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ATA posts wider loss, seeks to postpone pay rises=20
=09
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Reuters <http://money.excite.com/img/logo_reuters.gif> =09
Friday May 7, 8:07 AM EDT=20
(Recasts lead, adds details on capacity, traffic)
NEW YORK, May 7 (Reuters) - ATA Holdings Corp. (ATAH
<http://money.excite.com/jsp/qt/full.jsp?time=3D0&symbol_search_text=3DAT=
AH>
), parent of low-cost carrier ATA Airlines, on Friday reported a much
wider first-quarter loss, hurt by a one-time debt-related charge, higher
fuel prices, and tough competition.
In an effort to cut costs, ATA, the No. 10 U.S. carrier, said it has
asked its cockpit and cabin crews to postpone pay increases scheduled
for 2004 and 2005.
Indianapolis-based ATA posted a net loss of $64.7 million, or $5.47 per
share, compared with a loss of $11.4 million, or 97 cents per share, in
the same quarter a year earlier.
Results included a $27 million charge related to bond exchange
restructurings. The discount carrier earlier this year narrowly averted
bankruptcy as it closed a deal with bondholders that allowed it to
exchange new notes and cash for $300 million of old debt.
Looking ahead, ATA, the largest carrier at Chicago's Midway
International Airport, said it expects revenue in April to climb 6.3
percent from a year earlier.
The airline, which has been rapidly increasing capacity and service to
existing markets, said passenger traffic in the first quarter increased
5.9 percent, slightly faster than its capacity increase of 5.6 percent.=20
=A92004 Reuters Limited.=20
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