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)
January 17, 2001
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) 872-7000
(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
On January 17, 2001, US Airways Group, Inc. and US Airways, Inc.
(US Airways) issued a news release disclosing the results of
operations for both companies for the three months and year ended
December 31, 2000, and selected operating and financial statistics for
US Airways for the same periods (see Exhibit 99 to this report).
Item 7. Financial Statements and Exhibits
(c) Exhibits
Designation Description
----------- -----------
99 News release dated January 17, 2001 of US Airways
Group, Inc. and US Airways, 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)
/s/ Anita P. Beier
Date: January 17, 2001 By: --------------------------------
Anita P. Beier
Vice President and Controller
Chief Accounting Officer
US Airways, Inc. (REGISTRANT)
/s/ Anita P. Beier
Date: January 17, 2001 By: --------------------------------
Anita P. Beier
Vice President and Controller
Chief Accounting Officer
(this space intentionally left blank)
Exhibit 99
US AIRWAYS GROUP REPORTS LOSS OF $269 MILLION FOR FULL YEAR 2000
ARLINGTON, Va., Jan. 17, 2001 - US Airways Group, Inc. reported
today that it had a net loss of $269 million, or $4.02 per diluted
common share, for the full year 2000.
For the fourth quarter of 2000, the company reported a net loss
of $101 million, or $1.50 per diluted common share.
"US Airways employees continue to do a terrific job in providing
superior service to our customers. However, high fuel prices and
expanding low-cost and network carrier competition have combined to
produce disappointing financial results for the company," US Airways
President and CEO Rakesh Gangwal said.
US Airways Chairman Stephen M. Wolf said that the company
remains focused both on operational performance and the proposed
merger with United Airlines.
"This merger will have a very positive impact not only on the
job prospects of US Airways' 45,000 employees but also on service and
competition throughout US Airways' service area. The economic impact
of the truly national and international network that will result from
our merger with United bodes well for both the traveling public and
the communities we serve," Wolf said.
For the 12 months ended Dec. 31, 2000, US Airways Group had
operating revenues of $9.3 billion, an increase of 7.8 percent over
1999. Operating expenses increased 10.2 percent to $9.3 billion,
primarily as a result of increased fuel costs. The operating loss for
the year was $53 million, and compares to operating income for 1999
of $136 million. The loss for the year of $166 million (excluding the
previously reported cumulative effect of a change in accounting
principle) compares to a profit of $197 million in 1999. The loss per
diluted common share of $2.47 compares to a profit of $2.64 in 1999.
-more-
US AIRWAYS GROUP REPORTS LOSS
OF $269 MILLION FOR FULL YEAR 2000
Jan. 17, 2001
Page Two
Total revenue passenger miles for the full year 2000 were up
12.4 percent while total available seat miles increased 11.7 percent.
This resulted in a passenger load factor increase for the year of 0.4
percentage points to 70.3 percent. Passenger revenue per available
seat mile decreased 4.4 percent while cost per available seat mile
fell 2.1 percent. The break-even load factor increased 3.7 percentage
points to 73.3 percent. The cost of aviation fuel per gallon was
95.81 cents, an increase of 63.4 percent.
For the three months ended Dec. 31, 2000, US Airways Group had
operating revenues of $2.4 billion, an increase of 10.4 percent over
1999, while operating expenses rose 8.3 percent to $2.4 billion,
primarily as a result of increased fuel costs. There was an operating
loss for the quarter of $88 million, as compared to a loss of $121
million in the fourth quarter of 1999. The net loss for the quarter
of $101 million compares to a net loss of $81 million in the fourth
quarter of 1999. Net loss per diluted common share of $1.50 compares
to a net loss per diluted common share in 1999 of $1.16.
Total revenue passenger miles for the three months ended Dec.
31, 2000 were up 16.3 percent, while total available seat miles
increased 13.2 percent. The passenger load factor for the quarter was
69.3 percent, an increase of 1.9 percentage points over 1999.
Passenger revenue per available seat mile decreased 3.6 percent while
cost per available seat mile decreased 2.9 percent. The break-even
load factor increased 2.8 percentage points to 74.2 percent. The cost
of aviation fuel per gallon was $1.09, an increase of 47.2 percent
over 1999.
