Mon, Mar 01, 2004
Still In The Red
UAL Corporation, the
holding company whose primary subsidiary is United Airlines, today
filed its January Monthly Operating Report (MOR) with the United
States Bankruptcy Court. The company reported a loss from
operations of $191 million, which represents an improvement of
approximately $140 million over January 2003. Mainline passenger
unit revenue improved 8% year-over-year, well ahead of the industry
average. Mainline unit costs for January, excluding special charges
and fuel, improved 14% year-over-year. The company reported a net
loss of $252 million, including $26 million in reorganization
expenses. The majority of reorganization expenses were non- cash
items resulting from the rejection of aircraft as the company
aligns its fleet with the market. UAL met the requirements of its
debtor-in-possession (DIP) financing for the twelfth straight
month.
"United is continuing to move steadily ahead with its
reorganization efforts," said Jake Brace, United's executive vice
president and chief financial officer. "Our financial results show
progress compared to January a year ago, and United continued to
outpace our competitors in passenger unit revenue improvement,
despite the seasonally weak demand across the industry, which we
expect to continue in February as well."
UAL ended January with a cash balance of about $2.2 billion,
which included $650 million in restricted cash (filing entities
only), a decrease of $131 million, that reflects a quarterly
retroactive wage payment to International Association of Machinists
members of $63 million. As part of its DIP financing agreements,
UAL's lenders required the company to achieve a cumulative EBITDAR
(earnings before interest, taxes, depreciation, amortization and
aircraft rent) of $901 million between February 1, 2003 and January
31, 2004.
More News
Runway Lead-in Light System Runway Lead-in Light System Consists of one or more series of flashing lights installed at or near ground level that provides positive visual guidance a>[...]
Aero Linx: Aviation Without Borders Aviation Without Borders uses its aviation expertise, contacts and partnerships to enable support for children and their families – at hom>[...]
Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]
From 2010 (YouTube Version): Yeah.... This IS A Really Cool Job When ANN's Nathan Cremisino took over the lead of our Aero-TV teams, he knew he was in for some extra work and a lot>[...]
Also: Junkers A50 Heritage, Montaer Grows, Dynon-Advance Flight Systems, Vans' Latest Officially, the Carbon Cub UL and Rotax 916 iS is now in its 'market survey development phase'>[...]