FORT WORTH, Texas, July 24, 2014 /PRNewswire/ -- American
Airlines Group Inc. (NASDAQ: AAL) today reported its second quarter
2014 results.
- Second quarter 2014 non-GAAP net profit excluding net
special charges was $1.5 billion, a
record for any quarter in the history of American Airlines
- Second quarter 2014 GAAP net profit was a record
$864 million
- The Company also announced a capital deployment program,
including over $2.8 billion in debt
and aircraft lease prepayments, a $1
billion share repurchase program, the initiation of a
quarterly cash dividend, and $600
million of additional pension contributions
- As part of the program, American's Board of Directors
declared a dividend of $0.10 per
share for shareholders of record as of August 4, 2014. The cash dividend is the first
declared by American since 1980
For the second quarter 2014, American Airlines Group reported a
record GAAP net profit of $864 million. This compares to a
GAAP net profit of $220 million in
the second quarter 2013, for AMR Corporation prior to the merger.
The Company believes it is more meaningful to compare
year-over-year results for American Airlines and US Airways
excluding special charges and on a combined basis, which is a
non-GAAP formulation that combines the results for AMR Corporation
and US Airways Group.
On this basis, second quarter 2014 net profit excluding net
special charges was $1.5 billion, a
record for any quarter in the history of the Company. This
represents a 114 percent improvement over the combined non-GAAP net
profit of $681 million excluding net
special charges for the same period in 2013. See the accompanying
notes in the Financial Tables section of this press release for
further explanation of this presentation, including a
reconciliation of GAAP to non-GAAP financial information.
"We are very pleased to report the highest quarterly profit in
the history of American Airlines," said Chairman and CEO
Doug Parker. "Our merger is off to a
great start and our 100,000 team members are doing a wonderful job
working together to take care of our customers.
"We are also pleased to announce a capital deployment program
that reduces our debt, provides additional pension contributions
and returns capital to shareholders. The fact that we are able to
implement this program while still funding our significant product
improvements, fleet renewal program and integration costs is
further evidence of the success of our merger. We have much
hard work ahead, but we are extremely encouraged by the great work
being done by our team members."
Revenue and Cost Comparisons
Total revenues in the second quarter were a record $11.4 billion, up 10.2 percent versus the second
quarter 2013 on a combined basis, on a 3.1 percent increase in
total available seat miles (ASMs). Driven by a record yield of
17.34 cents, up 6.5 percent
year-over-year, consolidated passenger revenue per ASM (PRASM) was
also a record at 14.57 cents, up 5.9
percent versus the second quarter 2013 on a combined basis.
Total operating expenses in the second quarter were $10.0
billion, up 7.0 percent over combined second quarter 2013. Second
quarter mainline cost per available seat mile (CASM) was 13.61
cents, up 3.9 percent on a 3.5 percent increase in mainline ASMs
versus combined second quarter 2013. Excluding special charges and
fuel, mainline CASM was up 2.2 percent compared to the
combined second quarter 2013, at 8.55
cents. Regional CASM excluding special charges and fuel
was 15.80 cents, up 5.2 percent on a 0.4 percent decrease in
regional ASMs versus combined second quarter 2013.
Liquidity
As of June 30, 2014, American had approximately $10.3
billion in total cash and short-term investments, of
which $882 million was restricted. The Company also has an
undrawn revolving credit facility of $1.0
billion.
During the quarter, the Company repaid $502 million of debt obligations, which includes
approximately $175 million for the
settlement of its 7.25% convertible notes with cash. The Company
also prepaid $113 million of
obligations associated with aircraft debt, $51 million associated with special facility
revenue bonds and also used $630
million of cash to purchase aircraft that were previously
being leased to the Company.
At June 30, 2014, approximately
$791 million of the Company's
unrestricted cash balance was held in Venezuelan bolivars, valued
at the weighted average applicable exchange rate of 6.53 bolivars to the dollar. This includes
approximately $94 million valued at
4.3 bolivars, approximately
$611 million valued at 6.3 bolivars and approximately $86 million valued at 10.6
bolivars, with the rate depending on the date the Company
submitted its repatriation request to the Venezuelan government. In
the first quarter of 2014, the Venezuelan government announced that
a newly implemented system (SICAD I) will determine the exchange
rate (which fluctuates as determined by weekly auctions and at
June 30, 2014 was 10.6 bolivars to the dollar) for repatriation of
cash proceeds from ticket sales after January 1, 2014, and introduced new procedures
for approval of repatriation of local currency.
The Company is continuing to work with Venezuelan authorities
regarding the timing and exchange rate applicable to the
repatriation of funds held in local currency. However, pending
further repatriation of funds, and due to the significant decrease
in demand for air travel resulting from the effective devaluation
of the bolivar, the Company recently significantly reduced capacity
in this market. The Company is monitoring this situation closely
and continues to evaluate its holdings of Venezuelan bolivars for
potential impairment.
Capital Deployment Program
The Company also announced a capital deployment program intended
to efficiently allocate cash balances over and above those required
to fund its business. The program has three key components:
- Debt/Lease Prepayments: Since the merger
closed in December 2013, the Company
has prepaid $420 million of aircraft
debt and bond obligations. In addition, the Company plans to prepay
$480 million of special facility
revenue bond obligations by the end of 2014. It is anticipated that
these prepayments will represent a reduction in the Company's debt
going forward. The Company has also used $630 million of cash to purchase aircraft that
were previously leased to the Company and anticipates utilizing an
additional $370 million of cash in
this manner through the remainder of 2014. In addition, the Company
has called for redemption of the remaining $900 million principal amount of the 7.5% senior
notes due March 15, 2016. In total,
these steps represent approximately $2.8
billion of prepayments that will be completed by the end of
2014.
- Pension Funding: The Company plans to make
supplemental contributions of $600
million to its defined benefit plans in 2014. These
contributions would be above and beyond the $120 million minimum required contributions for
2014.
- Return to Shareholders: The program includes a
share repurchase program and the initiation of a quarterly
dividend. The Company's Board of Directors authorized a
$1.0 billion share repurchase program
to be completed no later than December 31,
2015. The Board also declared a dividend of $0.10 per share for shareholders of record as of
August 4, 2014. The dividend will be
paid on August 18, 2014. This is the
first cash dividend declared at American Airlines since 1980.
Shares repurchased under the program announced above may be made
through a variety of methods, which may include open market
purchases, privately negotiated transactions, block trades or
accelerated share repurchase transactions. Any such repurchases
will be made from time to time subject to market and economic
conditions, applicable legal requirements and other relevant
factors. The program does not obligate the Company to repurchase
any specific number of shares or continue a dividend for any fixed
period, and may be suspended at any time at management's
discretion.
Additional Notable Accomplishments
Merger Integration Developments
- US Airways joined American in the trans-Atlantic joint business
agreement with British Airways, Iberia and Finnair and codeshare
agreements with British Airways, Iberia and oneworld
alliance partner airberlin
- Combined operations at 72 airports since the merger
- Began harmonizing its network by aligning flying between its
hubs. The changes allow the Company to replace smaller regional
aircraft with larger mainline aircraft and to redeploy regional
jets to other markets to better match aircraft size with customer
demand in small and medium sized communities
- Announced new mileage redemption options for American Airlines
AAdvantage® and US Airways Dividend Miles®
members, along with new checked bag policies, and began to align
the First and Business Class experience across the airline
- Launched new reciprocal upgrade benefits for elite-level
members
- Conducted first joint Flight Attendant Training sessions with
newly hired flight attendants from both airlines
- Reached three agreements covering more than 11,000 US Airways
mechanics, fleet service agents and maintenance training
specialists with the International Association of Machinists
union
Fleet and Network Developments
- As part of its plan to modernize its fleet, the Company
inducted 21 new aircraft during the second quarter
- Expanded its European presence with new, seasonal summer
service between its hub at Charlotte Douglas International Airport
and Barcelona, Brussels, Lisbon and Manchester, U.K.
