UAL Corporation reports full year 1995 and fourth quarter financial results.CHICAGO--(BUSINESS WIRE)--Jan. 23, 1996-- -0- o Highest annual earnings level from ongoing operations in company's history o On a fully distributed basis, 1995 net earnings were $662 million or $20.51 for each of the 32.6 million fully distributed shares o Fourth quarter results included $29 million extraordinary loss from early debt extinguishment and $13 million write-down of non-operating aircraft net of tax o On a fully distributed basis, fourth quarter earnings were $2.95 for each of the 30.7 million fully distributed shares excluding the extraordinary loss, write-down and effect of preferred stock transactions - an 88 percent improvement over 1994 earnings per share results of $1.57 per share UAL Corporation UAL Corporation (NASDAQ: UAUA) is an airline holding company, incorporated in Delaware with headquarters in Chicago, Illinois. The CEO of UAL Corporation since September of 2002 is Glenn Tilton. , the holding company whose primary subsidiary is United Airlines, today reported full year 1995 preliminary unaudited net earnings in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) of $349 million. The 1995 GAAP earnings before an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. $29 million extraordinary loss for the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt were $378 million, a company record for earnings from ongoing operations (before extraordinary items). GAAP earnings were $19.11 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share ($20.01 per share on a primary basis) after preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividend requirements. In 1994, UAL Corporation reported GAAP earnings of $51 million, including $128 million of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. after-tax charges associated with the completion of the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. and a one-time after-tax charge of $26 million associated with the adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 112. The Company also reported that on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma , fully distributed Fully distributed A new stock issue that has been completely resold to the investing public and is no longer held by dealers. fully distributed Of or relating to a new issue of securities that has been sold out. basis (see below for further explanation of the methodology) 1995 net earnings were $662 million or $20.51 per share after preferred stock dividends. Fully distributed operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for 1995 were $1,333 million. "We are extremely pleased with our record 1995 results," says Chairman and Chief Executive Officer Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. Greenwald Greenwald may refer to:
See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). , contributed to our fully distributed unit cost reduction. "Our 1995 financial performance advances our pursuit to become the airline of choice for customers and employees as well as stockholders. We anticipate continued success for 1996 having begun the year with strong first quarter bookings." Full year operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. were $14.9 billion, up 7.1% from $14.0 billion the year before. With a 4.2 percent increase in available seat miles Available seat miles (ASM) is a measure of an airline flight's passenger carrying capacity. It is equal to the number of seats available multiplied by the number of miles flown. This measures an airlines capacity for transporting passengers. , total revenue per available seat mile increased by 2.9 percent from 9.12 cents a year ago to 9.39 cents. Traffic increased by 3.2 percent as revenue passenger miles Revenue passenger miles (RPMs) is a measure of a passenger traffic for an airline flight, bus, or train calculated by multiplying the total number of revenue-paying passengers aboard the vehicle by the distance traveled measured in miles. grew to 111.8 billion from 108.3 billion in 1994. Yield (revenue per passenger mile) increased by 4.2 percent to 11.79 cents, up from 11.31 cents in 1994. Full year operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. excluding all ESOP charges increased by 2.7% from $13.2 billion to $13.6 billion in 1995. The full year cost per available seat mile, excluding all ESOP charges, decreased 1.0 percent to 8.55 cents from 8.64 cents a year ago largely due to 3.3 percent lower labor costs driven by the employee investment transaction. Fourth Quarter Results For the fourth quarter, UAL Corporation reported a GAAP net loss of $5 million excluding certain special adjustments, or a loss of $1.25 per share after preferred stock dividends. In the fourth quarter, the Company recorded the following special adjustments: o An extraordinary loss of $29 million ($2.35 per share) after-tax due to early extinguishment of debt, o A $13 million ($1.09 per share) after-tax adjustment associated with a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of non-operating aircraft, and o A $1.81 per share unfavorable impact to earnings per share due to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of a portion of outstanding Series B preferred stock. The fourth quarter GAAP net loss including the special adjustments was $47 million or a loss of $6.50 per share after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) . For the comparable quarter in 1994, UAL UAL United Airlines (ICAO code) UAL Unified Accelerator Library (Brookhaven National Laboratory) UAL User Account Lockdown UAL User Access Layer UAL Universal Auxiliary Language UAL User Agent Layer reported GAAP net income of $11 million (a loss of $0.98 per share after preferred stock dividends). On a fully distributed basis, UAL Corporation fourth quarter net income, excluding the special adjustments, was $98 million or $2.95 per share for each of the 30.7 million fully distributed shares. The fully distributed net earnings represent a 46 percent increase from 1994's fully distributed net earnings of $67 million with earnings per share improving 88 percent over last years fully distributed earnings per share of $1.57. Fully distributed operating earnings for the quarter, excluding the special adjustments, were $212 million, a 23 percent improvement over 1994's $172 million. -0-
