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AAflyer 01-17-2007 10:16 AM

AA 231 million profit for the year
 
AMR CORPORATION REPORTS 2006 NET PROFIT OF $231 MILLION,
COMPANY'S FIRST ANNUAL PROFIT SINCE 2000 AND A
$1.1 BILLION IMPROVEMENT OVER 2005 RESULTS

$17 MILLION NET PROFIT IN FOURTH QUARTER IS THIRD
CONSECUTIVE PROFITABLE QUARTER AND $617 MILLION
IMPROVEMENT OVER YEAR-AGO RESULTS


FORT WORTH, Texas - AMR Corporation, the parent company of American Airlines, Inc., today reported a net profit of $17 million for the fourth quarter of 2006, or $0.07 per share fully diluted.

The current quarter results compare to a net loss of $600 million, or $3.46 per share fully diluted, in the fourth quarter of 2005. Excluding the $191 million net charge for special items, AMR's fourth quarter 2005 net loss was $409 million, or $2.36 per share.

For 2006, AMR posted a $231 million net profit, or $0.98 per share fully diluted, compared to a net loss of $857 million, or $5.18 per share fully diluted, in 2005. AMR's 2005 loss would have been $677 million excluding a $180 million net charge for special items.

"By producing a fourth quarter and full year profit for the first time since 2000, the people of American Airlines made 2006 a proud milestone in our ongoing turnaround," said AMR Chairman and CEO Gerard Arpey. "We executed on every facet of our Turnaround Plan - from bolstering our financial and competitive positions to investing in our product and strengthening our employee pension plans. With the combined effort of the entire American Airlines team, we expect to build on our momentum in 2007."

Arpey noted significant improvement to the Company's cash balance, a notable increase in the funding status of its defined benefit pension plans, and continued debt reduction as examples of AMR's strong momentum in 2006.

AMR contributed $323 million to its defined benefit pension plans in 2006, including a $100 million contribution in the fourth quarter that went beyond the Company's 2006 funding requirement of $223 million. The Company's 2006 pension contributions, along with strong pension fund asset returns, helped to increase the assets held in trust for its defined benefit pension plans by $800 million to $8.5 billion at the end of 2006 and also helped to improve the accumulated benefit obligation funding status of AMR's pension plans to 85 percent, up from 78 percent at the end of 2005.

AMR ended 2006 with $5.2 billion in cash and short-term investments, including a restricted balance of $468 million, compared to a balance of $4.3 billion in cash and short-term investments at the end of 2005, including a restricted balance of $510 million.

The Company reduced total debt, which includes the principal amount of airport facility tax-exempt bonds and the present value of aircraft operating lease obligations, to $18.4 billion at the end of the fourth quarter of 2006, compared to $20.1 billion a year earlier. In addition to $1.2 billion in scheduled principal payments that AMR made in 2006, the Company purchased $190 million of its outstanding debt and lease obligations during the year. AMR reduced net debt, which is defined as total debt less unrestricted cash and short-term investments, from $16.3 billion at the end of 2005 to $13.6 billion at the end of 2006.

AMR reported fourth quarter consolidated revenues of approximately $5.4 billion, an increase of 4.4 percent year over year. Consolidated 2006 revenues totaled $22.6 billion, an 8.9 percent increase over 2005 and a nearly 30 percent increase over the Company's $17.4 billion in total revenue in 2003, the year AMR launched its Turnaround Plan.

In the fourth quarter, Other revenues, including sales from such sources as confirmed flight changes, buy-on-board food services, and third-party maintenance work, increased 11.7 percent year over year to $347 million.

American's mainline load factor - or the percentage of total seats filled - was a record 78.8 percent during the fourth quarter, compared to 77.9 percent in the final quarter of 2005, and yield, which represents average fares, increased 4.0 percent compared to the fourth quarter of 2005. American's passenger revenue per available seat mile (unit revenue) for the fourth quarter increased 5.1 percent compared to the year-ago quarter. For the full year, unit revenue improved 8.8 percent versus 2005.

American's mainline cost per available seat mile (unit cost) in the fourth quarter was down 5.6 percent year over year. Excluding fuel and special items, mainline unit cost for the fourth quarter increased 0.5 percent year over year. For the full year, mainline unit costs increased 3.8 percent from 2005, however, excluding fuel and special items, these costs increased by 1.3 percent.

