US Airways released its fourth quarter financial result’s today and held an analyst conference call. The financial result’s press release and analyst and news media earnings conference call can be viewed at the following URL’s, respectively.
Earnings Press Release
Analyst Conference Call
Conference call highlights not included in the press release include:
US Airways had a positive cash flow during the quarter that averaged about $200,000 per day.
All outstanding ALPA MidAtlantic Airways grievance issues were settled last night.
On December 31 the company had total cash position of $1.84 billion, with $1.29 billion unrestricted and $550 million restricted cash.
Management is working with the ATSB to ensure compliance with the loan guarantee requirements.
The company has 103 RJs in the fleet and 7 have been delivered to PSA.
The company will release signs of the PHL initiative in response to Southwest’s entry in the next few weeks.
Online ticket sales by 19% to 24.7% of all tickets sold.
For the fourth quarter US Airways had the best network carrier on time performance.
The company has deployed 451 Kiosks, will add over 100 Kiosks this year, and over 7 million people used Kiosks in Q4.
Boarding Pass gate readers will be installed in the hubs in 2004.
US Airways’ fuel position is 20% hedged for Q1 2004, 30% hedged for all of 2004, and 5% hedged for 2005.
US Airways and the LCC cost differential is 40%. 25% of the difference is in labor expense and 15% non-labor expense.
The single largest cost reduction going forward will be a reduction in distribution expense.
The Shuttle is performing acceptably.
2003 year-end debt totaled $2.98 billion.
The Philadelphia hub has 80 domestic aircraft assigned (note – the Pittsburgh hub has 35 mainline aircraft assigned).
Southwest’s entry into Philadelphia will initially focus on low cost markets, e.g. Philadelphia – Midway between ATA and Southwest, Philadelphia – Phoenix & Los Angeles between America West and Southwest.
Asset sales must be applied to the loan guarantee with inverse amortization.
Respectfully,
USA320Pilot
Earnings Press Release
Analyst Conference Call
Conference call highlights not included in the press release include:
US Airways had a positive cash flow during the quarter that averaged about $200,000 per day.
All outstanding ALPA MidAtlantic Airways grievance issues were settled last night.
On December 31 the company had total cash position of $1.84 billion, with $1.29 billion unrestricted and $550 million restricted cash.
Management is working with the ATSB to ensure compliance with the loan guarantee requirements.
The company has 103 RJs in the fleet and 7 have been delivered to PSA.
The company will release signs of the PHL initiative in response to Southwest’s entry in the next few weeks.
Online ticket sales by 19% to 24.7% of all tickets sold.
For the fourth quarter US Airways had the best network carrier on time performance.
The company has deployed 451 Kiosks, will add over 100 Kiosks this year, and over 7 million people used Kiosks in Q4.
Boarding Pass gate readers will be installed in the hubs in 2004.
US Airways’ fuel position is 20% hedged for Q1 2004, 30% hedged for all of 2004, and 5% hedged for 2005.
US Airways and the LCC cost differential is 40%. 25% of the difference is in labor expense and 15% non-labor expense.
The single largest cost reduction going forward will be a reduction in distribution expense.
The Shuttle is performing acceptably.
2003 year-end debt totaled $2.98 billion.
The Philadelphia hub has 80 domestic aircraft assigned (note – the Pittsburgh hub has 35 mainline aircraft assigned).
Southwest’s entry into Philadelphia will initially focus on low cost markets, e.g. Philadelphia – Midway between ATA and Southwest, Philadelphia – Phoenix & Los Angeles between America West and Southwest.
Asset sales must be applied to the loan guarantee with inverse amortization.
Respectfully,
USA320Pilot
