance facility earned the FAA's highest award for excellence in maintenance -- the AMT Diamond Award.
-- The airline maintenance and reliability groups set a new V2500 engine operating hours performance record with the completion of more than 30,000 flight hours.
-- Announced plans to offer recall to all pilots furloughed by pre-merger US Airways, move some 140 pilots at regional partners as part of the jets for jobs program back to mainline, and hire an additional 350 pilots by the end of 2008.
-- Awarded the right to fly the first ever route between Philadelphia and the Chinese capital city of Beijing by the U.S. Department of Transportation (DOT). The daily service to China will begin in 2009. The flight will originate at the airline's hub in Charlotte, N.C.
US Airways is the 5th largest domestic airline employing nearly 37,000 aviation professionals worldwide. US Airways, US Airways Shuttle and US Airways Express operate approximately 3,600 flights per day and serve more than 230 communities in the U.S., Canada, Europe, the Caribbean and Latin America. The new US Airways -- the product of a merger between America West and US Airways in September 2005 -- is a member of the Star Alliance network, which offers our customers 16,000 daily flights to 855 destinations in 155 countries worldwide. This press release and additional information on US Airways can be found at http://www.usairways.com. (LCCF)
