AMR
CORPORATION
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
1-8400
|
75-1825172
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(State
of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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4333
Amon Carter Blvd.
|
Fort
Worth, Texas
|
76155
|
||
(Address
of principal executive offices)
|
(Zip
code)
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(817)
963-1234
|
||
(Registrant's
telephone number)
|
Item 2.02
|
Results of Operations and Financial
Condition
|
Item 9.01
|
Financial Statements and
Exhibits
|
|||
(c)
Exhibits
|
||||
Exhibit
99.1
|
Press
Release of AMR dated April 15, 2009
|
AMR
CORPORATION
|
|
/s/ Kenneth W. Wimberly
|
|
Kenneth
W. Wimberly
|
|
Corporate
Secretary
|
Exhibit
|
Description
|
|
99.1
|
Press
Release
|
·
|
Adds
nearly $100 million in liquidity through owned-aircraft
financing
|
·
|
Plans
2009 non-aircraft capital expenditure cut of approximately $100
million
|
·
|
Unit
cost results for first quarter 2009 and full-year outlook both better than
Jan. 21 forecast
|
·
|
Customer
dependability metrics continue to
improve
|
·
|
American
Airlines takes delivery of two 737-800s for MD-80 replacement and receives
additional financing commitment for two of its scheduled 737
deliveries
|
·
|
American
said it is taking its Wi-Fi internet service out of the trial stage and
has decided to install Gogo® Inflight Internet on more than 300 domestic
aircraft over the next two years. The expansion will help American,
which last August became the first U.S. airline to launch the Gogo
service, further enhance its customers’ travel experience and meet their
evolving travel needs.
|
·
|
American
announced that it has begun extensive renovations to its Admirals Club and
Flagship Lounge at London Heathrow Airport. American also completed
extensive renovations to its largest Admirals Club lounge at Chicago
O’Hare International Airport and began extensive renovations to its
Admirals Club at Logan International Airport in Boston. American also
opened a new Admirals Club at Washington Dulles International
Airport.
|
·
|
American
announced its participation in the Climate Leaders program of the
Environmental Protection Agency (EPA) as part of its continued commitment
to environmentally-responsible business practices. American is the first
major passenger airline to join the program. Climate Leaders is a
collaboration of business and the EPA to develop comprehensive climate
change strategies.
|
·
|
American
made it more convenient for customers who call to get information about
their upcoming trips – such as departure gate and flight times – thanks to
its enhanced “Remember Me” speech recognition technology. With “Remember
Me,” customers can get relevant information four times faster than those
who are not registered for this service. The system recognizes the
customer's phone number, instantaneously pulls up their reservation, and
even greets the customer by name.
|
·
|
American
was selected as one of the nation’s “Top 50 Employers” by readers of Equal Opportunity
magazine in the publication’s 16th annual survey. American was the only
airline to make the prestigious group. Readers of Equal Opportunity voted
for companies they would most prefer to work for or that they believe are
progressive in hiring members of minority
groups.
|
·
|
American
and NBC Universal reached an agreement for inflight broadcast content that
started March 1. NBC Universal will produce four exclusive 90-minute
programs each month for American, featuring content from numerous NBC
entities for viewing on the airline’s overhead main-screens and, where
available, personal entertainment
devices.
