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AMERICA WEST AIRLINES REPORTS FIRST QUARTER 1993 NET INCOME

 PHOENIX, April 26 /PRNewswire/ -- Phoenix-based America West Airlines (NASDAQ: AWAQC) reported first quarter 1993 operating income of $17.2 million, and net income of $2.1 million, or $0.09 per common share. These results are the best experienced by the company in the past 2 1/2 years. During the same period in 1992, the carrier reported an operating loss of $8.0 million, and a net loss of $10.0 million, or $0.44 per common share. The 1992 results for the quarter included a $15.0 million gain from the sale of the Nagoya route. Reorganization expenses for the first quarter of 1993 and 1992 amounted to $1.1 million and $3.1 million, respectively.
 "This is the first full quarter of operations since we downsized our fleet from 101 to 86 aircraft," said Michael J. Conway, president and chief executive officer. "The designed capacity reduction and other significant cost reduction programs implemented over the past several months have resulted in a cost per available seat mile of 7.04 cents for the first quarter of 1993, the lowest of any full- service major airline." He added, "These efforts, in combination with higher load factors and near 7 percent increase in our average passenger yield, have resulted in a dramatic improvement in our financial results."
 Conway stated, "Our operating results are very encouraging. While certainly, this can be attributed in part to an improving economic climate and the strong support we continue to receive from consumers and the travel agent community, most importantly, it is due to the unwavering dedication and commitment of our employees."
 William A. Franke, chairman of the board, noted that the company's unrestricted cash position improved during the first quarter and the company continued to meet its debt obligations on a timely basis. Franke said, "Our unrestricted cash position at the end of the first quarter amounted to $88.1 million. During the quarter, approximately $16.0 million was paid for aircraft payment deferrals from July and August 1992, as well as the first quarterly principal payment related to the debtor-in-possession loan in the amount of $5.5 million." Franke added, "Our first quarter results were ahead of our business plan and we are encouraged by what we see for the second quarter."
 Following is a summary of the first quarter 1993 and 1992 financial results:
 AMERICA WEST AIRLINES
 (Dollars in thousands except per share amounts)
 (Unaudited)
 First Quarter
 1993 1992
 Operating revenues $316,605 $337,050
 Operating expenses 299,437 345,024
 Operating income (loss) 17,168 (7,974)
 Non-operating expenses, net 14,990 17,010
 Gain -- sale of Nagoya route --- (15,000)
 Income (loss) before income taxes 2,178 (9,984)
 Income taxes 44 ---
 Net income (loss) 2,134 (9,984)
 Net income (loss) per common share $0.09 ($0.44)
 Weighted average number of common
 shares outstanding (000) 24,020 23,797
 Passenger enplanements 3,388,322 3,719,232
 Available seat miles (000) 4,253,528 4,996,782
 Revenue passenger miles (000) 2,557,570 2,915,306
 Load factor (percent) 60.1 58.3
 Average passenger revenue per
 passenger mile (yield) (cents) 11.64 10.89
 Operating cost per
 available seat mile (cents) 7.04 6.90
 -0- 4/26/93 R
 /CONTACT: Daphne Dicino, senior director of corporate communications of America West Airlines, 602-693-5729/
 (AWAQC)


CO: America West Airlines ST: Arizona IN: AIR SU: ERN

BP-JL -- LA049 -- 1320 04/27/93 11:38 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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