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AMR Announces Second Quarter LossJuly 16, 2009 By: George Dooley
AMR Corporation, parent of American Airlines, announced a second quarter net loss of $390 million as continued weakness in the economy dampened demand and revenue, the company said. Excluding special items, the second quarter loss was $319 million, which compares to a loss of $298 million in second quarter 2008.
“The challenges for our industry and company have continued throughout 2009,” said AMR Chairman and CEO Gerard Arpey. “With ongoing global economic weakness and the resulting effect on travel demand, revenues are down sharply from a year ago. The spot price of oil, while much lower than this time last year, has risen since early this year and remains volatile.”
AMR will continue to focus on liquidity, fleet renewal, aligning capacity with demand, and customer dependability, Arpey said. The company has made several accomplishments from the second quarter and to date, including:
* Added $66 million in liquidity through an aircraft sale-leaseback transaction
* Completed $520 million public offering that adds liquidity and provides financing for 16 of the company’s firm Boeing 737-800 orders
* With the public offering and other financing commitments, the company now has committed financing, subject to certain terms and conditions, expected to cover all firm 737 orders through 2011
* Announced plans to take eight additional Boeing 737-800s for narrow body replacement, increasing 737 deliveries to 84 for 2009 through 2011
* Increased planned 2009 capacity reductions to 7.5 percent versus 2008
* Continued to improve customer dependability metrics
“We bolstered liquidity and obtained additional committed financing related to our fleet renewal program. We also improved in our dependability and customer experience measures and announced additional capacity reductions as we seek the right balance between supply and demand,” Arpey said
Arpey reiterated expectations that American and four of its fellow oneworld Alliance members will receive Department of Transportation approval of their application for global antitrust immunity this fall. He also said the companies look forward to continuing to demonstrate the public benefits of their plans to regulators in the European Union. With this approval, American, British Airways and Iberia plan to launch a joint business relationship that will improve travel options and customer benefits on flights between North America and Europe.