|
Three
Months Ended March 31,
|
Percent
|
|||||||||||
2009
|
2008
|
Change
|
||||||||||
Revenues
|
||||||||||||
Passenger
- American Airlines
|
$ | 3,680 | $ | 4,379 | (16.0 | ) | ||||||
-
Regional Affiliates
|
457 | 581 | (21.4 | ) | ||||||||
Cargo
|
144 | 215 | (32.9 | ) | ||||||||
Other
revenues
|
558 | 522 | 6.9 | |||||||||
Total
operating revenues
|
4,839 | 5,697 | (15.1 | ) | ||||||||
Expenses
|
||||||||||||
Wages,
salaries and benefits
|
1,688 | 1,644 | 2.6 | |||||||||
Aircraft
fuel
|
1,298 | 2,050 | (36.7 | ) | ||||||||
Other
rentals and landing fees
|
324 | 323 | 0.2 | |||||||||
Maintenance,
materials and repairs
|
305 | 315 | (3.5 | ) | ||||||||
Depreciation
and amortization
|
272 | 309 | (11.8 | ) | ||||||||
Commissions,
booking fees and credit card expense
|
217 | 257 | (15.6 | ) | ||||||||
Aircraft
rentals
|
124 | 125 | (0.7 | ) | ||||||||
Food
service
|
114 | 127 | (10.0 | ) | ||||||||
Special
charges
|
13 | - | * | |||||||||
Other
operating expenses
|
678 | 734 | (7.8 | ) | ||||||||
Total
operating expenses
|
5,033 | 5,884 | (14.5 | ) | ||||||||
Operating
Income
|
(194 | ) | (187 | ) | 3.4 | |||||||
Other
Income (Expense)
|
||||||||||||
Interest
income
|
11 | 53 | (79.2 | ) | ||||||||
Interest
expense
|
(186 | ) | (206 | ) | 9.7 | |||||||
Interest
capitalized
|
10 | 5 | 91.8 | |||||||||
Miscellaneous
– net
|
(16 | ) | (5 | ) | * | |||||||
(181 | ) | (153 | ) | 18.3 | ||||||||
Income/(Loss)
Before Income Taxes
|
(375 | ) | (341 | ) | 10.1 | |||||||
Income
tax
|
- | - | - | |||||||||
Net
Income
|
$ | (375 | ) | $ | (341 | ) | 10.1 |
Earnings/(Loss)
Per Share
|
||||||||
Basic
|
$ | (1.35 | ) | $ | (1.37 | ) | ||
Diluted
|
$ | (1.35 | ) | $ | (1.37 | ) | ||
Number
of Shares Used in Computation
|
||||||||
Basic
|
279 | 249 | ||||||
Diluted
|
279 | 249 |
Three
Months Ended
March
31,
|
Percent
|
|||||||||||
2009
|
2008
|
Change
|
||||||||||
American
Airlines, Inc. Mainline Jet Operations
|
||||||||||||
Revenue
passenger miles (millions)
|
28,593 | 32,488 | (12.0 | ) | ||||||||
Available
seat miles (millions)
|
37,783 | 41,052 | (8.0 | ) | ||||||||
Cargo
ton miles (millions)
|
371 | 505 | (26.6 | ) | ||||||||
Passenger
load factor
|
75.7 | % | 79.1 | % |
(3.5) pts
|
|||||||
Passenger
revenue yield per passenger mile (cents)
|
12.87 | 13.48 | (4.5 | ) | ||||||||
Passenger
revenue per available seat mile (cents)
|
9.74 | 10.67 | (8.7 | ) | ||||||||
Cargo
revenue yield per ton mile (cents)
|
38.90 | 42.55 | (8.6 | ) | ||||||||
Operating
expenses per available seat mile, excluding Regional Affiliates (cents)
(1)
|
11.82 | 12.63 | (6.5 | ) | ||||||||
Fuel
consumption (gallons, in millions)
|
617 | 680 | (9.3 | ) | ||||||||
Fuel
price per gallon (cents)
|
191.1 | 273.2 | (30.0 | ) | ||||||||
Regional
Affiliates
|
||||||||||||
Revenue
passenger miles (millions)
|
1,861 | 2,142 | (13.1 | ) | ||||||||
Available
seat miles (millions)
|
2,818 | 3,106 | (9.3 | ) | ||||||||
Passenger
load factor
|
66.0 | % | 69.0 | % |
(2.9) pts
|
|||||||
AMR
Corporation
|
||||||||||||
Average
Equivalent Number of Employees
|
||||||||||||
American
Airlines
|
67,000 | 71,800 | ||||||||||
Other
|
12,500 | 13,700 | ||||||||||
Total
|
79,500 | 85,500 |
(1)
|
Excludes
$596 million and $721 million of expense incurred related to Regional
Affiliates in 2009 and 2008,
respectively.