FULLY DISTRIBUTED RESULTS
(Millions, except per share)
Three Months Ended December 31
1995 1994 % Change
Per Per Per
Earnings Share Earnings Share Earnings Share
Operating Earnings
Before non-operating
aircraft write-down $212 NA $172 NA + 23 NA
Net Earnings
before special
charges $ 98 $2.95 $ 67 $ 1.57 + 46 + 88
Extraordinary item (29) (0.95) - - NA NA
Non-operating
aircraft write-down (13) (0.44) - - NA NA
Preferred stock
transactions - (0.73) - (0.10) NA - 630
Net Earnings $ 56 $ 0.83 $ 67 $ 1.47 - 16 - 44
The repurchase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $750 million principal amount of debt in 1995 is expected to reduce net interest expense by $26 million in 1996 alone. As another credit improvement initiative, 1996 dividend payments will be reduced by $12 million due to the repurchase of $96 million of Series B preferred stock during the fourth quarter. The additional depreciation provision of $13 million after-tax ($22 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta in operating expenses) in the fourth quarter for certain non-operating DC-10 aircraft reflects a reduction in their estimated residual value Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. to the current market value of freighter aircraft. In addition to the special charges, the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the Federal fuel tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various adversely impacted fourth quarter operating earnings by $20 million. n.b.: In addition to reviewing financial statements reported under Generally Accepted Accounting Principles (GAAP), a more complete understanding of the Company's results can be gained by viewing them on a pro forma, fully distributed basis. This approach considers all ESOP shares (which will be issued to employees over the course of the ESOP period) to be immediately outstanding and thus fully distributed. Consistent with this method, the ESOP compensation expense (which reflects the commitment of stock to employees) is excluded from fully distributed expenses and ESOP convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". dividends have not been deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. from earnings attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common stockholders. Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Contact: Connie
Connie is a British television drama made for ITV by Central Television and shown in 1985. Huff huff - To compress data using a Huffman code. Various programs that use such methods have been called "HUFF" or some variant thereof. Opposite: puff. Compare crunch, compress. (847) 952-5501 Joe Hopkins Hopkins, city (1990 pop. 16,534), Hennepin co., SE Minn., a suburb of Minneapolis; inc. as West Minneapolis 1893, name changed 1928. The city manufactures machinery, computer and electronic parts, steel products, air pollution equipment, ophthalmic lenses, tools, (847) 952-5770 Tony Molinaro (847) 952-4971 Night (847) 952-4088 Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Mark Reiser Reiser could refer to:
-0-
UAL CORPORATION AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In Millions, Except Per Share)
Three Months Ended December 31
______________________________
1995 1994 % Change
______ ______ _________
Operating revenues:
Passenger $3,221 $3,022 + 6.6
Cargo 200 184 + 8.7
Other operating revenues 246 233 + 5.6
______ ______
3,667 3,439 + 6.6
______ ______
Operating expenses:
Salaries and related costs 1,130 1,101 + 2.6
ESOP compensation expense 168 94 + 78.7
Aircraft fuel 455 411 + 10.7
Commissions 356 343 + 3.8
Purchased services 280 249 + 12.4
Aircraft rent 241 246 - 2.0
Landing fees and other rent 208 158 + 31.6
Depreciation and amortization 183 186 - 1.6
Food services 132 124 + 6.5
Aircraft maintenance 105 81 + 29.6
Personnel expenses 76 62 + 22.6
Write down of retired aircraft 22 -
Other operating expenses 289 306 - 5.6
______ ______
3,645 3,361 + 8.4
______ ______
Earnings from operations 22 78 - 71.8
______ ______
Other income (expense):
Interest expense (94) (104) - 9.6
Interest capitalized 11 10 + 10.0
Interest income 23 23
Equity in earnings of affiliates 9 -
Miscellaneous, net - 3
______ ______
(51) (68) - 25.0
______ ______
Earnings (loss) before income taxes
and extraordinary item (29) 10
Provision (credit) for income taxes (11) (1)
______ ______
Earnings (loss) before
extraordinary item (18) 11
Extraordinary loss on early
extinguishment of debt, net of tax (29) -
______ ______
Net earnings (loss) $ (47) $ 11
______ ______
______ ______
Per share:
Earnings (loss) before
extraordinary item $(4.15) $(0.98)
Extraordinary item (2.35) -
______ ______
Net earnings (loss) $(6.50) $(0.98)
______ ______
______ ______
See accompanying notes.
