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America West 10-K 910320ADP_r4_Cvr 4/15/05 1:29 PM Page 1 www.americawest.com America West Holdings Corporation 2004 Annual Report 910320ADP_r4_Cvr 4/15/05 1:29 PM Page 2 Corporate Data Corporate Headquarters Annual Meeting Flight Information America West Holdings Corporation The annual meeting of sharehold- To book a flight on America West 111 West Rio Salado Parkway ers will be held on Tuesday, May 17, Airlines, visit www.americawest.com, Tempe, Arizona 85281 2005, at 09:30 a.m. PDT at the contact your travel agent or call (480) 693-0800 America West Holdings Corporation (800) 2-FLY-AWA. corporate headquarters, Annex Stock Exchange Listing Room A, 111 West Rio Salado Vacation Packages Table of Contents The Class B common stock for Parkway, Tempe, Arizona 85281. To book a vacation package through America West Holdings Corporation America West Vacations, visit Selected Consolidated Financial Data - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 is traded on the New York Stock New York Stock Exchange www.americawestvacations.com, Chairman’s Message to Shareholders - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 Exchange under the ticker symbol Certification contact your travel agent, or call Board of Directors - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7 “AWA”. The company's Class A com- America West Holdings (800) 2-FLY-AWV. mon stock is not publicly traded. Corporation's Chief Executive Corporate Officers - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8 Officer certified to the New York Investor Relations Annual Report on Form 10-K for the year Stock Transfer Agent Stock Exchange that, as of June 21, Financial publications, including ended December 31, 2004 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 and Registrar 2004, he was not aware of any additional copies of the Company's Corporate Data - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Inside back cover Computershare Investor Services violation by America West Holdings Annual Report, Form 10-K, Forms 2 North La Salle Street Corporation of New York Stock 10-Q or Proxy Statement, are avail- Chicago, Illinois 60602 Exchange corporate governance able without charge by contacting: (800) 926-5864 listing standards. Manager, Investor Relations America West Holdings Corporation is an aviation and travel services company. America America West Holdings Corporation Independent Accountants Internet Home Page 111 West Rio Salado Parkway West Airlines, a wholly owned subsidiary, is the nation’s second largest low-fare airline, KPMG LLP General information on America Tempe, Arizona 85281 serving more than 90 destinations in the United States, Canada, Mexico and Costa Rica. One Arizona Center West Holdings Corporation (480) 693-1227 400 East Van Buren Street, Suite 1100 and America West Airlines is Phoenix, Arizona 85004 available on the Internet at www.americawest.com. America The certifications required by Company Counsel West's Web site also allows visitors Section 302 of the Sarbanes-Oxley Cooley Godward LLP to book flights, enroll in FlightFund Act of 2002 were filed as an exhibit to One Maritime Plaza, 20th Floor or take advantage of special the form 10K. San Francisco, California offers from America West Airlines 94111-3580 and America West Vacations. An investor relation section features Stockholders numerous financial documents, The approximate number of holders press releases, the Company's of record of America West Holdings Annual Report and stock price Corporation's Class B common information. stock as of April 8, 2005, was 2,961. There were two holders of campaign highlights record of America West Holdings America West Airlines’ "Get on Board" Corporation Class A common stock the airline's unique position as the nation's premier low-fare carrier and the only airline to give con- as of April 8, 2005. sumers the ability to "Upgrade Their Low Fare Experience." The campaign will encourage consumers to join other savvy business and leisure travelers and "Get on Board" America West. America West Employees recently submitted photos for the airlines’s “Get on Board” campaign. Photos taken by America West Employees, along with their titles, appear throughout the 2004 Annual Report. Front cover: Left - Captain Stephen Gay; Middle - Senior Analyst-Customer Service Finance - Brooke Davis; Right - Captain Stephen Gay Inside cover: Operations Engineer - Jeremy Irish 910320ADP_Narr_R4 4/15/05 1:23 PM Page 1 Selected Consolidated Financial Data of Holdings The selected consolidated financial data presented below under the captions “Consolidated Statements of Operations Data” and “Consolidated Balance Sheet Data” as of and for