|
American
Airlines, Inc.
|
Three
Months Ended March 31, 2009
|
|||||||||||||||
Entity
Results
|
RASM1
(cents)
|
Y-O-Y
Change
|
ASMs2
(billions)
|
Y-O-Y
Change
|
||||||||||||
DOT
Domestic
|
9.68 | (7.2 | )% | 23.1 | (10.7 | )% | ||||||||||
International
|
9.83 | (11.1 | ) | 14.7 | (3.3 | ) | ||||||||||
DOT
Latin America
|
11.23 | (8.0 | ) | 7.7 | (4.5 | ) | ||||||||||
DOT
Atlantic
|
7.96 | (17.6 | ) | 5.3 | (3.7 | ) | ||||||||||
DOT
Pacific
|
9.28 | (7.3 | ) | 1.7 | 4.2 |
American
Airlines, Inc.
|
Three
Months Ended March 31, 2009
|
|||||||||||||||
Entity
Results
|
Load
Factor
(pts)
|
Y-O-Y
Change
(pts)
|
Yield
(cents)
|
Y-O-Y
Change
|
||||||||||||
DOT
Domestic
|
78.4 | (1.8 | ) | 12.36 | (5.2 | )% | ||||||||||
International
|
71.5 | (6.0 | ) | 13.75 | (3.6 | ) | ||||||||||
DOT
Latin America
|
73.1 | (6.1 | ) | 15.37 | (0.3 | ) | ||||||||||
DOT
Atlantic
|
67.6 | (6.1 | ) | 11.76 | (10.3 | ) | ||||||||||
DOT
Pacific
|
76.2 | (5.7 | ) | 12.18 | (0.4 | ) |
American
Airlines, Inc. Mainline Jet Operations
|
Three
Months Ended March 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Total
operating expenses
|
$ | 5,061 | $ | 5,907 | ||||
Less:
Operating expenses incurred related to Regional Affiliates
|
596 | 721 | ||||||
Operating
expenses excluding expenses incurred related to Regional
Affiliates
|
$ | 4,464 | $ | 5,186 | ||||
American
mainline jet operations available seat miles
|
37,783 | 41,052 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates
(cents)
|
11.82 | 12.63 | ||||||
Percent
change
|
(6.5 | )% |
American
Airlines, Inc. Mainline Jet Operations
|
Three
Months Ended March 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Total
operating expenses
|
$ | 5,061 | $ | 5,907 | ||||
Less:
Operating expenses incurred related to Regional Affiliates
|
596 | 721 | ||||||
Operating
expenses excluding expenses incurred related to Regional
Affiliates
|
$ | 4,464 | $ | 5,186 | ||||
American
mainline jet operations available seat miles
|
37,783 | 41,052 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates
(cents)
|
11.82 | 12.63 | ||||||
Less:
Impact of special items (cents)
|
.04 | - | ||||||
Operating
expenses per available seat mile, excluding impact
|
||||||||
of
special items (cents)
|
11.78 | 12.63 | ||||||
Percent
change
|
(6.8 | )% | ||||||
Less:
Fuel cost per available seat mile (cents)
|
3.12 | 4.52 | ||||||
Operating
expenses per available seat mile, excluding impact of special items and
the cost of fuel (cents)
|
8.66 | 8.11 | ||||||
Percent
change
|
6.8 | % |
AMR
Corporation
|
Three
Months Ended March 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Total
operating expenses
|
$ | 5,033 | $ | 5,884 | ||||
Available
seat miles
|
40,600 | 44,158 | ||||||
Operating
expenses per available seat mile (cents)
|
12.40 | 13.32 | ||||||
Less:
Impact of special items (cents)
|
.04 | - | ||||||
Operating
expenses per available seat mile, excluding impact
|
||||||||
of
special items (cents)
|
12.36 | 13.32 | ||||||
Percent
change
|
(7.2 | )% | ||||||
Less:
Fuel cost per available seat mile (cents)
|
3.19 | 4.64 | ||||||
Operating
expenses per available seat mile, excluding impact of special items and
the cost of fuel (cents)
|
9.17 | 8.68 | ||||||
Percent
change
|
5.6 | % |
AMR
Corporation
Calculation
of Net Debt
|
As
of March 31
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Current
and long-term debt
|
