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ALASKA AIR GROUP REPORTS FIRST-QUARTER LOSS

 ALASKA AIR GROUP REPORTS FIRST-QUARTER LOSS
 SEATTLE, April 20 /PRNewswire/ -- Alaska Air Group Inc.


(NYSE: ALK; PSE) today reported a first-quarter net loss of $15.7 million, or $1.31 per share, greater than last year's first- quarter loss of $10.0 million, or 88 cents per share.
 On a 16-percent increase in passenger traffic, operating revenues for the first quarter of 1992 rose 5 percent to $258.2 million, up from $246.7 million last year. While capacity increased 15 percent, operating expenses climbed 8 percent to $278.3 million, from $258.3 million last year. The operating loss for the current quarter was $20.1 million compared to $11.6 million for the 1991 period. Additionally, net interest expense increased $2.2 million over the same period of 1991.
 "For the first quarter 1992, the passenger yield dropped 10 percent from first-quarter 1991's level," stated Raymond J. Vecci, chairman and chief executive officer. "In the Alaska markets, the decline in yield reflects new competitive flights and the extensive use of discount fares," commented Vecci.
 "While operating revenues were up, the increase was not sufficient to offset higher costs for the increased flight and passenger activity. On a positive note, fuel expense for the current quarter was $4.9 million lower than last year due to lower fuel prices. The average fuel price per gallon was 62 cents, compared with 79 cents a gallon last year," Vecci said.
 Alaska Air Group Inc. is the parent company of Alaska Airlines Inc. and Horizon Air Industries Inc.
 ALASKA AIR GROUP INC.
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands, except per share)
 Quarter Ended March 31: 1992 1991
 Operating Revenues:
 Passenger $234,241 $223,788
 Freight and mail 15,643 16,284
 Other 8,324 6,649
 Total operating revenues 258,208 246,721
 Operating Expenses:
 Wages and benefits 88,678 78,170
 Aircraft fuel 35,650 40,599
 Aircraft maintenance 22,477 20,951
 Aircraft rent 26,422 25,748
 Commissions 20,441 19,162
 Depreciation and amortization 13,981 12,130
 Other 70,672 61,568
 Total operating expenses 278,321 258,328
 Operating Loss (20,113) (11,607)
 Interest income 1,974 1,129
 Interest expense (10,816) (8,078)
 Interest capitalized 2,415 1,909
 Other income - net 404 11
 Total (6,023) (5,029)
 Loss before tax (26,136) (16,636)
 Income tax credit (10,454) (6,654)
 Net loss $(15,682) $ (9,982)
 Loss per Common Share
 Primary -
 Net loss $(15,682) $ (9,982)
 Preferred stock dividend (1,663) (1,646)
 Loss applicable to common shares (17,345) (11,628)
 Average common shares outstanding (000) 13,283 13,183
 Loss per common share $ (1.31) $( 0.88)
 Fully Diluted Anti-dilutive Anti-dilutive
 ALASKA AIR GROUP INC.
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 March 31: 1992 1991
 Cash and marketable securities $ 58,972 $ 29,081
 Total current assets $ 265,928 $ 160,994
 Property and equipment-net 817,608 759,985
 Other assets 164,696 167,129
 Total assets $1,248,232 $1,088,108
 Current liabilities $ 311,364 $ 298,368
 Long-term debt and capital
 lease obligations 496,125 357,457
 Other liabilities 111,235 103,205
 Redeemable convertible preferred stock 61,019 60,731
 Shareholders' equity 268,489 268,347
 Total liabilities and capital $1,248,232 $1,088,108
 AIRLINE DATA
 Selected airline data follows -
 Quarter Ended March 31: Alaska Horizon
 1992 1991 1992 1991
 Financial Data ($000):
 Operating revenues $211,834 $205,431 $ 46,506 $ 41,419
 Operating expenses 229,486 215,880 48,622 42,160
 Operating loss (17,652) (10,449) (2,116) (741)
 Other expense (3,355) (4,122) (404) (625)
 Loss before tax $(21,007) $(14,571) $ (2,520) $(1,366)
 Operating Data:
 Revenue passengers (000) 1,381 1,284 492 417
 RPMs (000,000) 1,245 1,081 101 83
 ASMs (000,000) 2,318 2,012 210 181
 Passenger load factor (pct.) 53.7 53.7 48.0 45.8
 Breakeven load factor (pct.) 61.7 58.9 51.1 47.5
 Revenue per passenger mile
 (cents) 15.3 17.1 43.8 47.5
 Operating cost per ASM (cents) 9.9 10.7 23.2 23.3
 ALASKA AIR GROUP INC.
 AIRLINE DATA (continued)
 Quarter Ended March 31
 Total(A)
 Financial Data ($000): 1992 1991
 Operating revenues $258,208 $246,721
 Operating expenses 278,321 258,328
 Operating income (20,113) (11,607)
 Other income (expense) (6,023) (5,029)
 Income before tax $(26,136) $(16,636)
 Operating Data:
 Revenue passengers (000) 1,873 1,701
 RPMs (000,000) 1,346 1,164
 ASMs (000,000) 2,528 2,193
 Passenger load factor (pct.) 53.3 53.1
 Breakeven load factor (pct.) 60.3 57.6
 Revenue per passenger mile (cents) 17.4 19.2
 Operating cost per ASM (cents) 11.0 11.8
 (A) The "Total" columns include nonairline entities where appropriate.
 -0- 4/20/92
 /CONTACT: J. Ray Vingo, 206-433-3232, or Greg Witter, 206-431-3799, both of Alaska Air Group/
 (ALK) CO: Alaska Air Group ST: Washington IN: AIR SU: ERN


SC -- SE004 -- 9988 04/20/92 11:08 EDT
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