American Airlines 1999 Annual Report Download - page 59

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58
14. QUARTERLY FI NANCIAL DATA (UNAUDITED)
Unaudited summarized financial data by quarter for 1999 and 1998 (in millions, except per share amounts):
First Second Third Fourt h
Quarter Quarter Quarter Quarter
1999*
Operating revenues $4,007 $4,541 $4,695 $4,487
Operating income 46 414 426 270
Income from continuing operations 17 216 213 210
Net earnings 158 268 279 280
Earnings per common share:
Basic
From continuing operations 0.11 1.41 1.42 1.42
Net earnings 0.99 1.76 1.86 1.89
Diluted
From continuing operations 0.11 1.36 1.38 1.37
Net earnings 0.99 1.70 1.76 1.84
1998*
Operating revenues $4,242 $4,506 $4,601 $4,167
Operating income 434 614 634 306
Income from continuing operations 226 351 373 164
Net earnings 290 409 433 182
Earnings per common share:
Basic
From continuing operations 1.31 2.04 2.21 1.01
Net earnings 1.68 2.38 2.57 1.12
Diluted
From continuing operations 1.26 1.97 2.14 0.98
Net earnings 1.62 2.30 2.49 1.09
*Results for 1998 have been restated for discontinued operations and the first, second and third quarters of 1999 have been restated from amounts previously
reported for the discontinued operations of Sabre.
During the first quarter of 1999, the Company recorded an
after-tax gain of approximately $64 million related to the sale
of AMR Services, AMR Combs and TeleService Resources, and a
$37 million after-tax gain related to the sale of a portion of
the Company’s holdings in Equant, of which approximately
$18 million is recorded in income from discontinued operations
(see Note 2). Results for the fourth quarter of 1999 include: (i) a
$25 million after-tax gain related to the Company’s sale of its
investment in the preferred stock of Canadian and a $67 million
tax benefit resulting from the tax loss on the Company’s invest-
ment in Canadian (see Note 2), (ii) an after-tax gain of approxi-
mately $81 million related to the sale of a portion of the
Company’s holdings in Equant, of which approximately $53
million is recorded in income from discontinued operations (see
Note 2), (iii) a $28 million after-tax increase in passenger revenue
resulting from a change in estimate related to certain passenger
revenues earned during the first nine months of 1999, and (iv) a
$25 million after-tax provision for certain litigation settlements.