(TDN): The company reported a net loss excluding special items for the fourth quarter 2009 of $32 million, or ($0.20) per share. This compares favorably to the fourth quarter 2008 net loss excluding special items of $222 million, or ($1.94) per share.
The company reported a full year 2009 net loss excluding special items of $499 million, or ($3.75) per share, versus a net loss excluding special items of $808 million, or ($8.06) per share, for the full year 2008.
Mainline cost per available seat mile (CASM) excluding fuel and special items in the fourth quarter increased year-over-year by less than one percent despite a two percent reduction in mainline capacity (ASMs). This cost containment resulted primarily from efficiencies created by the Company’s industry leading operating reliability performance.
The company’s total cash and investments on Dec. 31, 2009 was $2.0 billion, of which $0.5 billion was restricted. The Company’s unrestricted cash position increased by $261 million versus Dec. 31, 2008.
US Airways Group, Inc. reported its fourth quarter and 2009 results. Net loss for the fourth quarter was $32 million, or ($0.20) per share, which excludes special items totaling $47 million. Net loss excluding special items for the fourth quarter 2008 was $222 million, or ($1.94) per share. On a GAAP basis, the Company reported a net loss of $79 million for its fourth quarter 2009, or ($0.49) per share, compared to a net loss of $543 million, or ($4.76) per share, for the same period in 2008.
For the full year 2009, the Company reported a net loss of $499 million, or ($3.75) per share, excluding special credits totaling $294 million. Net loss excluding special items for the full year 2008 was $808 million, or ($8.06) per share. On a GAAP basis, the Company reported a net loss of $205 million, or ($1.54) per share for 2009, compared to a net loss of $2.2 billion, or ($22.11) per share, in 2008.
See the accompanying notes in the Financial Tables section of this press release for a reconciliation of GAAP financial information to non-GAAP financial information.
US Airways Group, Inc. Chairman and CEO Doug Parker stated, “Our fourth quarter and full year results reflect the extremely difficult environment the industry experienced in 2009. Given that environment, we are particularly pleased with the significant improvement in financial performance versus 2008. The actions we have put in place to address the challenges of the past two years - capacity cuts, a la carte revenues, cost control and a commitment to efficient operating reliability - are working. We enter 2010 with encouraging momentum and well positioned to take advantage of the improving economic environment.
“We owe this improvement to the terrific US Airways team that has remained focused on our customers through an extremely difficult two years. With more than 80 percent of our flights arriving on-time during 2009, a 36 percent year-over-year improvement in baggage handling and a 34 percent reduction in customer complaints, we couldn’t be more proud of our 32,000 fellow employees,” concluded Parker.
Strategic Initiatives
- Announced the realignment of its operations to focus on the airline’s core network strengths, which include hubs in Charlotte, N.C., Philadelphia and Phoenix, and a focus city at Washington National Airport. These four cities, as well as the airline’s popular hourly Shuttle service between New York, Boston, and Washington, D.C., will serve as the foundation of the airline’s network. By the end of 2010, they will represent 99 percent of the ASMs versus roughly 93 percent today.
New Customer Initiatives
- Expanded choice for Dividend Miles redemption with the introduction of the new GoAwards program, which began Jan. 6. With these changes, customers have access to last-seat availability, and the ability to combine Coach, First and Envoy cabins and dates at various mileage levels.
- Began offering customers access to more than 250 airport clubs worldwide, including all US Airways Clubs, Continental’s Presidents Clubs, United’s Red Carpet Clubs and Star Alliance lounges with the purchase of a single, standard US Airways Club membership. US Airways currently offers 17 Clubs located in 13 cities across the United States and one Envoy Lounge in Philadelphia.
- In November, US Airways began offering business class travelers improved comfort and privacy on trans-Atlantic flights with the new Envoy Suite, including fully lie-flat business class seats with an advanced on-demand in-flight entertainment system on its fleet of Airbus wide-body aircraft.
New Destinations and Flights
- Commenced its first-ever service to South America with year-round daily, nonstop service from its Charlotte, N.C. hub to Rio de Janeiro, Brazil.
- Initiated new, daily, nonstop service between its largest hub in Charlotte, N.C. and Honolulu, Hawaii on the island of Oahu. The year-round flight complements US Airways’ daily nonstop service to Oahu, Maui, Kauai and the Big Island from its Phoenix hub.
- Announced daily, year-round nonstop service to Rome from Charlotte, N.C. beginning on May 13, 2010. The new flight will complement US Airways’ daily nonstop service to Rome from Philadelphia, the airline’s international gateway.
- Inaugurated the airline’s first ever service to Montego Bay, Jamaica from its Western U.S. hub at Phoenix Sky Harbor International Airport. This new route complements existing service to Jamaica from US Airways’ two East Coast hubs in Charlotte, N.C., and Philadelphia, as well as Boston.
- Unveiled new seasonal nonstop service to Anchorage, Alaska from its Philadelphia hub to begin June 1, 2010, complementing existing year-round Anchorage service from its Phoenix hub.
- Announced that the airline will resume three daily flights between Melbourne, Fla. and its Charlotte, N.C. hub beginning Feb. 11, 2010.