United loses $367 million in 3rd quarter
By: Administrative Account | Source: Associated Press
October 30, 2003 6:10PM EST
Associated Press
October 30, 2003, 12:31 PM CST
United Airlines' parent company racked up a $367 million net loss in the third quarter -- its 13th straight deficit -- but claimed an operating profit for the first time in more than three years.
A busy summer travel season across the airline industry boosted passenger revenue and helped UAL Corp. post a $90 million operating profit for the July-September period. CEO Glenn Tilton also cited continued cost reductions and other improving financial results which kept its nearly year-old bankruptcy restructuring on track.
The net loss reported Thursday amounted to $3.47 a share, compared with a loss a year earlier of $889 million, or $15.57 a share.
Excluding $330 million in special charges and reorganization expenses, the loss was $37 million, or 36 cents a share.
The consensus of analysts surveyed by Thomson First Call was for a loss of $1.52 a share, although only a few brokerages still cover the company closely since it filed for bankruptcy and its stock was delisted from the New York Stock Exchange.
Revenues rose 2 percent to $3.82 billion from $3.74 billion, thanks to a 12 percent jump in revenue from passengers.
United filed for Chapter 11 last December after 2 1/2 years of worsening losses. Tilton told reporters Wednesday that the company remains on plan to come out of bankruptcy in the late spring of 2004.
"We are making tremendous progress in reducing costs, improving revenue and building a strong, sustainable business for the future," he said Thursday.
The company said it was the first time it had managed an operating profit, excluding certain charges, since the second quarter of 2000.
For the first nine months of 2003, the net loss was $2.33 billion, or $23.28 per share, compared with a loss of $1.74 billion, or $30.96 per share, for the same period a year earlier.
Revenues fell 7 percent to $10.11 billion from $10.82 billion.
UAL shares were unchanged at $1.06 in over-the-counter trading. The shares are expected to be worthless when the company emerges from bankruptcy.
- Feed the Children headquarters moves to Elkhart, IN
- Kroc's widow leaves ND $50 million
- '60 Minutes': Arafat has $800 million in bank
- NASA Proposes $300 Million Tug To Deorbit Hubble
- Net immigration rises by millions, Over 500,000 Illegal
- Two million flu cases expected in France as epidemic hits Europe
- Muslim group sues congressman for $2 million
- Snow Closes Schools in Plains, Midwest
- Freddie Mac to Pay $125 Million Fine, Regulator Says
- Hall of Fame Quarterback Otto Graham dies at 82
- United Secures $2 Billion in Funding
- Janus to Pay Investors $31.5 Million Amid Fund Probe
- Kerry Takes a Mortgage of $6 Million on His House
- Kerry fund-raising to see worst quarter yet
|
