AMR Corporation Reports a First Quarter 2009 Net Loss of $375 Million as Weak Economy Hurts Revenue

"AMR Corporation (NYSE: AMR), the parent company of American Airlines, Inc., today reported a net loss of $375 million for the first quarter of 2009, or $1.35 per share. The results include the impact of a $13 million charge, or $0.05 per share, to reflect the net present value of future lease payments related to A300 aircraft retirements during the quarter. The current quarter results compare to a net loss of $341 million for the first quarter of 2008, or $1.37 per share. "While lower fuel prices have provided a significant buffer against falling demand in 2009, the struggling economy and capital markets remain significant challenges for American and the rest of the industry," said AMR Chairman and CEO Gerard Arpey. "Even as we feel the impact of declining revenues, fares and traffic, we continue to make progress in areas within our control." Among accomplishments so far in 2009, Arpey noted that the Company was able to obtain nearly $100 million from a loan secured by aircraft, reduce planned 2009 capital expenditures by about $100 million, and identify ways to help control unit costs. It also received an additional financing commitment for two of its Boeing 737-800 deliveries and put into service two new 737s to begin the process of replacing its MD-80 fleet." Next