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UAL
Corporation Reports Fourth Quarter and Full-Year Results
UAL Corporation (NYSE:
UAL), the holding company whose primary subsidiary is United Airlines,
reported its fourth-quarter financial results today.
The company incurred a
fourth-quarter net loss of $308 million, or a loss per basic share of
$5.68 (see Note: EPS Calculation), both after special items described
in the notes to the financial statements. Excluding special items, the
company's fourth quarter loss was $640 million, or a loss per basic
share of $11.74. United's performance compares to a fourth-quarter
2000 net loss of $124 million, or a loss per basic share of $2.41,
excluding special items explained in the notes.
United's fourth quarter
loss per share of $11.74 before special items is better than the First
Call consensus estimate of a $14.96 loss per basic share.
The special items recorded
in the fourth quarter total $332 million, net of tax, and include the
second grant payment from the U.S. government and gains related to
Cendant's acquisition of Galileo.
Full Year 2001
United's loss for the full
year, including special items explained in the notes, total $2.1
billion, or a loss of $40.04 per basic share. The company's losses
excluding special items total $1.8 billion, or a loss per basic share
of $33.23, which is better than the First Call consensus of a loss per
basic share of $36.33.
"United, along with
the rest of the airline industry, continues to struggle with a weak
economy and the aftermath of the Sept. 11 terrorist attacks,"
said John W. Creighton, chief executive officer. "While our
financial results this quarter reflect a decline in both business and
leisure travel, during the fourth quarter we saw signs that air travel
is slowly beginning to recover. As a result we plan to add 127 daily
departures in our April schedule over current levels.
"Additionally,
United's cash flow performance during the quarter exceeded our
expectations, due in large part to the success of our cost-cutting
efforts. Last quarter we took a number of aggressive actions to
bolster our financial condition, including the largest furlough in our
company's history and the reduction of billions of dollars of capital
spending. While we recognize that there clearly is more work to be
done, our actions have produced encouraging results.
"Labor still accounts
for 38 percent of our total expenses, and we are working with our
unions to get contracts settled and to further reduce wage
costs," Creighton said. "I am confident they will respond
constructively. United is a great company and we are at our best when
confronted with tough problems. All of us here are facing the same
challenges and will do what is necessary to steer through it
successfully and create an even better and stronger United."
Operating Results
United's passenger revenues
for the quarter were down 39 percent year-over-year. Expenses were
down 23 percent year-over-year as a result of the airline's
cost-cutting initiatives, and operating expenses per available seat
mile in the fourth quarter, decreased 3 percent over the same period
last year.
Liquidity
Given the current difficult
revenue environment, the company is focusing its near-term efforts on
eliminating the negative cash flow it has experienced and on improving
its liquidity position. Daily cash burn during the fourth quarter,
which is seasonally weak, averaged $10 million and UAL ended the
quarter with a cash balance of $2.6 billion.
Additionally, United today
is announcing that it has completed a $775 million private debt
financing. The proceeds are largely being used to refinance lease debt
on 21 B737 and B757 aircraft in United's fleet. The term of the new
financing is ten years.
"We are delighted to
announce this important financing transaction to start the new
year," said Jake Brace, senior vice president and chief financial
officer. "In so doing, we put in place long-term financing at
attractive terms to refinance a large obligation on existing aircraft
that had come due and to raise additional cash for the company."
Capital Spending
United reduced its planned
capital spending for 2002 by 50 percent to $1.2 billion as a result of
the aircraft deferrals the company announced in November and reduction
of non-essential capital projects. Since the airline's planned
aircraft capital spending next year has been reduced to zero, total
capital spending in 2003 is expected to be well below 2002 levels.
As a result of the
company's aggressive aircraft retirement program, United ended the
year with a fleet of 543 aircraft. The airline now has one of the
youngest fleets in the industry with an average age of eight years.
Additionally, the retirement program reduced the number of United’s
fleet types to only five, significantly improving United's efficiency
with regard to maintenance, crew training and scheduling.
Operations
Despite its current
challenges, United has dramatically improved its operating
performance. United's 2001 Christmas holiday performance was the best
it has been in years in terms of scheduled flight completion. In fact,
the company experienced nearly 75 percent fewer cancellations than in
its previous best holiday period in 1997, and the company's U.S.
domestic completion rate of 99.6 percent was among the best in the
industry.
"All of our employees,
including those on the front line and those behind the scenes, did a
tremendous job during the holiday season and their hard work continues
in 2002," Creighton said. "Despite many new challenges
including new security procedures at the airports, United's employees
continue to persevere and provide outstanding service to our
customers."
Labor
United on Jan. 22 announced
it would accept the recommendations of the Presidential Emergency
Board (PEB) for contract settlement with the International Association
of Machinists (IAM) District 141M. The IAM has announced that the
membership ratification vote is scheduled for Feb. 12.
"An IAM contract
settlement will be an important step in implementing the company's
financial recovery plan," Creighton said. "We are committed
to implementing a plan that meets the needs of our customers,
preserves jobs for our valued employees and positions United on the
road to financial stability."
Outlook for First Quarter
2002
The company expects January
passenger unit revenue to be 15 to 17 percent below last year.
United’s booked load factor for February is ahead of last year,
while March is about the same as last year. However, the company is
seeing some softness around February 20. Although the company has seen
positive revenue trends, it expects to report a significant loss in
the first quarter.
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