AMR Corp. records third-quarter loss
AMR Corp., the bankrupt parent of American Airlines, reported Wednesday a $238 million third-quarter loss, or 71 cents per share, compared with a $162 million loss, or 48 cents per share, in last year's third quarter.
Revenue was $6.43 billion, a 0.8 percent increase compared with 2011's third quarter, on 2.3 percent less capacity than in the same quarter a year ago.
AMR's third-quarter results included $137 million in bankruptcy reorganization expenses, attorney and consultant fees, company executives said.
Tom Horton, AMR's chairman and CEO, noted that the company - excluding reorganization costs and special items - posted a third-quarter net profit of $110 million.
- D.R. STEWART, World Staff Writer
Magellan Midstream posts gain after split
Magellan Midstream Partners registered a small gain Monday on the New York Stock Exchange, its first day of trading after a two-for-one split of its limited partner units.
Magellan unitholders of record on Sept. 28 received an additional limited partner unit for each one previously owned at the close of business Friday. The Tulsa-based petroleum storage and transport partnership now has approximately 226.2 million units outstanding.
As a result of the split first announced in August, Magellan Midstream's current annualized cash distribution rate is $1.885 per unit.
The split is Magellan's second since its initial public offering in 2001. The first time Magellan split its stock was in April 2005.
The value of company stock has more than doubled during the past three years.
- ROD WALTON, World Staff Writer
September home sales are below 2011 level
A 17-month streak of year-over-year improvements in Tulsa-area home sales came to a surprise end in September.
The Greater Tulsa Association of Realtors reports that 901 residential properties changed hands last month, a number 18.6 percent below the 1,107 homes sold in August and 7.8 percent below September 2011.
GTAR data indicated that September sales were the fourth-lowest since 2008, only beating the 802 sold in 2010.
However, the year-to-date total is still 14.1 percent ahead of the same period last year.
Local home sales prices weren't shaken from their upward trend, as the average of $151,759 was up 2.8 percent and the median of $129,987 was up 0.1 percent.
- ROBERT EVATT, World Staff Writer
Southwest Airlines logs third-quarter profit
Southwest Airlines, the nation's leading discount carrier, reported Thursday a third quarter net profit of $16 million, or 2 cents per share, compared with a 2011 third quarter net loss of $140 million, or 18 cents per share.
Third-quarter revenue at Southwest was $4.3 billion, unchanged from the same quarter a year ago.
Southwest Chairman, President and CEO Gary Kelly said third quarter passenger revenue, unit revenue and load factor were all third-quarter records, but the company needs sustained revenue momentum to achieve its goal of 15 percent pre-tax return on invested capital.
- D.R. STEWART, World Staff Writer
FTC review delays Hertz deal for Dollar Thrifty
Hertz Global Holdings Inc. said Thursday that it won't close the deal to buy rival rental car company Dollar Thrifty Automotive Group before Nov. 16.
Previously, the company said it wouldn't close the acquisition before Oct. 31, but the term was extended because the Federal Trade Commission requested more time to review the deal, Hertz said in a statement.
Hertz said both companies will work with the FTC to address issues raised by the regulatory agency.
The deal could close sooner if the FTC agrees.
Park Ridge, N.J.-based Hertz is in the process of acquiring Tulsa-based Dollar Thrifty for $87.50 per share, or about $2.3 billion.
Hertz agreed to the Dollar Thrifty deal in August, more than two years after its original bid was rejected by shareholders.
- STAFF AND WIRE REPORTS
Southwest Bancorp posts positive earnings
A decrease in a provision for loan losses was just partially responsible for helping Southwest Bancorp Inc. record positive earnings for the third quarter, the financial services company announced Thursday.
The Stillwater-based bank company posted third-quarter net income available to common shareholders of $4.3 million, or 22 cents per diluted share, compared with a net loss of $10.6 million, or 54 cents a share, for the same quarter last year.
Overall, the bank company had a good quarter, said Mark Funke, who became president and CEO of the bank company on Oct. 1. Funke previously served as market president for Bank of Oklahoma-Oklahoma City.
He noted that Southwest has seen an improvement in asset quality, and the company's earnings remain stable, which, in a competitive and difficult environment, is good.
- LAURIE WINSLOW, World Staff Writer
State's jobless rate rises to 5.2 percent in Sept.
Oklahoma's jobless rate inched up to 5.2 percent in September, according to information released Friday morning by the U.S. Bureau of Labor Statistics.
The unemployment rate rose from 5.1 percent in August and 4.9 percent in July. A year ago at the same time, the state's rate was 6.3 percent.
The national unemployment rate decreased to 7.8 percent for the month.
Nevada continued to record the highest unemployment rate at 11.8 percent in September, while North Dakota's was the lowest at 3.0 percent.
- LAURIE WINSLOW, World Staff Writer
