Air- American Airlines Group Reports Fourth Quarter And Full Year 2013 Financial Results – WSJ.com

Posted: January 31, 2014 in Uncategorized

1/28/14

FORT WORTH, Texas, Jan. 28, 2014 /PRNewswire/ — American Airlines Group Inc. (NASDAQ: AAL) today reported fourth quarter and full year 2013 results.

— As the result of the merger which closed on Dec. 9, 2013, US Airways

Group became a subsidiary of AMR Corporation which changed its name to

American Airlines Group Inc. (AAG)

— Fourth quarter 2013 combined net profit was $436 million on a non-GAAP

basis excluding net special charges. This represents a $478 million

improvement versus the company\’s combined fourth quarter 2012 non-GAAP

net loss of $42 million excluding net special credits

— 2013 combined net profit was $1.9 billion on a non-GAAP basis excluding

net special charges, a $1.5 billion improvement versus the company\’s

combined 2012 non-GAAP net profit of $407 million excluding net special

charges

— The company ended the year with $10.3 billion in total cash and

investments. Since the merger, the company has used more than $300

million of cash to reduce its diluted shares outstanding by approximately

14 million

(Logo: http://photos.prnewswire.com/prnh/20130208/DA56847LOGO)

For the fourth quarter 2013, AAG reported a GAAP net loss of $2.0 billion, which includes $2.4 billion of net special charges. This compares to a net profit of $262 million, which includes $350 million of net special credits in the fourth quarter 2012. AAG\’s GAAP financial results include the results for US Airways only for the period from the completion of the merger on Dec. 9, 2013 through Dec. 31, 2013.

For full year 2013, GAAP net loss was $1.8 billion, which includes $3.1 billion of net special charges. This compares to a full year 2012 net loss of $1.9 billion, which includes $1.7 billion of net special charges.

The company believes it is more meaningful to compare year-over-year results for American Airlines and US Airways on a combined basis, which is a non-GAAP formulation that combines the results for AMR Corporation and US Airways Group. Therefore, it includes the results of US Airways Group for the full period (not just the period since the merger closed). See the accompanying notes in the Financial Tables section of this press release for further explanation of this presentation, including a reconciliation of GAAP to non-GAAP financial information.

Fourth quarter 2013 combined net profit was $436 million on a non-GAAP basis excluding net special charges. This compares to a combined non-GAAP net loss of $42 million excluding net special credits for the same period in 2012. Based on a diluted share count of 742 million, fourth quarter 2013 diluted earnings per share was $0.59 on a non-GAAP basis.

For 2013, the company\’s combined net profit was $1.9 billion on a non-GAAP basis excluding net special charges. This represents a $1.5 billion improvement over the company\’s combined 2012 non-GAAP net profit of $407 million excluding net special charges.

\”The early returns on our merger are very positive,\” said Doug Parker, CEO of American Airlines Group Inc. \”Our teams are working well together and our customers are already beginning to see the benefits of our combined network. We have much work ahead, but believe we are on our way to restoring American as the greatest airline in the world. These financial results are evidence of the strong foundation we have in place and we anticipate improving upon these results as we further integrate our operations in 2014.\”

via American Airlines Group Reports Fourth Quarter And Full Year 2013 Financial Results – WSJ.com.

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