May 4 (Reuters) - Air Canada AC.TO :
* REPORTS FIRST QUARTER 2020 RESULTS
* AIR CANADA HAS REDUCED Q2 2020 CAPACITY BY 85 TO 90 PER CENT WHEN COMPARED TO 2019'S Q2
* QTRLY RPM 17,507 MILLION VERSUS 21,293 MILLION
* ACCELERATING RETIREMENT OF 79 OLDER AIRCRAFT FROM ITS FLEET - BOEING 767, AIRBUS 319 AND EMBRAER 190 AIRCRAFT
* Q3 2020 CAPACITY IS EXPECTED TO BE REDUCED BY APPROXIMATELY 75 PER CENT
* INITIATED A COMPANY-WIDE COST REDUCTION AND CAPITAL REDUCTION AND DEFERRAL PROGRAM WHICH HAS NOW REACHED APPROXIMATELY $1.050 BILLION
* EMBRAER AIRCRAFT IS EXITING FLEET IMMEDIATELY
* QTRLY OPERATING REVENUE $3.72 BILLION VERSUS $4.43 BILLION
* QTRLY LOSS PER SHARE $4.00
* QTRLY ADJUSTED. LOSS PER SHARE $1.49
* SUSPENDED SHARE PURCHASES UNDER ITS NORMAL COURSE ISSUER BID IN EARLY MARCH 2020 AND DOES NOT INTEND TO RENEW IT UPON ITS EXPIRY
* Q1 EARNINGS PER SHARE VIEW C$-1.22, REVENUE VIEW C$3.68 BILLION -- REFINITIV IBES DATA
* AIR CANADA HAS ADOPTED CANADA EMERGENCY WAGE SUBSIDY (CEWS) FOR MOST OF ITS WORKFORCE
* WITHDRAWING ALL GUIDANCE, INCLUDING AS PREVIOUSLY ANNOUNCED, ALL Q1 AND FY 2020 GUIDANCE, AND FY 2021 GUIDANCE
* IMPLEMENTED A TEMPORARY FURLOUGH OF MAJORITY OF UNIONIZED AND MANAGEMENT WORKFORCE IN QUARTER
* CURRENT EXPECTATION IS THAT IT WILL TAKE AT LEAST THREE YEARS TO RECOVER TO 2019 LEVELS OF REVENUE AND CAPACITY
* EXPECT THAT BOTH OVERALL INDUSTRY AND AIRLINE WILL BE CONSIDERABLY SMALLER FOR SOME TIME
* QTRLY ASM 23,511 MILLION VERSUS 26,016 MILLION
* QTRLY PASSENGER LOAD FACTOR 74.5% VERSUS 81.8%
* SMALLER INDUSTRY, AIRLINE WILL RESULT IN SIGNIFICANT REDUCTIONS IN BOTH FLEET AND EMPLOYEE LEVELS
* QTRLY CASM 17.7 CENTS VERSUS 16.6 CENTS
* IN LATE APRIL 2020, AIR CANADA CONCLUDED A BRIDGE FINANCING OF $788 MILLION FOR 18 AIRBUS A220 AIRCRAFT
* QTRLY ADJUSTED CASM 13.1 CENTS VERSUS 11.6 CENTS
* QTRLY PRASM 13.6 CENTS VERSUS 14.6 CENTS