Exhibit 99.1
(US AIRWAYS BANNER)
INVESTOR RELATIONS UPDATE
July 27, 2006
General Comments
    Profit Sharing / CASM — Profit sharing equals 10% of pre-tax earnings excluding transition expenses and special items up to a 10% pre-tax margin and 15% above the 10% margin. Profit sharing is included in the CASM guidance given below.
 
    Cargo / Other Revenue — Cargo / Other Revenue includes: cargo revenue, ticket change fees, excess/overweight baggage fees, contract services, simulator rental, airport clubs, Materials Service Company (MSC), and inflight service revenues.
 
    Fuel — US Airways uses costless collars on Heating Oil Futures as a fuel-hedging vehicle. For Q306, the Company has 44% of its mainline fuel hedged, and expects to pay between $2.29 and $2.34 per gallon of jet fuel (including taxes and hedges). The collar range of the hedges in place is between $1.89 and $2.03 per gallon of heating oil, or an equivalent price of $71.93 per barrel of crude oil. Forecasted volume, fuel prices, hedge percentages, and equivalent price per barrel of crude oil are provided in the table below.
 
    Taxes / NOLs — After the merger, US Airways and America West had a total of approximately $1.4 billion of net operating loss carryforwards (NOL) to shelter future taxable income. Of this amount approximately $1.0 billion is available to shelter federal taxable income in the calendar year 2006. Due to accumulated losses through the years ended December 31, 2005, the Company’s deferred tax asset, which includes the $1.4 billion of NOL discussed above, has been subject to a valuation allowance. As a result, when profitable, the Company’s utilization of those NOL does not result in the recognition of income tax expense for book purposes.
 
      For Alternative Minimum Tax (AMT) purposes, only 90% of AMT NOL may offset AMT taxable income. Accordingly, of the $1.0 billion of NOL available in 2006, 10% or up to $100 million would be deemed AMT taxable income and therefore subject to tax at the AMT rate of 20%. The Company expects to book tax expense and pay cash taxes associated with AMT in 2006.
 
    Share Count — During Q206, the Company had 85.9 million basic, and 94.7 million diluted weighted average shares outstanding. Both basic and diluted shares guidance is provided in the table below.
 
    Cash — At the end of the second quarter 2006, the Company had approximately $3.2 billion in total cash, of which $2.2 billion was unrestricted.
Please refer to the footnotes and the forward looking statements page of this document for additional information

 


The following information was filed by America West Airlines Inc on Thursday, July 27, 2006 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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