UAL CORPORATION AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATED OPERATIONS (UNAUDITED)
(In Millions, Except Per Share)
Twelve Months Ended December 31
_______________________________
1995 1994 % Change
_______ _______ ________
Operating revenues:
Passenger $13,227 $12,295 + 7.6
Cargo 757 685 + 10.5
Other operating revenues 959 970 - 1.1
_______ _______
14,943 13,950 + 7.1
_______ _______
Operating expenses:
Salaries and related costs 4,526 4,679 - 3.3
ESOP compensation expense 504 182 +176.9
Aircraft fuel 1,680 1,585 + 6.0
Commissions 1,471 1,426 + 3.2
Purchased services 1,062 947 + 12.1
Aircraft rent 1,009 933 + 8.1
Landing fees and other rent 803 622 + 29.1
Depreciation and amortization 724 725 - 0.1
Food services 532 479 + 11.1
Aircraft maintenance 407 410 - 0.7
Personnel expenses 285 248 + 14.9
Other operating expenses 1,111 1,193 - 6.9
_______ _______
14,114 13,429 + 5.1
_______ _______
Earnings from operations 829 521 + 59.1
_______ _______
Other income (expense):
Interest expense (399) (372) + 7.3
Interest capitalized 42 41 + 2.4
Interest income 98 85 + 15.3
Equity in earnings of affiliates 51 20
Miscellaneous, net - (124)
_______ _______
(208) (350) - 40.6
_______ _______
Earnings before income taxes,
extraordinary item and cumulative
effect of accounting change 621 171
Provision for income taxes 243 94
_______ _______
Earnings before extraordinary item and
cumulative effect of accounting change 378 77
Extraordinary loss on early
extinguishment of debt, net of tax (29) -
Cumulative effect of accounting
change, net of tax - (26)
_______ _______
Net earnings $ 349 $ 51
_______ _______
_______ _______
Per share, primary:
Earnings before extraordinary item,
cumulative effect of accounting change
and preferred stock transactions $ 20.56 $ 0.76
Extraordinary item (1.85) -
Cumulative effect of accounting change - (1.37)
Preferred stock transactions 1.30 -
_______ _______
Net earnings (loss) $ 20.01 $ (0.61)
_______ _______
_______ _______
Per share, fully diluted:
Earnings before extraordinary item,
cumulative effect of accounting change
and preferred stock transactions $ 19.59 $ 0.76
Extraordinary item (1.63) -
Cumulative effect of accounting change - (1.37)
Preferred stock transactions 1.15 -
_______ _______
Net earnings (loss) $ 19.11 $ (0.61)
_______ _______
_______ _______
See accompanying notes.
Consolidated Notes
__________________
(1) UAL Corporation is a holding company whose principal subsidiary
is United Air Lines, Inc.
