AMR Corporation reported a net loss of $340 million for the fourth quarter of 2008. The results for the fourth quarter of 2008 include the impact of two special charges: a $23 million charge for aircraft groundings, facility write-offs and severance related to the Company’s previously announced capacity reductions during the last four months of 2008, and a non-cash pension settlement charge of $103 million driven by a large number of early pilot retirements during 2008, which required any unrecognized gains or losses of the related defined benefit pension plan to be recognized on a proportional basis. Excluding those special charges, the Company lost $214 million in the fourth quarter of 2008.
The current quarter results compare to a net loss of $69 million for the fourth quarter of 2007 which included: a $138 million gain on the sale of AMR’s stake in ARINC; a $39 million gain from the change to the expiration period for AAdvantage