- Strengthened its presence in the Asia-Pacific region with new nonstop service
between Dallas/Fort Worth and
Hong Kong and Shanghai
- Announced twelve new routes in the
United States and Canada
from Dallas/Fort Worth, Chicago
O'Hare, Los Angeles, Charlotte, N.C., Philadelphia and Phoenix, including service between DFW and new
destination, Bismarck, N.D. The
Company also began service between DFW and Edmonton, Alberta
Other Developments
- Distributed $5.5 million in
operational incentive payouts to employees for on-time departures
in the month of April; this distribution of $50 per employee is part of the Company's Triple
Play program which measures operational performance as reported in
the DOT's Air Travel Consumer Report (ATCR). To date, the Company's
employees have earned $16.5 million
in operational incentive payouts
- Honored with two awards from Airfinance Journal,
including the 2013 Overall "Deal of the Year" for its merger with
US Airways, and the 2013 Airline "Treasury Team of the Year" for
its work on American's debt and lease restructuring, a major
aircraft order and other financing
- Employees donated more than 13,000 hours to numerous projects
in the second quarter. In addition, the Company donated more than
$3 million of travel to organizations
including American Fallen Soldiers, the Gary Sinise Foundation, the
San Diego Air and Space Museum, and Carry the Load
- Recognized four employees with the 2014 Earl G. Graves Award
for Leadership in Diversity for influencing positive change,
setting an example and leaving a lasting impact on those around
them
Special Items
In the second quarter, the Company recognized a total of
$592 million in net special charges,
including:
- $253 million net special
operating charges, which principally included $163 million of merger integration expenses, a
net $38 million charge for bankruptcy
related settlement obligations, $37
million in charges relating to the buyout of leases
associated with certain aircraft, and $15
million of other special charges
- Net $337 million non-cash tax
charge, consisting primarily of a $330
million non-cash tax charge related to the Company's sale of
its portfolio of fuel hedging contracts that were scheduled to
settle on or after June 30,
2014. This charge reverses a non-cash tax provision which was
recorded in Other Comprehensive Income (OCI), a subset of
stockholder's equity, principally in 2009. The provision represents
the tax effect associated with gains recorded in OCI principally in
2009 due to a net increase in the fair value of the Company's fuel
hedging contracts
Conference Call / Webcast Details
The Company will conduct a live audio webcast of its
earnings call today at 1:30 p.m. EDT, which will be available
to the public on a listen-only basis at aa.com/investorrelations.
An archive of the webcast will be available on the website
through Aug. 24.
Investor Guidance
For financial forecasting detail, please refer to the Company's
investor relations update also filed this morning with the
Securities Exchange Commission on Form 8-K. This filing is
available aa.com/investorrelations.
About American Airlines Group
American Airlines Group (NASDAQ: AAL) is the holding company for
American Airlines and US Airways. Together with wholly owned and
third-party regional carriers operating as American Eagle and US
Airways Express, the airlines operate an average of nearly 6,700
flights per day to 339 destinations in 54 countries from its hubs
in Charlotte, Chicago, Dallas/Fort
Worth, Los Angeles,
Miami, New York, Philadelphia, Phoenix and Washington, D.C. The American Airlines
AAdvantage and US Airways Dividend Miles programs allow members to
earn miles for travel, vacation packages, car rentals, hotel stays
and everyday purchases. American is a founding member of the
oneworld alliance, whose members and members-elect serve nearly
1,000 destinations with 14,250 daily flights to 150 countries.
Connect with American on Twitter @AmericanAir and at
Facebook.com/AmericanAirlines and follow US Airways on Twitter
@USAirways.
Cautionary Statement Regarding Forward-Looking Statements and
Information
This document includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may be identified by words such as
"may," "will," "expect," "intend," "anticipate," "believe,"
"estimate," "plan," "project," "could," "should," "would,"
"continue," "seek," "target," "guidance," "outlook," "if current
trends continue," "optimistic," "forecast" and other similar words.
Such statements include, but are not limited to, statements about
future financial and operating results, our plans, objectives,
estimates, expectations and intentions, and other statements that
are not historical facts. These forward-looking statements are
based on the current objectives, beliefs and expectations of the
Company, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. The following
factors, among others, could cause actual results and financial
position and timing of certain events to differ materially from
those described in the forward-looking statements: significant
operating losses in the future; downturns in economic conditions
that adversely affect the Company's business; the impact of
continued periods of high volatility in fuel costs, increased fuel
prices and significant disruptions in the supply of aircraft fuel;
competitive practices in the industry, including the impact of low
cost carriers, airline alliances and industry consolidation; the
challenges and costs of integrating operations and realizing
anticipated synergies and other benefits of the merger transaction
with US Airways Group, Inc.; the Company's substantial indebtedness
and other obligations and the effect they could have on the
Company's business and liquidity; an inability to obtain sufficient
financing or other capital to operate successfully and in
accordance with the Company's current business plan; increased
costs of financing, a reduction in the availability of financing
and fluctuations in interest rates; the effect the Company's high
level of fixed obligations may have on its ability to fund general
corporate requirements, obtain additional financing and respond to
competitive developments and adverse economic and industry
conditions; the Company's significant pension and other
post-employment benefit funding obligations; the impact of any
failure to comply with the covenants contained in financing
arrangements; provisions in credit card processing and other
commercial agreements that may materially reduce the Company's
liquidity; the limitations of the Company's historical consolidated
financial information, which is not directly comparable to its
financial information for prior or future periods; the impact of
union disputes, employee strikes and other labor-related
disruptions; any inability to maintain labor costs at competitive
levels; interruptions or disruptions in service at one or more of
the Company's hub airports; any inability to obtain and maintain
adequate facilities, infrastructure and slots to operate the
Company's flight schedule and expand or change its route network;
the Company's reliance on third-party regional operators or
third-party service providers that have the ability to affect the
Company's revenue and the public's perception about its services;
any inability to effectively manage the costs, rights and
functionality of third-party distribution channels on which the
Company relies; extensive government regulation, which may result
in increases in the Company's costs, disruptions to the Company's
operations, limits on the Company's operating flexibility,
reductions in the demand for air travel, and competitive
disadvantages; the impact of the heavy taxation to which the
airline industry is subject; changes to the Company's business
model that may not successfully increase revenues and may cause
operational difficulties or decreased demand; the loss of key
personnel or inability to attract and retain additional qualified
personnel; the impact of conflicts overseas, terrorist attacks and
ongoing security concerns; the global scope of the Company's
business and any associated economic and political instability or
adverse effects of events, circumstances or government actions
beyond its control, including the impact of foreign currency
exchange rate fluctuations and limitations on the repatriation of
cash held in foreign countries; the impact of environmental
regulation; the Company's reliance on technology and automated
systems and the impact of any failure of these technologies or
systems; challenges in integrating the Company's computer,
communications and other technology systems; costs of ongoing data
security compliance requirements and the impact of any significant
data security breach; losses and adverse publicity stemming from
any accident involving any of the Company's aircraft or the
aircraft of its regional or codeshare operators; delays in
scheduled aircraft deliveries, or other loss of anticipated fleet
capacity, and failure of new aircraft to perform as expected; the
Company's dependence on a limited number of suppliers for aircraft,
aircraft engines and parts; the impact of changing economic and
other conditions beyond the Company's control, including global
events that affect travel behavior such as an outbreak of a
contagious disease, and volatility and fluctuations in the
Company's results of operations due to seasonality; the effect of a
higher than normal number of pilot retirements and a potential
shortage of pilots; the impact of possible future increases in
insurance costs or reductions in available insurance coverage; the
effect of several lawsuits that were filed in connection with the
merger transaction with US Airways Group, Inc. and remain pending;
an inability to use NOL carryforwards; any impairment in the amount
of goodwill the Company recorded as a result of the application of
the acquisition method of accounting and an inability to realize
the full value of the Company's and American Airlines' respective
intangible or long-lived assets and any material impairment charges
that would be recorded as a result; price volatility of the
Company's common stock; delay or prevention of stockholders'
ability to change the composition of the Company's board of
directors and the effect this may have on takeover attempts that
some of the Company's stockholders might consider beneficial; the
effect of provisions of the Company's Certificate of Incorporation
and Bylaws that limit ownership and voting of its equity interests,
including its common stock, its preferred stock and convertible
notes; the effect of limitations in the Company's Certificate of
Incorporation on acquisitions and dispositions of its common stock
designed to protect its NOL carryforwards and certain other tax
attributes, which may limit the liquidity of its common stock; and
other economic, business, competitive, and/or regulatory factors
affecting the Company's business, including those set forth in the
Company's quarterly report on Form 10-Q for the period ending
June 30, 2014 "especially in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections" and other
risks and uncertainties listed from time to time in our filings
with the SEC. Any forward-looking statements speak only as of the
date hereof or as of the dates indicated in the statements. The
Company does not assume any obligation to publicly update or
supplement any forward-looking statement to reflect actual results,
changes in assumptions or changes in other factors affecting these
forward-looking statements except as required by law.