9,685 | $ | 10,157 | |||||
Current
and long-term capital lease obligations
|
626 | 776 | ||||||
Principal
amount of certain airport facility tax-exempt bonds and the present value
of aircraft operating lease obligations
|
4,068 | 4,239 | ||||||
14,379 | 15,172 | |||||||
Less: Unrestricted
cash and short-term investments
|
2,864 | 4,519 | ||||||
Net
Debt
|
11,515 | $ | 10,653 |
American
Airlines, Inc. Mainline Jet Operations
|
Estimate
for
Three
Months Ended June 30,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Operating
expenses per available seat mile, excluding Regional Affiliates
(cents)
|
11.84 | 15.80 | ||||||
Less:
Impact of special item (cents)
|
0.08 | 2.52 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates and impact
of special item (cents)
|
11.76 | 13.28 | ||||||
Percent
change
|
(11.5 | )% | ||||||
Less:
Fuel expense per available seat mile (cents)
|
3.09 | 5.23 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates, impact of
special item and fuel expense (cents)
|
8.67 | 8.05 | ||||||
Percent
change
|
7.7 | % |
American
Airlines, Inc. Mainline Jet Operations
|
Estimate
for
Year
Ended December 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Operating
expenses per available seat mile, excluding Regional Affiliates
(cents)
|
11.83 | 13.87 | ||||||
Less:
Impact of special item (cents)
|
0.06 | 0.73 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates and impact
of special item (cents)
|
11.77 | 13.14 | ||||||
Percent
change
|
(10.4 | )% | ||||||
Less:
Fuel expense per available seat mile (cents)
|
3.08 | 4.99 | ||||||
Operating
expenses per available seat mile, excluding Regional Affiliates, impact of
special item and fuel expense (cents)
|
8.69 | 8.15 | ||||||
Percent
change
|
6.6 | % |
AMR
Corporation
|
Estimate
for
Three
Months Ended June 30,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Operating
expenses per available seat mile (cents)
|
12.41 | 16.60 | ||||||
Less:
Impact of special item (cents)
|
0.08 | 2.59 | ||||||
Operating
expenses per available seat mile, excluding impact of special item
(cents)
|
12.33 | 14.01 | ||||||
Percent
change
|
(12.0 | )% | ||||||
Less:
Fuel expense per available seat mile (cents)
|
3.18 | 5.38 | ||||||
Operating
expenses per available seat mile, excluding impact of special item and
fuel expense (cents)
|
9.15 | 8.63 | ||||||
Percent
change
|
6.1 | % |
AMR
Corporation
|
Estimate
for
Year
Ended December 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Operating
expenses per available seat mile (cents)
|
12.39 | 14.56 | ||||||
Less:
Impact of special item (cents)
|
0.05 | 0.74 | ||||||
Operating
expenses per available seat mile, excluding impact of special item
(cents)
|
12.34 | 13.82 | ||||||
Percent
change
|
(10.7 | )% | ||||||
Less:
Fuel expense per available seat mile (cents)
|
3.18 | 5.12 | ||||||
Operating
expenses per available seat mile, excluding impact of special item and
fuel expense (cents)
|
9.16 | 8.70 | ||||||
Percent
change
|
5.3 | % |
AMR
Corporation
|
Three
Months Ended March 31,
|
|||||||
(in
millions, except as noted)
|
2009
|
2008
|
||||||
Net
Income/(Loss)
|
(375 | ) | (341 | ) | ||||
Less:
Impact of special items
|
(13 | ) | - | |||||
Net
Income/(Loss), excluding impact of special items
|
(362 | ) | (341 | ) | ||||
Earnings/(Loss)
Per Share
|
||||||||
Basic
|
(1.30 | ) | (1.37 | ) | ||||
Diluted
|
(1.30 | ) | (1.37 | ) |