ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, April 25, 1996 TAG: 9604250054
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
USAir shows loss of $55 million
ARLINGTON - USAir Group Inc. on Wednesday reported a first-quarter loss of $54.6 million, down from a loss of $117.5 million a year earlier.
The financially troubled air carrier said the net loss applicable to shareholders, after allowing for a $22.3 million preferred dividend requirement, equaled 83 cents per share for the quarter ended March 31, compared with a loss of $1.91 per share for the 1995 quarter.
The Arlington-based carrier said the results stemmed in part from the harsh winter weather in January and February.
``The winter storms plus the impact of the government shutdown cost us probably about $55 million dollars either in lost revenues or cost,'' said Rick Weintraub, a USAir spokesman.
The carrier also has the highest operating costs in the industry, largely because it is a short-haul carrier with a mature workforce, Weintraub said.
The first-quarter results were better than expected, said David Campbell, an analyst with Scott & Stringfellow in Richmond. He said he had expected a loss of about $1.50 per share.
Operating profit for the quarter was $10.8 million on operating revenues of $1.9 billion. That compares with a $42 million operating loss for the first quarter of 1995 on revenues of $1.8 billion.
- Associated Press
DuPont Co.
1st quarter ended 3-31
1996 1995
Revenues $10.8 billion $10.5 billion
Net Income $879 million $959 million
Share earnings $1.57 $1.40
The Wilmington, Del., chemical and fibers makers runs a nylon plant in Martinsville.
MCI Communications Corp.
1st qtr. ended 3-31
1996 1995
Revenues $4.5 billion $3.56 billion
Net Income $295 million $255 million
Share earnings 42 cents 36 cents
MCI Communications Corp. of Washington, D.C., is a telecommunications company whose core business is providing long-distance service.
LENGTH: Medium: 51 linesby CNB