US Airways Group Reports Net Income of $13 Million

[USA320Pilot]

Salesguy:
US Airways' results were in-line with expectations. The company's improvement in revenue and the news that the LH alliance will begin in October were positive announcements, but US Airways' costs still remain to high at 10.0 cents per ASM. The company expects the CASM to further drop, but it needs to fall even further to be competitive with low cost carrier's going forward. Costs will continue to be ratcheted down as the airline continues to restructure and yes, the 5% wage deferral will likely remain until after the second quarter of 2004.

Best regards,
Chip

 

[gilbertguy]

http://biz.yahoo.com/prnews/030728/dcm011_1.html

That doesn't even pay for Dave' new house in FLA....​

 

[SalesGuyCCY]

Figured as much....thanks!

 

[USA320Pilot]

US Airways Group Reports Second Quarter Results


Second Quarter Net Income of $13 Million Reflects $214 Million TSA Reimbursement

Pre-Tax Loss of $154 Million Excluding Unusual Items - $188 Million Year-Over-Year Improvement Excluding $92 Million in Non-Cash Stock Charge

Company Continues to Execute Restructuring Plan While Still Experiencing Weak Industry Conditions

ARLINGTON (PRNewswire-FirstCall) - US Airways Group, Inc. today reported net income of $13 million for the second quarter 2003. This compares to a net loss of $248 million for the second quarter 2002.

Complete Story: http://biz.yahoo.com/prnews/030728/dcm011_1.html

 

[PSA1979]

WAR CONTINGENCY: The deferral will begin to be repaid starting in the first month following the end of the deferral and will continue to be repaid in as many monthly installments as were covered by the deferral. In the event that US Airways Group reports a "pretax profit" with respect to any quarter during which the pay deferral is in effect, the deferral will immediately stop and repayment will begin in the next month to continue for the same number of months as were included in the deferral.

"Pre-Tax Loss of $154 Million" Excluding Unusual Items - $188 Million Year-Over-Year Improvement Excluding $92 Million in Non-Cash Stock Charge

This is were we are going to take it in the shorts for the duration of the 18 months. Let's face it, our 5% is gone until July 2004.

 

[SalesGuyCCY]

Sounds like the 5% pay deferral remains?

 

[ITRADE]

I was off by $17MM. But the general gist was correct.

 

[OldGuyinPA]

Another round of bonuses for the outstanding job done by our Management team. Just think how far, and where the TSA money will go. Time again to lower employee cost, make them work harder, and faster. You go guys..at CCY

 

[iflyjetz]

Nice quarter. It'll be difficult for U to show a loss for the current quarter, but I'm sure that CCY will figure a way to cook the books.

I noticed a $35 mil aircraft order cancellation penalty. Is this for the 3 A319s and 15 A320s that USAirways canelled at the end of 2002, or is this an additional aircraft order cancellation?

 

[PITbull]

It is again disingenuous of this management to keep or continue to take this 5% as the "bail out" was for PAYMENT of the extra SECURITY measures and costs associtated with security that initially was to be borne by the airlines.

There was and is no war effect. Since they reported a net of $13 million and say its because of the TSA bail out, then GIVE BACK THAT $13 MILLION BACK TO THE TAX PAYERS, my friggen tax dollar to boot.

Airlines should not be using this money and reporting profits. This EXTRA cash should be returned so it reflects a cost neurtal base. Since all the airlines are saying tHAT theIRPROFIT reflects the TSA bailout, then give back the profit part. Those profits to NOT belong to the airlines; they belong back to the taxpayers who helped the airline industry when it was in need. Period.

Doesn't matter what kind of profit it is...it states in the language when a profit for the quarter is shown...


DAVE GIVE BACK OUR 5%!!!!!!!!!!!!!!1

 

[MrAeroMan]

----------------
On 7/28/2003 11:40:43 AM PITbull wrote:

It is again disingenuous of this management to keep or continue to take this 5% as the "bail out" was for PAYMENT of the extra SECURITY measures and costs associtated with security that initially was to be borne by the airlines.

There was and is no war effect. Since they reported a net of $13 million and say its because of the TSA bail out, then GIVE BACK THAT $13 MILLION BACK TO THE TAX PAYERS, my friggen tax dollar to boot.

Airlines should not be using this money and reporting profits. This EXTRA cash should be returned so it reflects a cost neurtal base. Since all the airlines are saying tHAT theIRPROFIT reflects the TSA bailout, then give back the profit part. Those profits to NOT belong to the airlines; they belong back to the taxpayers who helped the airline industry when it was in need. Period.

Doesn't matter what kind of profit it is...it states in the language when a profit for the quarter is shown...DOES NOT SAY WHAT KIND OF PROFIT...HELLOOOOOOOOOOO OUT THERE!

DAVE GIVE BACK OUR 5%!!!!!!!!!!!!!!1

----------------​

I think you guys better read the fine print. It states as was quoted above that it is a pre-tax profit that needs to occur before the deferral will end and repayment begins. Seems pretty cut and dry.

 

[USA320Pilot]

Iflyjetz:

Iflyjetz asked: "I noticed a $35 mil aircraft order cancellation penalty. Is this for the 3 A319s and 15 A320s that USAirways canelled at the end of 2002, or is this an additional aircraft order cancellation?"

Chip comments: The company said during its conference call that the charges were for negotiations conducted in bankruptcy and are due to flexible lease cancellations for the turboprops, which will aggressively be phased our during the next couple of years. In addition, union contracts require the airline to fly 279 mainline aircraft and minimum block hours, therefore, unless the company elects to acquire additional assets, if they become available, today management said mainline ASM's will remain flat for the remainder of 2003 and 2004. In addition, US Airways removed 7 A320 family aircraft during its in-court restructuring.

Best regards,

Chip.

 

[ITRADE]

----------------
On 7/28/2003 11:40:43 AM PITbull wrote:

It is again disingenuous of this management to keep or continue to take this 5% as the "bail out" was for PAYMENT of the extra SECURITY measures and costs associtated with security that initially was to be borne by the airlines.

There was and is no war effect. Since they reported a net of $13 million and say its because of the TSA bail out, then GIVE BACK THAT $13 MILLION BACK TO THE TAX PAYERS, my friggen tax dollar to boot.

Airlines should not be using this money and reporting profits. This EXTRA cash should be returned so it reflects a cost neurtal base. Since all the airlines are saying tHAT theIRPROFIT reflects the TSA bailout, then give back the profit part. Those profits to NOT belong to the airlines; they belong back to the taxpayers who helped the airline industry when it was in need. Period.

Doesn't matter what kind of profit it is...it states in the language when a profit for the quarter is shown...DOES NOT SAY WHAT KIND OF PROFIT...HELLOOOOOOOOOOO OUT THERE!

DAVE GIVE BACK OUR 5%!!!!!!!!!!!!!!1

----------------​

Read the contract.

You're sounding more and more deleted by moderator all the day. Is there a provision for a recall???

 

[USA320Pilot]

During today's analyst conference call, chief financial officer Neal Cohen said the company is expecting to not be cash flow positive for Q3 and Q4, which echoes comments by the other four legacy carriers in their conference calls. Regardless, the company contractually does not have to restore the 5% wage deferral because the airline had a pre-tax loss and was profitable only because of a one-time gain.
Best regards,
Chip

 

[PITbull]

ITRADE,

Recall who? PITbull?

Who are you again?

The pre tax loss has nothing to do with a war. The 5% is something they are stealing. And since it doesn't effect you in anyway....you could care less.

And your name calling does not effect me....I dismissed you a long time ago as not credible, or sincere.