Printer Friendly

FIRST AND FINAL ADD -- NY040 UAL STATEMENT OF CONSOLIDATED OPERATIONS

 /FIRST AND FINAL ADD -- NY040/
 UAL CORP. AND SUBSIDIARY COMPANIES
 Statement of Consolidated Operations
 (Unaudited, in millions, except per share)
 Three months ended June 30 1992 1991
 Operating revenues:
 Passenger $2,804.2 $2,613.7
 Cargo 196.8 175.3
 Contract services and other 139.4 165.2
 Total 3,140.4 2,954.2
 Operating expenses:
 Salaries and related costs 1,088.9 962.5
 Commissions 513.5 469.0
 Aircraft fuel 404.0 384.5
 Rentals and landing fees 331.0 267.0
 Purchased services 239.4 201.2
 Depreciation and amortization 178.1 143.5
 Aircraft maintenance 82.0 92.9
 Food and beverages 80.7 70.0
 Personnel expenses 65.9 57.4
 Advertising and promotion 53.7 54.6
 Other 177.1 187.9
 Total 3,214.3 2,890.5
 Earnings (loss) from operations (73.9) 63.7
 Other income (expense):
 Interest expense (79.3) (45.5)
 Interest capitalized 23.7 22.6
 Interest income 17.3 22.3
 Equity in earnings of Covia
 Partnership 13.9 8.4
 Net gain on disposition of property 4.2 21.2
 Other, net (31.9) (10.3)
 Total (52.1) 18.7
 Earnings (loss) before income taxes (126.0) 82.4
 Provision (credit) for income taxes (30.9) 29.7
 Net earnings (loss) $ (95.1) $ 52.7
 Net earnings (loss) per share $ (3.94) $ 2.23
 Average shares used in per-share
 computation 24.1 23.6
 Six months ended June 30 1992 1991
 Operating revenues:
 Passenger $5,455.1 $4,835.8
 Cargo 371.4 337.2
 Contract services and other 285.9 343.9
 Total 6,112.4 5,516.9
 Operating expenses:
 Salaries and related costs 2,167.6 1,903.9
 Commissions 1,049.8 903.4
 Aircraft fuel 767.4 832.6
 Rentals and landing fees 635.4 511.9
 Purchased services 439.9 369.3
 Depreciation and amortization 351.2 278.0
 Aircraft maintenance 165.5 181.1
 Food and beverages 152.5 128.3
 Personnel expenses 128.2 112.5
 Advertising and promotion 101.6 99.2
 Other 376.9 402.0
 Total 6,336.0 5,722.2
 Loss from operations (223.6) (205.3)
 Other income (expense):
 Interest expense (155.6) (91.8)
 Interest capitalized 48.8 45.5
 Interest income 32.2 44.6
 Equity in earnings of Covia
 Partnership 19.8 11.3
 Net gain on disposition of property 4.2 49.7
 Other, net (5.6) (13.5)
 Total (56.2) 45.8
 Loss before income taxes (279.8) (159.5)
 Provision (credit) for income taxes (92.4) (55.2)
 Net loss $ (187.4) $ (104.3)
 Net loss per share $ (7.81) $ (4.57)
 Average shares used in per-share
 computation 24.0 22.8
 Consolidated Notes
 (A) -- UAL Corporation is a holding company whose principal subsidiary is United Air Lines, Inc.
 (B) -- Included in "Other income (expense)" were foreign exchange gains (losses) of $(13.4) million in the 1992 second quarter, $(8.8) million in the 1991 second quarter, $6.2 million in the 1992 six-month period and $(2.2) million in the 1991 six-month period. Included in the 1992 second quarter was a charge to record the cash settlement of class action claims resulting from litigation relating to the use of airline fare data. The after-tax impact of the charge was $8.8 million.
 (3) -- The provisions (credits) for income taxes are based on estimated annual effective tax rates which differ from the federal statutory rate of 34% principally due to state income taxes and certain nondeductible expenses.
 (4) -- In April 1991, United consummated the acquisition of certain assets primarily related to the European operations of Pan American World Airways, Inc. ("Pan Am"), including authority for certain international routes, related airport facilities and certain other assets.
 In July 1992, United consummated the $135 million acquisition of certain route authorities and other assets primarily related to the Latin American operations of Pan Am. United began operating certain of the routes under emergency authority in January 1992.
 (5) -- In September 1991, UAL signed a merger agreement with Air Wis Services, Inc. ("Air Wis"). Air Wis owns Air Wisconsin, which has been a United Express partner of United since 1986. In January 1992, the merger was approved by the Air Wis shareholders, and Air Wis became a wholly owned subsidiary of UAL. The statement of consolidated operations includes the accounts of Air Wis from Feb. 1, 1992.
 UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
 (Unaudited, in millions)
 Three months ended June 30: 1992 1991
 Operating revenues $3,098.9 $2,953.8
 Operating expenses 3,158.8 2,889.3
