TRAFFIC & CAPACITY STATISTICS - JULY 1992 (PRELIMINARY)
TRAFFIC & CAPACITY STATISTICS - JULY 1992 (PRELIMINARY) NEW YORK, Aug. 5 /PRNewswire/ -- British Airways (NYSE: BAB)
scheduled revenue passenger miles (RPMs) in July increased by 15.2 percent compared with the previous year, and by 7.0 percent compared with July 1990.
The 78.1 percent scheduled passenger load factor for the month was up by 3.1 points compared with the previous year, and was achieved on an increase of 10.6 percent in scheduled available seat miles (ASMs).
Intercontinental capacity (ASMs) increased by 11.8 percent in July, with UK/Europe up by 6.4 percent compared with the previous year. Traffic growth significantly exceeded capacity increases on both intercontinental and shorthaul services, producing passenger load factor increases of 2.9 points and 3.6 points respectively compared with the previous year. Traffic growth in July remained focused on the main cabin of the aircraft, with premium traffic showing no further recovery from economic recession. Cargo traffic (CTMs) carried on British Airways scheduled services in July increased by 9.7 percent compared with the previous year, with total scheduled revenue ton miles up by 13.8 percent. For the financial year to-date, British Airways scheduled traffic increased by 16.6 percent compared with the previous year on a capacity increase of 12.5 percent. The 73.3 percent scheduled passenger load factor was up by 2.6 points compared with the same period last year. Highlights Of The Month British Airways and USAir Group Inc. announced that they had entered into a conditional agreement to forge links between the two airline groups through an investment by British Airways of $750 million (/391m) in new convertible preferred shares in USAir. Under the terms of the investment agreement, British Airways will receive $750 million 7 percent cumulative convertible preferred shares in USAir which will entitle it initially to a 21 percent interest in the voting stock of USAir, the maximum permitted under U.S. law, since a portion of USAir's stock is held by other non-US investors. British Airways' voting power can rise over time to the 25 percent statutory limit to the extent that existing foreign shareholders sell. If the preferred shares are converted into common stock of USAir as provided by the conditional agreement, British Airways' shareholding in USAir would represent approximately 44 percent of USAir's current equity share capital. The preferred shares will be convertible at British Airways' option at any time after four years into common stock of USAir at a conversion price of $20.50 per share. USAir can require conversion of the preferred shares at any time after five years if the average of the closing prices of the common stock of USAir over a period of 30 days has been at least 133 percent of the conversion price. The preferred shares are redeemable after 15 years. The conditional agreement also provides that British Airways will have four seats on USAir's 16-member board of directors. Up to a further two directors will become non-executive members on each company's board of directors. The transaction is conditional upon obtaining the necessary regulatory and legal consents, and the approval of USAir shareholders. Lord King announced at the airline's annual meeting that he is to step down as Chairman in July 1993 after 12 years. He will become president of British Airways after the 1993 annual meeting. Sir Colin Marshall, deputy chairman and chief executive, took over full executive management responsibility for the airline with immediate effect. Lord King said that he would recommend that the board appoint Sir Colin as his successor as chairman. Deutsche BA, the new German airline in which British Airways has a 49 percent stake, successfully launched services on its route network serving 19 destinations in Germany and throughout Europe. The airline currently operates a fleet of nine SAAB 340 turboprops, one Dornier 228 and three Boeing 737-300s. Four more Boeing 737-300s will joint the fleet in October. -0- 8/5/92 /CONTACT: John Lampl of British Airways, 718-397-4729/ (BAB) CO: British Airways ST: New York IN: AIR SU:
LR -- NY025 -- 6977 08/05/92 09:57 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 5, 1992|
|Previous Article:||EDS' NET INCOME, REVENUES RISE IN RECORD SECOND QUARTER|
|Next Article:||OSTEOTECH REPORTS 46 PERCENT INCREASE IN SIX MONTH REVENUES|