AMR Posts Fourth-Quarter Loss of $209 Million
DALLAS (
) -
AMR
(AAMRQ.PK)
said Wednesday it lost $209 million in the fourth quarter and $1.1 billion for the year, both periods when most other carriers reported profits.
Excluding items, AMR, which is operating under Chapter 11 bankruptcy protection, the $209 million fourth quarter loss compared with a loss of $69 million in the same quarter a year earlier. The parent company of American Airlines paid $394 million more for fuel than it would have paid at the prices that prevailed a year earlier.
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Including items, the loss was $1.1 billion. Special items totaled $768 million, which included $725 million in non-cash charge resulted from writing down the value of aircraft, primarily a $717 million write down for Boeing 757s. The company also recognized $118 million in reorganization items, primarily due to the rejection of 24 leased aircraft, including 20 MD-80s.
In the same period a year earlier, including items, AMR lost $97 million. The company reported its losses in a bankruptcy court filing.
Fourth-quarter revenue rose 7.4% to $6 billion. Mainline revenue per available seat mile rose 8.9%. Mainline capacity fell by 1.9%, while load factor rose to 82.1% from 81.6% in the same quarter a year earlier.
For the full year, excluding items, AMR lost $1.1 billion, versus a loss of $389 for the full year 2010. Including items, AMR lost $2 billion, compared with a loss of $471 million for 2010. Most of the special items were recorded in the fourth quarter. Fuel costs during the year were $2 billion more than they would have been at 2010 prices.
-- Written by Ted Reed in Charlotte, N.C.
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