0001193125-14-366156.txt : 20141008 0001193125-14-366156.hdr.sgml : 20141008 20141008080030 ACCESSION NUMBER: 0001193125-14-366156 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141008 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141008 DATE AS OF CHANGE: 20141008 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Airlines Group Inc. 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: 1934 Act SEC FILE NUMBER: 001-08400 FILM NUMBER: 141146811 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 FORMER COMPANY: FORMER CONFORMED NAME: AMR CORP DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN AIRLINES INC CENTRAL INDEX KEY: 0000004515 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 131502798 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02691 FILM NUMBER: 141146812 BUSINESS ADDRESS: STREET 1: 4333 AMON CARTER BLVD CITY: FT WORTH STATE: TX ZIP: 76155 BUSINESS PHONE: 8179631234 MAIL ADDRESS: STREET 1: P O BOX 619616 MD5661 CITY: DALLAS FORT WORTH AI STATE: TX ZIP: 75261-9616 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN AIRWAYS INC DATE OF NAME CHANGE: 19670629 8-K 1 d801798d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

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 Report (Date of earliest event reported): October 8, 2014

 

 

AMERICAN AIRLINES GROUP INC.

AMERICAN AIRLINES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-8400   75-1825172

Delaware

  

1-2691

  

13-1502798

(State or other Jurisdiction

of Incorporation)

  

(Commission

File Number)

   (IRS Employer Identification No.)

 

4333 Amon Carter Blvd., Fort Worth, Texas   76155

4333 Amon Carter Blvd., Fort Worth, Texas

  

76155

(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code:

(817) 963-1234

(817) 963-1234

 

                                                   N/A                                                   
  (Former name or former address if changed since last report.)  

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

ITEM 7.01  REGULATION FD DISCLOSURE.

On October 8, 2014, American Airlines Group Inc. (the “Company”) provided an update for investors presenting information relating to its financial and operational outlook for 2014. This investor presentation is located on the Company’s website at www.aa.com under “Investor Relations.” The update is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(d)     Exhibits.

 

Exhibit No.    Description
99.1    Investor Update

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines Group Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

        AMERICAN AIRLINES GROUP INC.
Date: October 8, 2014     By:  

/s/ Derek J. Kerr

      Derek J. Kerr
      Executive Vice President and
      Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, American Airlines, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

        AMERICAN AIRLINES, INC.
Date: October 8, 2014     By:  

/s/ Derek J. Kerr

      Derek J. Kerr
      Executive Vice President and
      Chief Financial Officer

EXHIBIT INDEX

 

Exhibit No.    Description
99.1    Investor Update
 EX-99.1 2 d801798dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

LOGO

Investor Relations Update

October 8, 2014

On December 9, 2013, the Plan of Reorganization of AMR Corporation became effective and the related merger transaction was completed. As a result, US Airways Group became a wholly-owned subsidiary of the reorganized AMR Corporation (renamed American Airlines Group Inc., or AAG). AAG is providing guidance on a combined basis for 2014. In addition, this guidance reflects certain reclassifications to conform to the new American Airlines Group Inc. financial statement presentation and excludes special items.

General Overview

 

•   Pre-tax Margin—The Company expects its third quarter pre-tax margin (excluding special items) to be approximately 10.0 percent to 12.0 percent.

 

•   Capacity—2014 total system capacity is expected to be up approximately 2.2 percent vs. 2013 primarily due to more active aircraft and larger gauge aircraft replacing smaller gauge legacy aircraft. Full year mainline capacity is also expected to be up approximately 2.4 percent year-over-year, of which international capacity is expected to be up approximately 5 percent and domestic capacity is expected to be up approximately 1 percent vs. 2013.

