America West Reports Second Quarter Results Airline Posts Quarterly
Profit PHOENIX, July 21 /PRNewswire-FirstCall/ -- America West
Holdings Corporation (NYSE:AWA), parent company of America West
Airlines, Inc., today reported second quarter 2005 net income of
$13.9 million or $0.29 per diluted share. This compares to a net
profit of $10.7 million or $0.20 per diluted share for the same
period last year. The Company's second quarter 2005 profit included
a $2.7 million unrealized loss associated with the Company's fuel
hedging transactions and a $4.3 million loss on the sale and
leaseback of an aircraft acquired during the period. The second
quarter 2004 results included an unrealized gain on fuel hedging
transactions of $7.2 million. Excluding these special items, the
airline's second quarter 2005 net income was $20.9 million or $0.41
per diluted share versus net income of $3.5 million or $0.07 per
diluted share in the second quarter 2004. See the accompanying
notes in the Financial Tables section of this press release for a
reconciliation of Generally Accepted Accounting Principles (GAAP)
financial information to non-GAAP financial information. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050223/LAW097LOGO) Chairman
and CEO Doug Parker stated, "We are pleased to report an
improvement in year-over-year earnings despite a 43 percent
increase in average fuel price. Our 14,000 employees did a terrific
job of taking care of a record number of passengers and these
results reflect their efforts. We are particularly pleased with our
nearly 12 percent increase in passenger revenue per available seat
mile, which we believe will be the greatest improvement by any
major carrier. "Our proposed merger with US Airways is well on
track with $565 million of committed equity, Department of Justice
approval and teams from both companies working diligently on
integration. We continue to anticipate closing this important
transaction in the fall." Revenue and Cost Performance The
airline's operating revenues increased 20.0 percent to $833.0
million during its second quarter 2005 compared to the same period
last year. Revenue passenger miles (RPMs) during the second quarter
increased 8.0 percent to a record 6.4 billion on increased
available seat miles (ASMs) of 2.7 percent. This resulted in a
second quarter 2005 load factor of 82.3 percent versus the second
quarter 2004 load factor of 78.3 percent. The increase in load
factor, along with a 6.5 percent increase in the airline's yield
during its second quarter 2005, contributed to an 11.9 percent
increase in RASM during the second quarter 2005 as compared to the
same period last year. The airline's operating cost per available
seat mile (CASM) increased 12.2 percent to 8.58 cents during its
second quarter 2005, led primarily by a 43.6 percent increase in
total fuel expenses. CASM excluding fuel, fuel hedging and special
items increased 2.7 percent to 6.17 cents. On average, the airline
paid $1.67 per gallon for fuel during the second quarter 2005, an
increase of 43.0 percent over the per gallon price paid in the same
period last year. The airline hedged approximately 58 percent of
its fuel during its second quarter 2005, realizing gains on fuel
hedging instruments of $11.4 million that reduced total fuel
expense. Including these gains, the average net fuel price was
$1.57 per gallon. Chief Financial Officer Derek Kerr said, "While
we are pleased with our revenue performance these improvements are
not enough to offset the ongoing high price of fuel. Fuel expense
for the quarter was the Company's greatest expense item, exceeding
even salaries and benefits for only the second time in Company
history, and we do not see any signs of this trend altering itself
in the foreseeable future." Liquidity As of June 30, 2005, the
Company had $413.9 million in cash and investments, of which $322.3
million was unrestricted. Additional Marketing/Business
Developments * Announced increased service between the U.S. and
Jordan through its code-share agreement with partner Royal
Jordanian Airlines. * Continued to grow Las Vegas by introducing
service to six new markets: Bakersfield, Pittsburgh, Long Beach,
Anchorage, Oklahoma City, and Monterey, Calif. * Celebrated a
"Three-Peat" when FlightFund, the airline's loyalty program, earned
the Freddie Award's "Best Elite Program" recognition for the third
straight year. * Introduced a unique brand of in-flight
entertainment with Cranium, Inc., which offers passengers fun and
innovative games on video-equipped aircraft. * Partnered with
Vegas.com to offer tickets to Las Vegas' premier shows and
LookTours.com, which offers activity packages for passengers'
vacations. Analyst Conference Call/Webcast Details America West
will conduct a live audio webcast of its earnings call today at
1:00 p.m. EDT, which will be available to the public on a
listen-only basis at http://www.americawest.com/ <
http://www.americawest.com/ > under the About AWA/Investor
Relations tab. A replay of today's call will be available in the
