American Airlines Parent AMR Loses $82M In August
FORT WORTH (AP) – American Airlines parent AMR Corp. said Thursday that it lost $82 million in August, the tail end of the key summer travel season.
AMR said in a regulatory filing that it would have earned $55 million if not for bankruptcy expenses of $86 million and other special items. Bankruptcy costs included $56 million to renegotiate and reject aircraft and facility leases and $18 million spent on lawyers and consultants.
Revenue for August was $2.19 billion, down from $2.33 billion in July. AMR didn’t include comparable figures for August 2011.
The figures don’t include results for the rash of delayed and canceled flights that began in early September after American canceled a contract with its union pilots and set pay and working terms. On Thursday, the company told union officials to order pilots to stop what AMR considers delaying tactics such as asking for maintenance checks just before takeoff.
AMR ended August with $5.15 billion in cash and short-term investments including restricted amounts, up from $4.84 billion at the end of July.
Fort Worth-based American is the nation’s third-biggest airline by passenger traffic behind United and Delta. American and AMR filed for bankruptcy protection in November.
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