(2) "ESOP compensation expense" represents the estimated average fair
value of ESOP convertible preferred stock committed to be
released to employees for the period, net of amounts used to
satisfy dividend requirements for previously allocated ESOP
convertible preferred shares, under Employee Stock Ownership
Plans which were created as a part of the July 1994 employee
investment transaction and recapitalization.
(3) "Miscellaneous, net" consisted of the following:
Fourth Quarter Year
1995 1994 1995 1994
Foreign exchange gains
(losses) $ (6) $ 6 $(20) $ 15
Gains on dispositions
of property 11 2 60 10
Minority interests in
Apollo Travel Services (4) (4) (23) (22)
Recapitalization
transaction costs - - - (121)
Other (1) (1) (17) (6)
$ - $ 3 $ - $(124)
(4) The provisions for income taxes differ from the federal
statutory rate of 35% principally due to state income taxes and
certain nondeductible expenses, including certain expenses
related to the recapitalization.
(5) During 1995, UAL repaid prior to maturity $750 million in
principal amount of various debt securities, resulting in an
aggregate extraordinary loss of $29 million, after tax benefit
of $18 million. The securities were scheduled for repayment
periodically through 2021.
(6) UAL adopted SFAS No. 112, "Employers' Accounting for
Postemployment Benefits," effective January 1, 1994. The effect
of adopting SFAS No. 112 was a cumulative charge in 1994 for
recognition of the transition liability of $42 million, before
tax benefits of $16 million.
(7) In April 1995, UAL issued $600 million in principal amount of
6 3/8% convertible subordinated debentures in exchange for all
outstanding shares of its Series A convertible preferred stock.
As a result of the exchange, UAL recorded a non-cash increase of
$45 million in additional capital invested representing the
excess of the carrying value of the preferred stock exchanged
over the fair value of the new debentures. During 1995, UAL
repurchased 4,259,709 depository shares, representing 4,260
shares of its Series B 12 1/4% preferred stock, at an aggregate
cost of $131 million to be held in treasury. This resulted in a
$24 million decrease in total equity. These transactions had no
effect on earnings; however, their net impact on UAL's equity is
included in the computation of earnings per share. Earnings
available to common stockholders were also reduced by $3 million
in the 1994 fourth quarter and twelve-month period for the
excess of amounts paid to reacquire UAL preferred stock over the
liquidation preference of such stock.
Per share amounts were calculated after providing for dividends
on preferred stock of $11 million in the 1995 fourth quarter,
$20 million in the 1994 fourth quarter, $50 million in the 1995
twelve-month period and $59 million in the 1994 twelve-month
period. Average shares used in the computations were as follows:
1995 1994
______ ______
(In Millions)
Fourth Quarter 12.5 12.4
Year:
Primary 15.9 18.8
Fully diluted 17.9 18.8
Primary per share amounts in 1995 were based on weighted average
common shares and common equivalents outstanding, including ESOP
shares committed to be released. In addition, fully-diluted per
share amounts assume the conversion of convertible debentures
and elimination of related interest. Common stock equivalents
were not included in the 1994 computations as they did not have
a dilutive effect.
In connection with the July 1994 recapitalization, each old
common share was exchanged for one half new common share. As
required under generally accepted accounting principles for
transactions of this type, the historical weighted average
shares outstanding have not been restated. Thus, direct
comparisons between per share amounts for the 1995 and 1994
annual periods are not meaningful.
UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
Three Months Ended December 31
1995 1994 % Change
______ ______ ________
FINANCIAL SUMMARY (UNAUDITED)
(in millions)
Operating revenues $3,655 $3,423 + 6.8
Operating expenses (excluding
ESOP charges and write down) 3,442 3,253 + 6.5
Write down of retired aircraft 22 -
ESOP compensation expense 168 94 +78.7
______ ______
3,632 3,347 + 8.5
______ ______
Earnings from operations $ 23 $ 76 -69.7
______ ______
______ ______
OPERATING STATISTICS
Revenue passengers (in thousands) 19,436 19,059 + 2.0
Revenue passenger miles (in millions) 27,349 27,007 + 1.3
Available seat miles (in millions) 39,640 38,403 + 3.2
Passenger load factor (percent) 69.0 70.3 -1.3 pt.
