May 18, 2002 |
US Airways Group Inc. said it would attempt to shave $950million in annual labor expenses as part of a restructuring plan that would include requesting a $1-billion loan guarantee from the U.S. government. The carrier needs to shore up finances after a record loss last year of $2.1 billion and daily losses this year. Shares of Arlington, Va.-based US Airways rose 14 cents to $3.24 on the NYSE.
February 7, 2004 |
US Airways Group Inc. cut its losses sharply in the fourth quarter, though the airline's top executive warned that it continued to lag behind financial goals. The Arlington, Va.-based company reported a loss of $98 million, or $1.82 a share, down from a loss of $794 million, or $11.67, a year earlier. Revenue increased 9.3% to $1.76 billion. Shares of US Airways rose 45 cents to $4.65 on Nasdaq.
September 28, 2004 |
US Airways Group Inc. warned in a Bankruptcy Court filing that it might have to liquidate by February unless a judge imposes a temporary 23% pay cut on its union employees. The airline has asked Judge Stephen Mitchell to impose the pay cuts by Oct. 14 at the latest. Mitchell has scheduled an Oct. 7 hearing on the issue.
March 27, 2002 |
US Airways Chief Executive David Siegel is warning employees that the struggling airline can no longer afford to pay salaries comparable to those at its largest competitors. Siegel said the company will continue to meet its contractual obligations. But he warned that management may soon seek across-the-board concessions from its unions. Roy Freundlich, a spokesman for the US Airways unit of the Air Line Pilots Assn., said the union would reject any efforts to extract pay concessions.
December 15, 2002 |
The union representing pilots at US Airways Group Inc. said that it had ratified an agreement on $100 million in cost-cutting measures to help keep the airline from closing. The Air Line Pilots Assn.'s Master Executive Council, which represents more than 4,000 pilots at the beleaguered airline, approved the measures, which include cuts in pay, pension and other benefits. The pilots group has already ratified $465 million in annual wage cuts and other concessions.
November 2, 2002 |
US Airways Group Inc.'s third-quarter net loss narrowed to $335 million as the seventh-largest U.S. carrier, which filed for bankruptcy protection in August, cut workers, debt and flights. The loss of $4.92 a share narrowed from $766 million, or $11.42, a year earlier, when results were hurt by the Sept. 11 terrorist attacks, the Arlington, Va.-based airline said. Sales fell 12% to $1.75 billion. US Airways' results pushed the 10 major U.S. airlines' combined net loss to more than $2.
October 27, 2006 |
US Airways Group Inc. posted a third-quarter loss after fuel hedging and merger-related costs. Excluding special items, however, the carrier's profit topped analysts' expectations. The airline, formed from the merger last year of US Airways and America West Airlines Holdings Corp., reported a net loss of $78 million, or 88 cents a share, compared with a loss of $99 million, or $5.74, for America West a year earlier. For accounting purposes, America West was treated as the acquiring company.
July 28, 2004 |
US Airways Group Inc.'s second-quarter profit more than doubled, with sales rising 10% and labor costs declining as the carrier sought to avoid a second bankruptcy filing. Net income rose to $34 million, or 59 cents a share, from $13 million, or 25 cents, a year earlier, which included U.S. aid for security expenses, the Arlington, Va.-based carrier said. Sales climbed to $1.96 billion. US Airways' labor expenses fell $95 million, or 13%, in the quarter.
April 3, 1997 |
Arlington, Va.-based US Airways has announced layoffs and scrapped most of its Caribbean and Canadian flights from Baltimore-Washington International Airport. The latest cutback leaves just 76 US Airways jet flights daily at BWI, fewer than half the number seven years ago. US Airways, which has the highest costs in the airline industry, is seeking to eliminate overlapping service at its costly East Coast hubs and build up its Philadelphia operation.
September 25, 2001 |
US Airways Group Inc. said it will shut down MetroJet, its low-cost operation based at Baltimore-Washington International Airport, by December. "As a result of the government's and public's reaction to [the Sept. 11] terrorist attacks, and the closing of Washington's Reagan National Airport, a new security system and a dramatic decrease of airline traffic, we have to reduce our costs dramatically," the company said in a recorded message for employees.