US Airways 2005 Annual Report Download - page 47

Table of Contents
Selected Financial Data of US Airways, Inc.
Statements of Operations (in millions)
Successor
Company(a) Predecessor Company(a)
Three Months Nine Months Nine Months Three Months
Ended Ended Year Ended Ended Ended Year Ended Year Ended
December 31, September 30, December 31, December 31, March 31, December 31, December 31,
2005 2005 2004 2003 2003 2002 2001
Operating revenues $ 1,756 $ 5,457 $ 7,073 $ 5,250 $ 1,512 $ 6,915 $ 8,253
Operating expenses 1,827 5,599 7,421 5,292 1,714 8,236 9,874
Operating loss(b) $ (71) $ (142) $ (348) $ (42) $ (202) $ (1,321) $ (1,621)
Income (loss) before cumulative effect of accounting change $ (120) $ 280 $ (578) $ (160) $ 1,613 $ (1,659) $ (1,996)
Cumulative effect of accounting change, net of applicable income taxes — — — — — — 7
Net income (loss)(c) $ (120) $ 280 $ (578) $ (160) $ 1,613 $ (1,659) $ (1,989)
Balance Sheets (in millions)
Successor
Company(a) Predecessor Company(a)
December 31,
2005 2004 2003 2002 2001
Total assets $ 4,808 $ 8,250 $ 8,349 $ 6,464 $ 7,941
Long-term obligations(d) $ 2,161 $ 4,815 $ 4,591 $ 5,009 $ 5,147
Total stockholder's equity (deficit) $ (133) $ (501) $ 89 $ (4,956) $ (2,630)
(a) In connection with emergence from the first bankruptcy in March 2003 and the second bankruptcy in September 2005, US Airways adopted fresh-start
reporting in accordance with AICPA Statement of Position 90-7, "Financial Reporting by Entities in Reorganization Under the Bankruptcy Code." As a
result of the application of fresh-start reporting, the financial statements prior to March 31, 2003 are not comparable with the financial statements for
the period April 1, 2003 to September 27, 2005, nor is either period comparable to periods after September 27, 2005. References to "Successor
Company" refer to US Airways on and after September 27, 2005, after the application of fresh-start reporting for the second bankruptcy.
(b) The operating results for the three months ended December 31, 2005, the nine months ended December 31, 2003, the year ended December 31, 2002
and the year ended December 31, 2001 include the following unusual items:
• The operating results for the three months ended December 31, 2005 include $15 million in transition and merger integration costs. These items
included $7 million in insurance premiums related to policies for former officers and directors, $5 million in salaries and related benefits for severance,
retention payments and stock awards, $1 million of aircraft livery costs, $1 million of programming service expense and $1 million in other expenses.
• The operating results for the nine months ended December 31, 2003 include:
• A $212 million, net of amounts due to certain affiliates, reduction in operating expenses in connection with the reimbursement for certain aviation-
related security expenses in connection with the Emergency Wartime Supplemental Appropriations Act.
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