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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: April 19, 2000
AMR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-8400 75-1825172
(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
AMR Corporation (the "Company") is filing herewith a press
release issued on April 19, 2000 by the Company as Exhibit 99.1
which is included herein. This press release was issued to
report the Company's first quarter 2000 earnings.
Item 7. Financial Statements and Exhibits
The following exhibit is included herein:
99.1 Press Release
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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.
AMR CORPORATION
/s/ Charles D. MarLett
Charles D. MarLett
Corporate Secretary
Dated: April 20, 2000
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EXHIBIT INDEX
Exhibit Description
99.1 Press Release
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Exhibit 99.1
Contact: Corporate Communications
Fort Worth, Texas
817-967-1577
FOR RELEASE: Wednesday, April 19, 2000
AMR EARNS $89 MILLION IN FIRST QUARTER
FORT WORTH, Texas - Riding a wave of positive developments,
AMR Corporation, parent company of American Airlines, Inc., today
reported first quarter net earnings from continuing operations of
$89 million, or $0.57 per common share diluted. This compares
with a loss of $2 million, or $0.01 per common share diluted,
excluding discontinued operations and a special gain recorded in
the first quarter of 1999.
"We established some very positive momentum in the first
quarter, posting solid results despite significantly higher fuel
prices and soft traffic early in the quarter surrounding the
Millennium change," said Donald J. Carty, AMR's chairman and
chief executive officer.
"Although year-over-year comparisons are somewhat distorted
by last year's schedule disruption, we saw encouraging traffic
and yield trends both domestically and in the key international
markets we serve," Carty said. "And although fuel costs were up
sharply from last year, the increase was dampened to a large
degree by our ongoing fuel hedging program.
"With strong advance bookings, and fuel prices receding
somewhat, our outlook for the year is improving. We are
particularly excited about our 'More Room Throughout Coach'
initiative, which is progressing ahead of schedule and is getting
an enthusiastic reception in the marketplace," Carty said.
During the quarter, a number of positive developments came
together for AMR shareholders, customers and employees. The most
dramatic achievement was the successful spin-off of Sabre, Inc.,
to AMR shareholders which enables AMR to focus its full attention
on the airline business, Carty said.
Carty said the recently announced AOL AADVANTAGE rewards
program, a partnership between American and America Online, will
create additional sales of AADVANTAGE miles, as well as a whole
new range of redemption opportunities for millions of customers
to obtain consumer products, AOL service, air travel and more.
--more--
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AMR First Quarter Earnings
April 19, 2000
Page 2
Carty recently returned from Beijing, and said American is
very hopeful of getting new routes to China.
"We will dramatically improve air service between China and
the United States, if DOT awards us the routes," he said.
"Opening the market to new competition will benefit passengers,
shippers and communities in both countries."
American's West Coast schedule changes announced last week
will strengthen American's route network in the region and
improve the network's financial performance. The airline will add
seven new nonstop routes to its West Coast network, focused on
its major connecting centers at Los Angeles and San Jose.
On the opposite coast, American unveiled plans for a $270
million renovation of its facilities at Boston's Logan Airport
that will provide more room, conveniences and more modern
accommodations for passengers leaving or arriving on American and
American Eagle.
American Eagle announced plans earlier this month to build a
satellite terminal at Dallas/Fort Worth International Airport as
part of its plan to expand regional jet service at its largest
hub. The 13-gate facility will feature covered boarding at all
gates and the latest customer service technology.
Also in the first quarter, American announced it will
provide its employees with company subsidized Dell computers and
Internet service for three years for the low payment of
approximately $12 a month.
---
Editor's Note: AMR's Chief Financial Officer, Tom Horton, will be
available to answer questions during a telephone news conference
on Wednesday, April 19, from 3 p.m. to 3:45 p.m. EDT. Reporters
interested in joining the conference should call 817-967-1577 for
details.
---
Statements in this news release contain forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Act of
1934, as amended, which represent 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 upon 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.
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AMR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31, Percent
2000 1999 Change
<S> <C> <C> <C>
Revenues
Passenger - American Airlines $3,770 $3,320 13.6
- AMR Eagle 338 271 24.7
Cargo 167 145 15.2
Other revenues 302 271 11.4
Total operating revenues 4,577 4,007 14.2
Expenses
Wages, salaries and benefits 1,617 1,467 10.2
Aircraft fuel 553 349 58.5
Depreciation and amortization 288 253 13.8
Maintenance, materials and
repairs 271 257 5.4
Commissions to agents 257 288 (10.8)
Other rentals and landing fees 237 229 3.5
Food service 185 167 10.8
Aircraft rentals 153 160 (4.4)
Other operating expenses 804 791 1.6
Total operating expenses 4,365 3,961 10.2
Operating Income 212 46 *
Other Income (Expense)
Interest income 32 24 33.3
Interest expense (119) (93) 28.0
Interest capitalized 38 33 15.2
Miscellaneous - net (6) 30 -
(55) (6) *
Income From Continuing Operations
Before Income Taxes 157 40 *
Income tax provision 68 23 *
Income From Continuing Operations 89 17 *
Income From Discontinued
Operations (net of applicable
income taxes and minority interest) 43 77 (44.2)
Gain on Sale of Discontinued
Operations (net of applicable
income taxes) - 64 -
Net Earnings $ 132 $ 158 (16.5)
</TABLE>
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 March 31,
2000 1999
<S> <C> <C>
Earnings Per Common Share
Basic
Income from Continuing
Operations $ 0.60 $ 0.11
Discontinued Operations 0.29 0.88
Net Earnings $ 0.89 $ 0.99
Diluted
Income from Continuing
Operations $ 0.57 $ 0.11
Discontinued Operations 0.29 0.85
Net Earnings $ 0.86 $ 0.96
Number of Shares Used in
Computation
Basic 149 159
Diluted 154 164
</TABLE>
* Greater than 100%
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AMR CORPORATION
OPERATING STATISTICS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31, Percent
2000 1999 Change
<S> <C> <C> <C>
American Airlines
Revenue passenger miles (millions) 27,022 25,290 6.8
Available seat miles (millions) 40,020 37,703 6.1
Cargo ton miles (millions) 546 431 26.7
Passenger load factor 67.5% 67.1% 0.4 pts.
Breakeven load factor 63.7% 66.4% (2.7) pts.
Passenger revenue yield per
passenger mile (cents) 13.95 13.13 6.2
Passenger revenue per available
seat mile (cents) 9.42 8.81 6.9
Cargo revenue yield per ton
mile (cents) 30.32 33.18 (8.6)
Operating expenses per available
seat mille (cents) 9.96 9.63 3.4
Fuel consumption (gallons,in millions) 730 687 6.3
Fuel price per gallon (cents) 72.1 48.9 47.4
Fuel price per gallon, excluding
fuel taxes (cents) 66.6 44.6 49.3
Operating aircraft at period-end 703 683 2.9
AMR Eagle
Revenue passenger miles (millions) 861 706 22.0
Available seat miles (millions) 1,514 1,211 25.0
Passenger load factor 56.9% 58.3% (1.4) pts.
Operating aircraft at period-end 271 256 5.9
AMR Corporation
Average Equivalent Number of
Employees (*)
AA Jet Operations 89,800 85,100
Other 14,700 13,200
Total 104,500 98,300
</TABLE>
(*) Excludes Sabre, Inc. employees