During the fourth quarter, AMR paid $120 million less for fuel than it would have paid at prices prevailing from the prior-year period. The Company estimates that its Fuel Smart conservation program helps American save more than 90 million gallons of fuel annually.

Our execution under all four tenets of our Turnaround Plan has improved our financial performance and allowed us to continue to meet our obligations to shareholders, lenders, employees and customers," Arpey said. "We have a lot of work left to do, but the track we are on today is the right track to position our company for long-term success." Highlights from 2006 include:

Fourth Quarter
American Airlines Maintenance Services announced that it signed a four-year agreement, valued at more than $30 million, to provide services to Allegiant Air, a subsidiary of Allegiant Travel Company.
American said it will offer customers new choices in light meals, snacks and bottled water. The snacks and bottled water are available for purchase on all flights two hours or longer, and the light meals are available for purchase on flights three hours or longer.
American announced plans to invest $20 million in seat, cabin and entertainment upgrades on its entire fleet of Boeing 767-200 aircraft.
American made an additional $100 million contribution to its employees' defined benefit pension plans. The contribution was in addition to the $223 million it contributed to satisfy required pension funding obligations for 2006.
American introduced international check-in capabilities using airport self-service machines.


Third Quarter
AMR recorded a net profit of $15 million, the first time in nearly six years that it had earned a profit in two consecutive quarters.
American signed a 5-year service agreement with the U.S. Postal Service potentially worth $500 million in revenue to American, which is the largest single contract ever awarded to the Company's Cargo division.
Transport Workers Union (TWU) employees at American line maintenance bases and management set a goal to obtain $95 million of annual value creation for American by the end of 2008. Similar goals were announced earlier in 2006. In the second quarter of 2006, management and TWU Local 567 employees at the American Airlines Alliance Maintenance Base, including American's engine repair joint venture with Rolls Royce, set a goal to create $400 million in value by the end of 2008. In the first quarter of 2006, management, TWU Local 530 officials and employees at the American Airlines Maintenance & Engineering Base in Kansas City set a goal to obtain $150 million in value creation and to turn the base into a profit center by the end of 2007.
The collaboration over the past several years between management, unions and employees helped produce a positive result when Congress passed and President Bush signed a bill that enhances American's ability to fund its pension obligations.
American unveiled its Next-Generation Business Class, which features new lie-flat seats, a personal in-flight entertainment system with audio and video on demand, and other cabin upgrade
s.

Second Quarter
AMR reported a second quarter net profit of $291 million, its most profitable quarter since 2000.
American said it would return 19 non-standard 757 aircraft, acquired from TWA, when their leases expire to save more than $50 million in annual lease costs.
As part of its ongoing effort to improve its balance sheet, AMR issued $400 million in common stock with the intention of using the proceeds for general corporate purposes.
American launched daily nonstop service from Chicago O'Hare International Airport to Shanghai Pu Dong International Airport in Shanghai, China.


First Quarter
American signed a strategic technology agreement with Lenovo to provide Admirals Club ® members with access to new Lenovo PCs.

aa73 01-17-2007 02:41 PM

Have you hugged your PUP today? :eek:

Seriously, good news... now let's get our piece of the pie, dang it! 30% or bust!

73

ToiletDuck 01-17-2007 02:50 PM

Now lets see how long till the CEO gets a fat bonus which probably equals the amount made.

Geronimo4497 01-17-2007 02:50 PM

AMR has a massive amount of debt on hand; not so good.

jsled 01-17-2007 03:28 PM


Originally Posted by Geronimo4497 (Post 104081)
AMR has a massive amount of debt on hand; not so good.

Yeap, that is true. But after reading their financials today, I was impressed. At the end of 2005 they had 20.1 billion in debt, now they have 18.3 billion. Also, they ended 2005 with 3.8 billion in cash, now they have 4.7 billion. That is a 2.7 billion swing in the right direction. Now wonder why there stock has skyrocketed.

B757200ER 01-17-2007 07:52 PM


Originally Posted by aa73 (Post 104079)
Have you hugged your PUP today? :eek:

Seriously, good news... now let's get our piece of the pie, dang it! 30% or bust!

Wow, a $231 million profit, and only 11 pilots recalled out of 2890 pilots furloughed. But, if you're in Chapter 11, you're hiring! Now, there's a proven formula.