The fourth quarter results include an $18 million pretax
impairment loss related to warrants the company holds in
Priceline.com. Full year 2000 results also include a $103 million,
net of tax, cumulative effect of accounting change. Excluding the
Priceline.com loss, diluted loss per share before the cumulative
effect of accounting change was $2.30 for 2000 compared to last
year's diluted earnings per share excluding nonrecurring and unusual
items of $0.50. Excluding these items, operating loss was $53 million
compared to an operating income of $181 million in 1999, and loss
before the cumulative effect of accounting change for 2000 was $154
million versus income of $37 million for 1999.
Excluding the Priceline.com impairment loss, diluted loss per
share for the fourth quarter of 2000 was $1.33 compared to last
year's diluted loss per share excluding nonrecurring and unusual
items of $0.68. Excluding these items, fourth quarter operating loss
was $88 million compared to an operating loss of $60 million in 1999.
Adjusted for these items, net loss was $89 million versus $47 million
for the prior year quarter.
-30-
NUMBER: 4020
US Airways Group, Inc. NEWS RELEASE
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in millions, except per share amounts)
Three Months Ended December 31,
-----------------------------------
2000 1999 % Change
--------- --------- --------
Operating Revenues
Passenger transportation $ 2,103 $ 1,896 10.9
Cargo and freight 44 40 10.0
Other 209 199 5.0
--------- ---------
Total Operating Revenues 2,356 2,135 10.4
Operating Expenses
Personnel costs 968 873 10.9
Aviation fuel 380 237 60.3
Commissions 91 111 (18.0)
Aircraft rent 138 123 12.2
Other rent and landing fees 112 109 2.8
Aircraft maintenance 123 131 (6.1)
Other selling expenses 91 82 11.0
Depreciation and amortization 92 151 (39.1)
Other 449 439 2.3
--------- ---------
Total Operating Expenses 2,444 2,256 8.3
--------- ---------
Operating Income (Loss) (88) (121) (27.3)
Other Income (Expense)
Interest income 22 18 22.2
Interest expense (65) (49) 32.7
Interest capitalized 8 9 (11.1)
Gain on sale of investment -- -- --
Other, net (23) 8 NM
--------- ---------
Other Income (Expense), Net (58) (14) 314.3
--------- ---------
Income (Loss) Before Taxes and
Cumulative Effect of
Accounting Change (146) (135) 8.1
Provision (Credit) for
Income Taxes (45) (54) (16.7)
--------- ---------
Income (Loss) Before Cumulative
Effect of Accounting Change (101) (81) 24.7
Cumulative Effect of Accounting
Change, Net of Applicable
Income Taxes of $63 Million -- -- --
--------- ---------
Net Income (Loss) $ (101) $ (81) 24.7
========= =========
Earnings (Loss) per Common Share
Basic
Before Cumulative Effect
of Accounting Change $ (1.50) $ (1.16) 29.3
Cumulative Effect of
Accounting Change $ -- $ -- --
--------- ---------
Net Earnings (Loss) per
Common Share $ (1.50) $ (1.16) 29.3
========= =========
Diluted
Before Cumulative Effect
of Accounting Change $ (1.50) $ (1.16) 29.3
Cumulative Effect of
Accounting Change $ -- $ -- --
--------- ---------
Net Earnings (Loss) per
Common Share $ (1.50) $ (1.16) 29.3
========= =========
Shares Used for Computation (000)
Basic 67,031 69,347
Diluted 67,031 69,347
NM - Not Meaningful
US Airways Group, Inc. NEWS RELEASE
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(dollars in millions, except per share amounts)
Twelve Months Ended December 31,
-----------------------------------
2000 1999 % Change
--------- --------- --------
Operating Revenues
Passenger transportation $ 8,341 $ 7,685 8.5
Cargo and freight 164 149 10.1
Other 764 761 0.4
--------- ---------
