Things may be turning around for Phoenix based America West Airlines as they reported a 2Q loss of $8.5m on revenues of $507.3m. In the same quarter last year they lost $42.5m on revenues of $547.4m. And cash on hand is a healthier $486m as of the end of June. Howsomever with Cactus you have to know what the meaning of is, is when it comes to their financials. Excluding the govt loan and changes in accounting procedures, the loss this quarter was $9.9m compared to a loss of $15.3m a year ago. Mgmt was downsized and salaries frozen while some older aircraft were returned early to lessors, resulting in accounting adjustments. All in all, a step in the right direction for America West! RT Simpson Phoenix