American Airlines
Group Inc. (Formerly AMR Corporation)
|
GAAP Results
- Consolidated Statements of Operations
|
Reflects AAG
Standalone Results for Period Prior to Merger Close
|
(In millions,
except share and per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
Percent
|
|
6 Months Ended
June 30,
|
|
Percent
|
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
(A)
|
|
|
|
|
|
(A)
|
|
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Mainline passenger
|
$
8,213
|
|
$
4,888
|
|
68.0
|
|
$
15,471
|
|
$
9,502
|
|
62.8
|
Regional passenger
|
1,707
|
|
752
|
|
nm
|
|
3,114
|
|
1,431
|
|
nm
|
Cargo
|
221
|
|
169
|
|
31.1
|
|
428
|
|
325
|
|
31.7
|
Other
|
1,214
|
|
640
|
|
89.5
|
|
2,338
|
|
1,289
|
|
81.3
|
Total operating revenues
|
11,355
|
|
6,449
|
|
76.1
|
|
21,351
|
|
12,547
|
|
70.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes
|
2,830
|
|
1,880
|
|
50.5
|
|
5,541
|
|
3,814
|
|
45.3
|
Salaries, wages and benefits
|
2,163
|
|
1,284
|
|
68.5
|
|
4,282
|
|
2,551
|
|
67.9
|
Regional expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
535
|
|
260
|
|
nm
|
|
1,035
|
|
525
|
|
97.2
|
Other
|
1,122
|
|
509
|
|
nm
|
|
2,216
|
|
1,024
|
|
nm
|
Maintenance, materials and repairs
|
514
|
|
317
|
|
62.2
|
|
999
|
|
643
|
|
55.4
|
Other rent and landing fees
|
441
|
|
284
|
|
55.4
|
|
866
|
|
572
|
|
51.5
|
Aircraft rent
|
312
|
|
181
|
|
72.1
|
|
631
|
|
346
|
|
82.5
|
Selling expenses
|
402
|
|
273
|
|
47.3
|
|
804
|
|
563
|
|
42.7
|
Depreciation and amortization
|
319
|
|
207
|
|
54.1
|
|
626
|
|
411
|
|
52.3
|
Special items, net
|
251
|
|
12
|
|
nm
|
|
114
|
|
83
|
|
36.6
|
Other
|
1,067
|
|
730
|
|
46.1
|
|
2,108
|
|
1,432
|
|
47.2
|
Total operating expenses
|
9,956
|
|
5,937
|
|
67.7
|
|
19,222
|
|
11,964
|
|
60.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
1,399
|
|
512
|
|
nm
|
|
2,129
|
|
583
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
8
|
|
5
|
|
68.3
|
|
15
|
|
9
|
|
64.5
|
Interest expense, net
|
(214)
|
|
(161)
|
|
32.6
|
|
(457)
|
|
(415)
|
|
10.1
|
Other, net
|
11
|
|
(12)
|
|
nm
|
|
9
|
|
(37)
|
|
nm
|
Total nonoperating expense, net
|
(195)
|
|
(168)
|
|
16.1
|
|
(433)
|
|
(443)
|
|
(2.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
reorganization items, net
|
1,204
|
|
344
|
|
nm
|
|
1,696
|
|
140
|
|
nm
|
Reorganization items,
net
|
-
|
|
(124)
|
|
nm
|
|
-
|
|
(284)
|
|
(100.0)
|
Income (loss) before
income taxes
|
1,204
|
|
220
|
|
nm
|
|
1,696
|
|
(144)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
340
|
|
-
|
|
nm
|
|
353
|
|
(22)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
864
|
|
$
220
|
|
nm
|
|
$
1,343
|
|
$
(122)
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share (B):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.20
|
|
$
0.88
|
|
|
|
$
1.86
|
|
$
(0.49)
|
|
|
Diluted
|
$
1.17
|
|
$
0.79
|
|
|
|
$
1.82
|
|
$
(0.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding (in thousands) (B):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
720,600
|
|
249,588
|
|
|
|
722,286
|
|
249,540
|
|
|
Diluted
|
734,767
|
|
288,511
|
|
|
|
738,051
|
|
249,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent
change may not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) American
Airlines Group Inc. (formerly AMR Corporation) is a holding company
and its principal, wholly owned subsidiaries are American Airlines,
Inc. ("American") and, effective December 9, 2013 (the "effective
date"), US Airways Group, Inc. ("US Airways Group"). US Airways
Group became a subsidiary of AMR Corporation ("AMR") as a result of
a merger transaction. Also in connection with the merger, AMR
changed its name to American Airlines Group Inc. ("AAG" or the
"Company"). Therefore, the results for the three and six months
ended June 30, 2013 do not include the results for US Airways
Group. This impacts the comparability of AAG's financial statements
under GAAP to the 2014 period. Refer to the AAG combined financial
statements for an alternative, non-GAAP presentation.
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(B) Pursuant
to the Company's Fourth Amended Joint Chapter 11 Plan of
Reorganization (the "Plan") and Merger Agreement, holders of AMR
common stock formerly traded under the symbol "AAMRQ" received
shares of AAG common stock principally over the 120-day
distribution period following the effective date. In accordance
with GAAP, the 2013 second quarter and six month period weighted
average shares and loss per share calculation have been adjusted to
retrospectively reflect these distributions which were made at the
rate of approximately 0.7441 shares of AAG common stock per share
of AAMRQ. Former holders of AAMRQ shares as of the effective date
may in the future receive additional distributions of AAG common
stock dependent upon the ultimate distribution of shares of AAG
common stock to holders of disputed claims. Thus, the shares and
related earnings per share calculation prior to the effective date
may change in the future to reflect additional retrospective
adjustments for future AAG common stock distributions to former
holders of AAMRQ shares.