About AWA/Investor Relations portion of the airline's Web site
through August 21, 2005. America West Holdings Corporation is an
aviation and travel services company. Wholly owned subsidiary
America West Airlines is the nation's second largest low-fare
carrier with 14,000 employees serving approximately 60,000
customers a day in more than 90 destinations in the U.S., Canada,
Mexico and Costa Rica. (AWAF) Certain of the statements contained
herein should be considered "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward looking statements may be identified by words such as
"may," "will," "expect," "intend," "anticipate," "believe,"
"estimate," "plan," "could," "should," and "continue" and similar
terms used in connection with statements regarding our outlook,
expected fuel costs, the revenue environment, our expected 2005
financial performance and the proposed merger with US Airways
Group, Inc. ("US Airways" and, together with America West Holdings
Corporation, the "companies"). Such statements include, but are not
limited to, statements about the benefits of the business
combination transaction involving the companies, including future
financial and operating results, the companies' plans, objectives,
expectations and intentions and other statements that are not
historical facts. Such statements are based upon the current
beliefs and expectations of the companies' management and are
subject to significant risks and uncertainties that could cause the
companies' actual results and financial position to differ
materially from these statements. Such risks and uncertainties
include, but are not limited to, the following: the ability of the
companies to obtain and maintain any necessary financing for
operations and other purposes, whether debtor-in-possession
financing, in the case of US Airways, or other financing; the
ability of the companies to maintain adequate liquidity; the
duration and extent of the current soft economic conditions; the
impact of global instability caused by military actions, terrorism,
disease outbreaks and natural disasters; limitations on the
companies' flexibility in responding to industry conditions due to
high fixed costs and restrictions imposed by debt instruments;
changes in prevailing interest rates; the ability to attract and
retain qualified personnel; the ability of the companies to attract
and retain customers; the cyclical nature of the airline industry;
competitive practices in the industry, including significant fare
restructuring activities by major airlines; the impact of
historically high fuel prices; economic conditions; reliance on
automated systems and the impact of any failure of those systems;
labor costs; security-related and insurance costs; weather
conditions; government legislation and regulation; relations with
unionized employees generally and the impact and outcome of the
labor negotiations; US Airways ability to continue as a going
concern; US Airways' ability to obtain court approval with respect
to motions in the Chapter 11 proceedings prosecuted by it from time
to time; the ability of US Airways to develop, prosecute, confirm
and consummate one or more plans of reorganization with respect to
the Chapter 11 proceedings; risks associated with third parties
seeking and obtaining court approval to terminate or shorten the
exclusivity period for US Airways to propose and confirm one or
more plans of reorganization, to appoint a Chapter 11 trustee or to
convert the cases to Chapter 7 cases; the ability of US Airways to
obtain and maintain normal terms with vendors and service
providers; US Airways' ability to maintain contracts that are
critical to its operations; the potential adverse impact of the
Chapter 11 proceedings on US Airways' liquidity or results of
operations; the ability of US Airways to operate pursuant to the
terms of its financing facilities (particularly the financial
covenants); the ability of US Airways to fund and execute its
Transformation Plan during the Chapter 11 proceedings and in the
context of a plan of reorganization and thereafter; and other risks
and uncertainties listed from time to time in the companies'
reports to the SEC. There may be other factors not identified above
of which the companies are not currently aware that may affect
matters discussed in the forward-looking statements, and may also
cause actual results to differ materially from those discussed. The
companies assume no obligation to publicly update any
forward-looking statement to reflect actual results, changes in
assumptions or changes in other factors affecting such estimates
other than as required by law. Similarly, these and other factors,
including the terms of any reorganization plan of US Airways
ultimately confirmed, can affect the value of the US Airways'
various prepetition liabilities, common stock and/or other equity
securities. Accordingly, the companies urge that the appropriate
caution be exercised with respect to existing and future
investments in any of these liabilities and/or securities.
