Exhibit 99.1

(AMERICA WEST HOLDINGS CORPORATION NEWS RELEASE LOGO)

Contacts: (Media) Elise Eberwein
480/693-5574

(Investors) Derek Kerr
480/693-5710

FOR IMMEDIATE RELEASE: Wednesday, Oct. 27, 2004

AMERICA WEST REPORTS THIRD QUARTER RESULTS

Highlights include:

    Net loss for the Company’s third quarter 2004 was $47.1 million or $1.30 per diluted share versus a net profit of $32.9 million or $0.60 per diluted share for the same period last year. Excluding special items, the third quarter 2004 net loss was $44.2 million or $1.22 per diluted share. Extraordinarily high fuel prices and a weak industry revenue environment drove the year-over-year decline in earnings.
 
    Passenger revenue per available seat mile (RASM) for the third quarter 2004 decreased 9.3 percent to 7.09 cents versus the same period last year primarily due to an increase in industry domestic capacity, the airline’s 7.9 percent increase in aircraft utilization, and a 6.1 percent increase in the airline’s average stage length.
 
    The airline’s operating cost per available seat mile (CASM) for the third quarter 2004 increased 3.4 percent versus the same period last year to 7.92 cents due to a 39.5 percent increase in the average price of fuel per gallon. CASM excluding fuel and special items decreased 3.8 percent to 6.12 cents from 6.36 cents for the same period last year.
 
    Cash and investments on Sept. 30, 2004 totaled $488.1 million of which $416.8 million was unrestricted.

PHOENIX-America West Holdings Corporation (NYSE:AWA), parent company of America West Airlines, Inc., today reported a third quarter 2004 net loss of $47.1 million or $1.30 per diluted share. This compares to a net profit of $32.9 million or $0.60 per diluted share for the same period last year. The Company’s third quarter 2004 results include $1.6 million of special charges related to the return of three Boeing 737-200 aircraft and $1.3 million for the write-off of debt issue costs in connection with a term loan the airline refinanced during the quarter. Excluding those special items, the airline’s third quarter 2004 loss was $44.2 million or $1.22 per diluted share compared to a $32.9 million profit or $0.60 per diluted share in the third quarter 2003 excluding special items. See the accompanying notes in the Financial Tables section of this press release for a reconciliation of Generally Accepted Accounting Principles (GAAP) financial information to non-GAAP financial information.

Chairman and CEO Doug Parker stated, “We are disappointed to see our string of profitable quarters come to an end. These results are driven by an extraordinary increase in fuel prices and excess industry domestic capacity. Despite the difficult environment, our 13,000 outstanding

-more-

 


The following information was filed by America West Holdings Corp on Wednesday, October 27, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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