AMR Corporation reports first quarter 2013 net profit of $8m

In the first quarter 2013, AMR reported a net profit of $8m, excluding reorganization and special items, a $256m improvement compared to the prior-year period. AMR incurred a GAAP net loss of $341m versus a GAAP net loss of $1.7bn in the first quarter of 2012. First quarter results were negatively impacted by $349m of reorganization and special items. AMR reported consolidated revenue of $6.1bn, approximately 1.0% higher compared to the prior-year period on 1.3% less capacity. For the first quarter, AMR’s consolidated operating expenses decreased $80m, or 1.3%, versus the same period in 2012. Excluding special items, AMR’s consolidated operating expenses decreased $142m, or 2.3% year-over-year. AMR ended the first quarter with approximately $5.1bn in cash and short-term investments, including a restricted cash balance of $853m, compared to a balance of approximately $5.6bn in cash and short-term investments, including a restricted balance of approximately $771m, at the end of the first quarter of 2012.