EXHIBIT 99.1

(AMERICA WEST HOLDINGS CORPORATION LOGO - NEWS RELEASE)

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

(Investors) Derek Kerr
480/693-5710

FOR IMMEDIATE RELEASE:    Wednesday, April 20, 2005

AMERICA WEST REPORTS FIRST QUARTER RESULTS

Highlights include:

  •   Net income for the Company’s first quarter 2005 was $33.6 million or $0.62 per diluted share versus a net loss of $1.6 million or $0.04 per diluted share for the first quarter 2004. The 2005 results include a net unrealized gain of $48.9 million associated with the Company’s fuel hedging transactions and other special items. Excluding special items, first quarter 2005 net loss would have been $10.8 million or $0.30 per diluted share.
 
  •   A 7.8 percent increase in passenger revenue per available seat mile (RASM) for first quarter 2005 compared to the same period last year.
 
  •   Operating cost per available seat mile (CASM) excluding special items increased 9.1 percent to 8.29 cents from 7.60 cents from the same period last year, primarily driven by a 27.6 percent increase in net fuel price.
 
  •   Total cash, cash equivalents, short-term investments, investments in debt securities and restricted cash at the end of the Company’s first quarter 2005 was $345.3 million, of which $253.7 million was unrestricted.

PHOENIX—America West Holdings Corporation (NYSE:AWA), parent company of America West Airlines, Inc., today reported first quarter 2005 net income of $33.6 million or $0.62 per diluted share versus a net loss of $1.6 million or $0.04 per share in the same quarter in 2004. The Company’s first quarter 2005 results include a net gain of $60.5 million associated with the Company’s fuel hedging transactions. Of this amount, $11.6 million was net realized gains on settled hedge transactions during the first quarter. The remaining amount, $48.9 million, was unrealized gains resulting from the application of mark-to-market accounting for changes in the fair value of the Company’s investments in fuel hedging instruments. The airline’s first quarter 2005 results also include special charges of $800,000 related to the write-down of deferred aircraft rent payments associated with the return of one Boeing 737-200 aircraft and a $3.7 million loss on the sale and leaseback of one new Airbus 320 aircraft acquired during the first quarter 2005. Excluding special items, which include the $48.9 million unrealized gain, the first quarter 2005 net loss would have been $10.8 million or $0.30 per diluted share.

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, “Although our first quarter results continue to reflect the impact of high fuel prices, we are extremely pleased with our performance relative to our competitors. In particular, our nearly eight percent increase in unit revenues during the first quarter was well in excess of the industry average and reflects growth in demand for our low-fare, high quality product. Notably, our unit revenue performance during the quarter was primarily driven by a record load factor and

-more-

 


The following information was filed by America West Holdings Corp on Wednesday, April 20, 2005 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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