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/FIRST AND FINAL ADD -- NY044 -- UAL CORP. EARNINGS/

 UAL CORP. AND SUBSIDIARY COMPANIES
 STATEMENT OF CONSOLIDATED OPERATIONS
 (unaudited -- in millions, except per share)
 Percent
 Three months ended March 31, 1993 1992 Change
 Operating revenues:
 Passenger $2,961 $2,651 +11.7
 Cargo 211 175 +20.6
 Contract services and other 160 146 + 9.6
 Total 3,332 2,972 +12.1
 Operating expenses:
 Salaries and related costs 1,164 1,097 + 6.1
 Commissions 582 536 + 8.6
 Aircraft fuel 425 363 +17.1
 Rentals and landing fees 364 304 +19.7
 Purchased services 240 201 +19.4
 Depreciation and amortization 193 173 +11.6
 Aircraft maintenance 100 83 +20.5
 Food and beverages 75 72 + 4.2
 Personnel expenses 66 62 + 6.5
 Advertising and promotion 35 48 -27.1
 Other 209 201 + 4.0
 Total 3,453 3,140 +10.0
 Loss from operations (121) (168) -28.0
 Other income (expense):
 Interest expense (95) (76) +25.0
 Interest capitalized 20 25 -20.0
 Interest income 16 15 + 6.7
 Equity in earnings of
 Covia Partnership 3 6 -50.0
 Other, net (27) 25
 Total (83) (5)
 Loss before income taxes,
 extraordinary item
 and cumulative effect
 of accounting changes (204) (173) +17.9
 Provision (credit) for
 income taxes (66) (65) + 1.5
 Loss before extraordinary
 item and cumulative effect
 of accounting changes (138) (108) +27.8
 Extraordinary loss on
 early extinguishment
 of debt, net of tax (19) -
 Cumulative effect of
 accounting changes,
 net of tax - (540)
 Net loss $(157) $(648) -75.8
 Per share:
 Loss before extraordinary
 item and cumulative effect
 of accounting changes $(5.92) $(4.52)
 Extraordinary loss on debt
 extinguishment (0.77) -
 Cumulative effect of accounting
 changes - (22.58)
 Net loss $(6.69) $(27.10)
 Average shares used in per-share
 computation 24 24
 Consolidated Notes
 (A) UAL Corp. is a holding company whose principal subsidiary is United Air Lines, Inc.
 (B) Passenger revenues for the first quarter of 1993 included $16 million of revenues resulting from the payment by the U.S. government of certain receivables it had previously disputed. Operating expenses for the first quarter of 1993 included $10 million of Air Wisconsin charges related to agreements to transfer certain of its operations to other carriers and other adjustments. First quarter 1993 equity in the earnings of Covia Partnership was reduced by $10 million, reflecting the adoption by Covia of Statement of Financial Accounting Standards ("SFAS") No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and certain expenses resulting from its pending merger with The Galileo Company Limited. Included in "Other income (expense)" in the 1993 and 1992 periods were foreign exchange gains (losses) of $(22) million and $20 million, respectively.
 (C) The provisions (credits) for income taxes are based on estimated annual effective tax rates which differ from the federal statutory rate of 34 percent principally due to state income taxes and certain nondeductible expenses.
 (D) In the first quarter of 1993, United recorded an extraordinary loss of $19 million, net of tax benefits of $9 million, based on its decision to retire $500 million of senior subordinated notes. United expects to redeem the notes in the second quarter of 1993. The notes were scheduled to mature in 1995 and 1998 for $150 million and $350 million, respectively.
 (E) In the fourth quarter of 1992, UAL adopted SFAS No. 106 and SFAS No. 109, "Accounting for Income Taxes," effective Jan. 1, 1992. The effect of adopting SFAS No. 106 was a cumulative charge of $580 million, net of tax benefits of $345 million, and an increase of approximately $19 million in operating expenses in the first quarter of 1992. The effect of adopting SFAS No. 109 was a cumulative benefit of $40 million. The statement of consolidated operations for the first quarter of 1992 has been restated to reflect the adoption of these standards.
 (F) UAL issued six million shares of convertible preferred stock in February 1993. The net loss available to common shareholders for the computation of earnings per share in the first quarter of 1993 included $5 million of dividends on the preferred stock.
 UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
 Percent
 Three months ended March 31, 1993 1992 Change
 FINANCIAL SUMMARY
 (in millions)
 Operating revenues $3,280 $2,938 +11.6
 Operating expenses 3,387 3,103 + 9.2
 Loss from operations $ (107) $ (165) -35.2
 OPERATING STATISTICS
 Revenue passengers
 (in thousands) 15,657 13,871 +12.9
 Revenue passenger miles
 (in millions) 22,443 19,140 +17.3
 Available seat miles
 (in millions) 35,220 31,398 +12.2
 Passenger load
 factor (percent) 63.7 61.0 +2.7 pt.
 Breakeven passenger load
 factor (percent) 66.1 64.8 +1.3 pt.
 Revenue per passenger
 mile (cents) 12.89 13.60 -5.2
 Operating expenses per
 available
 seat mile (cents) 9.62 9.88 -2.6
 Average price per gallon of jet
 fuel (cents) 65.9 62.0 +6.3
 Number of aircraft in
 operating fleet
 at end of period 543 495
 Number of employees
 at end of period
 (thousands) 81.6 81.2 +0.5
 -0- 4/29/93
 /CONTACT: Joe Hopkins (corporate communications), 708-952-5770, or at night, 708-952-4088; or Pamela Hanlon (investor relations), 708-952-7501, both of UAL/
 (UAL)
 /END FIRST AND FINAL ADD/


CO: UAL Corp. ST: Illinois IN: AIR SU: ERN

SH -- NY044A -- 2598 04/29/93 11:14 EDT
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Date:Apr 29, 1993
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