Braniff lost $86.5 million for the year.

Braniff Airways also said it lost $4.6 million during the fourth quarter ended Jan. 31. The Dallas-based company blamed the losses on its inability to be a successful full-service airline using 30 planes. The last three months of the fiscal year was Braniff’s first full quarter of operations as a smaller, discount-fare airline. Braniff President Ron Ridgeway said the fourth-quarter loss included substantial expenses needed to convert to a 15-plane operation.