May Financial Results Filed

[BoeingBoy]

The company has filed the May financial results.

May Financial Results

Cliff notes version:

- Operating revenue (both passenger & total) down almost $17 million from April. During this BK, revenue hit a peak in March (thank you Easter) and has declined monthly since.

- Operating expenses were up slightly ($1 million) from April. Most catagories were up slightly (less than $1 million), with personnel (up $4.6 million) and fuel (down $6 million) being the exceptions. Ops expenses have been all over the map during BK, with both April & May being higher than the pre-1113 period of October 04.

- Operating loss of $10.5 million, much worse than March or April's profits, but lots better than the other months since entering BK.

- Non-operating loss of $29.2 million, better than all but March's near $46 million gain.

- Net loss of $39.7 million, better than all but March ($65 million profit) and April ($30.6 million loss)

- Unrestricted cash of $559.3 million, an improvement of $23.5 million.

Some calculated operating data:

System CASM 12.33 cents - better than all but March with 13.23 cents being the BK high in Jan and 12.01 cents being the low in March.

System RASM 12.13 cents - since the BK low of 10.33 cents in Jan this steadily increased to a high of 12.68 cents in April.

Jim

 

[sfb]

A few observations I'd add to Jim's excellent summary:

It's good to see the unrestricted cash balance improved by almost $24 million, but there is a catch -- that being that traffic balances and unused ticket liabilities increased by $46 million. As we get further into July, forward ticket purchases will drop off as is seasonably normal. After mid-August, traffic drops off dramatically pretty much until Thanksgiving.

Average passenger revenue per day dropped by over 5 percent between April and May (30 days in April vs. 31 in May). This is seen in the system RASM numbers given by Jim and stands in contrast to Continental which appears to have seen month-over-month RASM improve between April or May (from comparing break-even load factors excluding special gains).

It also appears that the former MCO Reservations Center was sold for $1.65 million in May.

 

[BoeingBoy]

This is something I failed to mention, though I suppose it's no surprise....

US Airways May fuel costs top labor

For the second consecutive month (and quite possibly not the last), I might add.

Jim