Additional factors that may affect the future results of America
West Holding Company and US Airways are set forth in their
respective filings with the SEC, which are available at
http://www.shareholder.com/americawest/edgar.cfm and
http://investor.usairways.com/edgar.cfm, respectively. ADDITIONAL
INFORMATION AND WHERE TO FIND IT In connection with the proposed
transaction, US Airways has filed a registration statement,
including a proxy statement of America West, and other materials
with the Securities and Exchange Commission (the "SEC"). WE URGE
INVESTORS TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT
AND THESE OTHER MATERIALS CAREFULLY BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may
obtain free copies of the registration statement and proxy
statement, as well as other filed documents containing information
about US Airways and America West at http://www.sec.gov/, the SEC's
website. Free copies of America West's SEC filings are also
available on America West's website at
http://www.shareholder.com/americawest/edgar.cfm, or by request to
Investor Relations, America West Holdings Corporation, 111 West Rio
Salado Pkwy, Tempe, Arizona 85281. Free copies of US Airways' SEC
filings are also available on US Airways' website at
http://investor.usairways.com/edgar.cfm or by request to Investor
Relations, US Airways Group, Inc., 2345 Crystal Drive, Arlington,
VA 22224. This communication shall not constitute an offer to sell
or the solicitation of an offer to buy any securities, nor shall
there by any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended. PARTICIPANTS IN THE
SOLICITATION America West, US Airways and their respective
executive officers and directors may be deemed, under SEC rules, to
be participants in the solicitation of proxies from America West's
stockholders with respect to the proposed transaction. Information
regarding the officers and directors of America West is included in
its definitive proxy statement for its 2005 Annual Meeting filed
with the SEC on April 15, 2005. Information regarding the officers
and directors of US Airways is included in its 2004 Annual Report
filed with the SEC on Form 10-K on March 1, 2005. More detailed
information regarding the identity of potential participants, and
their interests in the solicitation, is set forth in the
registration statement and proxy statement and other materials
filed with the SEC in connection with the proposed transaction.
America West Holdings Corporation Condensed Consolidated Statements
of Operations (in thousands except per share amounts) (unaudited) 3
Months Ended 3 Months Ended Percent June 30, 2005 June 30, 2004
Change Operating revenues: Passenger $654,893 $569,166 15.1 Express
129,426 85,466 51.4 Cargo 8,126 6,817 19.2 Other 40,752 32,709 24.6
Total operating revenues 833,197 694,158 20.0 Operating expenses:
Salaries and related costs 173,752 161,977 7.3 Aircraft rental
80,673 75,346 7.1 Rentals and landing fees 45,727 42,011 8.8
Aircraft fuel 191,006 132,977 43.6 Loss (gain) on fuel hedging
instruments, net: Realized (11,344) (2,297) -- Unrealized 2,671
(7,188) -- Agency commissions 6,710 6,253 7.3 Aircraft maintenance
materials and repairs 49,359 52,350 (5.7) Depreciation and
amortization 11,587 12,587 (7.9) Special charges, net -- -- --
Express expenses Fuel 44,304 23,644 87.4 Other 91,744 66,158 38.7
Other 116,731 104,525 11.7 Total operating expenses 802,920 668,343
