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Article Excerpt
M2 PRESSWIRE-31 October 2003-UNITED AIRLINES: UAL Corporation restructuring on track; Third-quarter operating profit of $19 million, $665 million improvement over last year; Excluding special charges, operating profit of $90 million; Mainline passenger unit revenue improves 12% year-over-year; 9% improvement in mainline unit costs year-over-year; Excluding special charges and fuel, unit costs improve 14%; Maintains strong cash position and positive operating cash flow(C)1994-2003 M2 COMMUNICATIONS LTD
RDATE:10302003
CHICAGO - UAL Corporation (OTCBB: UALAQ.OB), the holding company whose primary subsidiary is United Airlines, today reported its third-quarter financial results and released its Monthly Operating Report for September.
UALs third-quarter operating profit was $19 million, an improvement of $665 million over last year. Excluding $71 million in special charges, the Company reported an operating profit of $90 million.
UALs third-quarter net loss was $367 million, or a loss per basic share of $3.47, which includes $330 million in special charges and reorganization expenses. Excluding those charges, UALs loss for the third quarter totaled $37 million, or a loss per basic share of $0.36. The special charges include $96 million in non-cash aircraft-related charges and $234 million in reorganization items. The majority of reorganization expenses were non-cash items resulting from the rejection of aircraft.
As these results make clear, our restructuring is on track. We are making tremendous progress in reducing costs, improving revenue, and building a strong, sustainable business for the future, said Glenn Tilton, chairman, president and chief executive officer. Although there is still much work to be done, our year-over-year improvement reflects the hard work of all Uniteds employees and their singular focus on serving our customers and running a great airline.
Tilton said that in the third quarter United:...
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