-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R8Itr06o5YCynizIT2zZzpaa6FOkwGfclshiwQKLwptwy6uM2cUrldMBF83MJjjn PynUXW99GwMXkpJKOoag2A== 0000006201-01-000003.txt : 20010123 0000006201-01-000003.hdr.sgml : 20010123 ACCESSION NUMBER: 0000006201-01-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010117 ITEM INFORMATION: FILED AS OF DATE: 20010117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMR CORP CENTRAL INDEX KEY: 0000006201 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 751825172 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08400 FILM NUMBER: 1510358 BUSINESS ADDRESS: STREET 1: 4333 AMON CARTER BLVD CITY: FORT WORTH STATE: TX ZIP: 76155 BUSINESS PHONE: 8179631234 MAIL ADDRESS: STREET 1: 4333 AMON CARTER BLVD CITY: FORT WORTH STATE: TX ZIP: 75261-9616 8-K 1 0001.txt 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 _____________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of earliest event reported: January 17, 2001 AMR CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-8400 75-1825172 (State of Incorporation) ( Commission File Number) (IRS Employer Identification No.) 4333 Amon Carter Blvd. Fort Worth, Texas 76155 (Address of principal executive offices) (Zip Code) (817) 963-1234 (Registrant's telephone number) 2 Item 5. Other Events AMR Corporation (the "Company") is filing herewith a press release issued on January 17, 2001 by the Company as Exhibit 99.1 which is included herein. This press release was issued to report the Company's fourth quarter and full year 2000 earnings. Item 7. Financial Statements and Exhibits The following exhibit is included herein: 99.1 Press Release 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMR CORPORATION /s/ Charles D. MarLett Charles D. MarLett Corporate Secretary Dated: January 17, 2001 4 EXHIBIT INDEX Exhibit Description 99.1 Press Release 5 Exhibit 99.1 Contact: Corporate Communications Fort Worth, Texas 817-967-1577 FOR RELEASE: Wednesday, Jan. 17, 2001 Editor's Note: A live Webcast reporting fourth-quarter earnings will be broadcast on the Internet on Jan. 17 at 2 p.m. EST. (Windows Media Player required for viewing.) AMR REPORTS FOURTH-QUARTER EARNINGS OF $56 MILLION BEFORE SPECIAL ITEMS FULL-YEAR EARNINGS ARE $752 MILLION BEFORE SPECIAL ITEMS FORT WORTH, Texas -- AMR Corporation, the parent company of American Airlines, Inc., today reported fourth-quarter net earnings of $56 million, or $0.34 per common share diluted, before special items. This compares to net earnings of $87 million, or $0.57 per common share diluted, before special items for the same period in 1999. "We had a challenging fourth quarter," said Donald J. Carty, American's chairman and chief executive officer. "While demand for air travel was strong, severe weather across much of our system resulted in lost traffic and higher operating costs. And of course, fuel prices remained very high. "Nevertheless, we had a successful year, with strong revenue driven by both high load factors and robust yields," Carty added. "Undoubtedly, this performance was aided by our More Room Throughout Coach initiative that we launched last February, and which has been a huge success in terms of building customer loyalty." Carty noted that cargo revenue also remained strong, rising 9.8 percent for the quarter and 12.1 percent for the year. AMR's fourth-quarter results brought the company's full-year 2000 net earnings to $752 million, or $4.65 per common share diluted, before special items and an extraordinary loss. This compares with 1999 net earnings of $543 million, or $3.45 per common share diluted, before special items. -- more -- 6 AMR Fourth-Quarter Earnings Jan. 17, 2001 Page 2 For the seventh consecutive year, the company will share its success with employees through its profit sharing program, Carty said. In March, the company will distribute nearly $300 million to employees, which will be one of the highest payouts since profit sharing began. After accounting for two special items noted below, AMR reported net earnings of $47 million ($0.29 per common share diluted) for the quarter, as compared to net earnings of $209 million ($1.37 per common share diluted) in 1999.