Moose 01-17-2007 11:32 PM


Originally Posted by B757200ER (Post 104184)
Wow, a $231 million profit, and only 11 pilots recalled out of 2890 pilots furloughed. But, if you're in Chapter 11, you're hiring! Now, there's a proven formula.


They could do more but AA is doling out $218 million in executive stock bonuses. Isn't that something.

aa73 01-18-2007 03:31 AM


Originally Posted by B757200ER (Post 104184)
Wow, a $231 million profit, and only 11 pilots recalled out of 2890 pilots furloughed. But, if you're in Chapter 11, you're hiring! Now, there's a proven formula.

Patience, my friend. Ramping up to 40/month by May/June. We will probably be hiring within three years.

shackone 01-18-2007 06:09 AM

As a brand-spanking new FE, I once saw a union advertisement that proclaimed their exact position as 'More money, less work'. Having come out of the military and with no previous union experience, I found that odd. I wondered how people would think such an idea would work in the long run.

It didn't, of course. Almost twenty years later, the industry is strewn with the wreckage of those that thought this was the way to go.

In 2003, I recall that there was a claim that the average AA pilot worked something like 47 actual hours for some 70 or so hours of pay. The precise numbers probably aren't as important as the idea.

Us TWA folks also found the APA contract to be quite different from what we had known. It seemed to be an instrument crafted over many years where the objective was to achieve just what that union advert had said. We supposed that the amazing growth and success of AA from the mid 80s was such that AA management went along with these contracts since there seemed to be an inexhaustible supply of pax and money.

Times change. No more inexhaustible supply of money. But a good salary is there to be made if unions drop that 'more money, less work' mantra and go with a 'good money, good work' idea. This idea has certainly worked at SWA.

I suggest to our AA friends here that they take a good look at the Pref Bidding concept. Yes...it does mean doing more with fewer pilots...but now, as attrition reduces the number of pilots, it might be time to reconsider. One number being bandied about back in 2003 was that AA was 20% overstaffed in pilots. Now, if that was true then, it was just another example of that union advert in action.

No doubt, there are those who think that the whole idea is to get as many on the payroll as possible...and then demand top pay for them. Somehow, that just doesn't seem to be a workable idea over time. It sure as heck hasn't proved to be the case over the last 20 years.

Over time, I see our collective futures best assured by a more 'lean and mean' approach to pilot numbers. Overmanning in the long run falls victim to economic turndowns. There has to be a better way. Our careers would be far more stable if we bargained for a 'fair wage for a fair amount of work' position. Not that this would be easy...but perhaps over time, management and labor could find that middle road where both prosper.

ExDeltaPilot 01-18-2007 07:58 AM


Originally Posted by shackone (Post 104269)
As a brand-spanking new FE, I once saw a union advertisement that proclaimed their exact position as 'More money, less work'. Having come out of the military and with no previous union experience, I found that odd. I wondered how people would think such an idea would work in the long run.

It didn't, of course. Almost twenty years later, the industry is strewn with the wreckage of those that thought this was the way to go.

In 2003, I recall that there was a claim that the average AA pilot worked something like 47 actual hours for some 70 or so hours of pay. The precise numbers probably aren't as important as the idea.

Us TWA folks also found the APA contract to be quite different from what we had known. It seemed to be an instrument crafted over many years where the objective was to achieve just what that union advert had said. We supposed that the amazing growth and success of AA from the mid 80s was such that AA management went along with these contracts since there seemed to be an inexhaustible supply of pax and money.

Times change. No more inexhaustible supply of money. But a good salary is there to be made if unions drop that 'more money, less work' mantra and go with a 'good money, good work' idea. This idea has certainly worked at SWA.

I suggest to our AA friends here that they take a good look at the Pref Bidding concept. Yes...it does mean doing more with fewer pilots...but now, as attrition reduces the number of pilots, it might be time to reconsider. One number being bandied about back in 2003 was that AA was 20% overstaffed in pilots. Now, if that was true then, it was just another example of that union advert in action.

No doubt, there are those who think that the whole idea is to get as many on the payroll as possible...and then demand top pay for them. Somehow, that just doesn't seem to be a workable idea over time. It sure as heck hasn't proved to be the case over the last 20 years.

Over time, I see our collective futures best assured by a more 'lean and mean' approach to pilot numbers. Overmanning in the long run falls victim to economic turndowns. There has to be a better way. Our careers would be far more stable if we bargained for a 'fair wage for a fair amount of work' position. Not that this would be easy...but perhaps over time, management and labor could find that middle road where both prosper.

