AMR reports big third-quarter loss DALLAS (AP) =97 The parent company of American Airlines lost $924 million in= =20 the third quarter and announced it would mothball some aircraft and delay=20 delivery of new planes. AMR blamed the weak results during what is normally= =20 the peak summer travel season on the sluggish economy, low fares, security= =20 costs and the prospect of war against Iraq. "Any way you look at them,=20 these are terrible financial results," said chairman and chief executive=20 Donald J. Carty. "We could not overcome the cumulative weight of the=20 economic challenges, and the environment shows little sign of improving."=20 The company said it expects to post an even larger loss in the fourth=20 quarter unless air fares rise. In the third quarter, AMR said it lost $5.93= =20 per share. Excluding certain items that it considered one-time costs, AMR=20 said it would have lost $475 million, or $3.05 per share. On that basis,=20 analysts surveyed by Thomson First Call had expected a loss of $3.06 per=20 share. Revenue was $4.49 billion. That was below the levels of last year's= =20 third quarter, which was marred by the Sept. 11 terror attacks, and far=20 short of the $4.81 billion expected by analysts. AMR's results were announced one day after Delta Air Lines, the=20 third-largest U.S. carrier, reported a wider loss of $326 million in the=20 July-September quarter and said it would cut more jobs. The poor reports=20 dragged down the entire sector on Wall Street, where stocks fell sharply=20 across the board after four days of solid gains. In afternoon trading on=20 the New York Stock Exchange, shares of AMR fell 57 cents to $3.91, Delta=20 shares fell 81 cents to $8.28, United Airlines shares fell 25 cents to=20 $1.78, and Continental Airlines shares fell 43 cents to $4.81. On the=20 Nasdaq Stock Market, shares of Northwest Airlines fell 79 cents to $6.08=20 and Southwest Airlines shares fell 45 cents to $13.25. Fort Worth-based AMR= =20 said Wednesday would mothball 42 airplanes beginning early next year to=20 save more than $100 million on maintenance over the next two years. The=20 company said it doesn't expect to need the planes until at least 2005. AMR= =20 also it has reached agreement with Boeing to delay delivery of 34 airplanes= =20 through 2005. American will take only 11 airplanes next year instead of the= =20 planned 19, and it won't take any new aircraft in 2004 and 2005. The=20 company said it has cut planned capital spending by more than $1.5 billion= =20 through 2005. The owner of Roger's Trinbago Site: Roj (Roger James) *************************************************** escape email mailto:ejames@escape.ca Trinbago site: http://www.tntisland.com CBC Website http://www.tntisland.com/caribbeanbrassconnection/ The Trinbago Site of the Week: (ReadyMix) http://www.readymix.co.tt/ (ReadyMix Cement Ltd) courtesy of Roj Trinbago Website & TnT Web Directory Roj's Trinbago Website: http://www.tntisland.com TnT Web Directory: http://search.co.tt *********************************************************