=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/07/22/f= inancial1104EDT0065.DTL ---------------------------------------------------------------------- Tuesday, July 22, 2003 (AP) America West reports second quarter profit (07-22) 10:10 PDT PHOENIX (AP) -- The parent company of America West Airlines posted a $79.7 million net profit for the second quarter Tuesday, the company's first profit in more than two years. The profit which amounted to $2.02 per share compared to a loss of 38 cents per share during the same period last year. In the quarter that ended June 30, America West Holdings Corp. received = an $81.3 million reimbursement from the federal government for Sept. 11-related security measures. It also absorbed $14.5 million in special charges related to its closures of its Columbus, Ohio, hub. Excluding those special items, the company would have reported $12.9 million in profit for the quarter or 33 cents per share -- significantly beating the loss of 19 cents per share analysts surveyed by Thomson First Call had expected. Second-quarter revenue rose 5.8 percent from a year ago to $575.8 millio= n. "We are extremely pleased to report a profit in this quarter. These results are solid evidence that the transformation of America West Airlines has worked," said Doug Parker, America West's chief executive officer. He noted, however, that the second quarter is historically the strongest for the low-fare carrier and that the results posted Tuesday still fall short of some of the company's previous second-quarter earnings. Shares of America West were up 19 cents to $9.37 in early afternoon trading on the New York Stock Exchange. The company has taken several steps in recent months to cut costs, eliminating 250 management, professional and administrative positions and closing its Columbus hub. For the first six months of the year, America West had a net profit of $17.7 million on revenue of $1.1 billion, compared with a loss of $286 million on revenue of $987 million, in the same period in 2002. America West officials have said the airline keeps improving its record for getting passengers to destinations on time, but it is still dogged by its past as a carrier that delayed flights, lost luggage and left customers waiting. The airline serves destinations in the United States, Canada and Mexico. It has hubs in Phoenix and Las Vegas. On the Net: America West Airlines: www.americawest.com =20 ---------------------------------------------------------------------- Copyright 2003 AP