Source: US AirwaysUS Airways Group, Inc. Reports First Quarter 2008 Results
Thursday April 24, 8:00 am ET Highlights of US Airways Group, Inc.'s (the Company's) first quarter 2008 results: -- The Company reported a first quarter 2008 net loss of $236 million, or ($2.56) per share. Excluding net special items, the net loss was $239 million or ($2.60) per share. -- The first quarter loss was driven by higher oil prices. Had jet fuel prices remained constant versus the first quarter 2007, US Airways' fuel expenses including realized gains on fuel hedging instruments would have been $260 million lower. -- US Airways is actively taking steps to mitigate the impact of record high fuel costs by implementing programs to increase ancillary revenue, reducing capacity, modifying its fare structure and reducing its capital expenditures for the remainder of the year. -- The Company's operational improvement plan produced industry-leading on-time performance for the quarter. -- The Company had $2.8 billion in total cash and investments, of which $2.4 billion was unrestricted on March 31, 2008. In addition, the Company recently amended its credit card processing agreement. Under the terms of that amendment, among other improvements, the level of collateral required to be maintained by the Company has been reduced to the level of reserve at March 31, 2008 and may be subject to further reductions in certain circumstances.