"These outstanding operating and revenue results
combined with strong cost discipline led to record net
income excluding special items of $537 million, up
nearly 400 percent versus last year. Our shareholders
were rewarded for their confidence in our team as US
Airways stock increased 166 percent in 2012, the largest
increase of any company in the Fortune 500.
"We enter 2013 with great momentum and enthusiasm and
are well positioned for whatever may lie ahead,"
A strong demand environment
and record passenger yields led to improved revenue
performance. Total revenues in the fourth quarter were a
record $3.3 billion, up 3.9 percent versus the fourth
quarter 2011 on a 1.4 percent increase in total
available seat miles (ASMs). Total revenue per ASM was a
record 15.58 cents, up 2.5 percent versus the same
period last year driven by a two point increase in
passenger load factor.
For the full year 2012, total revenues were a record
$13.8 billion, up 5.9 percent versus 2011. Total revenue
per ASM increased 3.9 percent to a record 15.64 cents,
driven by a 3.5 percent increase in passenger yield and
a record load factor of 82.9 percent, up from 82.3
percent in 2011.
Total operating expenses in
the fourth quarter were $3.2 billion, up 3.5 percent
over the same period last year. Mainline cost per
available seat mile (CASM) was 13.55 cents, up 2.8
percent on a 0.7 percent increase in mainline ASMs.
Excluding special items, fuel and profit sharing,
mainline CASM was 8.73 cents, up 2.9 percent versus the
same period last year. Express CASM excluding special
items and fuel was 14.54 cents, down 2.7 percent on a
4.8 percent increase in ASMs.
For the full year 2012, total operating expenses were
$13.0 billion, up 2.7 percent versus 2011. Excluding
special items, fuel and profit sharing, mainline CASM
increased 0.5 percent to 8.39 cents. Express CASM
excluding special items and fuel decreased 1.5 percent
to 14.49 cents.
As of December 31, 2012, the Company had $2.71 billion
in total cash and investments, of which $336 million was
restricted, up from $2.31 billion, of which $365 million
was restricted on December 31, 2011.