 

•   Cash—As of September 30, 2014, the Company had approximately $8.8 billion in total cash and short-term investments, of which $875 million was restricted. The Company also has an undrawn revolving credit facility of $1.0 billion. Approximately $721 million of the Company’s unrestricted cash balance was held in Venezuelan bolivars, valued at the weighted average applicable exchange rate of 6.41 bolivars to the dollar. This includes approximately $94 million valued at 4.3 bolivars, approximately $580 million valued at 6.3 bolivars and approximately $47 million valued at 12.0 bolivars, with the rate depending on the date the Company submitted its repatriation request to the Venezuelan government. In the first quarter of 2014, the Venezuelan government announced that a newly-implemented system (SICAD I) will determine the exchange rate (which fluctuates as determined by weekly auctions and at September 30, 2014 was 12.0 bolivars to the dollar) for repatriation of cash proceeds from ticket sales after January 1, 2014, and introduced new procedures for approval of repatriation of local currency. The Company is continuing to work with Venezuelan authorities regarding the timing and exchange rate applicable to the repatriation of funds held in local currency. However, pending further repatriation of funds, and due to the significant decrease in demand for air travel resulting from the effective devaluation of the bolivar, the Company significantly reduced capacity in this market. The Company is monitoring this situation closely and continues to evaluate its holdings of Venezuelan bolivars for potential impairment.

 

•   Fuel—For the third quarter 2014, AAG expects to pay an average of between $2.95 and $3.00 per gallon of mainline jet fuel (including taxes). Forecasted volume and fuel prices are provided in the tables below.

 

•   Cargo / Other Revenue—Includes cargo revenue, frequent flyer revenue, ticket change fees, excess/overweight baggage fees, first and second bag fees, contract services, simulator rental, airport clubs and inflight service revenues.

 

•   Taxes / NOL—As of Dec. 31, 2013, AAG had approximately $10.6 billion of net operating losses (NOLs) available to reduce future federal taxable income, the majority of which are expected to be available for use in 2014. The Company also had approximately $4.7 billion of NOLs available to reduce future state taxable income, all of which are expected to be available for use in 2014. The Company’s net deferred tax asset, which includes the NOLs, is subject to a full valuation allowance. As of Dec. 31, 2013, the tax affected valuation allowances associated with federal and state NOLs approximate $4.6 billion and $0.4 billion, respectively. In accordance with generally accepted accounting principles, utilization of NOLs to offset book taxable income reduces the net deferred tax asset and results in the release of corresponding valuation allowances, which offsets the tax provision on our income statement dollar for dollar. The Company may be obligated to record and pay income tax related to certain states and foreign jurisdictions where NOLs may be limited or not available to be used. The Company currently expects this expense to be approximately $5 million or less per quarter for the remainder of 2014.

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

Mainline Update

October 8, 2014

Mainline Comments

 

•   Combined mainline data includes American Airlines and US Airways operated flights, and all operating expenses are for mainline operated flights only. Please refer to the following page for information pertaining to regional data.

 

•   Third quarter Other Non-Operating Expense increased from previous guidance due primarily to foreign exchange losses resulting from a strengthening dollar.

 

•   Net aircraft CAPEX and PDP outflows for the year have increased from previous guidance as the Company expects to replace previously assumed aircraft-related financing with other forms of financing. 2014 Gross CAPEX for new aircraft remains unchanged at approximately $5 billion.

 

     1Q14A     2Q14A     3Q14E     4Q14E     FY14E  

Mainline Guidance

           

Available Seat Miles (ASMs) (bil)

      56.8        61.0        ~61.9        ~57.7        ~237.4   

CASM ex fuel and special items (YOY % change)1

      8.97        8.55        +0% to +2 %      +2% to +4 %      +2% to +4 % 

Cargo Revenues ($ mil)

      206        221        ~210        ~225        ~862   

Other Revenues ($ mil)

      1,124        1,214        ~1,155        ~1,130        ~4,623   

Average Fuel Price (incl. taxes) ($/gal) (as of 10/6/14)

      3.10        3.02        ~2.95 to 3.00        ~2.66 to 2.71        2.92 to 2.97   

Fuel Gallons Consumed (mil)

      874        937        ~953        ~877        ~3,641   

Interest Income ($ mil)

      (7 )      (8 )      ~(7 )      ~(7 )      ~(29 ) 

Interest Expense ($ mil)2

      212        212        ~207        ~225        ~856   

Other Non-Operating (Income)/Expense ($ mil)2,3

      (15 )      (11 )      ~58        ~2        ~34   

CAPEX Guidance ($ mil) Inflow/(Outflow)

           

Non-Aircraft CAPEX

      (133 )      (128 )      ~(184 )      ~(280 )      ~(725 ) 

Net Aircraft CAPEX & PDPs

      (483 )      (1,007 )      ~10        ~(761 )      ~(2,241 ) 

Notes:

1. CASM ex fuel and special items is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document.
2. Excludes special items; please see the GAAP to non-GAAP reconciliation at the end of this document.
3. Other Non-Operating (Income)/Expense includes primarily gains and losses from foreign currency.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

Regional Update

October 8, 2014

Regional Comments

 

  •   AAG receives feed from 9 regional airlines, including wholly owned subsidiaries Envoy, PSA Airlines and Piedmont Airlines.