Total Operating Revenues 9,269 8,595 7.8
Operating Expenses
Personnel costs 3,637 3,380 7.6
Aviation fuel 1,284 727 76.6
Commissions 371 484 (23.3)
Aircraft rent 519 466 11.4
Other rent and landing fees 448 430 4.2
Aircraft maintenance 504 498 1.2
Other selling expenses 419 379 10.6
Depreciation and amortization 369 401 (8.0)
Other 1,771 1,694 4.5
--------- ---------
Total Operating Expenses 9,322 8,459 10.2
--------- ---------
Operating Income (Loss) (53) 136 NM
Other Income (Expense)
Interest income 76 66 15.2
Interest expense (251) (193) 30.1
Interest capitalized 33 38 (13.2)
Gain on sale of investment -- 274 NM
Other, net (28) 24 NM
--------- ---------
Other Income (Expense), Net (170) 209 NM
--------- ---------
Income (Loss) Before Taxes and
Cumulative Effect of
Accounting Change (223) 345 NM
Provision (Credit) for
Income Taxes (57) 148 NM
--------- ---------
Income (Loss) Before Cumulative
Effect of Accounting Change (166) 197 NM
Cumulative Effect of Accounting
Change, Net of Applicable
Income Taxes of $63 Million (103) -- --
--------- ---------
Net Income (Loss) $ (269) $ 197 NM
========= =========
Earnings (Loss) per Common Share
Basic
Before Cumulative Effect
of Accounting Change $ (2.47) $ 2.69 NM
Cumulative Effect of
Accounting Change $ (1.55) $ -- --
--------- ---------
Net Earnings (Loss) per
Common Share $ (4.02) $ 2.69 NM
========= =========
Diluted
Before Cumulative Effect
of Accounting Change $ (2.47) $ 2.64 NM
Cumulative Effect of
Accounting Change $ (1.55) $ -- --
--------- ---------
Net Earnings (Loss) per
Common Share $ (4.02) $ 2.64 NM
========= =========
Shares Used for Computation (000)
Basic 66,855 73,316
Diluted 66,855 74,603
NM - Not Meaningful
US Airways, Inc. NEWS RELEASE
(A Wholly-Owned Subsidiary of US Airways Group, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions)
Three Months Ended December 31,
-----------------------------------
2000 %
(Note 1) 1999 Change
--------- --------- --------
Operating Revenues
Passenger transportation $ 1,933 $ 1,687 14.6
US Airways Express
transportation revenues 229 199 15.1
Cargo and freight 43 38 13.2
Other 142 179 (20.7)
--------- ---------
Total Operating Revenues 2,347 2,103 11.6
Operating Expenses
Personnel costs 910 810 12.3
Aviation fuel 360 219 64.4
Commissions 85 100 (15.0)
Aircraft rent 124 107 15.9
Other rent and landing fees 107 99 8.1
Aircraft maintenance 103 107 (3.7)
Other selling expenses 84 73 15.1
Depreciation and amortization 88 143 (38.5)
US Airways Express capacity
purchases 205 168 22.0
Other 362 392 (7.7)
--------- ---------
Total Operating Expenses 2,428 2,218 9.5
--------- ---------
Operating Income (Loss) (81) (115) (29.6)
Other Income (Expense)
Interest income 21 30 (30.0)
Interest expense (65) (50) 30.0
Interest capitalized 4 3 33.3
Gain on sale of investment -- -- --
Other, net (21) 8 NM
--------- ---------
Other Income (Expense), Net (61) (9) 577.8
--------- ---------
Income (Loss) Before Taxes
and Cumulative Effect of
Accounting Change (142) (124) 14.5
Provision (Credit) for
Income Taxes (44) (47) (6.4)
--------- ---------
Income (Loss) Before
Cumulative Effect of
Accounting Change (98) (77) 27.3
Cumulative Effect of
Accounting Change, Net
of Applicable Income
Taxes of $63 Million -- -- --
--------- ---------
Net Income (Loss) $ (98) $ (77) 27.3
========= =========
NM - Not meaningful
Note 1. Results for the three months ended December 31,2000 include
the activity of the former Shuttle, Inc. Results for the
twelve months ended December 31, 2000 include the activity of
the former Shuttle, Inc. beginning July 1, 2000, the merger
date.
