AirTran Airways suffered its first annual loss since 1999 as bad fuel hedges contributed to a $118.4 million deficit in the fourth quarter. Quarterly revenues were up 1%, and the airline said it would have been profitable without its hedging losses. CEO Bob Fornaro expressed optimism going forward. "Despite the industry challenge shifting from high oil costs to concerns regarding consumer demand, our 2008 initiatives have us well positioned to return to profitability in 2009," he said.

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