 

  •   All operating expenses (including capacity purchase agreements) associated with regional operations are included within the regional non-fuel operating expense line item on the income statement.

 

     1Q14A      2Q14A      3Q14E     4Q14E     FY14E  
Regional Guidance             

Available Seat Miles (ASMs) (bil)

      6.56         7.09         ~7.27        ~7.30        ~28.22   

CASM ex fuel and special items (YOY % change)1

      16.62         15.80         +4% to +6 %      0% to +2 %      +3% to +5 % 

Average Fuel Price (incl. taxes) ($/gal) (as of 10/6/14)

      3.10         3.07         3.00 to 3.05        2.70 to 2.75        2.95 to 3.00   

Fuel Gallons Consumed (mil)

      161         174         ~178        ~176        ~689   

Regional Airlines

 

Envoy2

   Mesa Airlines, Inc.

SkyWest Airlines, Inc.

   Piedmont Airlines, Inc.2

ExpressJet Airlines, Inc.

   PSA Airlines, Inc.2

Republic Airline Inc.

   Trans States Airlines, Inc.3

Air Wisconsin Airlines Corporation

  

Notes:

1. CASM ex fuel and special items is a non-GAAP financial measure. Please see the GAAP to non-GAAP reconciliation at the end of this document.
2. Wholly owned subsidiary of American Airlines Group Inc.
3. Pro-rate agreement.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

Fleet Update

October 8, 2014

Fleet Comments

 

  •   The Company expects to take delivery of 84 mainline aircraft during 2014, consisting of 10 A319s, 43 A321s, 3 A332s, 20 B738s, 2 B788s and 6 B773s. In addition, the company expects to retire 6 A320s, 14 B734s, 19 B757s, 14 B762s and 26 MD80s by the end of 2014.

 

  •   In 2014, the Company expects to take delivery of 15 CRJ900 aircraft at its wholly owned subsidiary PSA Airlines. In addition, the Company’s partner airlines are expected to take delivery of 10 CRJ900 aircraft and 24 E175 aircraft. The Company expects to retire 40 ERJ140 aircraft and 2 Dash 8-100 aircraft.

 

            Mainline Ending Fleet Count 1  
     2013A      1Q14A      2Q14A      3Q14A      4Q14E  

A319

      108         108         112         114         118   

A320

      70         68         67         67         64   

A321

      96         108         116         132         139   

A332

      12         13         15         15         15   

A333

      9         9         9         9         9   

B734

      14         13         10         1         0   

B738

      226         231         236         239         246   

B757

      117         116         114         108         98   

B762

      20         15         8         7         6   

B763

      58         58         58         58         58   

B772

      47         47         47         47         47   

B773

      10         11         13         14         16   

B788

      0         0         0         0         2   

E190

      20         20         20         20         20   

MD80

      163         160         159         147         137   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     970         977         984         978         975   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
            Regional Ending Fleet Count 1  
     2013A      1Q14A      2Q14A      3Q14A      4Q14E  

CRJ200

      138         138         138         138         138   

CRJ700

      61         61         61         61         61   

CRJ900

      51         51         56         66         76   

DASH 8-100

      29         28         27         27         27   

DASH 8-300

      11         11         11         11         11   

E170

      20         20         20         20         20   

E175

      56         62         68         74         80   

ERJ140

      74         71         58         42         34   

ERJ145

      118         118         118         118         118   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     558         560         557         557         565   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
 

 

Notes:

1. Fleet counts now include aircraft in temporary storage and aircraft that have yet to be returned to lessors.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

Shares Outstanding

October 8, 2014

Shares Outstanding Comments

 

•   The estimated weighted average shares outstanding for the remainder of the year are listed below.