US Airways, Inc. NEWS RELEASE
(A Wholly-Owned Subsidiary of US Airways Group, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions)
Twelve Months Ended December 31,
----------------------------------
2000 %
(Note 1) 1999 Change
--------- --------- --------
Operating Revenues
Passenger transportation $ 7,556 $ 6,848 10.3
US Airways Express
transportation revenues 880 780 12.8
Cargo and freight 160 145 10.3
Other 585 687 (14.8)
--------- ---------
Total Operating Revenues 9,181 8,460 8.5
Operating Expenses
Personnel costs 3,398 3,142 8.1
Aviation fuel 1,205 670 79.9
Commissions 342 438 (21.9)
Aircraft rent 454 402 12.9
Other rent and landing fees 417 395 5.6
Aircraft maintenance 412 397 3.8
Other selling expenses 382 341 12.0
Depreciation and amortization 344 370 (7.0)
US Airways Express capacity
purchases 764 634 20.5
Other 1,507 1,532 (1.6)
--------- ---------
Total Operating Expenses 9,225 8,321 10.9
--------- ---------
Operating Income (Loss) (44) 139 NM
Other Income (Expense)
Interest income 106 199 (46.7)
Interest expense (252) (195) 29.2
Interest capitalized 15 18 (16.7)
Gain on sale of investment -- 274 NM
Other, net (27) 24 NM
--------- ---------
Other Income (Expense), Net (158) 320 NM
--------- ---------
Income (Loss) Before Taxes
and Cumulative Effect of
Accounting Change (202) 459 NM
Provision (Credit) for
Income Taxes (50) 186 NM
--------- ---------
Income (Loss) Before
Cumulative Effect of
Accounting Change (152) 273 NM
Cumulative Effect of
Accounting Change, Net
of Applicable Income
Taxes of $63 Million (103) -- --
--------- ---------
Net Income (Loss) $ (255) $ 273 NM
========= =========
NM - Not meaningful
Note 1. Results for the three months ended December 31,2000 include
the activity of the former Shuttle, Inc. Results for the
twelve months ended December 31, 2000 include the activity of
the former Shuttle, Inc. beginning July 1, 2000, the merger
date.
US Airways, Inc. NEWS RELEASE
(A Wholly-Owned Subsidiary of US Airways Group, Inc.)
SELECTED AIRLINE OPERATING AND FINANCIAL STATISTICS (Note 1)
(unaudited)
Three Months Ended December 31,
-------------------------------
%
2000 1999 Change
------- ------- --------
Revenue passengers (thousands)*
(Note 4) 15,605 14,496 7.7
Total revenue passenger miles
(millions) (Note 4) 12,173 10,470 16.3
Revenue passenger miles
(millions)* (Note 4) 12,163 10,450 16.4
Total available seat miles
(millions) (Note 4) 17,570 15,525 13.2
Available seat miles(millions)*
(Note 4) 17,557 15,499 13.3
Passenger load factor* (Note 4) 69.3% 67.4% 1.9 pts.
Break-even load factor (Note 2) 74.2% 71.4% 2.8 pts.
Yield* (Notes 3 and 4) 15.90c 16.94c (6.1)
Passenger revenue per available
seat mile* (Notes 3 and 4) 11.01c 11.42c (3.6)
Revenue per available seat mile
(Notes 2, 3 and 4) 12.06c 12.45c (3.1)
Cost per available seat mile
(Notes 2 and 4) 12.65c 13.03c (2.9)
Average passenger journey (miles)*
(Note 4) 779 721 8.0
Average stage length (miles)* 648 612 5.9
Revenue aircraft miles (millions)* 126 113 11.5
Cost of aviation fuel per gallon 109.27c 74.21c 47.2
Cost of aviation fuel per gallon
(excluding fuel taxes) 102.48c 68.04c 50.6
Gallons of aviation fuel consumed
(millions) 329 295 11.5
Scheduled mileage completion factor* 98.1% 97.9% 0.2 pts.
