United's November Results

Cosmo

Veteran
Aug 20, 2002
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United released its November results today, showing an operating loss of $43 million, a net profit before reorganization items of $3 million (which includes an $81 million profit on the sale of Hotwire shares), and a net loss after reorganization items of $75 million. In addition, United (1) generated positive cash flow of $69 million during the month (excluding the proceeds from the Hotwire sale), (2) had total cash of $2.644 billion as of November 30, (3) exceeded the DIP lenders cumulative EBITDAR requirement of $112 million for the year ended 11/30/03, (4) expects to meet the EBITDAR requirement in December as well, and (5) mainline passenger RASM in November improved by 14% year-over-year, well above the industry average of 3%-3.5% (as shown in an ATA chart in today's Aviation Daily). This information can be found in United's SEC Form 8-K that was filed today (view it here).

All in all, these results aren't too bad for a month that historically has seen lousy profitability levels.