US Airways 2rd Quarter Conference Bullet Points
On March 31, 2004 US Airways had $1.64 billion in total cash and $978 million in unrestricted cash.
On June 30, 2004 US Airways $1.73 billion in total cash and $975 million unrestricted cash.
Net cash increased by $90 million and unrestricted cash declined about $3 million in the second quarter.
Loss year-to-date totals $143 Million
If unrestricted cash reaches $700mil, US Airways will be in default of their ATSB loan covenants.
Company expects to burn through cash in the second half of the year if it cannot lower costs.
US Airways is no longer pursuing asset sales as part of its transformation plan.
US Airways wants $295 million in concessions from pilots, $263 million from mechanics and fleet service workers, $122 million from reservation agents and passenger service and ticket counter employees, and $116 million from flight attendants.
The company has reached agreements with its primary sources of regional jet financing to continue financing aircraft deliveries through Sept. 30, 2004. As part of those deals and to conserve cash, the airline will convert 23 CRJ-200 deliveries to CRJ-700s or CRJ-900s (with scope relief) and defer 19 of those 23 planes scheduled for 2004 delivery until 2005 and 2006. CRJ-200 deliveries will end in September 2004 and there are no EMB-170/175 delivery delays. The agreements require the company to achieve its Transformation Plan in order to continue to take delivery of new regional jets.
3rd & 4th quarter RJ delivery schedule:
Aircraft Type 3rd Qtr 2004 4th Qrt 2004
CRJ-200s 3 0
CRJ-701s 4 6
EMB-170s 15 9
Total 22 15
3rd & 4th quarter RJ delivery schedule by type aircraft:
CRJ200s (50-seat RJ) - 3
CRJ-701s (70-seat RJ) – 10
EMB-170 (72-seat RJ) – 24
Total – 37
Company introduced gate boarding pass scanners that will be available at 18 airports in the U.S.
US Airways finished first in on-time arrivals amongst the network carriers for April through May - also ranked first amongst network carriers in on-time arrivals for the first five months of the year.
US Airways’ fuel position is 32.5 percent hedged for the second half of 2004 at an equivalent crude value of less than $26 per barrel and 5 percent hedged for 2005 at a crude value of $30 per barrel. For the 3rd & 4th quarters the company expects its jet fuel costs to average $1.07 per gallon.
Mainline passenger load factor was up 3.5 percentage points to 78.9 percent, which also was the highest quarterly mainline load factor in company history.
US Airways sold 4 B737s that were leased to a third party for $7 million. The total one time gains and loses were approximately $15 million.
Respectfully,
USA320Pilot
On March 31, 2004 US Airways had $1.64 billion in total cash and $978 million in unrestricted cash.
On June 30, 2004 US Airways $1.73 billion in total cash and $975 million unrestricted cash.
Net cash increased by $90 million and unrestricted cash declined about $3 million in the second quarter.
Loss year-to-date totals $143 Million
If unrestricted cash reaches $700mil, US Airways will be in default of their ATSB loan covenants.
Company expects to burn through cash in the second half of the year if it cannot lower costs.
US Airways is no longer pursuing asset sales as part of its transformation plan.
US Airways wants $295 million in concessions from pilots, $263 million from mechanics and fleet service workers, $122 million from reservation agents and passenger service and ticket counter employees, and $116 million from flight attendants.
The company has reached agreements with its primary sources of regional jet financing to continue financing aircraft deliveries through Sept. 30, 2004. As part of those deals and to conserve cash, the airline will convert 23 CRJ-200 deliveries to CRJ-700s or CRJ-900s (with scope relief) and defer 19 of those 23 planes scheduled for 2004 delivery until 2005 and 2006. CRJ-200 deliveries will end in September 2004 and there are no EMB-170/175 delivery delays. The agreements require the company to achieve its Transformation Plan in order to continue to take delivery of new regional jets.
3rd & 4th quarter RJ delivery schedule:
Aircraft Type 3rd Qtr 2004 4th Qrt 2004
CRJ-200s 3 0
CRJ-701s 4 6
EMB-170s 15 9
Total 22 15
3rd & 4th quarter RJ delivery schedule by type aircraft:
CRJ200s (50-seat RJ) - 3
CRJ-701s (70-seat RJ) – 10
EMB-170 (72-seat RJ) – 24
Total – 37
Company introduced gate boarding pass scanners that will be available at 18 airports in the U.S.
US Airways finished first in on-time arrivals amongst the network carriers for April through May - also ranked first amongst network carriers in on-time arrivals for the first five months of the year.
US Airways’ fuel position is 32.5 percent hedged for the second half of 2004 at an equivalent crude value of less than $26 per barrel and 5 percent hedged for 2005 at a crude value of $30 per barrel. For the 3rd & 4th quarters the company expects its jet fuel costs to average $1.07 per gallon.
Mainline passenger load factor was up 3.5 percentage points to 78.9 percent, which also was the highest quarterly mainline load factor in company history.
US Airways sold 4 B737s that were leased to a third party for $7 million. The total one time gains and loses were approximately $15 million.
Respectfully,
USA320Pilot
