America West Holdings Corporation (NYSE: AWA - news), parent company of America West Airlines, Inc. and The Leisure Company, today reported a fourth quarter net loss (excluding non-recurring charges) of $32.1 million and a diluted loss per share of $0.95. Including non-recurring operating expenses of $24.5 million, the fourth quarter 2000 net loss was $47.4 million or $1.40 per share. The fourth quarter non-recurring expenses included charges related to the early termination of leases on certain aircraft and the write down to net realizable value of certain excess expendable parts inventory that will be sold.
http://biz.yahoo.com/prnews/010117/az_america.html
snake
Jan 17, 01, 10:03 pm
From the PlaneBusiness Daily Banter:
Finally, America West posted their results today, and they were not very pretty to read either, as we had expected would be the case. In fact, the airline lost more than twice as much money as the First Call/Thomson financial estimates had pegged them to lose.
The airline lost $32.1 million, or $0.95 cents a share for the fourth quarter--excluding one time charges. Last year for the same period, the airline reported a profit of $20 million, or $0.52 cents per share.
Revenues at the airline only increased 0.7% for the quarter, while operating costs rose a whopping 22.9%. Don't need an HP-12C to figure out these numbers.
As Ray Neidl, analyst at ING Barings was quoted as saying today, "We knew it was going to be a bad quarter. We just didn't expect it to be that bad."
Operationally, the numbers were horrid, as the airline posted a 3.1% decline in RASM, against a 14% increase in CASM. Not good when costs go up. Even worse when costs go up, your revenues are flat, and your unit revenue figure declines.
Not a whole lot else to say about these. At least not here tonight.