On April 16, AMR filed its restructuring plan with the bankruptcy court, followed on April 18 by its first quarter results for 2013 showing a net profit, excluding reorganisations times, for the first time in six years.
"Thanks to the entire American team, we have made great progress in building the new American. For the first time in six years, we produced a first quarter profit, excluding reorganization items and special charges, and our fourth consecutive quarterly operating profit," said Horton. "And the momentum is building. We have raised revenues and built a competitive cost structure and sound foundation for the future. We're investing in hundreds of new aircraft and industry-leading products and have renewed our iconic American brand. Looking forward, our pending merger with our partners at US Airways positions American to be the world's leading airline. With great work by everyone on the American team, the new American is taking flight."
In the first quarter, AMR reported a net profit of $8 million, excluding reorganization and special items, a $256 million improvement compared to the prior-year period. AMR incurred a GAAP net loss of $341 million versus a GAAP net loss of $1.7 billion in the first quarter of 2012. First quarter results were negatively impacted by $349 million of reorganization and special items.
Consolidated revenue for the quarter was $6.1 billion, around 1% higher compared to the prior-year period on 1.3% less capacity.
First quarter consolidated and mainline passenger revenue per available seat mile (PRASM) increased 2.6% and 2.7% year-over-year, respectively. Consolidated revenue performance was driven by record passenger yield of 16.27 cents per mile, a 0.6% year-over-year improvement. Consolidated and mainline load factors were 79.9% and 80.6%, respectively.