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US Airways' cash position tightens by 25% as February shows $119 million loss
By Ted A. Knutson
Washington, March 30 - U.S. Airways Inc.'s cash position shrank 25% in February as the company recorded a net loss of $119.22 million.
The airline's cash and cash equivalents shrunk 25% to $405.53 million from $543 million in January, according to a company report filed with the U.S. Bankruptcy Court for the Eastern District of Virginia.
Two weeks ago, Republic Airways Holding, Inc. and its majority shareholder Wexford Capital LLC. pledged $125 million in new cash in addition to a promise of the same amount from Air Wisconsin Airlines Corp.'s Air Wisconsin Airlines Corp. announced in February.
However, the money won't arrive until more pieces of the airline's reorganization fall into place.
Operating losses narrowed to $85.67 million from January's $134.4 million, but were well above the December travel period's red ink of $58.7 million.
Revenue increased to $506.00 million from $478.35 million in January despite three fewer days to carry passengers in the month.
Fuel expenses increased slightly to $114.40 million from $113.94 million the month before while personnel costs of $156.44 were roughly 10% lower than January's $174.24 million
Comparing bottom line results for the latest two months are difficult because while January showed net income of $720.45 million that positive result was largely due to an $877.78 million reorganization gain.
Arlington, Va.-based US Airways filed for bankruptcy on Sept. 12. Its Chapter 11 case number is 04-13819.
Cash and cash equivalents
November $822 million
December $738 million
January $543 million
February $406 million
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