America West Airlines: The Phoenix-based carrier posted...

America West Airlines: The Phoenix-based carrier posted a fourth-quarter loss of $56.3 million, contrasted with a profit of $1.15 million in the year-earlier period. The year-to-year comparisons were affected by a $2-million gain in the fourth quarter of 1990 from the repurchase of convertible subordinated debentures and a $2.7-million-gain in the corresponding 1989 quarter from the sale of certain foreign tax benefits related to the acquisition of aircraft. Revenue for the quarter totaled $346.2 million, a gain of 24%. For the year, the firm reported a loss of $74.6 million, contrasted with a profit of $20 million in 1989. Revenue climbed 32% to $1.3 billion. The results were attributed to increased fuel costs due to the Middle East crisis, coupled with a soft economy.