Fourth Quarter Results (in millions, except per share amounts) 2000 1999 Amount Diluted Amount Diluted (net of earnings (net of earnings tax) per share tax) per share Net earnings before special items $56 $0.34 $87 $0.57 Gain from recovery of start-up expenses related to the Canadian Airlines service agreement 26 0.16 - - Charge for employee home computer program (35) (0.21) - - 1999 special items - - 122 0.80 Net earnings as reported $47 $0.29 $209 $1.37
Including these and prior quarters' special items and an extraordinary loss, AMR's full-year 2000 net earnings were $770 million, or $4.76 per common share diluted, as compared to 1999 net earnings of $656 million, or $4.17 per common share diluted. -- more -- 7 AMR Fourth-Quarter Earnings Jan. 17, 2001 Page 3 Looking ahead to the coming year, Carty said, "We are cautiously optimistic about 2001. We will continue building the best fleet in the industry with the addition of 55 new Boeing jets while retiring a number of our older airplanes, and we expect that More Room Throughout Coach will continue to have a positive effect on revenue. "At the same time, there are signs that the economy may be softening and there is still uncertainty regarding fuel prices," Carty added. "However, American Airlines is well positioned to face these challenges. We have a strong balance sheet, an excellent fleet and an outstanding product. And through oneworld and our other airline alliances, we have created a broad route network that will only get stronger when we complete our acquisition of assets from TWA, United and US Airways." Carty also said that American Eagle, American's regional affiliate, will contribute to the company's success in 2001. American Eagle will continue to take delivery of regional jets, which have proven to be very popular with customers. In 2001, American Eagle will add 31 regional jets to its fleet and will be the launch customer for the new 44-seat ERJ 140, built by Embraer. Note: All net earnings figures cited above are before discontinued operations. ---- Editor's note: AMR's Chief Financial Officer, Thomas W. Horton, will be available to answer questions during a telephone news conference on Wednesday, Jan. 17, from 3 p.m. to 3:45 p.m. EST. Reporters interested in joining the conference should call 817-967-1577 for details. ---- Statements in this news release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represents the Company's expectations or beliefs concerning future events. When used in this release, the word "expects" and similar expressions are intended to identify forward-looking statements. All forward- looking statements in this release are based on information available to the Company on the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are subject to a number of factors that could cause actual results to differ materially from our expectations. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Form 10-K for the year ended Dec. 31, 1999. Detailed financial information follows. 8 AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited)
Three Months Ended December 31, Percent 2000 1999 Change Revenues Passenger - American Airlines $4,036 $ 3,736 8.0 - AMR Eagle 356 331 7.6 Cargo 191 174 9.8 Other revenues 276 246 12.2 Total operating revenues 4,859 4,487 8.3 Expenses Wages, salaries and benefits 1,771 1,559 13.6 Aircraft fuel 727 477 52.4 Depreciation and amortization 313 295 6.1 Maintenance, materials and repairs 274 260 5.4 Commissions to agents 241 262 (8.0) Other rentals and landing fees 256 224 14.3 Food service 190 192 (1.0) Aircraft rentals 152 147 3.4 Other operating expenses 855 801 6.7 Total operating expenses 4,779 4,217 13.3 Operating Income 80 270 (70.4) Other Income (Expense) Interest income 46 33 39.4 Interest expense (114) (98) 16.3 Interest capitalized 41 29 41.4 Miscellaneous - net 30 14 * 3 (22) * Income From Continuing Operations Before Income Taxes 83 248 (66.5) Income tax provision 36 39 (7.7) Income From Continuing Operations 47 209 (77.5) Income From Discontinued Operations (net of applicable income taxes and minority interest) - 71 - Net Earnings $ 47 $ 280 (83.2)
* Greater than 100% Continued on next page. 9 AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (in millions, except per share amounts) (Unaudited)
Three Months Ended December 31, 2000 1999 Earnings Per Common Share Basic Income from Continuing Operations $ 0.31 $ 1.42 Discontinued Operations - 0.47 Net Earnings $ 0.31 $ 1.89 Diluted Income from Continuing Operations $ 0.29 $ 1.37 Discontinued Operations - 0.47 Net Earnings $ 0.29 $ 1.84 Number of Shares Used in Computation Basic 151 148 Diluted 165 153
