American Airlines 1997 Annual Report Download - page 11

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2
9
Second Quarter
The APA announces that its members have ratified the agreement it reached with American in March. This marks the
first time since 1992 that American has not been in contract negotiations with at least one union.
American authorizes the repurchase of 5.75 million shares of common stock to offset potential dilution resulting
from granting options to pilots on the same number of shares.
American confirms orders for 98 new Boeing planes, including 777, 767, 757 and 737 aircraft. Later in the year,
American orders an additional four 767s and 777s for delivery in 1999, bringing total firm orders to 106 aircraft.
American Eagle announces an order for 67 regional jets, including 42 new 50-seat Embraer 145s and 25 new 70-
seat Canadair 700s. The regional airline also orders 12 new 66-seat Super ATR turboprops.
American becomes the only major hub-and-spoke U.S. airline with a solid investment grade rating when
Standard & Poor’s upgrades both AMR Corporation and American Airlines corporate and senior debt ratings.
For the first time in two years, American begins hiring flight attendants. By the end of the year, American will
have hired and trained some 450 flight attendants, with 1,600 more to be hired during 1998. In the two weeks after
announcing the openings, American receives more than 20,000 inquiries.
Investing in customer comfort, American orders 60,000 new coach-class seats and 10,000 new first-and busi-
ness-class seats to be installed in the existing fleet.
American Airlines Cargo begins construction on a 7,800 square-foot addition to its facility at Chicago O’Hare.
American launches service between Austin and Miami. The new route gives businesses in one of the country’s
premier high-tech centers non-stop access to American’s primary gateway to Latin America.
American and Canadian Airlines expand their codesharing alliance by putting Canadian’s code on American
flights to Guatemala and El Salvador. In addition, American and TAM-Transportes Aereos Meridionais (TAM) of Brazil
agree to create a codesharing and frequent flyer alliance.
For the quarter, AMR reports net earnings of $302 million, topping the $293 million earned in the same period a
year earlier.