Agree 100% - when I started at Delta and used to jumpseat to work I flew with guys who were flying 1 trip/month on reserve and making $200K/year - the idea that you should be well paid to not work is an old line Union philosophy that is not going to work again. One thing about Southwest pilots is all their pilots earn their pay - you can work a lot and get paid a lot or work a little and still get paid OK. They don't have anyone sitting reserve and getting paid to do nothing - everyone works.

757Driver 01-18-2007 08:15 AM


Originally Posted by shackone (Post 104269)
I suggest to our AA friends here that they take a good look at the Pref Bidding concept. Yes...it does mean doing more with fewer pilots...but now, as attrition reduces the number of pilots, it might be time to reconsider.

I suggest the exact opposite. PBS is an unmitigated disaster over here at CAL and thankfully its united many of the pro-company Pilots to take a harder stance.

Avoid PBS like the plague.

PS, the above statements by Shackone and EDP scare the living crap out of me. How are we to defend our profession if this is what the military keeps churning out, I'll fly for free and screw everybody else.

REAL Pilot 01-18-2007 08:36 AM

Principles????
 
Easy on the military steroetype. Shackone and EDP don't get it. If you look/work in the industry long-term, you will see "the fleecing of labor". Then spineless labor accepts/excuses the excesses and continues to subsidize public transportation through contracts "that let us live another day". The union infers that next time will be different, but is it? It could be different, but with a splintered group that will not draw and hold a line in the sand, the erosion continues. Most military guys I know are willing to back their principles with action and not accept the continual lowering of the bar.
Without collective/national efforts AND WORK ACTIONS, the decline will continue with the continued market pressures. Yes, there would be casualties but that would be the cost of doing business and the group as a whole would be better off.

757Driver 01-18-2007 09:38 AM


Originally Posted by REAL Pilot (Post 104331)
Easy on the military stereotype. Shackone and EDP don't get it. If you look/work in the industry long-term, you will see "the fleecing of labor". Then spineless labor accepts/excuses the excesses and continues to subsidize public transportation through contracts "that let us live another day". The union infers that next time will be different, but is it? It could be different, but with a splintered group that will not draw and hold a line in the sand, the erosion continues. Most military guys I know are willing to back their principles with action and not accept the continual lowering of the bar.
Without collective/national efforts AND WORK ACTIONS, the decline will continue with the continued market pressures. Yes, there would be casualties but that would be the cost of doing business and the group as a whole would be better off.

Excellent post RP. Unfortunately at CAL the biggest sympathizers I run into are recently ex-Military. I'm not inferring that all Military types are Management sycophants but I'm finding that the newly released ones seem to be until they get a great big sh!t sandwich courtesy of management.

Again excellent post and I wholeheartedly agree with you 100%. Its time to take back our contracts and the cost won't be cheap.

I'm willing to do what it takes, are you?

X Rated 01-18-2007 02:28 PM


Originally Posted by 757Driver (Post 104318)
I suggest the exact opposite. PBS is an unmitigated disaster over here at CAL and thankfully its united many of the pro-company Pilots to take a harder stance.

Avoid PBS like the plague.

PS, the above statements by Shackone and EDP scare the living crap out of me. How are we to defend our profession if this is what the military keeps churning out, I'll fly for free and screw everybody else.

PBS is only as good as the work rules surrounding it...and the ability for the Union to maintain control as much as the company. I'm sorry that it's a disaster at CAL, but if you get a decent running system you'll never turn back to sequence bidding.

X Rated

fireman0174 01-18-2007 02:32 PM


Originally Posted by X Rated (Post 104574)
PBS is only as good as the work rules surrounding it...and the ability for the Union to maintain control as much as the company. I'm sorry that it's a disaster at CAL, but if you get a decent running system you'll never turn back to sequence bidding.

X Rated

No horse in the race, but I've always taken the stance that if they want something bad, it's probably not good for the employees.

I love it when the company says PBS will improve the quality of life ... until you realize their idea oif quality of life is to work you more.

shackone 01-18-2007 02:45 PM


Originally Posted by fireman0174 (Post 104578)
I love it when the company says PBS will improve the quality of life ... until you realize their idea oif quality of life is to work you more.

We didn't work more when we used pref bidding.

