EXHIBIT 99.1

(AMERICA WEST HOLDINGS COPORATION NEWS RELEASE LOGO)

Contact: Elise Eberwein
480/693-5729

FOR IMMEDIATE RELEASE: July 21, 2005

AMERICA WEST REPORTS SECOND QUARTER RESULTS
Airline Posts Quarterly Profit

Highlights include:

    Net profit for the second quarter 2005 was $13.9 million or $0.29 per diluted share versus a net profit of $10.7 million or $0.20 per diluted share for the Company’s second quarter 2004. Excluding special items, the airline’s second quarter 2005 net income was $20.9 million or $0.41 per diluted share versus $3.5 million or $0.07 per share in the second quarter of 2004.
 
    Passenger revenue per available seat mile (RASM) increased 11.9 percent compared to the same period last year, which was driven by a 6.5 percent increase in yield and a 4.0 point increase in load factor.
 
    Operating cost per available seat mile (CASM) increased 12.2 percent to 8.58 cents from 7.65 cents from the same period last year, primarily driven by a 43.0 percent increase in average fuel price. CASM excluding fuel, fuel hedging and special items increased 2.7 percent to 6.17 cents from the same period last year.
 
    Total cash, cash equivalents, short-term investments and restricted cash at the end of the Company’s second quarter 2005 was $413.9 million, of which $322.3 million was unrestricted.

     PHOENIX—America West Holdings Corporation (NYSE:AWA), parent company of America West Airlines, Inc., today reported second quarter 2005 net income of $13.9 million or $0.29 per diluted share. This compares to a net profit of $10.7 million or $0.20 per diluted share for the same period last year. The Company’s second quarter 2005 profit included a $2.7 million unrealized loss associated with the Company’s fuel hedging transactions and a $4.3 million loss on the sale and leaseback of an aircraft acquired during the period. The second quarter 2004 results included an unrealized gain on fuel hedging transactions of $7.2 million. Excluding these special items, the airline’s second quarter 2005 net income was $20.9 million or $0.41 per diluted share versus net income of $3.5 million or $0.07 per diluted share in the second quarter 2004. 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.

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The following information was filed by America West Holdings Corp on Thursday, July 21, 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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