EX-99.1 3 exhibit991.htm EXHIBIT 99.1 exhibit991.htm



SELECTED FINANCIAL DATA

As further discussed in Note 1 to our consolidated financial statements, our consolidated financial statements for each period presented have been adjusted for the retrospective application of Financial Accounting Standards Board Staff Position No. APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement),” and for certain reclassifications related to fuel and related taxes on flights operated for us by other operators under capacity purchase agreements.

Statement of Operations Data (in millions except per share data) (1):
         
 
Year Ended December 31,
 
2008
2007
2006
2005
2004
           
Operating revenue                                                                    
$15,241 
$14,232 
$13,128 
$11,208 
$9,899 
           
Operating expenses                                                                    
15,555 
13,545 
12,660 
11,247 
10,137 
           
Operating income (loss)                                                                    
(314) 
687 
468 
(39)
(238)
           
Income (loss) before cumulative effect of change in accounting
   principle
 
(586) 
 
439 
 
361 
 
(75)
 
(393)
           
Cumulative effect of change in accounting principle
(26)
           
Net income (loss)                                                                    
(586) 
439 
335 
(75)
(393)
           
Earnings (loss) per share:
         
  Basic:
         
    Income (loss) before cumulative effect of change in accounting 
      principle
 
$(5.54)
 
$ 4.53 
 
$ 4.05 
 
$(1.06)
 
$(5.96)
    Cumulative effect of change in accounting principle
       - 
       - 
(0.29)
       - 
       - 
    Net income (loss)                                                                    
$(5.54)
$ 4.53 
$ 3.76 
$(1.06)
$(5.96)
           
  Diluted:
         
    Income (loss) before cumulative effect of change in accounting
      principle
 
$(5.54)
 
$ 4.05 
 
$ 3.51 
 
$(1.08)
 
$(6.02)
    Cumulative effect of change in accounting principle
       - 
       - 
(0.23)
       - 
       - 
    Net income (loss)                                                                    
$(5.54)
$ 4.05 
$ 3.28 
$(1.08)
$(6.02)
           

 
 

 

(1)  
Includes the following special income (expense) items for year ended December 31 (in millions):

 
2008
2007
2006
2005
2004
           
 
Operating (expense) income:
                   
 
Pension settlement/curtailment charges
$(52)
 
$(31)
 
$(59)
 
$(83)
 
$   - 
 
 
Aircraft-related charges, net of gains on sales of aircraft
(40)
 
22 
 
18 
 
16 
 
(87)
 
 
Severance
(34)
 
 
 
 
 
 
Route impairment and other
(55)
 
(4)
 
14 
 
 
(52)
 
                       
 
Nonoperating (expense) income:
                   
 
      Gains on sale of investments
78 
 
37 
 
92 
 
204 
 
 
 
      Loss on fuel hedge contracts with Lehman Brothers
(125)
 
 
 
 
 
 
      Write-down of auction rate securities, net of put right
        received
 
(34)
 
 
 
 
 
 
 
 
 
                       
 
Income tax credit (expense) related to NOL utilization
28 
 
(114)
 
 
 
 
                       
 
Cumulative effect of change in accounting principal
 
 
(26)
 
 
 

Balance Sheet Data (in millions):
         
 
As of December 31,
 
2008
2007
2006
2005
2004
           
Unrestricted cash, cash equivalents and short-term investments
$2,643 
$2,803 
$2,484 
$ 1,957 
$ 1,458 
           
Total assets                                                                    
12,686 
12,105 
11,308 
10,529 
10,511 
           
Long-term debt and capital lease obligations
5,353 
4,337 
4,820 
5,010 
5,113 
           
Stockholders' equity                                                                    
123 
1,569 
386 
273 
209 


 
 

 

Selected Operating Data

We have two reportable segments:  mainline and regional.  The mainline segment consists of flights to cities using larger jets while the regional segment currently consists of flights with a capacity of 50 or fewer seats (for jets) or 78 or fewer seats (for turboprops).  As of December 31, 2008, the regional segment was operated by ExpressJet, Chautauqua, CommutAir and Colgan under capacity purchase agreements.