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American Airlines
Group Inc. (Formerly AMR Corporation)
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Non-GAAP
Combined Consolidated Statements of Operations
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Reflects
Combined Consolidated Results for AAG and US Airways Group,
Inc.
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(In millions,
except share and per share amounts)
|
(Unaudited)
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3 Months Ended June
30, 2013
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3 Months Ended
June 30, 2014
|
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American
Airlines
Group
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US Airways
Group
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Combined
|
|
Percent
Change
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|
(A)
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|
(B)
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(C)
|
Operating
revenues:
|
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|
|
|
|
|
|
|
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Mainline passenger
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|
$
8,213
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|
$
4,888
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|
$
2,560
|
|
$
7,448
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|
10.3
|
Regional passenger
|
|
1,707
|
|
752
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|
888
|
|
1,640
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4.1
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Cargo
|
|
221
|
|
169
|
|
35
|
|
204
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8.3
|
Other
|
|
1,214
|
|
640
|
|
367
|
|
1,007
|
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20.5
|
Total operating revenues
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|
11,355
|
|
6,449
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|
3,850
|
|
10,299
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|
10.2
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Operating
expenses:
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|
|
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|
|
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|
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Aircraft fuel and related taxes
|
|
2,830
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|
1,880
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|
872
|
|
2,752
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|
2.8
|
Salaries, wages and benefits
|
|
2,163
|
|
1,284
|
|
679
|
|
1,963
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10.2
|
Regional expenses:
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|
|
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Fuel
|
|
535
|
|
260
|
|
261
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|
521
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2.7
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Other
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|
1,122
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509
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|
561
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|
1,070
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4.8
|
Maintenance, materials and repairs
|
|
514
|
|
317
|
|
188
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|
505
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|
1.6
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Other rent and landing fees
|
|
441
|
|
284
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|
148
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|
432
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2.2
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Aircraft rent
|
|
312
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|
181
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|
153
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|
334
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(6.7)
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Selling expenses
|
|
402
|
|
273
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|
124
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|
397
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|
1.4
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Depreciation and amortization
|
|
319
|
|
207
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|
73
|
|
280
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|
13.8
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Special items, net
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251
|
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12
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|
24
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|
36
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nm
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Other
|
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1,067
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730
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288
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|
1,018
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4.8
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Total operating expenses
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9,956
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|
5,937
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|
3,371
|
|
9,308
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7.0
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Operating income
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|
1,399
|
|
512
|
|
479
|
|
991
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41.2
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Nonoperating income
(expense):
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|
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Interest income
|
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8
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|
5
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1
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|
6
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51.3
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Interest expense, net
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(214)
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(161)
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(90)
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(251)
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(14.8)
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Other, net
|
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11
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(12)
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(36)
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(48)
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nm
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Total nonoperating expense, net
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(195)
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(168)
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(125)
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(293)
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(33.3)
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Income before
reorganization items, net
|
|
1,204
|
|
344
|
|
354
|
|
698
|
|
72.5
|
Reorganization items,
net
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-
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|
(124)
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-
|
|
(124)
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nm
|
Income before income
taxes
|
|
1,204
|
|
220
|
|
354
|
|
574
|
|
nm
|
|
|
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|
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|
|
|
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|
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Income tax
provision
|
|
340
|
|
-
|
|
67
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|
67
|
|
nm
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Net income
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|
$
864
|
|
$
220
|
|
$
287
|
|
$
507
|
|
70.4
|
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Note: Percent
change may not recalculate due to rounding.
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(A) Reflects
GAAP financial results for American Airlines Group Inc. American
Airlines Group Inc. (formerly AMR Corporation) is a holding company
and its principal, wholly owned subsidiaries are American Airlines,
Inc. ("American") and, effective December 9, 2013 (the "effective
date"), US Airways Group, Inc. ("US Airways Group"). US Airways
Group became a subsidiary of AMR Corporation ("AMR") as a result of
a merger transaction. Also in connection with the merger, AMR
changed its name to American Airlines Group Inc. ("AAG" or the
"Company"). Therefore, the results for the three months ended June
30, 2014 include the results for US Airways Group.
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(B) Under
GAAP, AAG does not include in its financial results the results of
US Airways Group prior to closing of the merger. This impacts the
comparability of AAG's financial statements under GAAP to the 2014
period. This table presents the second quarter results for 2013 on
a "combined basis." Combined basis means the Company combines the
financial results of AAG on a stand alone basis with the results of
US Airways Group. Management believes this presentation provides a
more meaningful quarter over quarter comparison. Please see GAAP to
non-GAAP reconciliations.
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(C) Percent
change is a comparison of the combined results.
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|
American Airlines
Group Inc. (Formerly AMR Corporation)
|
Non-GAAP
Combined Consolidated Statements of Operations
|
Reflects
Combined Consolidated Results for AAG and US Airways Group,
Inc.
|
(In millions,
except share and per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
6 Months Ended June
30, 2013
|
|
|
|
|
6 Months Ended
June 30, 2014
|
|
American
Airlines Group
|
|
US Airways
Group
|
|
Combined
|
|
Percent
Change
|
|
|
(A)
|
|
|
|
|
|
(B)
|
|
(C)
|
Operating
revenues:
|
|
|
|
|
|
|
|
|
|
|
Mainline passenger
|
|
$
15,471
|
|
$
9,502
|
|
$
4,757
|
|
$
14,259
|
|
8.5
|
Regional passenger
|
|
3,114
|
|
1,431
|
|
1,651
|
|
3,082
|
|
1.0
|
Cargo
|
|
428
|
|
325
|
|
76
|
|
401
|
|
6.6
|
Other
|
|
2,338
|
|
1,289
|
|
736
|
|
2,025
|
|
15.4
|
Total operating revenues
|
|
21,351
|
|
12,547
|
|
7,220
|
|
19,767
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Aircraft fuel and related taxes
|
|
5,541
|
|
3,814
|
|
1,733
|
|
5,547
|
|
(0.1)
|
Salaries, wages and benefits
|
|
4,282
|
|
2,551
|
|
1,293
|
|
3,844
|
|
11.4
|
Regional expenses:
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
1,035
|
|
525
|
|
532
|
|
1,057
|
|
(2.1)
|
Other
|
|
2,216
|
|
1,024
|
|
1,122
|
|
2,146
|
|
3.3
|
Maintenance, materials and repairs
|
|
999
|
|
643
|
|
363
|
|
1,006
|
|
(0.8)
|
Other rent and landing fees
|
|
866
|
|
572
|
|
283
|
|
855
|
|
1.3
|
Aircraft rent
|
|
631
|
|
346
|
|
307
|
|
653
|
|
(3.3)
|
Selling expenses
|
|
804
|
|
563
|
|
236
|
|
799
|
|
0.6
|
Depreciation and amortization
|
|
626
|
|
411
|
|
144
|
|
555
|
|
12.8
|
Special items, net
|
|
114
|
|
83
|
|
63
|
|
146
|
|
(22.1)
|
Other
|
|
2,108
|
|
1,432
|
|
563
|
|
1,995
|
|
5.6
|
Total operating expenses
|
|
19,222
|
|
11,964
|
|
6,639
|
|
18,603
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
2,129
|
|
583
|
|
581
|
|
1,164
|
|
82.9
|
|
|
|
|
|
|
|
|
|
|
|
Nonoperating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
15
|
|
9
|
|
1
|
|
10
|
|
48.0
|
Interest expense, net
|
|
(457)
|
|
(415)
|
|
(174)
|
|
(589)
|
|
(22.4)
|
Other, net
|
|
9
|
|
(37)
|
|
(10)
|
|
(47)
|
|
nm
|
Total nonoperating expense, net
|
|
(433)
|
|
(443)
|
|
(183)
|
|
(626)
|
|
(30.6)
|
|
|
|
|
|
|
|
|
|
|
|
Income before
reorganization items, net
|
|
1,696
|
|
140
|
|
398
|
|
538
|
|
nm
|
Reorganization items,
net
|
|
-
|
|
(284)
|
|
-
|
|
(284)
|
|
(100.0)
|
Income (loss) before
income taxes
|
|
1,696
|
|
(144)
|
|
398
|
|
254
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
353
|
|
(22)
|
|
67
|
|
45
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
1,343
|
|
$
(122)
|
|
$
331
|
|
$
209
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
Note: Percent
change may not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Reflects
GAAP financial results for American Airlines Group Inc. American
Airlines Group Inc. (formerly AMR Corporation) is a holding company
and its principal, wholly owned subsidiaries are American Airlines,
Inc. ("American") and, effective December 9, 2013 (the "effective
date"), US Airways Group, Inc. ("US Airways Group"). US Airways
Group became a subsidiary of AMR Corporation ("AMR") as a result of
a merger transaction. Also in connection with the merger, AMR
changed its name to American Airlines Group Inc. ("AAG" or the
"Company"). Therefore, the results for the six months ended June
30, 2014 include the results for US Airways Group.