20.1 Operating income 30,277 25,815 17.3 Nonoperating income
(expenses): Interest income 2,476 1,779 39.2 Interest expense, net
(19,736) (19,237) 2.6 Gain on disposition of property and equipment
334 1,437 (76.8) Other, net 557 867 (35.8) Total nonoperating
expenses, net (16,369) (15,154) 8.0 Income before income tax
expense 13,908 10,661 30.5 Income tax expense -- -- -- Net income
$13,908 $10,661 30.5 Earnings per share: Basic $0.39 $0.30 28.7
Diluted $0.29 $0.20 46.1 Shares used for computation: Basic 36,032
36,005 0.1 Diluted 53,553 52,020 2.9 America West Holdings
Corporation Condensed Consolidated Statements of Operations (in
thousands except per share amounts) (unaudited) 6 Months Ended 6
Months Ended Percent June 30, 2005 June 30, 2004 Change Operating
revenues: Passenger $1,230,306 $1,106,499 11.2 Express 232,782
158,117 47.2 Cargo 16,770 13,720 22.2 Other 76,151 65,149 16.9
Total operating revenues 1,556,009 1,343,485 15.8 Operating
expenses: Salaries and related costs 348,900 328,252 6.3 Aircraft
rental 157,510 150,531 4.6 Rentals and landing fees 87,266 83,252
4.8 Aircraft fuel 342,869 247,189 38.7 Loss (gain) on fuel hedging
instruments, net: Realized (22,879) (5,197) -- Unrealized (46,277)
(4,692) -- Agency commissions 12,264 13,003 (5.7) Aircraft
maintenance materials and repairs 97,347 102,404 (4.9) Depreciation
and amortization 23,447 26,378 (11.1) Special charges, net 811
(600) -- Express expenses Fuel 76,662 41,097 86.5 Other 170,212
122,007 39.5 Other 227,521 198,957 14.4 Total operating expenses
1,475,653 1,302,581 13.3 Operating income 80,356 40,904 96.5
Nonoperating income (expenses): Interest income 4,375 3,297 32.7
Interest expense, net (38,715) (38,989) (0.7) Gain on disposition
of property and equipment 428 2,079 (79.4) Other, net 1,041 1,807
(42.4) Total nonoperating expenses, net (32,871) (31,806) 3.3
Income before income tax expense 47,485 9,098 -- Income tax expense
-- -- -- Net income $47,485 $9,098 -- Earnings per share: Basic
$1.32 $0.25 -- Diluted $0.92 $0.17 -- Shares used for computation:
Basic 36,015 35,928 0.2 Diluted 62,551 52,070 20.1 America West
Airlines, Inc. Consolidated Statements of Operations (in thousands)
(unaudited) 3 Months Ended 3 Months Ended Percent June 30, 2005
June 30, 2004 Change Operating revenues: Passenger $654,893
$569,166 15.1 Express 129,426 85,466 51.4 Cargo 8,126 6,817 19.2
Other 40,582 32,539 24.7 Total operating revenues 833,027 693,988
20.0 Operating expenses: Salaries and related costs 173,399 161,617
7.3 Aircraft rental 80,673 75,346 7.1 Rentals and landing fees
45,727 42,011 8.8 Aircraft fuel 191,006 132,977 43.6 Loss (gain) on
fuel hedging instruments, net: Realized (11,344) (2,297) --
Unrealized 2,671 (7,188) -- Agency commissions 6,710 6,253 7.3
Aircraft maintenance materials and repairs 49,359 52,350 (5.7)
Depreciation and amortization 11,587 12,587 (7.9) Special charges,
net -- -- -- Express expenses Fuel 44,304 23,644 87.4 Other 91,744
66,158 38.7 Other 115,469 103,779 11.3 Total operating expenses
801,305 667,237 20.1 Operating income 31,722 26,751 18.6
Nonoperating income (expenses): Interest income 4,021 3,418 17.6
Interest expense, net (21,448) (20,948) 2.4 Gain on disposition of
property and equipment 334 1,437 (76.8) Other, net 557 867 (35.8)
Total nonoperating expenses, net (16,536) (15,226) 8.6 Income
before income tax expense 15,186 11,525 31.8 Income tax expense --
-- -- Net income $15,186 $11,525 31.8 America West Airlines, Inc.
