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Non-Tech : AirTran (AAI)

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To: Captain Jack who started this subject	6/20/2002 10:25:03 PM
From: Captain Jack	of 1

A little news;;; CHICAGO, June 20 (Reuters) - U.S. airlines could lose more than $5 billion in fiscal 2002 and more than $1 billion in 2003, with profits unlikely until 2004, UBS Warburg airline analyst Samuel Buttrick said Thursday, citing a "less robust revenue environment" amid industry cost cutting. In an investment report, Buttrick predicted that revenues per available seat mile, or RASM -- a key measure of the airline industry's financial health -- would fall 4 percent in June from the year before. Buttrick said May RASM fell 5.8 percent, more than the 4 percent to 5 percent he had expected. He warned investors to "be wary" of cost savings touted by struggling carriers, which he said are often assessed against future projected increases and can be much smaller compared with current costs. He said UAL Corp. <UAL.N> unit United Airlines and US Airways <U.N> are both likely to lose money in 2003 despite savings on labor costs. Buttrick noted that U.S. airline stocks are down 37 percent from March highs and are nearing post-Sept. 11 lows. U.S. airlines lost about $7 billion in 2001. EARNINGS-PER-SHARE ESTIMATES Buttrick adjusted his per-share earnings estimates for several U.S. airlines. The table below lists his latest and previous projections for fiscal 2002, compared with actual 2001 results. Amounts are per share. Losses are in parentheses. 2002 new 2002 previous 2001 actual Airtran <AAI.N> 10 cents 41 cents 32 cents American <AMR.N> ($9.95) ($8.90) ($9.12) Continental <CAL.N> ($2.90) ($1.80) ($4.60) Delta <DAL.N> ($6.50) ($5.75) ($8.53) Northwest <NWAC.0> ($3.45) ($3.10) ($6.29) United <UAL.N> ($24.45) ($24.00) ($33.31) US Airways <U.N> ($11.50) ($11.15) ($17.60) ((Chicago Equities Desk 312-408-8787)) REUTERS * end of story *

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