 

2014 Shares Outstanding (shares mil)1

  

     Shares  

For Q3

    Basic      Diluted  

Earnings

      719         735   

Net loss

      719         719   
     Shares  

For Q4

    Basic      Diluted  

Earnings

      717         736   

Net loss

      717         717   
     Shares  

For FY 2014 Average

    Basic      Diluted  

Earnings

      720         737   

Net loss

      720         720   

Notes:

1. Shares outstanding are based upon several estimates and assumptions, including average per share stock price and stock award activity. The number of shares in actual calculations of earnings per share will likely be different from those set forth above.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

GAAP to Non-GAAP Reconciliation

October 8, 2014

The Company is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis. The Company believes that the non-GAAP financial measures provide investors the ability to measure financial performance excluding special items, which is more indicative of the Company’s ongoing performance and is more comparable to measures reported by other major airlines. The Company believes that the presentation of mainline CASM excluding fuel and special items and regional CASM excluding fuel and special items is useful to investors because both the cost and availability of fuel are subject to many economic and political factors beyond the Company’s control.

American Airlines Group Inc GAAP to Non-GAAP Reconciliation

($ mil except ASM and CASM data)

 

    1Q14     2Q14     3Q14 Range     4Q14 Range     FY14 Range  
    Actual     Actual     Low     High     Low     High     Low     High  

Mainline

                

Mainline operating expenses1

   $ 7,671      $ 8,299      $ 7,943      $ 8,093      $ 7,377        7,519      $ 31,287      $ 31,781   

Less mainline fuel

     2,711        2,830        2,811        2,859        2,333        2,377        10,685        10,777   

Less special items

     (137 )      251        —          —          —          —          114        114   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Mainline operating expense excluding fuel and special items

     5,097        5,218        5,132        5,234        5,044        5,143        20,488        20,890   

Mainline CASM (cts)1

     13.50        13.61        12.83        13.07        12.78        13.03        13.18        13.39   

Mainline CASM excluding fuel and special items (Non-GAAP) (cts)

     8.97        8.55        8.29        8.46        8.74        8.91        8.63        8.80   

Mainline ASMs (bil)

     56.8        61.0        61.9        61.9        57.7        57.7        237.4        237.4   

Regional

                

Regional operating expenses

   $ 1,594      $ 1,657      $ 1,667      $ 1,697      $ 1,623      $ 1,655      $ 6,521      $ 6,625   

Less regional fuel expense

     500        535        534        543        475        484        2,044        2,062   

Less special items

     4        2        —          —          —          —          6        6   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Regional operating expenses excluding fuel and special items

     1,090        1,120        1,133        1,154        1,148        1,171        4,470        4,557   

Regional CASM (cts)

     24.30        23.37        22.92        23.35        22.23        22.66        23.11        23.48   

Regional CASM excluding fuel and special items (Non-GAAP) (cts)

     16.62        15.80        15.58        15.88        15.72        16.03        15.84        16.15   

Regional ASMs (bil)

     6.56        7.09        7.27        7.27        7.30        7.30        28.22        28.22   

Interest Expense

                

Interest Expense

     243        214        207        207        225        225        889        889   

Less special items

     31        2        —          —          —          —          33        33   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest Expense excluding special items

     212        212        207        207        225        225        856        856   

Other Non-Operating (Income)/Expense

                

Other non-operating (income)/expense

     1        (11 )      58        58        2        2        50        50   

Less special items

     16        —          —          —          —          —          16        16   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other non-operating (income)/expense excluding special items

     (15 )      (11 )      58        58        2        2        34        34   

Notes: Amounts may not recalculate due to rounding.

(1) Forecasted mainline operating expenses exclude special items.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

 