10 AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited)
Year Ended December 31, Percent 2000 1999 Change Revenues Passenger - American Airlines $16,377 $14,707 11.4 - AMR Eagle 1,452 1,294 12.2 Cargo 721 643 12.1 Other revenues 1,153 1,086 6.2 Total operating revenues 19,703 17,730 11.1 Expenses Wages, salaries and benefits 6,783 6,120 10.8 Aircraft fuel 2,495 1,696 47.1 Depreciation and amortization 1,202 1,092 10.1 Maintenance, materials and repairs 1,095 1,003 9.2 Commissions to agents 1,037 1,162 (10.8) Other rentals and landing fees 999 942 6.1 Food service 777 740 5.0 Aircraft rentals 607 630 (3.7) Other operating expenses 3,327 3,189 4.3 Total operating expenses 18,322 16,574 10.5 Operating Income 1,381 1,156 19.5 Other Income (Expense) Interest income 154 95 62.1 Interest expense (467) (393) 18.8 Interest capitalized 151 118 28.0 Miscellaneous - net 68 30 * (94) (150) (37.3) Income From Continuing Operations Before Income Taxes and 1,287 1,006 27.9 Income tax provision 508 350 45.1 Income From Continuing Operations Before Extraordinary Loss 779 656 18.8 Income From Discontinued Operations (net of applicable income taxes and minority interest) 43 265 (83.8) Gain on Sale of Discontinued Operations (net of applicable income taxes) - 64 - Income Before Extraordinary Loss 822 985 (16.5) Extraordinary Loss (net of applicable income taxes) (9) - - Net Earnings $ 813 $ 985 (17.5)
* Greater than 100% Continued on next page. 11 AMR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (in millions, except per share amounts) (Unaudited)
Year Ended December 31, 2000 1999 Earnings Per Common Share Basic Income from Continuing Operations $ 5.20 $ 4.30 Discontinued Operations 0.30 2.16 Extraordinary Loss (0.07) - Net Earnings $ 5.43 $ 6.46 Diluted Income from Continuing Operations $ 4.81 $ 4.17 Discontinued Operations 0.27 2.09 Extraordinary Loss (0.05) - Net Earnings $ 5.03 $ 6.26 Number of Shares Used in Computation Basic 150 152 Diluted 162 157
12 AMR CORPORATION OPERATING STATISTICS (Unaudited)
Three Months Ended December 31, Percent 2000 1999 Change American Airlines Revenue passenger miles (millions) 27,539 27,545 - Available seat miles (millions) 39,497 40,857 (3.3) Cargo ton miles (millions) 587 585 0.3 Passenger load factor 69.7% 67.4% 2.3 pts. Breakeven load factor 68.5% 62.3% 6.2 pts. Passenger revenue yield per passenger mile (cents) 14.66 13.56 8.1 Passenger revenue per available seat mile (cents) 10.22 9.14 11.8 Cargo revenue yield per ton mile (cents) 32.21 29.38 9.6 Operating expenses per available seat mile (cents) 11.04 9.44 16.9 Fuel consumption (gallons, in millions) 760 745 2.0 Fuel price per gallon (cents) 90.8 61.1 48.6 Fuel price per gallon, excluding fuel taxes (cents) 84.8 55.9 51.7 Operating aircraft at period-end 717 697 2.9 AMR Eagle Revenue passenger miles (millions) 909 876 3.8 Available seat miles (millions) 1,565 1,504 4.1 Passenger load factor 58.1% 58.3% (0.2) pts. Operating aircraft at period-end 261 268 (2.6) AMR Corporation Average Equivalent Number of Employees AA Jet Operations 93,000 88,500 Other 14,500 14,400 Total 107,500 102,900
13 AMR CORPORATION OPERATING STATISTICS (Unaudited)
Year Ended December 31, Percent 2000 1999 Change American Airlines Revenue passenger miles (millions) 116,594 112,067 4.0 Available seat miles (millions) 161,030 161,211 (0.1) Cargo ton miles (millions) 2,280 2,068 10.3 Passenger load factor 72.4% 69.5% 2.9 pts. Breakeven load factor 65.9% 63.8% 2.1 pts. Passenger revenue yield per passenger mile (cents) 14.05 13.12 7.1 Passenger revenue per available seat mile (cents) 10.17 9.12 11.5 Cargo revenue yield per ton mile (cents) 31.31 30.70 2.0 Operating expenses per available seat mile (cents) 10.38 9.39 10.5 Fuel consumption (gallons, in millions) 3,045 2,957 3.0 Fuel price per gallon (cents) 77.9 54.8 42.2 Fuel price per gallon, excluding fuel taxes (cents) 72.3 50.1 44.3 Operating aircraft at period-end 717 697 2.9 AMR Eagle Revenue passenger miles (millions) 3,731 3,371 10.7 Available seat miles (millions) 6,256 5,640 10.9 Passenger load factor 59.6% 59.8% (0.2) pts. Operating aircraft at period-end 261 268 (2.6) AMR Corporation Average Equivalent Number of Employees AA Jet Operations 91,700 87,200 Other 14,600 14,200 Total 106,300 101,400
### -----END PRIVACY-ENHANCED MESSAGE-----