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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of earliest event
reported: January 17, 2001
American Airlines, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-2691 13-1502798
(State of Incorporation) ( Commission File Number) (IRS Employer
Identification No.)
4333 Amon Carter Blvd. Fort Worth, Texas 76155
(Address of principal executive offices) (Zip Code)
(817) 963-1234
(Registrant's telephone number)
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Item 5. Other Events
American Airlines, Inc. is filing herewith a press release issued
on January 17, 2001 by its parent company, AMR Corporation, as
Exhibit 99.1 which is included herein. This press release was
issued to report AMR's fourth quarter and full year 2000
earnings.
Item 7. Financial Statements and Exhibits
The following exhibit is included herein:
99.1 Press Release
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
American Airlines, Inc.
/s/ Charles D. MarLett
Charles D. MarLett
Corporate Secretary
Dated: January 17, 2001
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EXHIBIT INDEX
Exhibit Description
99.1 Press Release
<PAGE> 5
Exhibit 99.1
Contact: Corporate Communications
Fort Worth, Texas
817-967-1577
FOR RELEASE: Wednesday, Jan. 17, 2001
Editor's Note: A live Webcast reporting fourth-quarter earnings
will be
broadcast on the Internet on Jan. 17 at 2 p.m. EST.
(Windows Media Player required for viewing.)
AMR REPORTS FOURTH-QUARTER EARNINGS OF
$56 MILLION BEFORE SPECIAL ITEMS
FULL-YEAR EARNINGS ARE $752 MILLION BEFORE SPECIAL ITEMS
FORT WORTH, Texas -- AMR Corporation, the parent company of
American Airlines, Inc., today reported fourth-quarter net
earnings of $56 million, or $0.34 per common share diluted,
before special items. This compares to net earnings of $87
million, or $0.57 per common share diluted, before special items
for the same period in 1999.
"We had a challenging fourth quarter," said Donald J. Carty,
American's chairman and chief executive officer. "While demand
for air travel was strong, severe weather across much of our
system resulted in lost traffic and higher operating costs. And
of course, fuel prices remained very high.
"Nevertheless, we had a successful year, with strong revenue
driven by both high load factors and robust yields," Carty added.
"Undoubtedly, this performance was aided by our More Room
Throughout Coach initiative that we launched last February, and
which has been a huge success in terms of building customer
loyalty."
Carty noted that cargo revenue also remained strong, rising
9.8 percent for the quarter and 12.1 percent for the year.
AMR's fourth-quarter results brought the company's full-year
2000 net earnings to $752 million, or $4.65 per common share
diluted, before special items and an extraordinary loss. This
compares with 1999 net earnings of $543 million, or $3.45 per
common share diluted, before special items.
-- more --
<PAGE> 6
AMR Fourth-Quarter Earnings
Jan. 17, 2001
Page 2
For the seventh consecutive year, the company will share its
success with employees through its profit sharing program, Carty
said. In March, the company will distribute nearly $300 million
to employees, which will be one of the highest payouts since
profit sharing began.
After accounting for two special items noted below, AMR
reported net earnings of $47 million ($0.29 per common share
diluted) for the quarter, as compared to net earnings of $209
million ($1.37 per common share diluted) in 1999.
<TABLE>
<CAPTION>
Fourth Quarter Results
(in millions, except
per share amounts) 2000 1999
Amount Diluted Amount Diluted
(net of earnings (net of earnings
tax) per share tax) per share
<S> <C> <C> <C> <C>
Net earnings before
special items $56 $0.34 $87 $0.57
Gain from recovery of
start-up expenses
related to the
Canadian Airlines
service agreement 26 0.16 - -
Charge for employee
home computer program (35) (0.21) - -
1999 special items - - 122 0.80
Net earnings as reported $47 $0.29 $209 $1.37
</TABLE>
Including these and prior quarters' special items and an
extraordinary loss, AMR's full-year 2000 net earnings were $770
million, or $4.76 per common share diluted, as compared to 1999
net earnings of $656 million, or $4.17 per common share diluted.
-- more --
<PAGE> 7
AMR Fourth-Quarter Earnings
Jan. 17, 2001
Page 3
Looking ahead to the coming year, Carty said, "We are
cautiously optimistic about 2001. We will continue building the
best fleet in the industry with the addition of 55 new Boeing
jets while retiring a number of our older airplanes, and we
expect that More Room Throughout Coach will continue to have a
positive effect on revenue.
