United Airlines 2008 Annual Report Download - page 36

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ITEM 6. SELECTED FINANCIAL DATA.
In connection with its emergence from Chapter 11 bankruptcy protection, UAL adopted fresh-start
reporting in accordance with SOP 90-7 and in conformity with accounting principles generally accepted
in the United States of America (“GAAP”). As a result of the adoption of fresh-start reporting, the
financial statements prior to February 1, 2006 are not comparable with the financial statements after
February 1, 2006. References to “Successor Company” refer to UAL on or after February 1, 2006, after
giving effect to the adoption of fresh-start reporting. References to “Predecessor Company” refer to
UAL prior to February 1, 2006.
(In millions, except rates) 2008 2007
Period from
February 1 to
December 31,
2006
Period from
January 1
to January 31,
2006 2005 2004
Year Ended
December 31,
Year Ended
December 31,
Successor Predecessor
Income Statement Data:
Operating revenues . ...................... $ 20,194 $ 20,143 $17,882 $ 1,458 $17,379 $ 16,391
Operating expenses . ...................... 24,632 19,106 17,383 1,510 17,598 17,245
Mainline fuel purchase cost ................. 7,114 5,086 4,436 362 4,032 2,943
Non-cash fuel hedge (gains) losses . ............ 568 (20) 2 — — —
Cash fuel hedge (gains) losses ................ 40 (63) 24 — — —
Total Mainline fuel expense ................ 7,722 5,003 4,462 362 4,032 2,943
Nonoperating non-cash fuel hedge (gains) losses . . . 279 — — — — —
Nonoperating cash fuel hedge (gains) losses ...... 249 — — — — —
Goodwill impairment ...................... 2,277 — — — — —
Other impairments and special operating items . . . . 339 (44) (36) — 18 —
Reorganization (income) expense . ............ — — — (22,934) 20,601 611
Net income (loss)(a) ...................... (5,348) 403 25 22,851 (21,176) (1,721)
Basicearnings(loss)pershare ............... (42.21) 3.34 0.14 196.61 (182.29) (15.25)
Dilutedearnings(loss)pershare.............. (42.21) 2.79 0.14 196.61 (182.29) (15.25)
Cash distribution declared per common share(b) . . . — 2.15 — — — —
Balance Sheet Data at period-end:
Totalassets............................. $ 19,461 $ 24,220 $25,369 $19,555 $19,342 $ 20,705
Long-term debt and capital lease obligations,
including current portion. ................. 8,149 8,449 10,600 1,432 1,433 1,204
Liabilities subject to compromise . . ............ — — — 36,336 35,016 16,035
Mainline Operating Statistics(c):
Revenue passengers . ...................... 63 68 69 (c) 67 71
Revenue passenger miles (“RPMs”)(d) . . ....... 110,061 117,399 117,470 (c) 114,272 115,198
Availableseatmiles(“ASMs”)(e).............. 135,861 141,890 143,095 (c) 140,300 145,361
Passenger load factor(f) . . . ................. 81.0% 82.7% 82.1% (c) 81.4% 79.2%
Yield(g)............................... 13.89¢ 12.99¢ 12.19¢ (c) 11.25¢ 10.83¢
Passenger revenue per ASM (“PRASM”)(h) ...... 11.29¢ 10.78¢ 10.04¢ (c) 9.20¢ 8.63¢
Operating revenue per ASM (“RASM”)(i) ....... 12.58¢ 12.03¢ 11.49¢ (c) 10.66¢ 9.95¢
Operating expense per ASM (“CASM”)(j) ....... 15.74¢ 11.39¢ 11.23¢ (c) 10.59¢ 10.20¢
Fuel gallons consumed ..................... 2,182 2,292 2,290 (c) 2,250 2,349
Average price per gallon of jet
fuel, including tax and hedge impact . . . ....... 353.9¢ 218.3¢ 210.7¢ (c) 179.2¢ 125.3¢
(a) Net income (loss) was significantly impacted in the Predecessor periods due to reorganization items related to the bankruptcy
restructuring.
(b) Paid in January 2008.
(c) Mainline operations exclude the operations of independent regional carriers operating as United Express. Statistics included
in the 2006 Successor period were calculated using the combined results of the Successor period from February 1 to
December 31, 2006 and the Predecessor January 2006 period.
(d) RPMs are the number of miles flown by revenue passengers.
(e) ASMs are the number of seats available for passengers multiplied by the number of miles those seats are flown.
(f) Passenger load factor is derived by dividing RPMs by ASMs.
(g) Yield is mainline passenger revenue excluding industry and employee discounted fares per RPM.
(h) PRASM is mainline passenger revenue per ASM.
(i) RASM is operating revenues excluding United Express passenger revenue per ASM.
(j) CASM is operating expenses excluding United Express operating expenses per ASM.
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