American Airlines 2000 Annual Report Download - page 34

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32
14 . QU ART ERLY FIN ANCI AL DAT A (U N AUDI TED)
Unaudited summarized financial data by quarter for 2000 and 1999 (in millions, except per share amounts):
First Second Third Fourth
Quarter Quarter Quarter Quarter
2000
Operating revenues $4,577 $ 5,01 1 $ 5,25 6 $ 4,85 9
Operating income 21 2 51 7 572 8 0
Income from continuing operations
before extraordinary loss 89 321 322 47
Net earnings 1 32 321 31 3 47
Earnings per share:
Basic
From continuing operations
before extraordinary loss 0.60 2.1 5 2.1 4 0.3 1
Net earnings 0.89 2.1 5 2.08 0.31
Diluted
From continuing operations
before extraordinary loss 0.57 1 .9 6 1 .96 0.2 9
Net earnings 0.86 1 .9 6 1 .91 0.2 9
1 999
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 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 0.96 1.70 1.76 1.84
During the second quarter of 2000, the Company
recorded an after-tax gain of approximately $36 million
from the sale of the Company’s warrants to purchase
5.5 million shares of priceline common stock (see Note
2). During the third quarter of 2000, the Company
recorded a $9 million after-tax extraordinary loss on the
repurchase prior to scheduled maturity of long-term
debt (see Note 5). Results for the fourth quarter of 2000
include an after-tax gain of approximately $26 million
for the recovery of start-up expenses related to the
Canadian services agreement (see Note 2) and an after-
tax charge of approximately $35 million for the Com-
pany’s employee home computer program.
During the first quarter of 1999, the Company
recorded an after-tax gain of approximately $64 million
from the sale of AMR Services, AMR Combs and Tele-
Service Resources, and a $37 million after-tax gain from
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 the
following: (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 investment in Canadian
(see Note 2), (ii) an after-tax gain of approximately
$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 mil-
lion after-tax provision for certain litigation settlements.