|
|
|
|
|
|
|
|
|
|
|
|
(B) Under
GAAP, AAG does not include in its financial results the results of
US Airways Group prior to closing of the merger. This impacts the
comparability of AAG's financial statements under GAAP to the 2014
period. This table presents the 2013 six month period results on a
"combined basis." Combined basis means the Company combines the
financial results of AAG on a stand alone basis with the results of
US Airways Group. Management believes this presentation provides a
more meaningful period over period comparison. Please see GAAP to
non-GAAP reconciliations.
|
|
|
|
|
|
|
|
|
|
|
|
(C) Percent
change is a comparison of the combined results.
|
American Airlines
Group, Inc.
|
Combined Operating
Statistics
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
|
|
|
6 Months Ended
June 30,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
|
(A)
|
|
|
|
|
|
|
(A)
|
|
|
|
Mainline
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
51,407
|
|
50,226
|
|
2.4
|
%
|
|
97,234
|
|
95,249
|
|
2.1
|
%
|
Available seat miles
(ASM) (millions)
|
|
60,999
|
|
58,915
|
|
3.5
|
%
|
|
117,830
|
|
114,269
|
|
3.1
|
%
|
Passenger load factor
(percent)
|
|
84.3
|
|
85.3
|
|
(1.0)
|
pts
|
|
82.5
|
|
83.4
|
|
(0.9)
|
pts
|
Yield
(cents)
|
|
15.98
|
|
14.83
|
|
7.7
|
%
|
|
15.91
|
|
14.97
|
|
6.3
|
%
|
Passenger revenue per
ASM (cents)
|
|
13.46
|
|
12.64
|
|
6.5
|
%
|
|
13.13
|
|
12.48
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
37,910
|
|
36,987
|
|
2.5
|
%
|
|
72,754
|
|
71,420
|
|
1.9
|
%
|
Departures
(thousands)
|
|
292
|
|
289
|
|
0.9
|
%
|
|
571
|
|
569
|
|
0.4
|
%
|
Aircraft at end of
period
|
|
984
|
|
975
|
|
0.9
|
%
|
|
984
|
|
975
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Block hours
(thousands)
|
|
901
|
|
882
|
|
2.2
|
%
|
|
1,754
|
|
1,723
|
|
1.8
|
%
|
Average stage length
(miles)
|
|
1,215
|
|
1,193
|
|
1.8
|
%
|
|
1,202
|
|
1,182
|
|
1.6
|
%
|
Fuel consumption
(gallons in millions)
|
|
937
|
|
922
|
|
1.6
|
%
|
|
1,811
|
|
1,780
|
|
1.8
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.02
|
|
2.98
|
|
1.2
|
%
|
|
3.06
|
|
3.12
|
|
(1.8)
|
%
|
Full-time equivalent
employees at end of period
|
|
94,061
|
|
91,710
|
|
2.6
|
%
|
|
94,061
|
|
91,710
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
13.61
|
|
13.10
|
|
3.9
|
%
|
|
13.55
|
|
13.48
|
|
0.6
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
13.19
|
|
13.04
|
|
1.2
|
%
|
|
13.46
|
|
13.35
|
|
0.8
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
8.55
|
|
8.37
|
|
2.2
|
%
|
|
8.75
|
|
8.50
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
5,787
|
|
5,589
|
|
3.6
|
%
|
|
10,846
|
|
10,585
|
|
2.5
|
%
|
Available seat miles
(millions)
|
|
7,091
|
|
7,120
|
|
(0.4)
|
%
|
|
13,652
|
|
13,895
|
|
(1.7)
|
%
|
Passenger load factor
(percent)
|
|
81.6
|
|
78.5
|
|
3.1
|
pts
|
|
79.4
|
|
76.2
|
|
3.2
|
pts
|
Yield
(cents)
|
|
29.49
|
|
29.34
|
|
0.5
|
%
|
|
28.71
|
|
29.11
|
|
(1.4)
|
%
|
Passenger revenue per
ASM (cents)
|
|
24.07
|
|
23.03
|
|
4.5
|
%
|
|
22.81
|
|
22.18
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
13,553
|
|
12,957
|
|
4.6
|
%
|
|
25,262
|
|
24,624
|
|
2.6
|
%
|
Aircraft at end of
period
|
|
557
|
|
554
|
|
0.5
|
%
|
|
557
|
|
554
|
|
0.5
|
%
|
Fuel consumption
(gallons in millions)
|
|
174
|
|
175
|
|
(0.3)
|
%
|
|
336
|
|
341
|
|
(1.4)
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.07
|
|
2.98
|
|
3.0
|
%
|
|
3.08
|
|
3.10
|
|
(0.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
23.37
|
|
22.35
|
|
4.6
|
%
|
|
23.82
|
|
23.05
|
|
3.3
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
23.35
|
|
22.34
|
|
4.5
|
%
|
|
23.78
|
|
23.02
|
|
3.3
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
15.80
|
|
15.02
|
|
5.2
|
%
|
|
16.19
|
|
15.42
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mainline
& Regional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
57,194
|
|
55,815
|
|
2.5
|
%
|
|
108,080
|
|
105,834
|
|
2.1
|
%
|
Available seat miles
(millions)
|
|
68,090
|
|
66,035
|
|
3.1
|
%
|
|
131,482
|
|
128,164
|
|
2.6
|
%
|
Cargo ton miles
(millions)
|
|
595
|
|
559
|
|
6.5
|
%
|
|
1,155
|
|
1,059
|
|
9.1
|
%
|
Passenger load factor
(percent)
|
|
84.0
|
|
84.5
|
|
(0.5)
|
pts
|
|
82.2
|
|
82.6
|
|
(0.4)
|
pts
|
Yield
(cents)
|
|
17.34
|
|
16.28
|
|
6.5
|
%
|
|
17.20
|
|
16.38
|
|
4.9
|
%
|
Passenger revenue per
ASM (cents)
|
|
14.57
|
|
13.76
|
|
5.9
|
%
|
|
14.13
|
|
13.53
|
|
4.5
|
%
|
Total revenue per ASM
(cents)
|
|
16.68
|
|
15.60
|
|
6.9
|
%
|
|
16.24
|
|
15.42
|
|
5.3
|
%
|
Cargo yield per ton
mile (cents)
|
|
37.16
|
|
36.56
|
|
1.6
|
%
|
|
37.02
|
|
37.88
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
enplanements (thousands)
|
|
51,463
|
|
49,944
|
|
3.0
|
%
|
|
98,016
|
|
96,044
|
|
2.1
|
%
|
Aircraft at end of
period
|
|
1,541
|
|
1,529
|
|
0.8
|
%
|
|
1,541
|
|
1,529
|
|
0.8
|
%
|
Fuel consumption
(gallons in millions)
|
|
1,111
|
|
1,097
|
|
1.3
|
%
|
|
2,147
|
|
2,121
|
|
1.2
|
%
|
Average aircraft fuel
price including related taxes (dollars per gallon)
|
|
3.03
|
|
2.98
|
|
1.5
|
%
|
|
3.06
|
|
3.11
|
|
(1.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating cost per
ASM (cents)
|
|
14.62
|
|
14.10
|
|
3.7
|
%
|
|
14.62
|
|
14.52
|
|
0.7
|
%
|
Operating cost per
ASM excluding special items (cents)
|
|
14.25
|
|
14.04
|
|
1.5
|
%
|
|
14.53
|
|
14.40
|
|
0.9
|
%
|
Operating cost per
ASM excluding special items and fuel (cents)
|
|
9.31
|
|
9.09
|
|
2.5
|
%
|
|
9.53
|
|
9.25
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Regional includes
wholly owned regional airline subsidiaries and operating results
from capacity purchase carriers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Represents
the combined historical operating statistics of American and US
Airways.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
American Airlines
Group, Inc.
