AirTran Holdings reports fourth quarter net loss of $118.4 million

AirTran Holdings, the parent company of AirTran Airways, reported a net loss of $273.8 million for the full year 2008 which included non-operating losses of $150.8 million related to changes in fair value on the Company’s out-of-the-money fuel hedge contracts. During the fourth quarter, AirTran unwound approximately 78% of its 2009 fuel hedge contracts in order to mitigate the potential for additional losses on further oil price declines. For the fourth quarter, AirTran reported a net loss of $118.4 million which also included non-operating losses of $147.7 million related to fuel hedge contracts. AirTran ended the fourth quarter with $340.5 million in unrestricted cash and investments, its highest year-end balance since 2005.