Number of aircraft in operating
fleet at period-end (Note 4) 417 387 7.8
Full-time equivalent employees at
period-end (Note 4) 43,467 42,016 3.5
* Scheduled service only (excludes charter service).
c cents
Note 1. Includes US Airways' "mainline" operations and
the operations of its low-cost product, MetroJet.
Note 2. Financial statistics exclude nonrecurring items and
the revenues and expenses generated under capacity
purchase arrangements US Airways has with certain
US Airways Express air carriers.
Note 3. Effective January 1, 2000, US Airways changed its
accounting policy related to Dividend Miles revenue
recognition in connection with guidance found in the
Securities and Exchange Commission Staff Accounting
Bulletin 101, "Revenue Recognition in Financial
Statements." The 1999 amounts are presented on a pro forma
basis to show what US Airways would have reported if the new
accounting policy had been in effect in periods prior to
2000.
Note 4. Includes the activity of the former Shuttle, Inc. on a pro
forma basis as if it was merged into US Airways as of January
1, 1999.
US Airways, Inc. NEWS RELEASE
(A Wholly-Owned Subsidiary of US Airways Group, Inc.)
SELECTED AIRLINE OPERATING AND FINANCIAL STATISTICS (Note 1)
(unaudited)
Twelve Months Ended December 31,
-------------------------------
%
2000 1999 Change
-------- ------- ---------
Revenue passengers (thousands)*
(Note 4) 60,636 57,397 5.6
Total revenue passenger miles
(millions) (Note 4) 47,065 41,878 12.4
Revenue passenger miles
(millions)* (Note 4) 47,012 41,793 12.5
Total available seat miles
(millions) (Note 4) 66,919 59,925 11.7
Available seat miles(millions)*
(Note 4) 66,851 59,815 11.8
Passenger load factor* (Note 4) 70.3% 69.9% 0.4 pts.
Break-even load factor (Note 2) 73.3% 69.6% 3.7 pts.
Yield* (Notes 3 and 4) 16.28c 17.15c (5.1)
Passenger revenue per available
seat mile* (Notes 3 and 4) 11.45c 11.98c (4.4)
Revenue per available seat mile
(Notes 2, 3 and 4) 12.51c 13.02c (3.9)
Cost per available seat mile
(Notes 2 and 4) 12.72c 12.99c (2.1)
Average passenger journey (miles)*
(Note 4) 775 728 6.5
Average stage length (miles)* 640 616 3.9
Revenue aircraft miles (millions)* 481 437 10.1
Cost of aviation fuel per gallon 95.81c 58.63c 63.4
Cost of aviation fuel per gallon
(excluding fuel taxes) 89.17c 52.44c 70.0
Gallons of aviation fuel consumed
(millions) 1,258 1,143 10.1
Scheduled mileage completion factor* 97.4% 96.7% 0.7 pts.
Number of aircraft in operating
fleet at period-end (Note 4) 417 387 7.8
Full-time equivalent employees at
period-end (Note 4) 43,467 42,016 3.5
* Scheduled service only (excludes charter service).
c cents
Note 1. Includes US Airways' "mainline" operations and
the operations of its low-cost product, MetroJet.
Note 2. Financial statistics exclude nonrecurring items and
the revenues and expenses generated under capacity
purchase arrangements US Airways has with certain
US Airways Express air carriers.
Note 3. Effective January 1, 2000, US Airways changed its
accounting policy related to Dividend Miles revenue
recognition in connection with guidance found in the
Securities and Exchange Commission Staff Accounting
Bulletin 101, "Revenue Recognition in Financial Statements."
The 1999 amounts are presented on a pro forma basis to show
what US Airways would have reported if the new accounting
policy had been in effect in periods prior to 2000.
Note 4. Includes the activity of the former Shuttle, Inc. on a pro
forma basis as if it was merged into US Airways as of January
1, 1999.
