US Airways Reports $499 Million Net Loss for 2009; $32 Million Q4 Net Loss
US Airways Group, Inc. reported a $32 million net loss for the fourth quarter, down $0.20 per share, which excludes special items totaling $47 million. That compares with a net loss, excluding special items, of $222 million for the fourth quarter 2008, down $1.94 per share.
On a GAAP basis, the airline reported a net loss of $79 million for its fourth quarter 2009, down $0.49 per share, compared to a net loss of $543 million, down $4.76 per share, for the same period in 2008.
For the full year 2009, US Airways reported a net loss of $499 million, down $3.75 per share, excluding special credits totaling $294 million. The net loss excluding special items for the full year 2008 was $808 million, down $8.06 per share. On a GAAP basis, the company reported a net loss of $205 million, down $1.54 per share for 2009, compared to a net loss of $2.2 billion, down $22.11 per share, in 2008.
Total revenues in the fourth quarter were down 4.9 percent versus the fourth quarter of 2008 due to a 1.8 percent decline in total ASMs and lower passenger yields. Total revenue per available seat mile was 13.02 cents, down 3.1 percent versus the same period last year.
Mainline passenger revenue per available seat mile (PRASM) in the fourth quarter was 9.93 cents, down 7.0 percent versus the same period last year. Express PRASM was 18.76 cents, up 1.7 percent versus the fourth quarter 2008. Total mainline and Express PRASM was 11.44 cents, which was down 4.7 percent versus the fourth quarter 2008.
Total operating expenses in the fourth quarter were down 16.8 percent over the same period last year due principally to a 14.6 percent decrease in mainline and express fuel expense. Mainline CASM in the fourth quarter was 11.82 cents, down 19.2 percent versus the same period last year. Excluding fuel and special items, mainline CASM was 8.56 cents, up 0.8 percent from the same period last year, on a 1.8 percent decline in mainline ASMs.
As of Dec. 31, 2009, the company had approximately $2 billion in total cash and investments, of which $0.5 billion was restricted, versus $2 billion in total cash of which $0.7 billion was restricted on Dec. 31, 2008.
Looking forward, as part of a previously announced liquidity improvement program, the Company has significantly reduced its 2010 and 2011 capital commitments by deferring most new aircraft deliveries and reducing debt amortization.