Consolidated Statements of Operations (in thousands) (unaudited) 6
Months Ended 6 Months Ended Percent June 30, 2005 June 30, 2004
Change Operating revenues: Passenger $1,230,306 $1,106,499 11.2
Express 232,782 158,117 47.2 Cargo 16,770 13,720 22.2 Other 75,811
64,809 17.0 Total operating revenues 1,555,669 1,343,145 15.8
Operating expenses: Salaries and related costs 348,252 327,546 6.3
Aircraft rental 157,510 150,531 4.6 Rentals and landing fees 87,266
83,252 4.8 Aircraft fuel 342,869 247,189 38.7 Loss (gain) on fuel
hedging instruments, net: Realized (22,879) (5,197) -- Unrealized
(46,277) (4,692) -- Agency commissions 12,264 13,003 (5.7) Aircraft
maintenance materials and repairs 97,347 102,404 (4.9) Depreciation
and amortization 23,447 26,378 (11.1) Special charges, net 811
(600) -- Express expenses Fuel 76,662 41,097 86.5 Other 170,212
122,007 39.5 Other 225,518 197,591 14.1 Total operating expenses
1,473,002 1,300,509 13.3 Operating income 82,667 42,636 93.9
Nonoperating income (expenses): Interest income 7,485 6,619 13.1
Interest expense, net (42,118) (42,410) (0.7) Gain on disposition
of property and equipment 428 2,079 (79.4) Other, net 1,041 1,807
(42.4) Total nonoperating expenses, net (33,164) (31,905) 3.9
Income before income tax expense 49,503 10,731 -- Income tax
expense -- -- -- Net income $49,503 $10,731 -- America West
Airlines, Inc. Mainline Operating Statistics (Excluding Express
Operations) 3 Months 3 Months 6 Months 6 Months Ended Ended Ended
Ended June 30, June 30, Percent June 30, June 30, Percent 2005 2004
Change 2005 2004 Change Revenue passenger miles (in millions) 6,386
5,915 8.0 12,057 11,222 7.4 Available seat miles (ASM) (in
millions) 7,755 7,552 2.7 15,057 14,904 1.0 Passenger load factor
(percent) 82.3 78.3 4.0 pts 80.1 75.3 4.8 pts Yield per revenue
passenger mile (cents) 10.25 9.62 6.5 10.20 9.86 3.4 Passenger
revenue per ASM (cents) 8.44 7.54 11.9 8.17 7.42 10.1 Total revenue
per available seat mile (cents) 9.07 8.06 12.5 8.79 7.95 10.6
Passenger enplanements (in thousands) 5,752 5,343 7.7 10,924 10,241
6.7 Aircraft (end of period) 143 140 2.1 143 140 2.1 Average daily
aircraft utilization (hours) 11.1 11.0 0.9 11.1 10.9 1.8 Block
hours 143,365 139,202 3.0 279,862 275,880 1.4 Average stage length
(miles) 1,037 1,058 (2.0) 1,030 1,047 (1.6) Average passenger
journey (miles) 1,681 1,692 (0.7) 1,653 1,644 0.5 Fuel consumption
(gallons in millions) 114.5 113.9 0.5 221.7 222.4 (0.3) Average
fuel price (cents per gallon) 166.9 116.7 43.0 154.7 111.2 39.1
Average fuel price including realized gains on fuel hedging
instruments, net (cents) 157.0 114.7 36.9 144.4 108.8 32.7 Average
number of full-time equivalent employees 12,200 11,936 2.2 12,177
11,881 2.5 Operating cost per ASM (cents) 8.58 7.65 12.2 8.14 7.63
6.7 Operating cost per ASM excluding special items (cents) 8.49
7.74 9.7 8.39 7.67 9.4 Operating cost per ASM excluding special
items, fuel and realized gains on fuel hedging instruments, net
(cents) 6.17 6.01 2.7 6.27 6.04 3.8 The Company is using the term
mainline to reflect operating statistics and financial measures
associated with aircraft operated by America West. Reconciliation
of GAAP Financial Information to Non-GAAP Financial Information The
Company believes that the presentation of certain non-GAAP
financial measures such as net income (loss) and CASM excluding
special items is useful to investors because it is more indicative
of the Company's true recurring operating performance and more
comparable to financial measures reported by other major airlines
that are submitted to the Department of Transportation. The Company
believes that the presentation of CASM excluding fuel and gains and
losses on fuel hedging instruments is useful to investors because
it provides the ability to monitor the airline's cost performance
absent fuel price volatility, which is subject to many economic and
political factors and therefore beyond the Company's control.