 Earnings (loss) from operations $ (59.9) $ 64.5
 OPERATING STATISTICS
 Revenue passengers
 (in thousands) 16,399 16,298
 Revenue passenger miles
 (in millions) 22,619 21,230
 Available seat miles
 (in millions) 33,610 30,662
 Passenger load factor (percent) 67.3 69.2
 Breakeven passenger load factor
 (percent) 68.8 67.5
 Revenue per passenger mile (cents) 12.14 12.28
 Operating expenses per
 available seat mile (cents) 9.4 9.4
 Average price per gallon of jet
 fuel (cents) 64.9 65.9
 Number of aircraft in operating
 fleet at end of period 506 474
 Number of employees at end
 of period (thousands) 82.7 79.0
 Six months ended June 30 1992 1991
 Operating revenues $6,036.4 $5,514.4
 Operating expenses 6,242.6 5,718.0
 Loss from operations $ (206.2) $ (203.6)
 OPERATING STATISTICS
 Revenue passengers
 (in thousands) 30,270 29,469
 Revenue passenger miles
 (in millions) 41,759 37,976
 Available seat miles
 (in millions) 65,008 59,084
 Passenger load factor (percent) 64.2 64.3
 Breakeven passenger load factor
 (percent) 66.7 67.0
 Revenue per passenger mile (cents) 12.81 12.69
 Operating expenses per
 available seat mile (cents) 9.6 9.7
 Average price per gallon of jet
 fuel (cents) 63.5 74.1
 Number of aircraft in operating
 fleet at end of period 506 474
 Number of employees at end
 of period (thousands) 82.7 79.0
 UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
 Statement of Consolidated Operations
 (Unaudited, in millions)
 Three months ended June 30 1992 1991
 Operating revenues:
 Passenger $2,754.7 $2,613.7
 Cargo 196.1 175.3
 Contract services and other 148.1 164.8
 Total 3,098.9 2,953.8
 Operating expenses:
 Salaries and related costs 1,068.9 962.5
 Commissions 508.3 469.0
 Aircraft fuel 398.6 384.5
 Rentals and landing fees 318.9 267.0
 Purchased services 237.5 201.2
 Depreciation and amortization 168.3 143.5
 Aircraft maintenance 75.3 92.9
 Food and beverages 80.4 70.0
 Personnel expenses 64.8 57.4
 Advertising and promotion 53.4 54.2
 Other 184.4 187.1
 Total 3,158.8 2,889.3
 Earnings (loss) from operations (59.9) 64.5
 Other income (expense):
 Interest expense (76.2) (45.5)
 Interest capitalized 23.5 22.6
 Interest income 15.4 21.9
 Equity in earnings of Covia
 Partnership 13.9 8.4
 Net gain on disposition of property 4.1 21.2
 Other, net (31.5) (10.7)
 Total (50.8) 17.9
 Earnings (loss) before income taxes (110.7) 82.4
 Provision (credit) for income taxes (26.2) 29.7
 Net earnings (loss) $ (84.5) $ 52.7
 Six months ended June 30 1992 1991
 Operating revenues:
 Passenger $5,366.4 $4,835.8
 Cargo 370.3 337.2
 Contract services and other 299.7 341.4
 Total 6,036.4 5,514.4
 Operating expenses:
 Salaries and related costs 2,134.2 1,903.9
 Commissions 1,040.7 903.4
 Aircraft fuel 758.2 832.6
 Rentals and landing fees 614.8 511.9
 Purchased services 436.3 369.3
 Depreciation and amortization 337.2 278.0
 Aircraft maintenance 153.9 181.1
 Food and beverages 152.0 128.3
 Personnel expenses 126.2 112.5
 Advertising and promotion 101.0 98.2
 Other 388.1 398.8
 Total 6,242.6 5,718.0
 Loss from operations (206.2) (203.6)
 Other income (expense):
 Interest expense (150.2) (91.8)
 Interest capitalized 48.6 45.5
 Interest income 30.2 43.4
 Equity in earnings of Covia
 Partnership 19.8 11.3
 Net gain on disposition of property 4.1 49.7
 Other, net (5.4) (13.0)
 Total (52.9) 45.1
 Loss before income taxes (259.1) (158.5)
 Provision (credit) for income taxes (85.5) (54.9)
 Net loss $ (173.6) $ (103.6)
 -0- 7/30/92 AA NY040
 /END FIRST AND FINAL ADD/
 (UAL) CO: UAL Corp. ST: Illinois IN: AIR SU: ERN


TS -- NY040A -- 5044 07/30/92 11:24 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 30, 1992
Words:1461
Previous Article:NUCLEAR METALS RECEIVES SUBCONTRACT FROM EG&G IDAHO, INC.
Next Article:GIBSON GREETINGS, INC. SECOND QUARTER AND FIRST HALF 1992 RESULTS
Topics:


Related Articles
/FIRST AND FINAL ADD -- NY061 -- UAL REPORTS 1991 RESULTS.
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
UAL CORP. REPORTS SECOND QUARTER FINANCIAL RESULTS
/FIRST ADD -- NY039 -- UAL CORPORATION/
/SECOND AND FINAL ADD -- NY039 -- UAL CORPORATION/
/FIRST AND FINAL ADD -- NY049 -- UAL CORP. RESULTS/
/FIRST AND FINAL ADD -- NY044 -- UAL CORP. EARNINGS/
UAL CORP. REPORTS FOURTH QUARTER, FULL YEAR 1993 FINANCIAL RESULTS
/FIRST AND FINAL ADD -- NY066 -- UAL CORP. EARNINGS/

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters