AMR CORPORATION
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(Exact name of registrant as specified in its charter)
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Delaware
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1-8400
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75-1825172
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(State of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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4333 Amon Carter Blvd.
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Fort Worth, Texas
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76155
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(Address of principal executive offices)
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(Zip code)
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(817) 963-1234
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(Registrant's telephone number)
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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(c) Exhibits
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Exhibit 99.1
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Press Release of the Company dated April 20, 2011
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AMR CORPORATION
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/s/ Kenneth W. Wimberly
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Kenneth W. Wimberly
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Corporate Secretary
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Exhibit
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Description
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99.1
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Press Release
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·
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American Airlines and Qantas, members of the oneworld Alliance, announced the next phase of their deepening commercial relationship, expanding the number of routes on which the airlines will codeshare between major cities across North America and Australia. As part of the agreement, American will codeshare on Qantas flights between Sydney and Dallas/Fort Worth International Airport.
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·
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American Airlines and WestJet Airlines have launched a comprehensive codeshare agreement that will give customers of both airlines more choices and greater connectivity when travelling between the United States and Canada, as well as across American's worldwide network.
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·
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In addition to its LAX expansion, American Eagle launched or announced new service in a number of markets: Dallas/Fort Worth to two new destinations in Mexico – Queretaro and Veracruz – as well as service to Joplin, Mo., and its first-ever regional jet service to the Caribbean (Miami to La Romana, Dominican Republic). New Eagle routes that were also announced during the quarter include Dallas/Fort Worth to Grand Island, Neb.; Durango, Co. and Mazatlan and Morelia, Mexico; Chicago to Charlottesville, Va.; and Chicago to Wilmington, N.C.
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2Q2011 (est.) vs. 2Q2010
H/(L)
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Full year 2011 (est.) vs. 2010
H/(L)
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Mainline CASM
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9.2% - 9.6%
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8.4% – 9.4%
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Excluding Fuel
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1.1 – 1.5
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(0.5) – 0.5
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Consolidated CASM
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9.3 – 9.7
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8.5 - 9.5
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Excluding Fuel
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1.1 – 1.5
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(0.5) – 0.5
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Three Months Ended March 31,
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Percent
Change
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2011
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2010
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Revenues
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|||
Passenger - American Airlines
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$ 4,134
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$ 3,831
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7.9%
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- Regional Affiliates
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577
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498
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16.0
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Cargo
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169
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154
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10.0
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Other revenues
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653
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585
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11.6
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Total operating revenues
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5,533
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5,068
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9.2
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Expenses
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|||
Aircraft fuel
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1,842
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1,476
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24.8
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Wages, salaries and benefits
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1,722
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1,703
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1.1
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Other rentals and landing fees
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352
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352
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-
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Maintenance, materials and repairs
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305
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351
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(13.1)
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Depreciation and amortization
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276
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267
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3.1
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Commissions, booking fees and credit card expense
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256
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234
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9.1
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Aircraft rentals
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160
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129
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24.2
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Food service
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121
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115
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5.2
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Special charges
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-
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-
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-
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Other operating expenses
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731
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739
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(1.1)
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Total operating expenses
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5,765
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5,366
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7.4
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Operating Income (Loss)
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(232)
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(298)
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(22.3)
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Other Income (Expense)
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Interest income
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7
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5
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45.2
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Interest expense
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(200)
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(209)
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(4.1)
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Interest capitalized
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7
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10
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(30.8)
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Miscellaneous – net
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(18)
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(13)
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38.5
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(204)
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(207)
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(1.4)
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Income (Loss) Before Income Taxes
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(436)
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(505)
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(13.7)
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Income tax expense (benefit)
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-
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-
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-
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Net Income (Loss)
