AMR also announced management changes aimed at reducing its leadership team, which is responsible for the strategy and operations of the company, from 14 members to 10. In early February, AMR said that in order to return to profitability, it would slash 13,000 jobs. The CEO of the company has planned to make annual cost cuts to the tune of more than $3 billion by 2017, including $2 billion in cost savings and $1 billion in revenue increases.

 

The company suffered a fourth-quarter net loss of $1.1 billion, compared to the net loss of $97 million in the same period a year ago. Results of the latest quarter include $886 million in non-cash special charges and reorganization items. The loss for the quarter, excluding certain items, increased to $209 million from $69 million in the same period last year. The consolidated revenues for the fourth quarter increased 7.4 percent to $6 billion. The company paid 24.5 percent higher for fuel in the quarter from the prior-year period by paying $3.01 per gallon for jet fuel, increasing its fuel bill for the quarter by $394 million.