United Airlines 2008 Annual Report Download - page 81

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UAL Corporation and Subsidiary Companies
Statements of Consolidated Operations
(In millions, except per share amounts)
2008 2007
Period from
February 1 to
December 31,
2006
Period from
January 1 to
January 31,
2006
Year Ended
December 31,
Successor Predecessor
Operating revenues:
Passenger—United Airlines . . . .................. $15,337 $15,254 $13,293 $ 1,074
Passenger—Regional affiliates . .................. 3,098 3,063 2,697 204
Cargo ...................................... 854 770 694 56
Special operating items (Note 19) ................ — 45 — —
Other operating revenues ...................... 905 1,011 1,198 124
20,194 20,143 17,882 1,458
Operating expenses:
Aircraft fuel ................................. 7,722 5,003 4,462 362
Salaries and related costs ....................... 4,311 4,261 3,909 358
Regional affiliates ............................ 3,248 2,941 2,596 228
Purchased services ............................ 1,375 1,346 1,148 98
Aircraft maintenance materials and outside repairs. . . 1,096 1,166 929 80
Depreciation and amortization .................. 932 925 820 68
Landing fees and other rent . . .................. 862 876 801 75
Distribution expenses .......................... 710 779 738 60
Aircraft rent ................................. 409 406 385 30
Cost of third party sales ........................ 272 316 614 65
Goodwill impairment (Note 3) .................. 2,277 — — —
Other impairments and special items (Notes 3 and
19) ...................................... 339 (44) (36) —
Other operating expenses ...................... 1,079 1,131 1,017 86
24,632 19,106 17,383 1,510
Earnings (loss) from operations . .................. (4,438) 1,037 499 (52)
Other income (expense):
Interest expense .............................. (523) (661) (728) (42)
Interest income .............................. 112 257 243 6
Interest capitalized............................ 20 19 15 —
Gain on sale of investment (Note 20) ............. — 41 — —
Miscellaneous, net (Note 13) . . .................. (550) 2 14 —
(941) (342) (456) (36)
Earnings (loss) before reorganization items, income
taxes and equity in earnings of affiliates ........... (5,379) 695 43 (88)
Reorganization items, net (Note 4) ............... — — — 22,934
Earnings (loss) before income taxes and equity in
earnings of affiliates ........................... (5,379) 695 43 22,846
Income tax expense (benefit)...................... (25) 297 21 —
Earnings (loss) before equity in earnings of affiliates . . . (5,354) 398 22 22,846
Equity in earnings of affiliates, net of tax ............ 6 5 3 5
Net income (loss) .............................. $(5,348) $ 403 $ 25 $22,851
Earnings (loss) per share, basic .................. $(42.21) $ 3.34 $ 0.14 $196.61
Earnings (loss) per share, diluted ................ $(42.21) $ 2.79 $ 0.14 $196.61
See accompanying Combined Notes to Consolidated Financial Statements.
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