Breakeven passenger load factor
(percent) 68.5 68.6 -0.1 pt.
Breakeven passenger load factor
excluding ESOP charges (percent) 64.9 66.3 -1.4 pt.
Revenue per passenger mile (cents) 11.74 11.15 + 5.2
Operating revenue per
available seat mile (cents) 9.22 8.91 + 3.5
Operating expenses excluding ESOP charges
per available seat mile (cents) 8.74 8.47 + 3.2
Operating expenses excluding ESOP charges
and write down per available seat
mile (cents) 8.69 8.47 + 2.5
Average price per gallon of jet
fuel (cents) 64.0 60.5 + 5.8
Number of aircraft in operating
fleet at end of period 558 543
Number of employees at end
of period (thousands) 82.2 76.1 + 8.0
UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
Twelve Months Ended December 31
_______________________________
1995 1994 % Change
______ ______ ________
FINANCIAL SUMMARY (UNAUDITED)
(in millions)
Operating revenues $14,895 $13,887 + 7.3
Operating expenses (excluding
ESOP charges) 13,559 13,144 + 3.2
One-time ESOP operating costs - 48
ESOP compensation expense 504 182
______ ______
14,063 13,374 + 5.2
______ ______
Earnings from operations $ 832 $ 513 +62.2
______ ______
______ ______
OPERATING STATISTICS
Revenue passengers (in thousands) 78,808 74,241 + 6.2
Revenue passenger miles (in millions) 111,811 108,299 + 3.2
Available seat miles (in millions) 158,569 152,193 + 4.2
Passenger load factor (percent) 70.5 71.2 -0.7 pt.
Breakeven passenger load factor
(percent) 66.1 68.2 -2.1 pt.
Breakeven passenger load factor
excluding ESOP charges (percent) 63.4 66.8 -3.4 pt.
Revenue per passenger mile (cents) 11.79 11.31 + 4.2
Operating revenue per
available seat mile (cents) 9.39 9.12 + 2.9
Operating expenses excluding ESOP charges
per available seat mile (cents) 8.55 8.64 - 1.0
Average price per gallon of jet
fuel (cents) 59.5 58.8 + 1.2
Number of aircraft in operating
fleet at end of period 558 543
Number of employees at end
of period (thousands) 82.2 76.1 + 8.0
UAL CORPORATION AND SUBSIDIARY COMPANIES
EARNINGS AND EARNINGS PER SHARE
THREE MONTHS ENDED DECEMBER 31, 1995
(In Millions, Except Per Share)
GAAP "Fully Distributed" (1)
Basis (Excluding ESOP Charges)
EARNINGS
Operating revenues $ 3,667 $ 3,667
Operating expenses (excluding
ESOP charges and write down) (3,455) (3,455)
Write down of retired aircraft (22) (22)
ESOP compensation expense (168) N/A
_______ _______
Operating earnings 22 190
Non-operating expense (51) (51)
_______ _______
Earnings (loss) before income taxes
and extraordinary item (29) 139
Provision (credit) for income taxes (11) 54
_______ _______
Earnings (loss) before
extraordinary item (18) 85
Extraordinary loss on debt
extinguishment, net of tax (29) (29)
_______ _______
Net earnings (loss) (47) 56
_______ _______
_______ _______
Preferred stock dividends (11) (8)
Preferred stock transactions (23) (23)
_______ _______
Earnings attributable to
common shareholders $ (81) $ 25
_______ _______
_______ _______
SHARES
Average common shares assumed
outstanding 12.5 12.5
ESOP preferred shares assumed
outstanding N/A 17.7
Other N/A 0.5
_______ _______
Total shares assumed outstanding 12.5 30.7
_______ _______
_______ _______
PER SHARE:
Earnings before write down,
extraordinary item, and
preferred stock transactions $ (1.25) $ 2.95
Write down of retired aircraft,
net of tax (1.09) (0.44)
Extraordinary item, net of tax (2.35) (0.95)
Preferred stock transactions (1.81) (0.73)
_______ _______
$ (6.50) $ 0.83
_______ _______
_______ _______
(1) "Fully distributed" earnings and earnings per share are pro forma
presentations which consider all ESOP shares which will ultimately be
released to employees by the end of the ESOP period to be immediately
outstanding. Therefore the ESOP compensation expense has been
excluded from fully distributed earnings and ESOP convertible
preferred stock dividends have not been deducted from earnings
attributable to common shareholders.