"At the same time, there are signs that the economy may be
softening and there is still uncertainty regarding fuel prices,"
Carty added. "However, American Airlines is well positioned to
face these challenges. We have a strong balance sheet, an
excellent fleet and an outstanding product. And through
oneworld(TM) and our other airline alliances, we have created a
broad route network that will only get stronger when we complete
our acquisition of assets from TWA, United and US Airways."
Carty also said that American Eagle, American's regional
affiliate, will contribute to the company's success in 2001.
American Eagle will continue to take delivery of regional jets,
which have proven to be very popular with customers. In 2001,
American Eagle will add 31 regional jets to its fleet and will be
the launch customer for the new 44-seat ERJ 140, built by
Embraer.
Note: All net earnings figures cited above are before
discontinued operations.
----
Editor's note: AMR's Chief Financial Officer, Thomas W. Horton,
will be available to answer questions during a telephone news
conference on Wednesday, Jan. 17, from
3 p.m. to 3:45 p.m. EST. Reporters interested in joining the
conference should call 817-967-1577 for details.
----
Statements in this news release contain various forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, which represents the Company's
expectations or beliefs concerning future events. When used in
this release, the word "expects" and similar expressions are
intended to identify forward-looking statements. All forward-
looking statements in this release are based on information
available to the Company on the date of this release. The
company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise. Forward-looking
statements are subject to a number of factors that could cause
actual results to differ materially from our expectations.
Additional information concerning these and other factors is
contained in the Company's Securities and Exchange Commission
filings, including but not limited to the Form 10-K for the year
ended Dec. 31, 1999.
Detailed financial information follows.
<PAGE> 8
AMR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31, Percent
2000 1999 Change
<S> <C> <C> <C>
Revenues
Passenger - American Airlines $4,036 $ 3,736 8.0
- AMR Eagle 356 331 7.6
Cargo 191 174 9.8
Other revenues 276 246 12.2
Total operating revenues 4,859 4,487 8.3
Expenses
Wages, salaries and benefits 1,771 1,559 13.6
Aircraft fuel 727 477 52.4
Depreciation and amortization 313 295 6.1
Maintenance, materials and repairs 274 260 5.4
Commissions to agents 241 262 (8.0)
Other rentals and landing fees 256 224 14.3
Food service 190 192 (1.0)
Aircraft rentals 152 147 3.4
Other operating expenses 855 801 6.7
Total operating expenses 4,779 4,217 13.3
Operating Income 80 270 (70.4)
Other Income (Expense)
Interest income 46 33 39.4
Interest expense (114) (98) 16.3
Interest capitalized 41 29 41.4
Miscellaneous - net 30 14 *
3 (22) *
Income From Continuing Operations
Before Income Taxes 83 248 (66.5)
Income tax provision 36 39 (7.7)
Income From Continuing Operations 47 209 (77.5)
Income From Discontinued Operations
(net of applicable income taxes
and minority interest) - 71 -
Net Earnings $ 47 $ 280 (83.2)
</TABLE>
* Greater than 100%
Continued on next page.
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AMR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31,
2000 1999
<S> <C> <C>
Earnings Per Common Share
Basic
Income from Continuing
Operations $ 0.31 $ 1.42
Discontinued Operations - 0.47
Net Earnings $ 0.31 $ 1.89
Diluted
Income from Continuing
Operations $ 0.29 $ 1.37
Discontinued Operations - 0.47
Net Earnings $ 0.29 $ 1.84
Number of Shares Used in
Computation
Basic 151 148
Diluted 165 153
</TABLE>
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AMR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Year Ended December 31, Percent
2000 1999 Change
<S> <C> <C> <C>
Revenues
Passenger - American Airlines $16,377 $14,707 11.4
- AMR Eagle 1,452 1,294 12.2
Cargo 721 643 12.1
Other revenues 1,153 1,086 6.2
Total operating revenues 19,703 17,730 11.1
Expenses
Wages, salaries and benefits 6,783 6,120 10.8
Aircraft fuel 2,495 1,696 47.1
Depreciation and amortization 1,202 1,092 10.1
Maintenance, materials and repairs 1,095 1,003 9.2
Commissions to agents 1,037 1,162 (10.8)
Other rentals and landing fees 999 942 6.1
Food service 777 740 5.0
Aircraft rentals 607 630 (3.7)
Other operating expenses 3,327 3,189 4.3
Total operating expenses 18,322 16,574 10.5
Operating Income 1,381 1,156 19.5
Other Income (Expense)
Interest income 154 95 62.1
Interest expense (467) (393) 18.8
Interest capitalized 151 118 28.0
Miscellaneous - net 68 30 *
(94) (150) (37.3)
Income From Continuing Operations
Before Income Taxes and
Extraordinary Loss 1,287 1,006 27.9
Income tax provision 508 350 45.1
Income From Continuing Operations
Before Extraordinary Loss 779 656 18.8
Income From Discontinued Operations
(net of applicable income taxes
and minority interest) 43 265 (83.8)
Gain on Sale of Discontinued
Operations (net of applicable
income taxes) - 64 -
Income Before Extraordinary Loss 822 985 (16.5)
Extraordinary Loss (net of
applicable income taxes) (9) - -
Net Earnings $ 813 $ 985 (17.5)
</TABLE>
* Greater than 100%
Continued on next page.