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$ (436)
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$ (505)
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(13.7)
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Earnings (Loss) Per Share
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Basic
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$ (1.31)
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$ (1.52)
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Diluted
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$ (1.31)
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$ (1.52)
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Number of Shares Used in Computation
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Basic
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333
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333
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Diluted
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333
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333
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Three Months Ended
March 31,
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Percent
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||||
2011
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2010
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Change
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American Airlines, Inc. Mainline Jet Operations
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|||||
Revenue passenger miles (millions)
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29,165
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28,700
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1.6%
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Available seat miles (millions)
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37,850
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36,846
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2.7
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Cargo ton miles (millions)
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439
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447
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(1.8)
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Passenger load factor
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77.1%
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77.9%
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(0.8) pts
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Passenger revenue yield per passenger mile (cents)
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14.18
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13.35
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6.2
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Passenger revenue per available seat mile (cents)
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10.92
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10.40
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5.0
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Cargo revenue yield per ton mile (cents)
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38.51
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34.37
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12.0
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Operating expenses per available seat mile, excluding Regional Affiliates (cents) (1)
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13.40
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12.91
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3.8
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Fuel consumption (gallons, in millions)
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597
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598
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(0.3)
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Fuel price per gallon (dollars)
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2.75
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2.22
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23.6
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Regional Affiliates
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Revenue passenger miles (millions)
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2,136
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1,863
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14.6
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Available seat miles (millions)
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3,155
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2,773
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13.8
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Passenger load factor
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67.7%
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67.2%
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0.5 pts
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AMR Corporation
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Average Equivalent Number of Employees
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American Airlines
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65,700
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65,400
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Other
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13,300
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12,400
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Total
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79,000
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77,800
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(1)
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Excludes $721 million and $629 million of expense incurred related to Regional Affiliates in 2011 and 2010, respectively.
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American Airlines, Inc.
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Three Months Ended March 31, 2011
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Entity Results
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RASM1
(cents)
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Y-O-Y
Change
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ASMs2
(billions)
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Y-O-Y
Change
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DOT Domestic
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10.89
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6.3%
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22.8
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(0.2)%
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International
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10.97
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3.0
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15.1
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7.6
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DOT Latin America
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12.65
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6.3
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8.1
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9.7
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DOT Atlantic
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9.07
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(2.4)
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5.0
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(0.8)
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DOT Pacific
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8.93
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(2.9)
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2.0
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23.2
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American Airlines, Inc.
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Three Months Ended March 31, 2011
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Entity Results
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Load Factor
(pts)
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Y-O-Y
Change
(pts)
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Yield
(cents)
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Y-O-Y
Change
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DOT Domestic
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78.3
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(0.5)
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13.91
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7.0%
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International
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75.1
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(1.3)
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14.60
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4.7
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DOT Latin America
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80.0
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1.3
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15.82
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4.6
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DOT Atlantic
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67.3
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(4.0)
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13.49
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3.4
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DOT Pacific
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75.3
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(6.6)
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11.86
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5.6
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American Airlines, Inc. Mainline Jet Operations
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Three Months Ended March 31,
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(in millions, except as noted)
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2011
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2010
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Total operating expenses
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$ 5,793
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$ 5,385
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Less: Operating expenses incurred related to Regional Affiliates
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721