US Airways Group, Inc. NEWS RELEASE
SUPPLEMENTAL SCHEDULE
(unaudited)
(dollars in millions, except per share amounts)
Three Months Ended December 31,
---------------------------------
As Reported Pro Forma %
2000 1999 Change
----------- ----------- ------
US AIRWAYS GROUP, INC. (Note 1)
Operating Revenues
Passenger transportation $ 2,103 $ 1,934 8.7
Cargo and freight 44 40 10.0
Other 209 157 33.1
------- -------
Total Operating Revenues $ 2,356 $ 2,131 10.6
======= =======
Income (Loss) Before Cumulative
Effect of Accounting Change $ (101) $ (84) 20.2
======= =======
Earnings (Loss) per Common Share
Basic - Before Cumulative Effect
of Accounting Change $ (1.50) $ (1.21) 24.0
Diluted - Before Cumulative Effect
of Accounting Change $ (1.50) $ (1.21) 24.0
Three Months Ended December 31,
---------------------------------
As Reported Pro Forma %
2000 1999 Change
----------- ----------- ------
US AIRWAYS, INC. (Notes 1 and 2)
Operating Revenues
Passenger transportation $ 1,933 $ 1,770 9.2
US Airways Express
transportation revenues 229 199 15.1
Cargo and freight 43 39 10.3
Other 142 124 14.5
------- -------
Total Operating Revenues 2,347 2,132 10.1
Total Operating Expenses 2,428 2,253 7.8
------- -------
Operating Income (Loss) $ (81) $ (121) (33.1)
======= =======
Income (Loss) Before Cumulative
Effect of Accounting Change $ (98) $ (81) 21.0
======= =======
NM - Not meaningful
Note 1. Effective January 1, 2000, US Airways changed its
accounting policy related to Dividend Miles revenue
recognition in connection with guidance found in the
Securities and Exchange Commission Staff Accounting
Bulletin 101,"Revenue Recognition in Financial Statements."
The Pro Forma 1999 amounts above are provided to show what
US Airways would have reported if the new accounting policy
had been in effect in periods prior to 2000.
Note 2. Includes the activity of the former Shuttle, Inc. on a pro
forma basis as if it was merged into US Airways as of
January 1, 1999.
US Airways Group, Inc. NEWS RELEASE
SUPPLEMENTAL SCHEDULE
(unaudited)
(dollars in millions, except per share amounts)
Twelve Months Ended December 31,
---------------------------------
As Reported Pro Forma %
2000 1999 Change
---------- ----------- ------
US AIRWAYS GROUP, INC. (Note 1)
Operating Revenues
Passenger transportation $ 8,341 $ 7,826 6.6
Cargo and freight 164 149 10.1
Other 764 593 28.8
------- -------
Total Operating Revenues $ 9,269 $ 8,568 8.2
======= =======
Income (Loss) Before Cumulative
Effect of Accounting Change $ (166) $ 181 NM
======= =======
Earnings (Loss) per Common Share
Basic - Before Cumulative Effect
of Accounting Change $ (2.47) $ 2.47 NM
Diluted - Before Cumulative Effect
of Accounting Change $ (2.47) $ 2.42 NM
Twelve Months Ended December 31,
---------------------------------
Pro Forma Pro Forma %
2000 1999 Change
---------- ----------- ------
US AIRWAYS, INC. (Notes 1 and 2)
Operating Revenues
Passenger transportation $ 7,654 $ 7,166 6.8
US Airways Express
transportation revenues 880 780 12.8
Cargo and freight 161 146 10.3
Other 553 492 12.4
------- -------
Total Operating Revenues 9,248 8,584 7.7
Total Operating Expenses 9,277 8,463 9.6
------- -------
Operating Income (Loss) $ (29) $ 121 NM
======= =======
Income (Loss) Before Cumulative
Effect of Accounting Change $ (142) $ 262 NM
======= =======
NM - Not meaningful
Note 1. Effective January 1, 2000, US Airways changed its
accounting policy related to Dividend Miles revenue
recognition in connection with guidance found in the
Securities and Exchange Commission Staff Accounting
Bulletin 101,"Revenue Recognition in Financial Statements."
The Pro Forma 1999 amounts above are provided to show what
US Airways would have reported if the new accounting policy
had been in effect in periods prior to 2000.
Note 2. Includes the activity of the former Shuttle, Inc. on a pro
forma basis as if it was merged into US Airways as of
January 1, 1999.