<PAGE> 11
AMR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Year Ended December 31,
2000 1999
<S> <C> <C>
Earnings Per Common Share
Basic
Income from Continuing
Operations $ 5.20 $ 4.30
Discontinued Operations 0.30 2.16
Extraordinary Loss (0.07) -
Net Earnings $ 5.43 $ 6.46
Diluted
Income from Continuing
Operations $ 4.81 $ 4.17
Discontinued Operations 0.27 2.09
Extraordinary Loss (0.05) -
Net Earnings $ 5.03 $ 6.26
Number of Shares Used in
Computation
Basic 150 152
Diluted 162 157
</TABLE>
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AMR CORPORATION
OPERATING STATISTICS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
December 31, Percent
2000 1999 Change
<S> <C> <C> <C>
American Airlines
Revenue passenger miles (millions) 27,539 27,545 -
Available seat miles (millions) 39,497 40,857 (3.3)
Cargo ton miles (millions) 587 585 0.3
Passenger load factor 69.7% 67.4% 2.3 pts.
Breakeven load factor 68.5% 62.3% 6.2 pts.
Passenger revenue yield per
passenger mile (cents) 14.66 13.56 8.1
Passenger revenue per available seat
mile (cents) 10.22 9.14 11.8
Cargo revenue yield per
ton mile (cents) 32.21 29.38 9.6
Operating expenses per available
seat mile (cents) 11.04 9.44 16.9
Fuel consumption (gallons,
in millions) 760 745 2.0
Fuel price per gallon (cents) 90.8 61.1 48.6
Fuel price per gallon, excluding
fuel taxes (cents) 84.8 55.9 51.7
Operating aircraft at period-end 717 697 2.9
AMR Eagle
Revenue passenger miles (millions) 909 876 3.8
Available seat miles (millions) 1,565 1,504 4.1
Passenger load factor 58.1% 58.3% (0.2) pts.
Operating aircraft at period-end 261 268 (2.6)
AMR Corporation
Average Equivalent Number of Employees
AA Jet Operations 93,000 88,500
Other 14,500 14,400
Total 107,500 102,900
</TABLE>
<PAGE> 13
AMR CORPORATION
OPERATING STATISTICS
(Unaudited)
<TABLE>
<CAPTION>
Year Ended
December 31, Percent
2000 1999 Change
<S> <C> <C> <C>
American Airlines
Revenue passenger miles (millions) 116,594 112,067 4.0
Available seat miles (millions) 161,030 161,211 (0.1)
Cargo ton miles (millions) 2,280 2,068 10.3
Passenger load factor 72.4% 69.5% 2.9 pts.
Breakeven load factor 65.9% 63.8% 2.1 pts.
Passenger revenue yield per
passenger mile (cents) 14.05 13.12 7.1
Passenger revenue per available
seat mile (cents) 10.17 9.12 11.5
Cargo revenue yield per
ton mile (cents) 31.31 30.70 2.0
Operating expenses per available
seat mile (cents) 10.38 9.39 10.5
Fuel consumption (gallons,
in millions) 3,045 2,957 3.0
Fuel price per gallon (cents) 77.9 54.8 42.2
Fuel price per gallon, excluding
fuel taxes (cents) 72.3 50.1 44.3
Operating aircraft at period-end 717 697 2.9
AMR Eagle
Revenue passenger miles (millions) 3,731 3,371 10.7
Available seat miles (millions) 6,256 5,640 10.9
Passenger load factor 59.6% 59.8% (0.2) pts.
Operating aircraft at period-end 261 268 (2.6)
AMR Corporation
Average Equivalent Number of Employees
AA Jet Operations 91,700 87,200
Other 14,600 14,200
Total 106,300 101,400
</TABLE>
###
