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/FIRST AND FINAL ADD -- NY061 -- UAL REPORTS 1991 RESULTS.

 /FIRST AND FINAL ADD -- NY061 -- UAL CORP./
 UAL CORP. AND SUBSIDIARY COMPANIES
 Statement of Consolidated Operations
 (Unaudited; in thousands, except per share)
 Three months ended Dec. 31 1991 1990
 Operating revenues:
 Passenger $2,562,117 $2,391,091
 Cargo 191,510 177,128
 Contract services and other 157,148 235,543
 Total 2,910,775 2,803,762
 Operating expenses:
 Salaries and related costs 1,123,084 924,24
 Commissions 527,940 474,287
 Aircraft fuel 418,627 634,146
 Rentals and landing fees 291,826 238,308
 Purchased services 226,965 173,114
 Depreciation and amortization 164,620 145,149
 Aircraft maintenance materials
 and repairs 91,654 78,055
 Food and beverages 79,688 64,010
 Personnel expenses 64,272 54,939
 Advertising and promotion 59,237 54,374
 Other 210,018 259,955
 Total 3,257,931 3,100,361
 Loss from operations (347,156) (296,599)
 Other income (expense):
 Interest expense (64,471) (48,024)
 Interest capitalized 23,475 17,731
 Interest income 20,188 32,169
 Equity in earnings (loss) of
 Covia Partnership (2,588) (9,219)
 Net gains on disposition of property 95 68,100
 Other, net (15,829) 21,097
 Total (39,130) 81,854
 Loss before income taxes (386,286) (214,745)
 Provision (credit) for income taxes (133,655) (91,223)
 Net loss (252,631) (123,522)
 Net loss per share $(10.69) $(5.66)
 Average shares used in per-share
 computation 23,635 21,815
 Twelve months ended Dec. 31 1991 1990
 Operating revenues:
 Passenger $10,295,794 $9,633,627
 Cargo 704,068 592,872
 Contract services and other 662,714 810,978
 Total 11,662,576 11,037,477
 Operating expenses:
 Salaries and related costs 4,056,665 3,549,981
 Commissions 2,046,489 1,718,902
 Aircraft fuel 1,674,056 1,811,417
 Rentals and landing fees 1,084,613 829,311
 Purchased services 783,818 658,782
 Depreciation and amortization 603,766 559,585
 Aircraft maintenance materials
 and repairs 362,902 388,139
 Food and beverages 291,584 241,583
 Personnel expenses 238,859 202,176
 Advertising and promotion 208,443 203,215
 Other 805,462 910,663
 Total 12,156,657 11,073,754
 Loss from operations (494,081) (36,277)
 Other income (expense):
 Interest expense (209,858) (192,228)
 Interest capitalized 91,213 71,323
 Interest income 85,414 122,615
 Equity in earnings of Covia
 Partnership 7,335 16,220
 Net gains on disposition of property 48,712 285,846
 Other, net (36,287) (103,131)
 Total (13,471) 200,645
 Earnings (loss) before income taxes (507,552) 164,368
 Provision (credit) for income taxes (175,613) 69,903
 Net earnings (loss) (331,939) 94,465
 Net earnings (loss) per share $(14.31) $4.33
 Average shares used in per-share
 computation 23,202 21,782
 Consolidated Notes:
 (1) -- UAL Corp. is a holding company whose principal subsidiary is United Air Lines, Inc.
 (2) -- The 1991 fourth quarter loss before income taxes included $64 million of charges for retroactive pay and employee benefits resulting from the settlement of labor contracts. In addition, the loss before income taxes for the fourth quarter included $66 million of expenses for the settlement of certain disputes, the write-down of parts to fair market value due to the removal of DC-8s from United's operating fleet and increased accruals for certain employee benefits and purchased services. These $130 million of pretax charges increased the net loss for the quarter by $85 million.
 (3) -- Included in "other income (expense)" for the year 1990 was a third quarter charge of $30 million for expenses incurred in connection with an unsuccessful employee buyout proposal. Also included in the year 1990 is a first quarter charge of $78 million to record the full settlement of several lawsuits with respect to the operation of United's computer reservations system.
 (4) -- The provision (credit) for income taxes differ from the federal statutory rate of 34 percent principally due to state income taxes and certain nondeductible expenses.
 Operating Statistics
 Three months ended Dec. 31 1991 1990
 Revenue passengers
 (in thousands) 15,112 14,183
 Revenue passenger miles
 (in millions) 20,268 18,652
 Available seat miles
 (in millions) 31,616 29,713
 Passenger load factor (percent) 64.1 62.8
 Breakeven passenger load factor
 (percent) 72.8 70.6
 Revenue per passenger mile (cents) 12.60 12.78
 Operating expenses per
 available seat mile (cents) 10.3 10.4
 Revenue ton miles (in millions) 2,453 2,263
 Available ton miles (in millions) 4,362 4,050
 Average price per gallon of jet
 fuel (cents) 71.1 111.9
 Number of aircraft in operating
 fleet at end of period 486 462
 Number of airline employees at end
 of period as reported on DOT
 Form 41 81,242 75,025
 Twelve months ended Dec. 31 1991 1990
 Revenue passengers
 (in thousands) 62,003 57,598
 Revenue passenger miles
 (in millions) 82,290 76,137
 Available seat miles
 (in millions) 124,100 114,995
 Passenger load factor (percent) 66.3 66.2
 Breakeven passenger load factor
 (percent) 69.5 66.5
 Revenue per passenger mile (cents) 12.47 12.61
 Operating expenses per
 available seat mile (cents) 9.8 9.6
 Revenue ton miles (in millions) 9,792 9,032
 Available ton miles (in millions) 17,009 15,612
 Average price per gallon of jet
 fuel (cents) 71.6 80.4
 Number of aircraft in operating
 fleet at end of period 486 462
 Number of airline employees at end
 of period as reported on DOT
 Form 41 81,242 75,025
 -0- 1/30/92 AA NY061
 /END FIRST AND FINAL ADD/
 (UAL) CO: UAL Corp. ST: Illinois IN: AIR SU: ERN


CK -- NY061A -- 5244 01/30/92 12:33 EST
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Date:Jan 30, 1992
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/FIRST ADD -- NY039 -- UAL CORPORATION/
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