Q3 2003 results in
Dec 3, 2002, 11:23 am
#1
Original Poster
Join Date: Feb 2001
Location: Pittsburgh, PA
Programs: United Gold
Posts: 2,047
Q3 2003 results in
Didnt see anyone else post this, so here goes. Good news is that there was an operating profit before exceptional items (e.g. reorganization expenses). But the profit wasnt much, with the lower labor costs in place and the reduced capacity.
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US Airways Group Posts $45.6 Million Net Loss For October
Tuesday December 3, 11:28 am ET
WASHINGTON -(Dow Jones)- US Airways Group Inc. reported a $45.6 million net loss for October on total operating revenue of $572.4 million, according to a Form 8-K filed Tuesday morning with the Securities and Exchange Commission.
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After incurring $553.4 million in operating expenses, the airline generated $ 18.9 million in operating income for the month. However, other expenses during October totaled $86.4 million, including a $20.9 million interest expense and a $67.5 million reorganization expense, offset by $2 million in other income.
The October report also said US Airways took a $21.7 million provision for income taxes during the month.
The report didn't include a balance sheet or statement of cash flows for the company, saying that the items would be provided when the company files its annual report with the SEC for the year ending Dec. 31.
The October report said US Airways had a total consolidated cash balance of $ 830.7 million.
The airline listed about $7.81 billion in assets, $10.65 billion in liabilities and $8.3 billion in annual operating revenue when it filed for Chapter 11 protection Aug. 11.
US Airways said it hopes to emerge from Chapter 11 protection with the help of Retirement Systems of Alabama, a pension fund that has agreed to invest $240 million in the company in return for a 37.5% equity stake. RSA also has provided $500 million in debtor-in-possession financing to help US Airways fund its operations while in bankruptcy.
The airline said last week it intends to file its disclosure statement and plan of reorganization by Dec. 20, in time for the U.S. Bankruptcy Court in Alexandria, Va., to consider the adequacy of the disclosure statement at an omnibus hearing Jan. 16.
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US Airways Group Posts $45.6 Million Net Loss For October
Tuesday December 3, 11:28 am ET
WASHINGTON -(Dow Jones)- US Airways Group Inc. reported a $45.6 million net loss for October on total operating revenue of $572.4 million, according to a Form 8-K filed Tuesday morning with the Securities and Exchange Commission.
ADVERTISEMENT
After incurring $553.4 million in operating expenses, the airline generated $ 18.9 million in operating income for the month. However, other expenses during October totaled $86.4 million, including a $20.9 million interest expense and a $67.5 million reorganization expense, offset by $2 million in other income.
The October report also said US Airways took a $21.7 million provision for income taxes during the month.
The report didn't include a balance sheet or statement of cash flows for the company, saying that the items would be provided when the company files its annual report with the SEC for the year ending Dec. 31.
The October report said US Airways had a total consolidated cash balance of $ 830.7 million.
The airline listed about $7.81 billion in assets, $10.65 billion in liabilities and $8.3 billion in annual operating revenue when it filed for Chapter 11 protection Aug. 11.
US Airways said it hopes to emerge from Chapter 11 protection with the help of Retirement Systems of Alabama, a pension fund that has agreed to invest $240 million in the company in return for a 37.5% equity stake. RSA also has provided $500 million in debtor-in-possession financing to help US Airways fund its operations while in bankruptcy.
The airline said last week it intends to file its disclosure statement and plan of reorganization by Dec. 20, in time for the U.S. Bankruptcy Court in Alexandria, Va., to consider the adequacy of the disclosure statement at an omnibus hearing Jan. 16.
Dec 3, 2002, 12:48 pm
#2
Join Date: Oct 2001
Location: BOS
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by hscottm:
Didnt see anyone else post this, so here goes. Good news is that there was an operating profit before exceptional items (e.g. reorganization expenses).
</font>
Didnt see anyone else post this, so here goes. Good news is that there was an operating profit before exceptional items (e.g. reorganization expenses).
</font>