|
Combined Mainline
Revenue Statistics by Regional Entity
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
|
|
|
6 Months Ended
June 30,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
2014
|
|
2013
|
|
Change
|
|
|
|
|
|
|
(A)
|
|
|
|
|
|
|
(A)
|
|
|
|
Domestic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
32,717
|
|
32,094
|
|
1.9
|
%
|
|
62,893
|
|
61,755
|
|
1.8
|
%
|
Available seat miles
(ASM) (millions)
|
|
37,467
|
|
36,923
|
|
1.5
|
%
|
|
73,457
|
|
72,554
|
|
1.2
|
%
|
Passenger load factor
(percent)
|
|
87.3
|
|
86.9
|
|
0.4
|
pts
|
|
85.6
|
|
85.1
|
|
0.5
|
pts
|
Yield
(cents)
|
|
16.19
|
|
14.80
|
|
9.4
|
%
|
|
15.99
|
|
14.87
|
|
7.6
|
%
|
Passenger revenue per
ASM (cents)
|
|
14.13
|
|
12.86
|
|
9.9
|
%
|
|
13.69
|
|
12.66
|
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
8,095
|
|
7,784
|
|
4.0
|
%
|
|
16,778
|
|
16,275
|
|
3.1
|
%
|
Available seat miles
(ASM) (millions)
|
|
10,663
|
|
9,704
|
|
9.9
|
%
|
|
22,020
|
|
20,400
|
|
7.9
|
%
|
Passenger load factor
(percent)
|
|
75.9
|
|
80.2
|
|
(4.3)
|
pts
|
|
76.2
|
|
79.8
|
|
(3.6)
|
pts
|
Yield
(cents)
|
|
16.79
|
|
16.31
|
|
3.0
|
%
|
|
17.32
|
|
16.86
|
|
2.7
|
%
|
Passenger revenue per
ASM (cents)
|
|
12.75
|
|
13.08
|
|
(2.5)
|
%
|
|
13.20
|
|
13.45
|
|
(1.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
8,604
|
|
8,277
|
|
3.9
|
%
|
|
13,868
|
|
13,396
|
|
3.5
|
%
|
Available seat miles
(ASM) (millions)
|
|
10,506
|
|
9,817
|
|
7.0
|
%
|
|
17,912
|
|
16,655
|
|
7.5
|
%
|
Passenger load factor
(percent)
|
|
81.9
|
|
84.3
|
|
(2.4)
|
pts
|
|
77.4
|
|
80.4
|
|
(3.0)
|
pts
|
Yield
(cents)
|
|
15.13
|
|
14.31
|
|
5.8
|
%
|
|
14.71
|
|
14.05
|
|
4.7
|
%
|
Passenger revenue per
ASM (cents)
|
|
12.39
|
|
12.06
|
|
2.7
|
%
|
|
11.39
|
|
11.30
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
1,991
|
|
2,070
|
|
(3.8)
|
%
|
|
3,696
|
|
3,823
|
|
(3.3)
|
%
|
Available seat miles
(ASM) (millions)
|
|
2,363
|
|
2,471
|
|
(4.4)
|
%
|
|
4,442
|
|
4,660
|
|
(4.7)
|
%
|
Passenger load factor
(percent)
|
|
84.3
|
|
83.7
|
|
0.6
|
pts
|
|
83.2
|
|
82.0
|
|
1.2
|
pts
|
Yield
(cents)
|
|
12.83
|
|
11.85
|
|
8.3
|
%
|
|
12.60
|
|
11.74
|
|
7.3
|
%
|
Passenger revenue per
ASM (cents)
|
|
10.81
|
|
9.92
|
|
9.0
|
%
|
|
10.48
|
|
9.63
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue passenger
miles (millions)
|
|
18,690
|
|
18,131
|
|
3.1
|
%
|
|
34,342
|
|
33,494
|
|
2.5
|
%
|
Available seat miles
(ASM) (millions)
|
|
23,532
|
|
21,992
|
|
7.0
|
%
|
|
44,374
|
|
41,715
|
|
6.4
|
%
|
Passenger load factor
(percent)
|
|
79.4
|
|
82.4
|
|
(3.0)
|
pts
|
|
77.4
|
|
80.3
|
|
(2.9)
|
pts
|
Yield
(cents)
|
|
15.61
|
|
14.89
|
|
4.8
|
%
|
|
15.76
|
|
15.15
|
|
4.0
|
%
|
Passenger revenue per
ASM (cents)
|
|
12.40
|
|
12.27
|
|
1.0
|
%
|
|
12.20
|
|
12.17
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Represents
the combined historical mainline revenue statistics by regional
entity of American and US Airways.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Financial Information to Non-GAAP Financial
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group Inc. (the "Company") is providing disclosure of the
reconciliation of reported non-GAAP financial measures to their
comparable financial measures on a GAAP basis. The Company believes
that the non-GAAP financial measures provide investors the ability
to measure financial performance excluding special items, which is
more indicative of the Company's ongoing performance and is more
comparable to measures reported by other major airlines. The
Company believes that the presentation of mainline and regional
CASM excluding fuel is useful to investors because both the cost
and availability of fuel are subject to many economic and political
factors beyond the Company's control. Management uses mainline and
regional CASM excluding special items and fuel to evaluate the
Company's operating performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Airlines
Group Inc. Combined (1)
|
|
|
3 Months Ended
June 30,
|
% Change
|
6 Months Ended
June 30,
|
% Change
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Reconciliation of
Income Before Income Taxes Excluding
|
|
(In millions, except
per share amounts)
|
|
(In
millions)
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes as reported
|
|
|
$
1,204
|
|
$ 574
|
|
$ 1,696
|
|
$ 254
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
251
|
|
36
|
|
114
|
|
146
|
|
|
Regional
operating special items, net
|
|
|
2
|
|
1
|
|
6
|
|
5
|
|
|
Nonoperating special items, net (3)
|
|
|
2
|
|
31
|
|
50
|
|
117
|
|
|
Reorganization items, net (4)
|
|
|
-
|
|
124
|
|
-
|
|
284
|
|
|
Income before income
taxes as adjusted for special items
|
|
$
1,459
|
|
$ 766
|
90%
|
$ 1,866
|
|
$ 806
|
132%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
6 Months
Ended
June 30,
|
|
|
Calculation of
Pre-Tax Margin Excluding Special Items
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes as adjusted for special items
|
|
$
1,459
|
|
$ 766
|
|
$ 1,866
|
|
$ 806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
revenues
|
|
|
$
11,355
|
|
$10,299
|
|
$ 21,351
|
|
$ 19,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax margin
excluding special items
|
|
|
12.8%
|
|
7.4%
|
|
8.7%
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
% Change
|
6 Months
Ended
June 30,
|
% Change
|
|
Reconciliation of
Net Income Excluding Special Items
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as
reported
|
|
|
$
864
|
|
$ 507
|
|
$ 1,343
|
|
$ 209
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
251
|
|
36
|
|
114
|
|
146
|
|
|
Regional
operating special items, net
|
|
|
2
|
|
1
|
|
6
|
|
5
|
|
|
Nonoperating special items, net (3)
|
|
|
2
|
|
31
|
|
50
|
|
117
|
|
|
Reorganization items, net (4)
|
|
|
-
|
|
124
|
|
-
|
|
284
|
|
|
Non-cash
income tax provision (5)
|
|
|
337
|
|
-
|
|
345
|
|
-
|
|
|
Net tax
effect of special items
|
|
|
-
|
|
(18)
|
|
-
|
|
(18)
|
|
|
Net income as
adjusted for special items
|
|
|
$
1,456
|
|
$ 681
|
114%
|
$ 1,858
|
|
$ 743
|
