UAL Report On 2012 Profits and Profit Sharing for 2013

Full-Year and Fourth-Quarter 2012 Recap
On Thursday, we reported full-year 2012 net income of $589 million, or $1.59 per diluted share, excluding $1.3 billion of special charges. Including special charges, we reported a full-year 2012 net loss of $723 million, or $2.18 per share.
We reported a fourth-quarter 2012 net loss of $190 million, or $0.58 per share, excluding $430 million of special charges. Including special charges, we reported a fourth-quarter 2012 net loss of $620 million, or $1.87 per share.
Other items of note include:
• Employees earned $119 million in profit sharing, which we will distribute on Feb. 14. All eligible co-workers will receive payments equal to approximately 2 percent of their eligible 2012 annual wages.
• Our full-year 2012 consolidated passenger revenue increased 0.2 percent year-over-year. Consolidated passenger revenue per available seat mile (PRASM) increased 1.7 percent in 2012 compared to 2011.
• Superstorm Sandy reduced fourth-quarter revenue by approximately $140 million and profit by approximately $85 million.
• Full-year 2012 consolidated unit costs (CASM), holding fuel rate and profit sharing constant and excluding special charges and third-party business expense, increased 2.5 percent year-over-year on a consolidated capacity reduction of 1.5 percent. Full- year 2012 consolidated CASM increased 6.7 percent year-over-year.
• We ended 2012 with $7.0 billion in unrestricted liquidity.
“While we reported a full-year profit in 2012,” said Chief Financial Officer and EVP John Rainey, “these results clearly fell short of our expectations and the return on invested capital goal we have set. 2013 will be an important year for us as we take the necessary steps to create economic value and achieve a more sufficient level of profitability.”

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