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AA Reports First Quarter Loss

April 22, 2010 By: George Dooley

AMR Corporation, parent of American Airlines, reported a net loss of $505 million for the first quarter of 2010. This includes the impact of a $53 million special item related to the devaluation of the Venezuelan currency in January. Excluding that special item, AMR lost $452 million in the first quarter.

This compares to a net loss of $375 million in the first quarter of 2009, which included a $13 million charge related to A300 aircraft retirements. Excluding that special item, AMR lost $362 million in the first quarter of 2009.

“While we made significant progress in improving revenue performance in the first quarter and enhancing our competitive position, we were simply unable to overcome the challenges of the global economic environment coupled with once-again escalating fuel prices," said AMR Chairman and CEO Gerard Arpey.

American reached important milestones in the first quarter including a new partnership with Japan Air Lines (JAL). In addition, AA gained tentative approval to begin an immunized transatlantic joint business with British Airways and Iberia Airlines. American expects that the joint business will be launched in the second half of this year.

AA also announced new flights and routes at New York's LaGuardia Airport and John F. Kennedy International Airport, as well as an inter-airline passenger agreement with JetBlue Airways for service to and from New York City and Boston. By year end, at LaGuardia and JFK combined, American and American Eagle will add 31 total flights to and from 13 additional airports, bringing total New York departures to 216 and unique destinations to 63.

American customers will have new access to 18 domestic routes on JetBlue that don't overlap American's existing network, and JetBlue customers will have new access to 12 non-overlapping international routes of American's. When combined with new options for travel on JetBlue, American's New York customers will have access to 81 destinations on 271 nonstop flights by the end of 2010.

American said these New York service enhancements, together with related facilities and aircraft upgrades and an expanded marketing partnership with the city's tourism arm, NYC & Company, will build additional passenger demand for its international network to Europe, Asia and SouthAmerica , including its planned trans-Atlantic and trans-Pacific joint businesses.



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