AMR Corporation, the parent company of American Airlines, Inc., reported a net loss of $344 million for the fourth quarter of 2009. The fourth quarter 2009 results include the negative impact of $177 million in non-cash special items. Excluding these special items and the non-cash tax item, the company lost $415 million in the quarter.
The results for the fourth quarter of 2009 compare to a net loss of $347 million for the fourth quarter of 2008. The fourth quarter 2008 results included a $23 million charge and a $103 million non-cash pension settlement charge. Excluding those special items, the Company lost $221 million, or $0.79 per share, in the fourth quarter of 2008.
For all of 2009, AMR recorded a net loss of $1.5 billion compared to a loss of $2.1 billion for 2008. Excluding special items and the non-cash tax item, the company lost $1.4 billion for all of 2009, compared to a loss of $1.2 billion in 2008.
"In 2009, our company once again proved its resiliency and ability to battle through challenges while continuing to work toward a successful future," said AMR Chairman and CEO Gerard Arpey. "The fuel crisis of 2008 was replaced by the worst recession in decades, which hurt travel demand severely, and tight capital markets. Yet, we took steps to address those challenges by bolstering our liquidity and financial flexibility and remaining disciplined with capacity. At the same time, we strengthened our global network, reinvested in our fleet and products, and made strides to improve our dependability and our customers' experience.
Arpey added that American expects to receive U.S. regulatory approval, in the near future, of its antitrust immunity application with fellow oneworld members British Airways, Iberia, Finnair, and Royal Jordanian. This approval will pave the way for American, British Airways, and Iberia to launch a joint business relationship on flights between North America and Europe, Arpey said.