US Airways January Loss Narrows from December loss.....

[airlineorphan]

Dow Jones Business News
US Air January Loss Narrows To $98.6M From $631M In Dec
Thursday February 27, 6:52 pm ET
By Marc Hopkins, Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--US Airways Group Inc. narrowed its net loss to $98.6 million in January, compared with a net loss of $631 million in December 2002, according to the airline's monthly operating report filed Thursday with the bankruptcy court handling its Chapter 11 case.


http://biz.yahoo.com/djus/030227/1852001162_2.html

 

[airlineorphan]

Here's the Reuters take on it....

Reuters
US Airways loses $98.6 million in January
Thursday February 27, 6:35 pm ET


ARLINGTON, Va., Feb 27 (Reuters) - Bankrupt US Airways (OTC BB:UAWGQ.OB - News) lost $98.6 million in January on operating revenues of $476 million, which fell short of projections for the month, the company said on Thursday.

The No. 7 airline said this week in bankruptcy court that February revenues are also running behind expectations, largely because of the mid-month snowstorm that closed airports and slowed air service in the East for three days.

In a filing with the Securities and Exchange Commission (News - Websites), US Airways said it paid $67 million for fuel in January and $212 million in labor costs. Those two items drove operating expenses of $578 million.

Neal Cohen, US Airways chief financial officer, testified in bankruptcy court this week that the airline had roughly $470 million in cash on hand.

US Airways hopes to emerge from bankruptcy protection at the end of March with the help of $200 million in emergency financing from its lead investor and a $1 billion loan mostly backed by the government.

 

[gilbertguy]

[blockquote]
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On 2/27/2003 8:46:16 PM airlineorphan wrote:

Dow Jones Business News
US Air January Loss Narrows To $98.6M From $631M In Dec
Thursday February 27, 6:52 pm ET
By Marc Hopkins, Of DOW JONES NEWSWIRES


WASHINGTON (Dow Jones)--US Airways Group Inc. narrowed its net loss to $98.6 million in January, compared with a net loss of $631 million in December 2002, according to the airline's monthly operating report filed Thursday with the bankruptcy court handling its Chapter 11 case.



Total operating revenue for January was down at $476.9 million, compared with operating revenue of $521.9 million in December.

The company's operating expenses for January were $578 million and operating losses were $101 million, the report said. The figure compares with operating expenses of $1.048 billion and an operating loss of $526 million in December.

US Airways said it will provide its balance sheet as of March 31, 2003, when it files its quarterly report with the Securities and Exchange Commission (News - Websites).

The company's consolidated cash balance was $512.6 million in January, compared with $633 million in December.

According to the report, the company paid $2.9 million in professional fees in January.

-Marc Hopkins; Dow Jones Newswires; 202-628-7666; [email protected]

Corrected February 27, 2003 20:09 ET (01:09 GMT)

Of course this is the same bunch of bookkeepers that grossly under-estimated this company' red ink.....