US Airways reports first quarter net loss of $236 million

US Airways Group reported a net loss for its first quarter 2008 of $236 million compared to a net profit of $66 million for the same period last year. Excluding net special items of $3 million, the Company reported a net loss of $239 million for its first quarter 2008. This compares to a net profit excluding special items of $34 million for the first quarter of 2007, which included $32 million of net special credits.

The Company has taken steps to further reduce capacity in the back half of 2008 and into 2009. Since the previous earnings release on January 24, 2008, the Company now plans to return six Boeing 737-300 aircraft upon scheduled lease expiration during the latter part of 2008 and in early 2009. Combined with further aircraft utilization reductions, the Company

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