I always looked at PB as a QOL issue. Depending on seniority, PB gave us a much better handle on what we wanted to do every month than the traditional 'bid package' system did.

PB, as I understood it, was all about efficiency...getting the job done with the least amount of excess manning. I suppose those who think that a labor contract is supposed to provide the most money for the least work for the maximum number of people will always oppose such a view. That sounds good until we look at the real world outcome of such thinking.

aa73 01-18-2007 03:21 PM

Pref bidding at TWA was a dream come true. Run by both TWALPA and the Co, it worked like a charm (based on what others have told me.)

PBS at AA would be a whole different animal. These people are just not that trustworthy, folks. Look at our TTOT (trip trade with open time) system - it is a disaster because the company controls when and if manning even allows a trip trade - and this after the Co promised us unlimited green (tradeable) trips when they were selling it to us. Now throw PBS into the mix - youch! I predict no open time, trips built to 90 hours and 10% reserves. Productive, but what a disaster for the pilots!

I'll stick with hard lines, conflicts and vacation drops, thank you very much!

Jetjok 01-18-2007 04:06 PM


Originally Posted by ExDeltaPilot (Post 104306)
Agree 100% - when I started at Delta and used to jumpseat to work I flew with guys who were flying 1 trip/month on reserve and making $200K/year - the idea that you should be well paid to not work is an old line Union philosophy that is not going to work again. One thing about Southwest pilots is all their pilots earn their pay - you can work a lot and get paid a lot or work a little and still get paid OK. They don't have anyone sitting reserve and getting paid to do nothing - everyone works.

As you, I agree 100% with Shackone's comments. However, I disagree with you on your comment about reserve pay. I sat reserve for two years, the first as a flight engineer and the second as THE junior-most MD-11 captain. In both cases, it meant I had to be away from home for even more days than a normal line-holder. As well, all the days where I wasn't used, I was on my own nickel. Reserve pilots are paid, not for actually flying the line, but for giving their company the flexibility that's required to account for guys going sick in the field, guys just forgetting they have a trip, additional flights that need to be manned, last minute sick calls, etc, etc. I would think that the vast majority of us would rather fly than sit around waiting for "the call", but since our companies require this flexibility, I just don't see it going away. Southwest guys work a lot, and maybe that company uses reserve guys as semi-line holders, but I know that that philosophy just will not work at FedEx, UPS, or a number of other long-haul airlines. Besides, if you've ever sat around a crashpad for 16 straight days, you'd realize that it is "WORK."

130JDrvr 01-18-2007 04:42 PM


Originally Posted by Jetjok (Post 104631)
As you, I agree 100% with Shackone's comments. However, I disagree with you on your comment about reserve pay. I sat reserve for two years, the first as a flight engineer and the second as THE junior-most MD-11 captain. In both cases, it meant I had to be away from home for even more days than a normal line-holder. As well, all the days where I wasn't used, I was on my own nickel. Reserve pilots are paid, not for actually flying the line, but for giving their company the flexibility that's required to account for guys going sick in the field, guys just forgetting they have a trip, additional flights that need to be manned, last minute sick calls, etc, etc. I would think that the vast majority of us would rather fly than sit around waiting for "the call", but since our companies require this flexibility, I just don't see it going away. Southwest guys work a lot, and maybe that company uses reserve guys as semi-line holders, but I know that that philosophy just will not work at FedEx, UPS, or a number of other long-haul airlines. Besides, if you've ever sat around a crashpad for 16 straight days, you'd realize that it is "WORK."


Here at the pad we call all that reserve time... "Living the Dream!" Day 8 tomorrow...

Past....

ExDeltaPilot 01-18-2007 04:44 PM


Originally Posted by Jetjok (Post 104631)
As you, I agree 100% with Shackone's comments. However, I disagree with you on your comment about reserve pay. I sat reserve for two years, the first as a flight engineer and the second as THE junior-most MD-11 captain. In both cases, it meant I had to be away from home for even more days than a normal line-holder. As well, all the days where I wasn't used, I was on my own nickel. Reserve pilots are paid, not for actually flying the line, but for giving their company the flexibility that's required to account for guys going sick in the field, guys just forgetting they have a trip, additional flights that need to be manned, last minute sick calls, etc, etc. I would think that the vast majority of us would rather fly than sit around waiting for "the call", but since our companies require this flexibility, I just don't see it going away. Southwest guys work a lot, and maybe that company uses reserve guys as semi-line holders, but I know that that philosophy just will not work at FedEx, UPS, or a number of other long-haul airlines. Besides, if you've ever sat around a crashpad for 16 straight days, you'd realize that it is "WORK."