Reconciliation of Net Income Excluding Special Items 3 Months 3
Months 6 Months 6 Months Ended Ended Ended Ended June 30, June 30,
June 30, June 30, 2005 2004 2005 2004 (in millions except per share
amounts) Net income used to calculate basic earnings per share: Net
income as reported $13.9 $10.7 $47.5 $9.1 Special items: Special
charges (1) -- -- 0.8 -- Revision of estimated special charges (2)
-- -- -- (0.6) Loss on aircraft sale leaseback transaction (3) 4.3
-- 8.0 -- Unrealized (gain) loss on fuel hedging instruments, net
(4) 2.7 (7.2) (46.3) (4.7) Net income, as adjusted for special
items $20.9 $3.5 $10.0 $3.8 Basic earnings per share $0.39 $0.30
$1.32 $0.25 Special items: Special charges -- -- 0.02 -- Revision
of estimated special charges -- -- -- (0.01) Loss on aircraft sale
leaseback transaction 0.12 -- 0.22 -- Unrealized (gain) loss on
fuel hedging instruments, net 0.07 (0.20) (1.28) (0.13) Basic
earnings per share, as adjusted for special items $0.58 $0.10 $0.28
$0.11 Basic shares (in thousands) 36,032 36,005 36,015 35,928 Net
income used to calculate diluted earnings per share: Net income as
reported $13.9 $10.7 $47.5 $9.1 Interest expense on 7.5%
convertible senior notes (5) 3.1 -- -- -- Interest expense on 7.25%
senior exchangeable notes (5) 1.7 -- -- -- Special items: Special
charges (1) -- -- 0.8 -- Revision of estimated special charges (2)
-- -- -- (0.6) Loss on aircraft sale leaseback transaction (3) 4.3
-- 8.0 -- Unrealized (gain) loss on fuel hedging instruments, net
(4) 2.7 (7.2) (46.3) (4.7) Net income, as adjusted for interest
expense and special items $25.7 $3.5 $10.0 $3.8 Diluted earnings
per share $0.22 $0.21 $1.05 $0.17 Interest expense on 7.5%
convertible senior notes (5) 0.05 -- -- -- Interest expense on
7.25% senior exchangeable notes (5) 0.03 -- -- -- Special items:
Special charges -- -- 0.02 -- Revision of estimated special charges
-- -- -- (0.01) Loss on aircraft sale leaseback transaction 0.07 --
0.18 -- Unrealized (gain) loss on fuel hedging instruments, net
0.04 (0.14) (1.03) (0.09) Diluted earnings per share, as adjusted
for interest expense and special items $0.41 $0.07 $0.22 $0.07
Diluted shares (in thousands): Weighted average common shares
outstanding 36,032 36,005 36,015 35,928 Assumed exercise of stock
options and warrants 9,425 16,015 9,082 16,142 Assumed conversion
of 7.5% convertible senior notes (5) 9,358 -- -- -- Assumed
conversion of 7.25% senior exchangeable notes (5) 8,096 -- -- --
Diluted shares, as adjusted (in thousands) 62,911 52,020 45,097
52,070 Notes: (1) The 2005 six-month period includes $0.8 million
of special charges related to the final Boeing 737-200 aircraft
which was removed from service in January 2005. (2) The 2004
six-month period includes a credit of $0.6 million related to the
revision of the estimated costs associated with the sale and
leaseback of certain aircraft. (3) The second quarter of 2005
includes a $4.3 million loss on the sale and leaseback of one new
Airbus A320 aircraft acquired during the period. The 2005 six-month
period includes a total of $8.0 million loss on the sale and
leaseback of two new Airbus A320 aircraft acquired during the
period. (4) The 2005 second quarter and the 2005 six-month period
includes a $2.7 million unrealized loss and $46.3 million
unrealized gain, respectively, and the 2004 second quarter and the
2004 six-month period includes a $7.2 million and $4.7 million
unrealized gain, respectively, resulting from mark-to-market
accounting for changes in the fair value of the Company's fuel
hedging instruments. (5) This reflects the use of the "if
converted" method to incorporate convertible notes into the diluted
earnings per share computation. Under this method, the convertible
notes are assumed to have been converted at the beginning of the
accounting period, or at their date of issuance, if later.