the years ended December 31, 2004, 2003, 2002, 2001 and 2000 are derived from the audited consolidated financial statements of Holdings. The selected consolidated financial data should be read in con- junction with the consolidated financial statements for the respective periods, the related notes and the related reports of the Company’s independent registered public accounting firms. Year Ended December 31, 2004 2003 2002 2001 2000 (in thousands except per share amounts) Consolidated statements of operations data: Operating revenues $ 2,338,957 $2,254,497 $2,047,116 $2,065,913 $2,344,354 Operating expenses (b) 2,382,728 2,232,362 2,206,540 2,476,594 2,356,991 Operating income (loss) (43,771) 22,135 (159,424) (410,681) (12,637) Income (loss) before income taxes (benefit) and cumulative effect of change in accounting principle (c) (88,993) 57,534 (214,757) (324,387) 24,743 Income taxes (benefit) 30 114 (35,071) (74,536) 17,064 Income (loss) before cumulative effect of change in accounting principle (89,023) 57,420 (179,686) (249,851) 7,679 Net income (loss) (89,023) 57,420 (387,909) (249,851) 7,679 Earnings (loss) per share before cumulative effect of change in accounting principle: Basic (2.47) 1.66 (5.33) (7.42) 0.22 Diluted (2.47) 1.26 (5.33) (7.42) 0.22 Net income (loss) per share: Basic (2.47) 1.66 (11.50) (7.42) 0.22 Diluted (d) (2.47) 1.26 (11.50) (7.42) 0.22 Shares used for computation: Basic 36,026 34,551 33,723 33,670 35,139 Diluted (d) 36,026 56,113 33,723 33,670 35,688 Consolidated balance sheet data (at end of period): Total assets (a) $ 1,475,264 $ 1,614,385 $1,438,953 $1,469,218 $ 1,568,515 Long-term debt, less current maturities 635,129 688,965 700,983 224,551 145,578 Total stockholders’ equity (a) 36,447 125,989 68,178 420,363 667,073 (a) The Company has restated its consolidated balance sheet and consolidated statement of stock- as well as the earlier-than-planned return of seven leased aircraft and severance expenses follow- holders’ equity and comprehensive income as of and for the year ended December 31, 2003 to ing a reduction-in-force in 2001. See Note 11, “Special Charges” in Holdings’ Notes to Consolidated reflect the non-compliance with SFAS No. 133 “Accounting for Derivative Instruments and Hedging Financial Statements. The Company reclassified amounts related to settled fuel hedge transactions Activities.” See Note 2, “Restatement of Previously Reported Amounts” in Notes to Consolidated and mark-to-market adjustments on open hedge instruments from fuel expense to gain (loss) on Financial Statements. derivative instruments, net. The amounts for the years ended December 31, 2004 and 2003 were an addition to fuel expense of $30.5 million and $10.7 million, respectively. For the years ended (b) The 2004 results include a $16.3 million net credit associated with the termination of the rate per December 31, 2002 and 2001, the amounts reduced fuel expense by $0.7 million and $7.2 million, engine hour agreement with General Electric Engine Services for overhaul maintenance services on respectively. V2500-A1 engines, a $0.6 million credit related to the revision of the estimated costs associated with the sale and leaseback of certain aircraft recorded in the first quarter of 2002 and a $0.4 mil- (c) Nonoperating income (expense) in the 2004 period includes a $30.5 million net gain on derivative lion credit related to the revision of estimated charges associated with the Columbus, Ohio hub instruments, which included mark-to-market changes and settled transactions, and $1.3 million (“CMH”) closure originally recorded in the second quarter of 2003. These credits were partially for the write-off of debt issue costs in connection with the refinancing of the term loan. The 2003 offset by $1.9 million of net charges related to the return of certain Boeing 737-200 aircraft which period includes federal government assistance of $81.3 million recognized as nonoperating includes termination payments of $2.1 million, the write-down of leasehold improvements and income under the Emergency Wartime Supplemental Appropriations Act and $8.5 million and deferred rent of $2.8 million, offset by the net reversal of maintenance reserves of $3.0 million. $108.2 million recognized in 2002 and 2001, respectively, as nonoperating income under the Air The 2003 period includes $16.0 million of charges resulting from the elimination of AWA’s hub Transportation Safety and System Stabilization Act. The 2003, 2002 and 2001 periods include a operations in CMH ($11.1 million), the reduction-in-force of certain management, professional and $10.7 million net gain, $0.7 million net loss and $7.2 million net loss on derivative
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