LOGO

Forward Looking Statements

October 8, 2014

Cautionary Statement Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “would,” “continue,” “seek,” “target,” “guidance,” “outlook,” “if current trends continue,” “optimistic,” “forecast” and other similar words. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, estimates, expectations and intentions, and other statements that are not historical facts. These forward-looking statements are based on the current objectives, beliefs and expectations of the Company, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. The following factors, among others, could cause actual results and financial position and timing of certain events to differ materially from those described in the forward-looking statements: significant operating losses in the future; downturns in economic conditions that adversely affect the Company’s business; the impact of continued periods of high volatility in fuel costs, increased fuel prices and significant disruptions in the supply of aircraft fuel; competitive practices in the industry, including the impact of low cost carriers, airline alliances and industry consolidation; the challenges and costs of integrating operations and realizing anticipated synergies and other benefits of the merger transaction with US Airways Group, Inc.; the Company’s substantial indebtedness and other obligations and the effect they could have on the Company’s business and liquidity; an inability to obtain sufficient financing or other capital to operate successfully and in accordance with the Company’s current business plan; increased costs of financing, a reduction in the availability of financing and fluctuations in interest rates; the effect the Company’s high level of fixed obligations may have on its ability to fund general corporate requirements, obtain additional financing and respond to competitive developments and adverse economic and industry conditions; the Company’s significant pension and other post-employment benefit funding obligations; the impact of any failure to comply with the covenants contained in financing arrangements; provisions in credit card processing and other commercial agreements that may materially reduce the Company’s liquidity; the limitations of the Company’s historical consolidated financial information, which is not directly comparable to its financial information for prior or future periods; the impact of union disputes, employee strikes and other labor-related disruptions; any inability to maintain labor costs at competitive levels; interruptions or disruptions in service at one or more of the Company’s hub airports; any inability to obtain and maintain adequate facilities, infrastructure and slots to operate the Company’s flight schedule and expand or change its route network; the Company’s reliance on third-party regional operators or third-party service providers that have the ability to affect the Company’s revenue and the public’s perception about its services; any inability to effectively manage the costs, rights and functionality of third-party distribution channels on which the Company relies; extensive government regulation, which may result in increases in the Company’s costs, disruptions to the Company’s operations, limits on the Company’s operating flexibility, reductions in the demand for air travel, and competitive disadvantages; the impact of the heavy taxation to which the airline industry is subject; changes to the Company’s business model that may not successfully increase revenues and may cause operational difficulties or decreased demand; the loss of key personnel or inability to attract and retain additional qualified personnel; the impact of conflicts overseas, terrorist attacks and ongoing security concerns; the global scope of the Company’s business and any associated economic and political instability or adverse effects of events, circumstances or government actions beyond its control, including the impact of foreign currency exchange rate fluctuations and limitations on the repatriation of cash held in foreign countries; the impact of environmental regulation; the Company’s reliance on technology and automated systems and the impact of any failure of these technologies or systems; challenges in integrating the Company’s computer, communications and other technology systems; costs of ongoing data security compliance requirements and the impact of any significant data security breach; losses and adverse publicity stemming from any accident involving any of the Company’s aircraft or the aircraft of its regional or codeshare operators; delays in scheduled aircraft deliveries, or other loss of anticipated fleet capacity, and failure of new aircraft to perform as expected; the Company’s dependence on a limited number of suppliers for aircraft, aircraft engines and parts; the impact of changing economic and other conditions beyond the Company’s control, including global events that affect travel behavior such as an outbreak of a contagious disease, and volatility and fluctuations in the Company’s results of operations due to seasonality; the effect of a higher than normal number of pilot retirements and a potential shortage of pilots; the impact of possible future increases in insurance costs or reductions in available insurance coverage; the effect of several lawsuits that were filed in connection with the merger transaction with US Airways Group, Inc. and remain pending; an inability to use NOL carryforwards; any impairment in the amount of goodwill the Company recorded as a result of the application of the acquisition method of accounting and an inability to realize the full value of the Company’s and American Airlines’ respective intangible or long-lived assets and any material impairment charges that would be recorded as a result; price volatility of the Company’s common stock; delay or prevention of stockholders’ ability to change the composition of the Company’s board of directors and the effect this may have on takeover attempts that some of the Company’s stockholders might consider beneficial; the effect of provisions of the Company’s Certificate of Incorporation and Bylaws that limit ownership and voting of its equity interests, including its common stock; the effect of limitations in the Company’s Certificate of Incorporation on acquisitions and dispositions of its common stock designed to protect its NOL carryforwards and certain other tax attributes, which may limit the liquidity of its common stock; and other economic, business, competitive, and/or regulatory factors affecting the Company’s business, including those set forth in the Company’s quarterly report on form 10-Q for the period ended June 30, 2014 (especially in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections) and other risks and uncertainties listed from time to time in our filings with the SEC. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. The Company does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements except as required by law.

 

Please refer to the footnotes and the forward looking statements page of this document for additional information

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