Therefore, the interest expense, net of tax, that would not have
been paid if the notes had been converted is recognized as an
adjustment to net income. Concurrently, the number of shares are
adjusted to assume conversion of the notes to shares.
Reconciliation of Airline Operating Cost per ASM Excluding Special
Items, Fuel and Realized Gains on Fuel Hedging Instruments, Net -
Mainline only 3 Months 3 Months 6 Months 6 Months Ended Ended Ended
Ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004 (in
thousands) Total operating expenses $801,305 $667,237 $1,473,002
$1,300,509 Less: Express expenses (136,048) (89,802) (246,874)
(163,104) Total mainline operating expenses 665,257 577,435
1,226,128 1,137,405 Special items: Special charges -- -- (811) --
Revision of estimated special charges -- -- -- 600 Loss on aircraft
sale leaseback transaction (4,278) -- (8,013) -- Unrealized gain
(loss) on fuel hedging instruments, net (2,671) 7,188 46,277 4,692
Operating expenses, excluding special items 658,308 584,623
1,263,581 1,142,697 Fuel expense (191,006) (132,977) (342,869)
(247,189) Realized gains on fuel hedging instruments, net 11,344
2,297 22,879 5,197 (179,662) (130,680) (319,990) (241,992)
Operating expenses, excluding special items, fuel and realized
gains on fuel hedging instruments, net $478,646 $453,943 $943,591
$900,705 3 Months 3 Months 6 Months 6 Months Ended Ended Ended
Ended June 30, June 30, June 30, June 30, 2005 2004 2005 2004 (in
cents) Operating cost per ASM $8.58 $7.65 $8.14 $7.63 Special
items: Special charges -- -- (0.01) -- Revision of estimated
special charges -- -- -- 0.01 Loss on aircraft sale leaseback
transaction (0.06) -- (0.05) -- Unrealized gain (loss) on fuel
hedging instruments, net (0.03) 0.09 0.31 0.03 Operating cost per
ASM, excluding special items 8.49 7.74 8.39 7.67 Fuel expense
(2.47) (1.76) (2.27) (1.66) Realized gains on fuel hedging
instruments, net 0.15 0.03 0.15 0.03 (2.32) (1.73) (2.12) (1.63)
Operating expenses, excluding special items, fuel and realized
gains on fuel hedging instruments, net $6.17 $6.01 $6.27 $6.04
America West Holdings Corporation Condensed Consolidated Balance
Sheets (in thousands of dollars) (unaudited) June 30, December 31,
2005 2004 Assets Current assets Cash equivalents and short-term
investments $322,278 $275,742 Restricted cash -- 41,264 Other
current assets, net 371,728 307,971 Total current assets 694,006
624,977 Property and equipment, net 684,203 656,535 Other assets
Investments in debt securities -- 30,000 Restricted cash 91,633
72,091 Other assets 134,975 91,661 Total assets $1,604,817
$1,475,264 Liabilities and Stockholders' Equity Current liabilities
Current maturities of long-term debt $119,276 $154,658 Other
liabilities 653,278 510,058 Total current liabilities 772,554
664,716 Long-term debt, less current maturities 593,184 640,190
Deferred credits and other noncurrent liabilities 154,941 133,911
Stockholders' equity 84,138 36,447 Total liabilities and
stockholders' equity $1,604,817 $1,475,264
http://www.newscom.com/cgi-bin/prnh/20050223/LAW097LOGO
http://photoarchive.ap.org/ DATASOURCE: America West Holdings
Corporation CONTACT: Elise Eberwein of America West Holdings
Corporation, +1-480-693-5729 Web site: http://www.americawest.com/
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America West (NYSE:AWA)
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