Bureau of Transportation Statistics (BTS) - Issue Brief - Number 8, October 2003 - Rising Breakeven Load Factors Threaten Airline Finances

"Since 2000, most large passenger airlines suffered a sharp increase in their Breakeven Load Factor - the number of seats they have to sell to cover operating expenses. Some carriers could not cover operating expenses even if they sold 100% of their seats at average airfares.
Passenger yield, which partly determines Breakeven Load Factor, has fallen most sharply for recently bankrupt carriers, although it has also declined steeply for most large carriers.
Unit costs - another factor in Breakeven Load Factor - have been rising for many large passenger airlines. Large airlines at most financial risk had higher unit costs than other airlines even prior to September 11, 2001, and those costs have remained high and have even increased for some. "
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"This study focuses on three groups of major passenger ­airlines:

The “recently bankrupt” – airlines that have filed for bankruptcy within the last two years. This group consists of United Airlines and US Airways. (US Airways has recently emerged from bankruptcy.)
The “at risk” – airlines that have not filed for bank­ruptcy, but they have not achieved yearly profits over the last two years. This group consists of American Airlines, Alaska Airlines, Continental Airlines, Delta Air Lines, America West Airlines, and Northwest Airlines.
The “profitable” – the only major passenger airline to show a yearly profit over the last two years is Southwest Airlines."
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This is slightly old - but interesting.

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