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FIRST AND FINAL ADD TO UAL EARNINGS.

 /FIRST AND FINAL ADD -- NY063 -- UAL EARNINGS/
 UAL CORP. AND SUBSIDIARY COMPANIES
 STATEMENT OF CONSOLIDATED OPERATIONS (UNAUDITED)
 (In Millions, Except Per Share)
 Three Months
 Ended March 31
 1992 1991
 Operating revenues:
 Passenger $2,650.9 $2,222.1
 Cargo 174.6 161.9
 Contract services and other 146.5 178.7
 2,972.0 2,562.7
 Operating expenses:
 Salaries and related costs 1,078.7 941.4
 Commissions 536.3 434.4
 Aircraft fuel 363.4 448.1
 Rentals and landing fees 304.4 244.9
 Purchased services 200.5 168.1
 Depreciation and amortization 173.1 134.5
 Aircraft maintenance materials
 and repairs 83.5 88.2
 Food and beverages 71.8 58.3
 Personnel expenses 62.3 55.1
 Advertising and promotion 47.9 44.6
 Other 199.8 214.1
 3,121.7 2,831.7
 Loss from operations (149.7) (269.0)
 Other income (expense):
 Interest expense (76.3) (46.3)
 Interest capitalized 25.1 22.9
 Interest income 14.9 22.3
 Equity in earnings of Covia
 Partnership 5.9 2.9
 Net gain on disposition of property - 28.5
 Other, net 26.3 (3.2)
 (4.1) 27.1
 Loss before income taxes (153.8) (241.9)
 Provision (credit) for income taxes (61.5) (84.9)
 Net loss $ (92.3) (157.0)
 Net loss per share $ (3.86) $(7.05)
 Average shares used in per-share
 computation 23.9 22.3
 Consolidated Notes
 (1) UAL Corp. is a holding company whose principal
 subsidiary is United Air Lines, Inc.
 (2) Included in ''Other income (expense)'' in the 1992 and
 1991 periods were foreign exchange gains of $19.6
 million and $6.6 million, respectively.
 (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 December 1991, United successfully bid $135 million
 in U.S. Bankruptcy Court for certain route authorities
 and other assets primarily related to the Latin
 American operations of Pan Am. Although United began
 operating certain of the routes under emergency
 authority in January 1992, the transaction is subject
 to U.S. government approval.
 (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 February 1, 1992.
 UNITED AIR LINES, INC. AND SUBSIDIARY COMPANIES
 Three Months
 Ended March 31
 1992 1991
 FINANCIAL SUMMARY
 (in millions)
 Operating revenues $2,937.5 $2,560.6
 Operating expenses 3,083.8 2,828.7
 Loss from operations $ (146.3) (268.1)
 OPERATING STATISTICS
 Revenue passengers
 (in thousands) 13,871 13,171
 Revenue passenger miles
 (in millions) 19,140 16,746
 Available seat miles
 (in millions) 31,398 28,422
 Passenger load factor (percent) 61.0 58.9
 Breakeven passenger load factor
 (percent) 64.4 66.0
 Revenue per passenger mile (cents) 13.60 13.23
 Operating expenses per
 available seat mile (cents) 9.8 10.0
 Average price per gallon of jet
 fuel (cents) 62.0 83.0
 Number of aircraft in operating
 fleet at end of period 495 467
 Number of employees at end
 of period (thousands) 81.2 76.4
 -0- 4/30/92 AA NY063
 /END FIRST AND FINAL ADD/
 (UAL) CO: UAL Corp. ST: Illinois IN: AIR SU: ERN


KD -- NY063A -- 4928 04/30/92 12:21 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:644
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