FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
March 30, 1999
US Airways Group, Inc.
(Commission file number: 1-8444)
and
US Airways, Inc.
(Commission file number: 1-8442)
(Exact names of registrants as specified in their charters)
Delaware US Airways Group, Inc. 54-1194634
(State of incorporation US Airways, Inc. 53-0218143
of both registrants) (I.R.S. Employer Identification Nos.)
US Airways Group, Inc.
2345 Crystal Drive, Arlington, VA 22227
(Address of principal executive offices)
(703) 872-5306
(Registrant's telephone number, including area code)
US Airways, Inc.
2345 Crystal Drive, Arlington, VA 22227
(Address of principal executive offices)
(703) 872-7000
(Registrant's telephone number, including area code)
Item 5. Other Events
As detailed in the attached news release (see Exhibit 99),
the board of directors of US Airways Group, Inc. (the "Company")
has authorized the purchase from time to time in the open market
or in privately negotiated transactions of up to an additional
$500 million of the Company's outstanding common stock. As part
of the same news release, the Company commented on its earnings
per share expectations versus that of the First Call consensus for
the quarter ended March 31, 1999 and for full year 1999.
Item 7. Financial Statements and Exhibits
(c) Exhibit
Designation Description
- ----------- -----------
99 News release dated March 30, 1999 of
US Airways Group, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrants have duly caused this report to be signed
on their behalf by the undersigned hereunto duly authorized.
US Airways Group, Inc. (REGISTRANT)
Date: March 30, 1999 By: /s/ Thomas A. Mutryn
--------------------------------
Thomas A. Mutryn
Senior Vice President, Finance
Chief Financial Officer
US Airways, Inc. (REGISTRANT)
Date: March 30, 1999 By: /s/ Thomas A. Mutryn
--------------------------------
Thomas A. Mutryn
Senior Vice President, Finance
Chief Financial Officer
Exhibit 99
US AIRWAYS TO PURCHASE ADDITIONAL $500 MILLION IN STOCK, COMMENTS
ON 1st QUARTER & FULL YEAR
ARLINGTON, Va., March 30, 1999 - The US Airways Group, Inc.
board of directors has authorized the company to purchase an
additional $500 million in common stock, to be effected from time
to time in the open market or privately negotiated transactions.
The company indicated that the share purchase was part of its
continuing program to increase shareholder value.
Since the first stock purchase program was authorized in
January, 1998, the company has purchased 24.2 million shares of
its common stock for a total expenditure of $1.4 billion. All but
a small portion of the stock buyback programs previously
authorized by the board has been completed.
The company also indicated that its operations were impacted
by the effects of severe weather along the East Coast during the
first quarter. The weather caused an abnormally high number of
cancellations, a situation that was compounded by the
transitional effect of changing to new information technology
systems. Notwithstanding these difficult conditions, the company
said it expects to be in line with the current First Call
consensus of $0.46 for first quarter earnings per share,
excluding any non-recurring items. With operational performance
steadily improving as the unusual harsh winter weather abates,
the company also expects to be in line with the current First
Call consensus forecast of $5.60 for full-year 1999 earnings per
share.
Certain of the information contained in this news release
should be considered "forward-looking information" which is
subject to a number of risks and uncertainties. The preparation
of forward-looking information requires the use of estimates of
future revenues, expenses, activity levels and economic and
market conditions, many of which are outside the company's
control. Among the specific factors that could cause actual
results to differ materially from those set forth in the forward-
looking information are the following: economic conditions, labor
costs, aviation fuel costs, competitive pressures on pricing
particularly from lower-cost competitors, weather conditions,
government legislation, consumer perceptions of the company's
product, demand for air transportation in
-more-
US Airways To Purchase Additional $500 Million
In Stock, Comments On 1st Quarter & Full Year
Page Two
March 30, 1999
the markets in which the company operates and risks listed from
time to time in the company's reports to the U.S. Securities and
Exchange Commission. Other factors and assumptions not identified
above also were involved in the preparation of this forward-
looking information, and the failure of such other factors and
assumptions to be realized also may cause actual results to
differ materially from those in this release. The company assumes
no obligation to update such estimates to reflect actual results,
changes in assumptions or changes in other factors affecting such
estimates.
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NUMBER: 3606
