-----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, HNzPGDJkihh3DgtnmPREP0t9Mbi7K1ZNycgXgY6ZXqUt/k/RPtZWvV+ZTowBVosT LQsG8HOfJU1O08Hj46M6gg== 0000950153-96-000038.txt : 19960131 0000950153-96-000038.hdr.sgml : 19960131 ACCESSION NUMBER: 0000950153-96-000038 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19960130 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICA WEST AIRLINES INC CENTRAL INDEX KEY: 0000706270 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 860418245 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 033-54243 FILM NUMBER: 96508558 BUSINESS ADDRESS: STREET 1: 4000 E SKY HARBOR BLVD STREET 2: STE 2100 CITY: PHOENIX STATE: AZ ZIP: 85034 BUSINESS PHONE: 6026930800 MAIL ADDRESS: STREET 1: 4000 EAST SKY HARBOR BLVD CITY: PHOENIX STATE: AZ ZIP: 85034 424B3 1 PROSPECTUS SUPPLEMENT FOR AMERICA WEST AIRLINES 1 Rule 424(b)(3) File No. 33-54243 SUPPLEMENT DATED JANUARY 29, 1996 TO PROSPECTUS DATED JANUARY 29, 1996 AMERICA WEST AIRLINES RECENT DEVELOPMENTS America West Airlines, Inc. (the "Company" or "America West") recently reported record 1995 operating and pretax income of $154.7 million and $108.4 million, respectively. The Company also reported net income for 1995 of $53.8 million or $1.15 per share on a fully diluted basis, on revenues of approximately $1.6 billion. The 1995 results included a $10.5 million pretax restructuring charge. America West's operating margin of 10.0% for 1995 was the highest among major full-service U.S. airlines. Beginning with the first quarter of 1993, the Company has achieved 12 consecutive quarters of profitability. The financial data for the three months ended December 31, 1995 and 1994 and the year ended December 31, 1995 set forth below are derived from unaudited financial statements and in the opinion of management contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information therein, and the information for the periods January 1 to August 25, 1994 and August 26 to December 31, 1994 has been derived from the Company's audited financial statements. The 1995 financial data set forth below represent preliminary unaudited results. Statements of operations data subsequent to August 25, 1994 and balance sheet data as of December 31, 1994 and 1995 reflect the adoption by the Company of fresh start reporting upon consummation of the Company's reorganization and are not prepared on a basis of accounting consistent with prior data. References to "Predecessor Company" refer to the Company's operations prior to its reorganization.
REORGANIZED COMPANY | PREDECESSOR ---------------------------------------------------------| COMPANY THREE MONTHS ENDED | ------------ PERIOD FROM | PERIOD FROM DECEMBER 31, YEAR ENDED AUGUST 26 TO | JANUARY 1 TO ------------------------- DECEMBER 31, DECEMBER 31, | AUGUST 25, 1995 1994 1995 1994 | 1994(1) ---------- ---------- ------------ ------------ | ------------ (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS AND OPERATING DATA) | STATEMENTS OF OPERATIONS DATA: | Operating revenues.................................... $ 396,309 $ 342,451 $1,550,642 $ 469,766 | $ 939,028 Operating income...................................... 22,720(2) 30,535 154,732(2) 38,871 | 107,506 Income (loss) before income taxes and | extraordinary items................................. 13,100 16,693 108,378 19,736 | (201,209) Income (loss) before extraordinary items.............. 5,988 6,628 54,770 7,846 | (203,268) Extraordinary items(3)................................ -- -- (984) -- | 257,660 Net income............................................ 5,988(2) 6,628 53,786(2) 7,846 | 54,392 Earnings per share(4): | Primary............................................. .13 .15 1.16 .17 | 1.99 Fully diluted....................................... .12(2) .15 1.15(2) .17 | 1.41 BALANCE SHEET DATA (AT END OF PERIOD): | Working capital deficiency............................ $ (80,416) $ (47,927) $ (80,416) $ (47,927) | $ (163,572) Total assets.......................................... 1,598,709 1,545,092 1,598,709 1,545,092 | 1,053,780 Long-term debt, less current maturities(5)............ 373,964 465,598 373,964 465,598 | 597,839 Total stockholders' equity (deficiency)............... 649,472 595,446 649,472 595,446 | (286,395) OPERATING DATA: | Available seat miles (in millions).................... 4,919 4,621 19,421 6,424 | 11,636 Revenue passenger miles (in millions)................. 3,277 2,872 13,313 3,972 | 8,261 Passenger load factor (%)............................. 66.6 62.2 68.5 61.8 | 71.0 Yield per revenue passenger mile (cents).............. 11.27 11.11 10.91 11.02 | 10.68 Passenger revenue per available seat mile (cents)..... 7.51 6.91 7.48 6.81 | 7.58 Operating cost per available seat mile (cents)........ 7.60(6) 6.75 7.19(6) 6.71 | 7.15 Full time equivalent employees (at end of period)..... 8,712 10,715 8,712 10,715 | 10,849
- --------------- (1) Includes net expenses of $273.7 million incurred by the Predecessor Company in connection with the Company's reorganization. (2) Costs associated with the Company's recent outsourcing of its heavy aircraft maintenance resulted in a pretax restructuring charge of approximately $10.5 million, or $6.5 million after tax, resulting in a $.14 reduction in earnings per share (on a fully diluted basis). (3) Includes (i) an extraordinary loss of $984,000 (or $.02 per share on a primary and fully diluted basis) in 1995 resulting from the exchange of debt by the Company and (ii) an extraordinary gain of $257.7 million in 1994 resulting from the discharge of indebtedness pursuant to the consummation of the Company's plan of reorganization. (4) Historical per share data for the Predecessor Company are not meaningful since the Company has been recapitalized and has adopted fresh start reporting as of August 25, 1994. (5) Includes certain balances reported as "Estimated Liabilities Subject to Chapter 11 Proceedings" for the Predecessor Company. (6) Restructuring costs associated with the Company's outsourcing of its heavy aircraft maintenance resulted in an increase in cost per available seat mile of $.21 for the three months ended December 31, 1995 and $.05 for the year ended December 31, 1995. -----END PRIVACY-ENHANCED MESSAGE-----