 
Year Ended December 31,
 
2008
2007
2006
2005
2004
           
Mainline Operations:
         
Passengers (thousands) (1)                                                                   
48,682
50,960
48,788
44,939
42,743
Revenue passenger miles (millions) (2)
82,806
84,309
79,192
71,261
65,734
Available seat miles (millions) (3)
102,527
103,139
97,667
89,647
84,672
Cargo ton miles (millions)                                                                   
1,005
1,037
1,075
1,018
1,026
           
Passenger load factor (4):
         
  Mainline                                                                   
80.8%
81.7%
81.1%
79.5%
77.6%
  Domestic                                                                   
83.3%
83.9%
83.6%
81.2%
77.4%
  International                                                                   
78.2%
79.4%
78.2%
77.5%
77.9%
           
Passenger revenue per available seat mile (cents)
11.10
10.47
9.96
9.32
8.82
Total revenue per available seat mile (cents)
12.51
11.65
11.17
10.46
9.83
Average yield per revenue passenger mile (cents) (5)
13.75
12.80
12.29
11.73
11.37
Average fare                                                                   
$232.26
$214.06
$201.81
$188.67
$177.90
           
Cost per available seat mile, including special charges (cents)
12.44
10.83
10.56
10.22
9.84
Special charges per available seat miles (cents)
0.15
0.01
0.03
0.07
0.16
           
Average price per gallon of fuel, including fuel taxes
$3.27
$2.18
$2.06
$1.78
$1.19
Fuel gallons consumed (millions)
1,498
1,542
1,471
1,376
1,333
           
Aircraft in fleet at end of period (6)
350
365
366
356
349
Average length of aircraft flight (miles)
1,494
1,450
1,431
1,388
1,325
Average daily utilization of each aircraft (hours) (7)
11:06
11:34
11:07
10:31
9:55
           
Regional Operations:
         
Passengers (thousands) (1)                                                                   
18,010
17,970
18,331
16,076
13,739
Revenue passenger miles (millions) (2)
9,880
9,856
10,325
8,938
7,417
Available seat miles (millions) (3)
12,984
12,599
13,251
11,973
10,410
Passenger load factor (4)                                                                   
76.1%
78.2%
77.9%
74.7%
71.3%
Passenger revenue per available seat mile (cents)
18.14
17.47
17.15
15.67
15.09
Average yield per revenue passenger mile (cents) (5)
23.83
22.33
22.01
20.99
21.18
Aircraft in fleet at end of period (6)
282
263
282
266
245
           

Consolidated Operations:
         
Passengers (thousands) (1)                                                                   
66,692
68,930
67,119
61,015
56,482
Revenue passenger miles (millions) (2)
92,686
94,165
89,517
80,199
73,151
Available seat miles (millions) (3)
115,511
115,738
110,918
101,620
95,082
Passenger load factor (4)                                                                   
80.2%
81.4%
80.7%
78.9%
76.9%
Passenger revenue per available seat mile (cents)
11.89
11.23
10.82
10.07
9.51
Average yield per revenue passenger mile (cents) (5)
14.82
13.80
13.41
12.76
12.36


(1)
The number of revenue passengers measured by each flight segment flown.
(2)
The number of scheduled miles flown by revenue passengers.
(3)
The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.
(4)
Revenue passenger miles divided by available seat miles.
(5)
The average passenger revenue received for each revenue passenger mile flown.
(6)
Excludes aircraft that were removed from service.  Regional aircraft include aircraft operated by all carriers under capacity purchase agreements, but exclude any aircraft operated by ExpressJet outside the scope of the ExpressJet CPA.
(7)
The average number of hours per day that an aircraft flown in revenue service is operated (from gate departure to gate arrival).