UAL CORPORATION AND SUBSIDIARY COMPANIES
EARNINGS AND EARNINGS PER SHARE
THREE MONTHS ENDED DECEMBER 31, 1994
(In Millions, Except Per Share)
GAAP "Fully Distributed" (1)
Basis (Excluding ESOP Charges)
_____ ______________________
EARNINGS (Fully Diluted)
Operating revenues $ 3,439 $ 3,439
Operating expenses (excluding
ESOP charges) (3,267) (3,267)
ESOP compensation expense (94) N/A
______ ______
Operating earnings 78 172
Non-operating expense (68) (68)
______ ______
Earnings before income taxes 10 104
Provision (credit) for income taxes (1) 37
______ ______
Net earnings 11 67
______ ______
______ ______
Preferred stock dividends (20) (20)
Preferred stock transactions (3) (3)
______ ______
______ ______
Earnings (loss) attributable to
common shareholders $ (12) $ 44
______ ______
______ ______
SHARES
Average common shares assumed
outstanding 12.4 12.4
ESOP preferred shares assumed
outstanding N/A 17.7
Other N/A 0.1
______ ______
Total shares assumed outstanding 12.4 30.2
______ ______
______ ______
PER SHARE:
Earnings before preferred
stock transactions $ (0.73) $ 1.57
Preferred stock transactions (0.25) (0.10)
______ ______
$ (0.98) $ 1.47
______ ______
______ ______
(1) "Fully distributed" earnings and earnings per share are pro forma
presentations which consider all ESOP shares which will ultimately be
released to employees by the end of the ESOP period to be immediately
outstanding. Therefore the ESOP compensation expense has been
excluded from fully distributed earnings and ESOP convertible
preferred stock dividends have not been deducted from earnings
attributable to common shareholders.
UAL CORPORATION AND SUBSIDIARY COMPANIES
EARNINGS AND EARNINGS PER SHARE
TWELVE MONTHS ENDED DECEMBER 31, 1995
(In Millions, Except Per Share)
GAAP "Fully Distributed" (1)
Basis (Excluding ESOP Charges)
_____ ________________________
(Fully Diluted)
EARNINGS
Operating revenues $14,943 $14,943
Operating expenses (excluding
ESOP charges) (13,610) (13,610)
ESOP compensation expense (504) N/A
_______ _______
Operating earnings 829 1,333
Non-operating expense (208) (208)
_______ _______
Earnings before income taxes and
extraordinary item 621 1,125
Provision (credit) for income taxes 243 434
_______ _______
Earnings before extraordinary item 378 691
Extraordinary loss on debt
extinguishment, net of tax (29) (29)
_______ _______
Net earnings 349 662
_______ _______
_______ _______
Preferred stock dividends (50) (37)
Preferred stock transactions 21 21
Other adjustments to net earnings 23 23
_______ _______
Earnings attributable to
common shareholders $ 343 $ 669
_______ _______
_______ _______
SHARES
Average common shares assumed
outstanding 12.4 12.4
ESOP preferred shares assumed
outstanding 3.0 17.7
Other 2.5 2.5
_______ _______
Total shares assumed outstanding 17.9 32.6
_______ _______
_______ _______
PER SHARE:
Earnings before extraordinary
item and preferred stock
transactions $ 19.59 $ 20.77
Extraordinary item, net of tax (1.63) (0.89)
Preferred stock transactions 1.15 0.63
_______ _______
$ 19.11 $ 20.51
_______ _______
(1) "Fully distributed" earnings and earnings per share are pro forma presentations which consider all ESOP shares which will ultimately be released to employees by the end of the ESOP period to be immediately outstanding. Therefore the ESOP compensation expense has been |
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