Agree with you on the reserve comments. My point was when the airlines are way overmanned you get guys getting a lot of pay with little work. I agree sitting around a crash pad away from home is WORK. I don't think the companies really looked at what reserve manning they really needed to fill the schedule and when business was good you could overhire and worry about the extra guys later.

REAL Pilot 01-18-2007 05:43 PM

I have flown with hundreds of mil types and 90% are smart enough to realize that mgt does not have their best interests in mind.

Shackone- GMAFB; I don't think you are a pilot. If you really are, you would know that it is managements responsiblity to productively use their talent pool. If they are paying people to stay home- they are screwing up. I have always been glad to get paid to stay home but I guarantee if you average my hourly rate for all the years paying my dues, studying, furloughed and working 12 to 24 hr days, then management still owes me.

While you are doing the basic math of the insane labor rates, do a historical inflation adjusted cost of a ticket vice current rates. Then you will understand how we are underpaid.

Aside from that, at United PBS is a train wreck. SSDD

Jetjok 01-18-2007 05:55 PM


Originally Posted by ExDeltaPilot (Post 104649)
Agree with you on the reserve comments. My point was when the airlines are way overmanned you get guys getting a lot of pay with little work. I agree sitting around a crash pad away from home is WORK. I don't think the companies really looked at what reserve manning they really needed to fill the schedule and when business was good you could overhire and worry about the extra guys later.

I'm sorry, but after working at Pan Am, UPS and now FedEx, I really can't remember every being "overmanned." Maybe in a particular seat, but never at the whole airline. However, I wouldn't blame the pilots for that fact (being overmanned, or overpaid, for that matter), I'd blame the airline management. You know, those guys, who in both lean and fat times, still manage to get their gigantic salary and exceptional bonuses. But that's just me.:)

B757200ER 01-18-2007 06:42 PM

PBS was great when we had it. It would take me all of 2 minutes to put in the days off I wanted, with the layovers or 3-day trips I wanted. Paris, London, Maui or Honolulu...and frequently I'd get what I bid for. Two 3-day trips back to back, only 2 commutes, 12 days off work, 18 days off.

When AA bought us, I wqent back to looking thru phone-book sized bid packages, trying to sort out what I would bid. It took hours to accurately bid, and I hated it. It was like going back in time to my first airline job.

Time for AA (If APA helps manage it) to get some form of PBS; time to get off that unpaved, dirt access road that parallels the information superhighway!

aa73 01-19-2007 06:22 AM


Originally Posted by B757200ER (Post 104774)
PBS was great when we had it. It would take me all of 2 minutes to put in the days off I wanted, with the layovers or 3-day trips I wanted. Paris, London, Maui or Honolulu...and frequently I'd get what I bid for. Two 3-day trips back to back, only 2 commutes, 12 days off work, 18 days off.

When AA bought us, I wqent back to looking thru phone-book sized bid packages, trying to sort out what I would bid. It took hours to accurately bid, and I hated it. It was like going back in time to my first airline job.

Time for AA (If APA helps manage it) to get some form of PBS; time to get off that unpaved, dirt access road that parallels the information superhighway!

757... I see your point but, man, knowing the history of these types of deals with AMR management, scares the crap out of me! You need to realize that no matter how much of a hand APA would have in PBS, management WOULD find a way to alter it in their favor. And that would probably mean no open time, a schedule completely different from the one you bid on, and overall total career stagnation. It would be COMPLETELY different from the sweet system you guys had. 73

AAflyer 01-23-2007 12:39 PM


Originally Posted by Geronimo4497 (Post 104081)
AMR has a massive amount of debt on hand; not so good.

As of Jan 23,2007

On an earnings call last week, AMR chief financial officer Thomas Horton told analysts that repairing AMR's debt-heavy balance sheet "is a big priority" for the company.

"We made a lot of progress in 2006, and we are going to keep working on that in 2007," he said.

AMR reduced its total debt from $20.1 billion at the end of 2005 to $18.4 billion on Dec. 31. Net debt – its debt, minus unrestricted cash and short-term investments – dropped to $13.6 billion from $16.3 billion during 2006.


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