Business Services Industry
Cancellations Cause US Airways' Largest Quarterly Loss since 1995.
Knight Ridder/Tribune Business News, October, 1999 by Reed, Ted
Knight Ridder/Tribune Business News
Oct. 21 -- US Airways said Wednesday its high level of flight cancellations caused a third-quarter loss of $85 million, its biggest quarterly loss in nearly five years.
The airline has not had a worse quarter since the first three months of 1995, when it lost $97 million. At the time, Seth Schofield was chairman, the name was USAir and the losses had been accumulating for six straight years.
"These results are completely unacceptable," said President Rakesh Gangwal. "Our operational difficulties during this quarter have taken a significant toll on our financial performance."
Chairman Stephen Wolf called the quarter "an immense disappointment to all of us."
The loss compares to a net...
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