Air Transoprt News le 30 01 09, c'est long mais assez détaillé ! :
US Airways Group, Inc today reported its fourth quarter and 2008 results. Net loss for the fourth quarter was $220 million, or ($1.93) per share, which excludes special charges totaling $321 million.
Special charges in the fourth quarter 2008 included $234 million of unrealized losses resulting from mark-to-market adjustments on fuel hedging instruments.
On a GAAP basis, the Company reported a net loss of $541 million for its fourth
quarter 2008, or ($4.74) per share, compared to a loss of $79 million, or
($0.87) for the same period last year.
For the full year 2008, the Company reported a net loss of $803 million, or ($8.01) per share, which
excluded special charges totaling $1.4 billion. In addition to $496 million of unrealized losses resulting from mark-to-market adjustments on fuel hedging instruments, special charges for the year also include a $622 million non-cash charge to write off the goodwill created by the merger of US Airways Group, Inc. and America West Holdings Corporation. On a GAAP basis, the Company reported a net loss of $2.2 billion, or ($22.06) per share, compared to a net profit of $427 million, or $4.52 per diluted share, in 2007. 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 Chairman and CEO Doug Parker stated, “Like other airlines that have reported before us, our financial results reflect the staggering increase in fuel prices that we faced throughout
most of 2008. In fact, had our 2008 fuel price including realized gains and losses on fuel hedging instruments remained at 2007 levels, the Company’s fuel expense would have been approximately $1.4 billion lower.
“The impact of high oil prices acted as a catalyst for airlines to take unprecedented measures to bring
the supply of seats back into balance with passenger demand. We believe these actions have significantly softened the blow from the economic downturn that we as an industry now face.
“On the operational front, we have made tremendous progress since we reported our 2007 financial results. Our team of 34,000 employees is to be commended as they have done an outstanding job of taking care of our customers throughout the entire year. As reported by the Department of Transportation’s (DOT) Consumer Air Travel Report, US Airways ranked first of the Big Six hub-and-spoke carriers and second among the 10 largest airlines in on-time performance through the month of November.
“As we begin the new year, US Airways is well prepared for a difficult global macroeconomic environment. We are running a great operation, have restructured our business model through
the introduction of new fees, reduced capacity and increased our liquidity. With the help of falling fuel prices, we believe we are well positioned for the challenges ahead,” concluded Parker.
Revenue and Cost Comparisons
Mainline passenger revenue per available seat mile (PRASM) in the fourth quarter was 10.68 cents, up 1.6 percent over the same period last year. Express PRASM was 18.45 cents, down 0.2 percent over the fourth quarter 2007. Total mainline and Express PRASM for US Airways Group was 12.01 cents, which was up 1.6 percent over the fourth quarter 2007 on a 5.1 percent decline in total available seat miles (ASMs). Total revenue per available seat mile in the fourth quarter was 13.44 cents, up 4.8
percent over the same period last year due largely to the increase in a la carte revenues.
Mainline cost per available seat mile (CASM) at US Airways Group in the fourth quarter was 14.62 cents, up 21.5 percent versus the same period last year. Fuel was the largest driver of this increase as average mainline fuel price per gallon including realized gains and losses on fuel hedging instruments increased 33.8 percent. Excluding fuel, unrealized and realized gains/losses on fuel hedging instruments, and net special items, mainline CASM was 8.49 cents, up 5.0 percent from the same
period last year, on a 5.9 percent decline in mainline ASMs.
The Company had $2.0 billion in total cash and investments, of which $0.7 billion was restricted on
Dec. 31, 2008. Included in the Company’s restricted cash balance was $185 million related to letters of credit collateralizing certain counterparties to the Company’s fuel hedging transactions. In addition, the Company had $276 million in cash deposits held by counterparties to its fuel hedging
On October 20, 2008, the Company completed a series of financial transactions which raised approximately $810 million in gross proceeds and included a $400 million paydown at par of
the Company’s bank loan. As a result, the Company’s minimum unrestricted cash covenant was reduced to $850 million from $1.25 billion. The net proceeds to the Company after transaction fees were approximately $370 million, which is reflected in the Company’s cash balance reported above.
On December 5, 2008, the Company prepaid $100 million from the above-referenced transactions related to a loan secured by certain spare parts. On January 16, 2009, the Company exercised its right to obtain new loan commitments under the same agreement and raised $50 million.
Fourth Quarter Special Items
During its fourth quarter, the Company recognized $321 million of net special items. These special items included a $234 million unrealized net loss associated with the change in fair value of the Company's outstanding fuel hedge contracts, a $74 million impairment loss on certain available for sale auction rate securities considered to be other than temporary, $7 million in charges for lease return costs and penalties related to certain Airbus aircraft, a $5 million charge related to the write off of debt issuance costs resulting from certain loan prepayments in connection with the Company’s fourth quarter financing transactions, and $1 million in severance charges.
Other Notable Accomplishments
* Successfully activated the airline’s new, state-of-the-art Operations Control Center in Pittsburgh where all flight control and dispatch functions for US Airways’ 1,300 daily mainline flights are carried out.
* Transitioned to a new bag tracking system that provides more detailed information to customers and allows more robust searches and enables passengers to be reconnected with their bags faster.
* Deployed and began the use of handheld devices enabling the on-board use of credit cards for meal,
headset, and beverage purchases.
Marketing / New Service
* In addition to announcing new service between the airline’s international gateway in Philadelphia and Tel Aviv, Israel that begins in July 2009, the Company announced three new trans-Atlantic flights to begin this spring: Birmingham, U.K., and Oslo, Norway, from Philadelphia and Paris – Charles de Gaulle from Charlotte, N.C. Trans-Atlantic flying in 2009 will total 27 daily flights to 23 destinations.
* Filed application for daily nonstop service between the airline’s hub in Charlotte,N.C. and Rio
de Janeiro, Brazil with the DOT. The proposed route will be US Airways’ first service to South America.
* Received final DOT approval to begin first-ever nonstop service between Washington (DCA) and
Akron/Canton, Ohio. The new service began January 24, 2009.
* Restored Dividend Miles Bonus Miles accrual for Preferred Dividend Miles members as well as the 500 mile minimum for Preferred members and the 500 mile minimum for all Dividend Miles members on US
Airways Shuttle flights.
* As part of the Company’s operational incentive plan, the Company distributed a $50 bonus to employees for a top-three finish amongst the ten largest U.S. carriers for October on-time arrivals as measured by the DOT Air Travel Consumer Report. In 2008, US Airways employees received ten $50 bonus payments totaling approximately $18 million.
* The Company recently announced several changes to its executive leadership team including the
promotion of Derek Kerr to executive vice president and chief financial officer, and the addition of Brad Jensen, senior vice president and chief information officer.
The airline will also provide its investor relations guidance on its Web site (www.usairways.com).
Information that could be provided includes cost per available seat mile (CASM) excluding fuel and special items, fuel prices and hedging positions, other revenues and estimated interest expense/income. The investor relations update page also includes the airline’s capacity, fleet plan, and estimated capital spending for 2009.