ARLINGTON, Va. (AP) -- US Airways Group Inc., which is operating under bankruptcy protection, amended its first-quarter earnings Wednesday to show a larger loss of $282 million, rather than the $191 million loss that the nation's seventh largest airline reported last week.
The revised earnings include a $91 million charge associated with the company's termination of employees' pension plans. The loss of $282 million, or $5.13 per share, compares to a loss of $177 million or $3.28 per share, in the first quarter of 2004.
As recently as December, US Airways had predicted losses of only $200 million for all of 2005. But the airline has suffered both from hefty increases in the cost of fuel and aggressive competition from low-fare carriers like Southwest Airlines.
The airline also warned in its quarterly report to the Securities and Exchange Commission that it may not be able to meet its goal of emerging from bankruptcy by June 30.
Two regional airlines have agreed to invest $250 million in the airline, but US Airways has said it needs at least $100 million more to successfully reorganize. The airline has discussed a possible merger with America West Airlines as part of a reorganization plan, but no agreement has been reached.
