AMR posts $82 million loss in August

AMR Corp. posted a net loss of $82 million in August, according to a court filing made Thursday morning.

Excluding $86 million in reorganization fees, the Fort Worth-based carrier would have posted a monthly net profit of $4 million. During the bankruptcy process, AMR is required to file monthly financial reports with the court.

The company said it spent $56 million on aircraft financing renegotiations and rejections and $18 million on professional fees during the month. It also spent $12 million on "other" reorganization items which are not detailed in the report.

The loss reverses a two-month trend where the carrier had posted monthly profits. Without the reorganization costs, the carrier has reported monthly profits for four months in a row.

AMR also said that its mainline carrier, American Airlines, had passenger revenues of $1.6 billion with its regional affiliates, including American Eagle, bringing in $262 million in revenues. Total revenues for the month were $2.19 billion.

The company ended the month with $447 million in cash and $3.8 billion in short-term investments for a total of about $4.2 billion on hand. That number is down from $4.8 billion in July and does not include $846 million in restricted cash.

-Andrea Ahles

Read more here: http://blogs.star-telegram.com/sky_talk/2012/06/amr-posts-monthly-operating-loss-of-132-million.html#storylink=cpy

Comments

[chris]

So they made money again if it were not for paying the bankruptcy fees and consultants. Harvey Miller and crew are enriching themselves nicely.

[Andrew]

Chris, you're not actually serious right...$4 million out of $2.2 billion...that's a .18% profit margin.

[chris]

Andrew.....I'm actually like serious. A profit is a profit. $4 million in the black man.

[hedges]

Yes, a profit, during the summer travel season. Let's just ignore what happens the rest of the year.

[Andrew]

Maybe we're on the wrong page here, maybe not. It seems like you're implying that the company should not be in bankruptcy because they edged out a .18% profit margin in one of busiest months of the year?

[chris]

No I'm not too excited about 4 million dollars, but they have been making profits the last couple of months. Despite the fact that they are paying hundreds of millions in bankruptcy fees. The labor contracts have not even been abrogated yet.