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629
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Operating expenses excluding expenses incurred related to Regional Affiliates
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$ 5,072
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$ 4,756
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American mainline jet operations available seat miles
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37,850
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36,846
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Operating expenses per available seat mile, excluding Regional Affiliates (cents)
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13.40
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12.91
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Percent change
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3.8%
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American Airlines, Inc. Mainline Jet Operations
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Three Months Ended March 31,
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|||
(in millions, except as noted)
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2011
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2010
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Total operating expenses
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$ 5,793
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$ 5,385
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Less: Operating expenses incurred related to Regional Affiliates
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721
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629
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Operating expenses excluding expenses incurred related to Regional Affiliates
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$ 5,072
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$ 4,756
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American mainline jet operations available seat miles
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37,850
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36,846
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Operating expenses per available seat mile, excluding Regional Affiliates (cents)
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13.40
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12.91
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Less: Impact of special items (cents)
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0.08
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0.15
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Operating expenses per available seat mile, excluding impact of special items (cents)
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13.32
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12.76
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|
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Percent change
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4.4%
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Less: Fuel cost per available seat mile (cents)
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4.33
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3.61
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Operating expenses per available seat mile, excluding impact of special items and the cost of fuel (cents)
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8.99
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9.15
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Percent change
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(1.8)%
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AMR Corporation
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Three Months Ended March 31,
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|||
(in cents, except as noted)
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2011
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2010
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Operating expenses per available seat mile
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14.06
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13.55
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Less: Impact of special items
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0.08
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0.14
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Operating expenses per available seat mile
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13.98
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13.41
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|
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Percent change
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4.3%
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Less: Fuel cost per available seat mile
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4.49
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3.72
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Operating expenses per available seat mile, excluding impact of special items and the cost of fuel
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9.49
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9.69
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Percent change
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(2.0)%
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AMR Corporation
Calculation of Net Debt
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As of March 31,
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(in millions, except as noted)
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2011
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2010
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Current and long-term debt
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$ 11,430
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$ 10,916
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Current and long-term capital lease obligations
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688
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644
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Principal amount of certain airport facility tax-exempt bonds and the present value of aircraft operating lease obligations
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5,279
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4,378
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17,397
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15,938
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Less: Unrestricted cash and short-term investments
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5,799
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4,546
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Net Debt
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$ 11,598
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$ 11,392
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American Airlines, Inc. Mainline Jet Operations
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Three Months Ended June 30,
|
|||
(in cents, except as noted)
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2011 (Estimate)1
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2010 (Actual)
|
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Operating expenses per available seat mile, excluding Regional Affiliates
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13.83
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12.62
|
||
Less: Impact of special items
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0.03
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-
|
||
Operating expenses per available seat mile, excluding Regional Affiliates and impact of special items
|
13.80
|
12.62
|
||
Percent change
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9.4%
|
|||
Less: Fuel expense per available seat mile
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4.93
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3.87
|
||
Operating expenses per available seat mile, excluding Regional Affiliates, impact of special items and fuel expense
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8.87
|
8.75
|
||
Percent change
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1.3%
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American Airlines, Inc. Mainline Jet Operations
|
Year Ended December 31,
|
|||
(in cents, except as noted)
|
2011 (Estimate)1
|
2010 (Actual)
|
||
Operating expenses per available seat mile, excluding Regional Affiliates
|
13.71
|
12.62
|
||
Less: Impact of special items
|
0.03
|
0.05
|
||
Operating expenses per available seat mile, excluding Regional Affiliates and impact of special items
|
13.68
|
12.57
|
||
Percent change
|
8.9%
|
|
||
Less: Fuel expense per available seat mile
|
4.85
|
3.74
|
||
Operating expenses per available seat mile, excluding Regional Affiliates, impact of special items and fuel expense
|
8.83
|
8.83
|
||
Percent change
|
0.0%
|
AMR Corporation
|
Three Months Ended June 30,
|
|||
(in cents, except as noted)
|
2011 (Estimate)1
|
2010 (Actual)
|
||
Operating expenses per available seat mile
|
14.51
|
13.23
|
||
Less: Impact of special items
|
0.02
|
-
|
||
Operating expenses per available seat mile, excluding impact of special items
|
14.49
|
13.23
|
||
Percent change
|
9.5%
|
|||
Less: Fuel expense per available seat mile
|
5.14
|
4.00
|
||
Operating expenses per available seat mile, excluding impact of special items and fuel expense
|
9.35
|
9.23
|
||
Percent change
|
1.3%
|
AMR Corporation
|
Year Ended December 31,
|
|||
(in cents, except as noted)
|
2011 (Estimate)1
|
2010 (Actual)
|
||
Operating expenses per available seat mile
|
14.38
|
13.22
|
||
Less: Impact of special items
|
0.02
|
0.05
|
||
Operating expenses per available seat mile, excluding impact of special items
|
14.36
|
13.17
|
||
Percent change
|
9.0%
|
|||
Less: Fuel expense per available seat mile
|
5.06
|
3.87
|
||
Operating expenses per available seat mile, excluding impact of special items and fuel expense
|
9.30
|
9.30
|
||
Percent change
|
0.0%
|
AMR Corporation
|
Three Months Ended March 31,
|
|||
(in millions, except as noted)
|
2011
|
2010
|
||
Net Income (Loss)
|
$ (436)
|
$ (505)
|
||
Less: Impact of special items
|
(31)
|
(53)
|
||
Net Income (Loss), excluding impact of special items
|
$ 405
|
$ (452)
|
||
Earnings (Loss) Per Share (cents)
|
||||
Basic
|
(1.21)
|
(1.36)
|
||
Diluted
|
(1.21)
|
(1.36)
|
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