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AMERICA WEST AIRLINES REPORTS FOURTH QUARTER AND YEAR 1992 FINANCIAL RESULTS

 PHOENIX, Jan. 27 /PRNewswire/ -- America West Airlines (NASDAQ: AWAL) reported a significant improvement in its fourth quarter 1992 results compared to the fourth and third quarters of 1991 and 1992, respectively. The operating loss of $2.3 million for the current quarter was $26.6 million and $46.2 million less than the fourth quarter of 1991 and third quarter of 1992, respectively. The net loss for the fourth quarter 1992 amounted to $17.6 million compared to net losses of $70.8 million during the fourth quarter 1991 and $56.0 million for the third quarter 1992. For the fourth quarter 1992, America West announced a net loss of $.75 per common share outstanding, vs. a net loss of $2.43 per common share outstanding during the corresponding quarter of 1991.
 For the year 1992, the airline reported a net loss of $131.8 million, or $5.58 per common share outstanding, compared to a 1991 net loss of $222.0 million, or $10.39 per common share outstanding. The 1992 results include $47.5 million of reorganization expenses and restructuring costs. Restructuring costs are primarily related to aircraft returns, write-down provisions on spare parts and supplies for aircraft types which have been eliminated from the airline's fleet, and non-cash write-offs of other properties and equipment. The 1991 results include reorganization expenses of $58.4 million.
 Michael J. Conway, president and chief executive officer for America West said, "The improvement in our operating results, year- over-year and quarter-over-quarter, reflects the significant steps America West has taken to streamline its operation." He continued, "While we have sized down our route system by focusing on our most productive and potentially productive markets, we have been able to maintain one of the industry's lowest cost structures."
 The company said that its 1992 total operating costs per available seat mile, excluding restructuring charges, declined 5.7 percent to 6.94 cents compared to 1991. Concurrently, the company's yield per passenger mile increased .9 percent during 1992 to 10.31 cents compared to the prior year. Included in the yield improvement was a significant rise during the fourth quarter 1992 to 11.02 cents per passenger mile from to 10.35 cents for the same period of 1991.
 William A. Franke, America West's chairman of the board, said, "The company's marked improvement, particularly during the past few months, is reflected in the fact that America West was operationally profitable in both November and December 1992." He added, "We closed 1992 with total cash of $115 million including unrestricted cash of over $74 million which is in line with our business plan." Franke noted that the company's cash position at the end of 1991 was $103 million of which $52 million was unrestricted.
 Franke said that the board of directors viewed the fourth quarter operating results as a sign of steady progress in the company's efforts to restore profitability. To support this positive trend, the board has directed management to reschedule three aircraft to stronger markets.
 The board also confirmed that America West's Honolulu service will cease on March 31 to coincide with the expiration of the company's short-term lease agreement with American Trans Air for the utilization of a Lockheed L1011 aircraft. America West has been undergoing procedures to qualify its Boeing 757 aircraft for extended range twin operations (ETOPS) over water. The chairman noted that America West will continue its Boeing 757 ETOPS simulation program to provide the company with future planning options.
 The company said that operational expectations are being met during early 1993 and that it continues to meet all debtor obligations, including the recent initiation of payments for previous aircraft lease deferrals. "We anticipate the company's cash position to soften during the first quarter as it is historically the weakest quarter for the airline industry," the chairman stated. "However, our business plan has taken this into account and we remain pleased with the progress the airline continues to show."
 Conway concluded, "The resolve of the America West employees, who overcame major challenges during 1992, has been as significant as our operational improvement." The chief executive officer noted that the airline industry's losses during 1992 reached record proportions. He added, "America West significantly reduced its losses and much of the credit is due to the employees who continue to provide excellence in customer service and a dedication to the future of this company."
 The following is a summary of America West's fourth quarter and year-end financial results for 1992 and 1991:
 (Dollars in thousands except per share amounts.)
 Fourth Quarter Year
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Operating revenues $301,989 $323,714 $1,294,140 $1,413,925
 Restructuring charges --- --- 31,316 ---
 Operating expenses 304,314 352,613 1,368,952 1,518,582
 Operating loss (2,325) (28,899) (74,812) (104,657)
 Non-operating expenses,
 net 14,184 12,039 40,733 58,919
 Loss before
 reorganization
 expense (16,509) (40,938) (115,545) (163,576)
 Reorganization expense 1,135 15,084 16,216 58,440
 Net loss (17,644) (56,022) (131,761) (222,016)
 Primary loss per
 common share ($.75) ($2.43) ($5.58) ($10.39)
 Weighted average number
 of common shares
 outstanding 23,956,653 23,249,266 23,914,298 21,533,992
 Passenger
 enplanements 3,435,942 3,677,959 15,172,757 16,906,740
 Available seat
 miles (000) 4,402,188 5,176,679 19,271,353 20,627,472
 Revenue passenger
 miles (000) 2,562,227 2,934,474 11,780,568 13,030,279
 Load factor
 (percent) 58.2 56.7 61.1 63.2
 Average passenger
 revenue per
 passenger mile
 (yield) (cents) 11.02 10.35 10.31 10.22
 Operating cost per
 available seat mile
 (cents) 6.91 6.81 7.10(a) 7.36
 (a) Includes restructuring charges totaling $31.3 million incurred during the third quarter. Operating cost per available seat mile excluding restructuring charges is 6.94 cents.
 -0- 1/27/93
 /CONTACT: Daphne Dicino, senior director of corporate communications of America West Airlines, 602-693-5729/
 (AWAL)


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

JB-JL -- LA036 -- 9971 01/27/93 19:08 EST
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Date:Jan 27, 1993
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