150%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Basic and Diluted Earnings Per Share As
|
|
3 Months Ended
June 30, 2014
|
|
|
|
|
|
|
|
|
Adjusted for
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income as
adjusted for special items
|
|
|
$
1,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used for
computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
720,600
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
734,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share as
adjusted for special items:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
2.02
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
$
1.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
% Change
|
6 Months
Ended
June 30,
|
% Change
|
|
Reconciliation of
Operating Income Excluding Special Items
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income as
reported
|
|
|
$
1,399
|
|
$ 991
|
|
$ 2,129
|
|
$ 1,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
251
|
|
36
|
|
114
|
|
146
|
|
|
Regional
operating special items, net
|
|
|
2
|
|
1
|
|
6
|
|
5
|
|
|
Operating income as
adjusted for special items
|
|
$
1,652
|
|
$ 1,028
|
61%
|
$ 2,249
|
|
$ 1,315
|
71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
6 Months Ended
June 30,
|
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Items and Fuel -
Mainline only
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
$
9,956
|
|
$ 9,308
|
|
$ 19,222
|
|
$ 18,603
|
|
|
Less regional
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
|
(535)
|
|
(521)
|
|
(1,035)
|
|
(1,057)
|
|
|
Other
|
|
|
|
(1,122)
|
|
(1,070)
|
|
(2,216)
|
|
(2,146)
|
|
|
Total mainline
operating expenses
|
|
|
8,299
|
|
7,717
|
|
15,971
|
|
15,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
(251)
|
|
(36)
|
|
(114)
|
|
(146)
|
|
|
Mainline operating
expenses, excluding special items
|
|
8,048
|
|
7,681
|
|
15,857
|
|
15,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes
|
|
|
(2,830)
|
|
(2,752)
|
|
(5,541)
|
|
(5,547)
|
|
|
Mainline operating
expenses, excluding special items and fuel
|
|
5,218
|
|
4,929
|
|
10,316
|
|
9,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
|
|
|
|
|
|
|
Mainline operating
expenses per ASM
|
|
|
$
13.61
|
|
$ 13.10
|
|
$ 13.55
|
|
$ 13.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net per ASM (2)
|
|
|
(0.41)
|
|
(0.06)
|
|
(0.10)
|
|
(0.13)
|
|
|
Mainline operating
expenses per ASM, excluding special items
|
|
13.19
|
|
13.04
|
|
13.46
|
|
13.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM
|
|
|
(4.64)
|
|
(4.67)
|
|
(4.70)
|
|
(4.85)
|
|
|
Mainline operating
expenses per ASM, excluding special items
|
|
|
|
|
|
|
|
|
|
|
and fuel
|
|
|
|
$
8.55
|
|
$ 8.37
|
|
$ 8.75
|
|
$ 8.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
6 Months Ended
June 30,
|
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Items and Fuel -
Regional only
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total regional
operating expenses
|
|
|
$
1,657
|
|
$ 1,591
|
|
$ 3,251
|
|
$ 3,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net
|
|
|
(2)
|
|
(1)
|
|
(6)
|
|
(5)
|
|
|
Regional operating
expenses, excluding special items
|
|
1,655
|
|
1,590
|
|
3,245
|
|
3,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes
|
|
|
(535)
|
|
(521)
|
|
(1,035)
|
|
(1,057)
|
|
|
Regional operating
expenses, excluding special items and fuel
|
|
$
1,120
|
|
$ 1,069
|
|
$ 2,210
|
|
$ 2,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional operating
expenses per ASM
|
|
|
$
23.37
|
|
$ 22.35
|
|
$ 23.82
|
|
$ 23.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional
operating special items, net per ASM
|
|
(0.02)
|
|
(0.01)
|
|
(0.04)
|
|
(0.03)
|
|
|
Regional operating
expenses per ASM, excluding special items
|
|
23.35
|
|
22.34
|
|
23.78
|
|
23.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes per ASM
|
|
|
(7.55)
|
|
(7.32)
|
|
(7.58)
|
|
(7.61)
|
|
|
Regional operating
expenses per ASM, excluding special items and fuel
|
|
$
15.80
|
|
$ 15.02
|
|
$ 16.19
|
|
$ 15.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
June 30,
|
|
6 Months Ended
June 30,
|
|
|
Reconciliation of
Operating Cost per ASM Excluding Special
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
Items and Fuel -
Total Mainline and Regional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
$
9,956
|
|
$ 9,308
|
|
$ 19,222
|
|
$ 18,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
(251)
|
|
(36)
|
|
(114)
|
|
(146)
|
|
|
Regional
operating special items, net
|
|
|
(2)
|
|
(1)
|
|
(6)
|
|
(5)
|
|
|
Total operating
expenses, excluding special items
|
|
9,703
|
|
9,271
|
|
19,102
|
|
18,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel:
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes - mainline
|
|
|
(2,830)
|
|
(2,752)
|
|
(5,541)
|
|
(5,547)
|
|
|
Aircraft
fuel and related taxes - regional
|
|
|
(535)
|
|
(521)
|
|
(1,035)
|
|
(1,057)
|
|
|
Total operating
expenses, excluding special items and fuel
|
|
6,338
|
|
5,998
|
|
12,526
|
|
11,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
cents)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses per ASM
|
|
|
$
14.62
|
|
$ 14.10
|
|
$ 14.62
|
|
$ 14.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items per
ASM:
|
|
|
|
|
|
|
|
|
|
|
|
Special
items, net (2)
|
|
|
(0.37)
|
|
(0.05)
|
|
(0.09)
|
|
(0.11)
|
|
|
Regional
operating special items, net
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Total operating
expenses per ASM, excluding special items
|
|
14.25
|
|
14.04
|
|
14.53
|
|
14.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel per
ASM:
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft
fuel and related taxes - mainline
|
|
|
(4.16)
|
|
(4.17)
|
|
(4.21)
|
|
(4.33)
|
|
|
Aircraft
fuel and related taxes - regional
|
|
|
(0.79)
|
|
(0.79)
|
|
(0.79)
|
|
(0.82)
|
|
|
Total operating
expenses per ASM, excluding special items
|
|
|
|
|
|
|
|
|
|
|
and fuel
|
|
|
|
$
9.31
|
|
$ 9.09
|
|
$ 9.53
|
|
$ 9.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts may
not recalculate due to rounding.
