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4 " L j" 6 o( " , " q " " " i i =& 2 " " " Ĩ =# =# =# =# " " " " " " " " " : NOTE: AMRs Chairman, Chief Executive Officer and President, Gerard Arpey, and its Executive Vice President-Finance and Planning and Chief Financial Officer, Tom Horton, will make a presentation to analysts during a teleconference on Wednesday, Jan. 20, starting at 1 p.m. CDT. Immediately after the analysts call, they will hold a question-and-answer conference call for media. The conference number is (612) 332-0725, the password is Mile SAAver.
AMR Makes Progress Despite Reporting Losses Amid Economic Challenges
In a year that saw the worst global recession since the 1930s, leading to falling demand, AMR reported a fourth-quarter loss of $415 million and an annual loss of $1.4 billion, excluding special items and a non-cash item, while taking steps to address challenges with an eye on the long term as it strengthened its financial position and improved its dependability and the customer experience.
Notable results:
Other revenue continued a rise that has happened each year since 2002, rising 5.4 percent in 2009 versus last year and 57 percent during that span
Cash and short-term investments finished the year at $4.9 billion compared with $3.6 billion at the end of 2008, boosted by approximately $5 billion in financing transactions that closed in the third and fourth quarters, improving liquidity amid steep economic challenges and tight capital markets
Customer experience improvements significant dependability progress and nearly 25 percent fewer complaints
Later today youll hear additional fourth-quarter highlights from Mr. Arpey and Mr. Horton, including more on product enhancements, revenue performance and capacity discipline. Meantime, as you report on AMRs results and prepare for the media call, below is relevant background information.
Q4 2009 Highlights
Other Revenue Increases
AMR has continued to show improvement in generating ancillary revenue, a major focus of Mr. Arpey since assuming leadership of the company in spring 2003. In spite of the broader economic conditions, other revenue from sources such as confirmed flight changes, purchased upgrades, Buy-on-Board food services and baggage service charges continued its rise, as it has each year since 2002, and finished 2009 5.4 percent ahead of 2008.
For the fourth quarter, other revenue grew 6.8 percent to $582 million versus the same period last year.
Load Factor Rises to Record Level
Americans mainline load factor, or percentage of seats filled, reached a record 81.1 percent during the quarter, up 2.8 points from last year, and the airline saw this figure rise 0.1 points for the year to 80.7 percent.
American has seen its load factor rise seven of the last eight years, with the only decline from 2007s 81.5 percent to last years 80.6 percent
Cash Position Rises
AMR ended the fourth quarter with $4.9 billion in cash and short-term investments, including a restricted balance of $460 million, up from $3.6 billion in cash and short-term investments, including a restricted balance of $459 million at the end of the quarter last year.
The company bolstered its cash position in the third and fourth quarters this year by closing approximately $5 billion in financing transactions to improve liquidity, finance Boeing 737-800 deliveries and refinance existing debt maturities.
Net Debt, defined as Total Debt less unrestricted cash and short-term investments, improved to $11.7 billion for the quarter compared to $12 billion during the same period last year.
Flight Plan 2020 Unveiled a Path Vision to Long-Term Success
AMR is focused on returning to profitability and executing on Flight Plan 2020, a comprehensive five-point plan outlined by Mr. Arpey and his team late in 2009, to position the company for long-term success and provide its guiding principles during the coming years.
The plans five tenets are: Invest Wisely, Earn Customer Loyalty, Strengthen and Defend Our Global Network, Be a Good Place for Good People, and Fly Profitably.
The company continues to execute on the network and fleet replacement strategy announced in the third quarter, including strengthening the cornerstone cities of Dallas/Fort Worth, Chicago, Miami, New York and Los Angeles, as well as enhancing the fleet with 737-800 and CRJ700 deliveries, improvements.
Customer Experience, Dependability Improve
American began to make progress in 2008 on two of its most important customer-focused initiatives improving dependability and the customer experience (CE) with 2009 showing noteworthy progress and demonstrating the effort is beginning to pay off. Americans CE effort includes more than 200 teams across its network working to identify issues and develop solutions, including investing in technology, across six key customer touch points.
In 2009, American saw fewer complaints across the six focus areas, declining 21.6 percent. The six touch points are delays and delay management, gate interactions and the boarding experience, onboard interactions, cabin interior condition, baggage handling, and baggage resolution.
Americans 2009 A+14 on-time performance, measuring arrivals within 14 minutes of scheduled arrival time, was 77.2 percent, up 7.3 percentage points versus the prior year, with Novembers 87.8 percent marking the airlines best on record for that month and fifth best of any month.
For 2009, Americans A+0 performance, measuring the time the airline arrived at the gate early or on time (without the 14-minute grace period), was 59.1 percent, up notably from 48.3 percent in 2008.
Fuel Cost Still Historically High
Oil prices remain historically high and volatile. Though crude plummeted from a record of near $148 a barrel in mid-July 2008 and was down to about $50 a barrel in mid-April 2009, prices concluded the fourth quarter just under $80 and in mid-October rose above that mark for the first time in a year.
Though Americans average mainline fuel price per gallon for the quarter declined 16.5 percent versus last year, this quarters cost of $2.17 approaches two-and-a-half times the 88 cents per gallon American paid for jet fuel in Q4 2003, Mr. Arpeys first year as CEO of AMR.
In the fourth quarter of 2003, fuel expense represented 15 percent of total operating expenses. In contrast, in Q4 2009 it was 27 percent.
According to the Air Transport Association, despite the notion that jet fuel prices have plummeted from last years heights, the costs for the U.S. airline industry are still drastically high compared to the 1990s and actually finished higher this year versus the first eight years of this decade:
From 1991 to 2000, jet fuel averaged 59 cents per gallon.
From 2001 to 2008, the cost averaged $1.53 per gallon, increasing more than two-and-a-half times.
In 2009, the cost increased 16 cents per gallon to $1.69.
Fuel Smart Brings More Savings
AMR continues its Fuel Smart program, resulting from employees who saw an opportunity to safely reduce fuel consumption, as a proactive step the company is taking to combat rising oil prices.
By the end of 2009, the conservation and efficiency program helped the company identify initiatives that save approximately 110 million gallons of fuel per year, representing a run-rate savings of about $221 million at AMRs average fuel price for the year of $2.01. The effort also reduced carbon dioxide emissions by 2.3 billion pounds.
This year, the program is expected to increase the annual run rate savings through continued employee efforts.
Media Background Information for AMRs Q4 2009 Results
DATE \@ "M/d/yyyy" 1/19/2010 page PAGE 1
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