March 15, 2007

US Airways Shares $58.7M With Workers

US Airways Distributes $58.7 Million in 2006 Profit With Workers, Furloughees and Retirees

TEMPE, Ariz. (AP) -- US Airways Group Inc. on Wednesday will distribute $58.7 million in 2006 profit to more than 35,000 of its employees, furloughees and retirees.

US Airways, which is the product of a 2005 merger between US Airways and America West, sets aside 10 percent of its annual pretax profit, excluding special items, for its profit-sharing program.

US Airways workers previously underwent rounds of wrenching pay cuts and furloughs, as the carrier struggled through two Chapter 11 bankruptcies following the 2001 terrorist attacks and subsequent industry spiral. Analysts speculated about a possible liquidation several times, before the carrier found a merger partner in America West and a new strategy to become a hybrid low-cost carrier and full-service network airline.

"To say we've come a long way in a short amount of time is a vast understatement and I couldn't be more proud or privileged to be part of this team," Chairman and Chief Executive Doug Parker said in a statement.

US Airways had announced in its earnings report late January that it had accrued about $59 million for its 2006 profit-sharing program.

US Airways shares fell $1.44, or 3 percent, to $46 in midday trading on the New York Stock Exchange. US Airways' stock has ranged between $33.10 and $63.27 over the past year.

Copyright © 2007 The Associated Press. All rights reserved.
Source: Yahoo! Finance

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