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
As noted on the
American Airlines Group Combined non-GAAP income statement, these
tables present the 2013 second quarter and six month periods'
results on a "combined basis." Combined basis means the Company
combines the financial results of American Airlines Group on a
stand alone basis with the results of US Airways Group for periods
prior to closing of the merger. Management believes this
presentation provides a more meaningful period over period
comparison.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The 2014 second
quarter mainline special items totaled a net charge of $251
million, which principally included $163 million of merger
integration expenses related to information technology,
professional fees, severance, re-branding of aircraft and airport
facilities, relocation and training as well as a net $38 million
charge for bankruptcy related items primarily reflecting fair value
adjustments for bankruptcy settlement obligations and $37 million
in charges relating to the buyout of leases associated with certain
aircraft. The 2014 six month period mainline special items totaled
a net charge of $114 million, which principally included $365
million of merger integration expenses, $40 million in charges
primarily relating to the buyout of leases associated with certain
aircraft and a net $5 million charge for bankruptcy related items
as described above. These charges were offset in part by a $309
million gain on the sale of slots at Ronald Reagan Washington
National Airport.
The 2013 second quarter mainline special items included $36 million
in merger related expenses. The 2013 six month period mainline
special items totaled a charge of $146 million, which principally
included $84 million in merger related expenses, a $43 million
charge for workers' compensation claims and $19 million related to
the ratification of the US Airways flight attendant collective
bargaining agreement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
The 2014 second
quarter and six month period nonoperating special items were
primarily due to non-cash interest accretion of $2 million and $33
million, respectively, on the bankruptcy settlement
obligations.
The 2013 second quarter nonoperating special items totaled a net
charge of $31 million principally related to debt extinguishment
charges due to non-cash write offs of debt discount and debt
issuance costs in connection with conversions of US Airways' 7.25%
convertible senior notes and repayment of the former Citicorp North
America term loan. The 2013 six month period nonoperating special
items totaled a net charge of $117 million principally related to
interest charges of $116 million to recognize post-petition
interest expense on unsecured obligations pursuant to the Company's
Fourth Amended Joint Chapter 11 Plan of Reorganization (the "Plan")
and $31 million in charges primarily related to debt extinguishment
costs discussed above, offset in part by a $30 million credit in
connection with an award received in an arbitration related to
previous investments in auction rate securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
In the 2013 second
quarter and six month periods, the Company recognized
reorganization expenses as a result of the filing of voluntary
petitions for relief under Chapter 11. These amounts consisted
primarily of estimated allowed claim amounts and professional
fees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
During the 2014
second quarter, the Company sold its portfolio of fuel hedging
contracts that were scheduled to settle on or after June 30, 2014.
In connection with this sale, the Company recorded a special
non-cash tax charge of $330 million in the second quarter of 2014
that reverses the non-cash tax provision which was recorded in
Other Comprehensive Income ("OCI"), a subset of stockholders'
equity, principally in 2009. This provision represents the tax
effect associated with gains recorded in OCI principally in 2009
due to a net increase in the fair value of the Company's fuel
hedging contracts. In accordance with Generally Accepted Accounting
Principles, the Company retained the $330 million tax provision in
OCI until the last contract was settled or terminated. In addition,
the Company recorded $7 million in non-cash deferred income tax
provision related to certain indefinite-lived intangible assets in
the 2014 second quarter. The 2014 six month period included the
$330 million non-cash tax provision related to the settlement of
fuel hedges discussed above as well as $15 million in non-cash
deferred income tax provision related to certain indefinite-lived
intangible assets.
|
|
American Airlines
Group Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$ 1,210
|
|
$
1,140
|
Short-term investments
|
8,249
|
|
8,111
|
Restricted cash and short-term investments
|
882
|
|
1,035
|
Accounts
receivable, net
|
1,981
|
|
1,560
|
Aircraft
fuel, spare parts and supplies, net
|
1,093
|
|
1,012
|
Prepaid
expenses and other
|
1,551
|
|
1,465
|
Total current
assets
|
14,966
|
|
14,323
|
|
|
|
|
Operating property
and equipment
|
|
|
|
Flight
equipment
|
26,113
|
|
23,730
|
Ground
property and equipment
|
5,712
|
|
5,585
|
Equipment purchase deposits
|
1,043
|
|
1,077
|
Total property and
equipment, at cost
|
32,868
|
|
30,392
|
Less
accumulated depreciation and amortization
|
(11,632)
|
|
(11,133)
|
Total property and
equipment, net
|
21,236
|
|
19,259
|
|
|
|
|
Other
assets
|
|
|
|
Goodwill
|
4,089
|
|
4,086
|
Intangibles, net
|
2,330
|
|
2,311
|
Other
assets
|
2,190
|
|
2,299
|
Total other
assets
|
8,609
|
|
8,696
|
|
|
|
|
Total
assets
|
$ 44,811
|
|
$
42,278
|
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit)
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Current
maturities of long-term debt and capital leases
|
$ 1,523
|
|
$
1,446
|
Accounts
payable
|
1,653
|
|
1,368
|
Accrued
salaries and wages
|
961
|
|
1,143
|
Air
traffic liability
|
5,683
|
|
4,380
|
Frequent
flyer liability
|
2,879
|
|
3,005
|
Other
accrued liabilities
|
2,389
|
|
2,464
|
Total current
liabilities
|
15,088
|
|
13,806
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
Long-term debt and capital leases, net of current
maturities
|
15,205
|
|
15,353
|
Pension
and postretirement benefits
|
5,704
|
|
5,828
|
Deferred
gains and credits, net
|
905
|
|
935
|
Mandatorily convertible preferred stock and other bankruptcy
settlement obligations
|
415
|
|
5,928
|
Other
liabilities
|
3,408
|
|
3,159
|
Total noncurrent
liabilities
|
25,637
|
|
31,203
|
|
|
|
|
Stockholders' equity
(deficit)
|
|
|
|
Common
stock
|
7
|
|
5
|
Additional paid-in capital
|
15,879
|
|
10,592
|
Treasury
stock
|
(1)
|
|
-
|
Accumulated other comprehensive loss
|
(1,846)
|
|
(2,032)
|
Accumulated deficit
|
(9,953)
|
|
(11,296)
|
Total stockholders'
equity (deficit)
|
4,086
|
|
(2,731)
|
|
|
|
|
Total liabilities and
stockholders' equity (deficit)
|
$ 44,811
|
|
$
42,278
|
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SOURCE American Airlines