1st Qtr Results-Netjets

[gret]

For the first quarter of 2010, NetJets’ revenues increased 18% over 2009, which was primarily attributable to a 7% increase in worldwide flight revenue hours and higher fuel cost surcharges, partially offset by lower management fees due to fewer aircraft in theNetJets program. NetJets generated pre-tax earnings of $57 million in the first quarter of 2010 compared to a pre-tax loss of $96 million in 2009. The improvement in earnings was attributed to the increase in revenues and to an overall reduction in flight operations and administrative costs, partially offset by higher fuel costs. In addition, NetJets’ results in the first quarter of 2010 benefitted from a decline of about $50 million in aircraft impairment and inventory valuation charges compared to the first quarter of 2009. ​

NetJets continues to own more aircraft than is required for present operations and we expect to continue to dispose selected aircraft over time. NetJets’ operating cost structure has been reduced to better match customer demand, and we continue to believe that NetJets will operate profitably in the future.​

 

[hawkerflyer]

Well at least it's a step in the right direction.

 

[gunfyter]

Well at least it's a step in the right direction.

In addition, NetJets’ results in the first quarter of 2010 benefitted from a decline of about $50 million in aircraft impairment and inventory valuation charges compared to the first quarter of 2009. ​

If I knew what that sentence meant ... I could either agree with you or disagree with you.

For all I know, it just means the results were pencil whipped to make Santulli look bad and the new management look good.

Does it mean Aircraft values hit rock bottom in 2009 and had no where to go but up in value ... contributing $50M in "profit" for the first quarter?

 

[DAS at 10/250]

NetJets continues to own more aircraft than is required for present operations and we expect to continue to dispose selected aircraft over time. NetJets’ operating cost structure has been reduced to better match customer demand, and we continue to believe that NetJets will operate profitably in the future.​

Anyone want to buy an NJA seniority number? What category could I put that under on ebay?

 

[jonjuan]

Who knows anymore...

 

[jtf]

I don't trust any of the numbers any big business puts out- too many places for accountants to twist the truth for whatever purposes that the current management wants. I do believe NetJets has made a lot of good moves cutting waste and is doing much better than last year, but just about every business that is still around is doing that.

 

[OPECJet]

Anyone want to buy an NJA seniority number? What category could I put that under on ebay?

I'll sell you mine. No Ebay required.

If I had to choose a category, I'd put it right next to the collectible toilet paper.

 

[CRJFlyer]

I don't trust any of the numbers any big business puts out- too many places for accountants to twist the truth for whatever purposes that the current management wants. I do believe NetJets has made a lot of good moves cutting waste and is doing much better than last year, but just about every business that is still around is doing that.

I agree that DS did make some necessary reductions in costs. And I strongly agree that just about anyone could have showed a profit year-to-year from '09...Hell, if someone from the outside was to look at my
401(k) gains over the past year and a half they'd swear I was the next Buffett. And I'm definitely not the only one...

While the numbers are beginning to look stronger, NJA is defitnitely still in reduction mode. Growth won't be until we have as many, or more planes than in '08...

Example: The folks at Comair used to be twice the size they are now. They could bring back all the pilots and hire some. They still will have reduced their company until they are at 2000 pilots again. (prob. never happen but ya get my drift)..

I doubt recalls would even possibly happen until atleast summer 2011 or later. (they'd be trained and ready to go for the winter season of '11/'12). We won't see recalls happen by this winter because they'd be online for the slower summer season. DS would prob. see that as a waste of $$.

And then recalls will still be at a trickle. Explosive growth is 300 pilots a year. I'd say we be lucky to see 50-75 pilots a year recall rate. (RTS liked the explosive growth method, I doubt DS is that kind of flagrant manager). Plus slower recall rates for slower summers planned in.

So we're looking at atleast 5-6 years of recalls, plus the time it takes to start the first recall. That's still a long time.

 

[johnsonrod]

Obviously a lot of upset people on this forum. Suggestion for those looking for jobs: try Kalitta Air Cargo. Perhaps you hadn't considered Kalitta... I don't work there but I just read that they are adding 5 747-400Fs this fall (recently purchased from JAL Cargo) and they will be online this fall. Doesn't hurt to apply...

Good luck!

 

[OPECJet]

Not a bad idea. Thanks!

 

[DAS at 10/250]

I'll sell you mine. No Ebay required.

If I had to choose a category, I'd put it right next to the collectible toilet paper.

I'll sell you mine and you sell me yours and perhaps we can get some kind of a tax credit or somethin'.

I do agree though, I don't think I could trade my number for a cup of coffee right now.

 

[OPECJet]

I'll sell you mine and you sell me yours and perhaps we can get some kind of a tax credit or somethin'.

I do agree though, I don't think I could trade my number for a cup of coffee right now.

I hear ya man. I figure holding on to it will pay off at some point. Can't say I miss being on the road, and hanging out with my boy everyday is awesome.

Good luck out there!

 

[ghostrider64]

Things must be a lot better because all Non Union employees are getting 401K matching again. If the company was still losing money that would not have happened.

 

[OPECJet]

Things must be a lot better because all Non Union employees are getting 401K matching again. If the company was still losing money that would not have happened.

That's a good thing. Pulling it in the first place was below the belt.

 

[brokeflyer]

Pulling it in the first place was below the belt.

not if you're management and already "got mine"......

 

[Jack Campbell]

So long as the guys at the top "get theirs", why should they care about anyone else?! Isn't that why they claw their way to the top? F^(%ers! What goes around comes around... :angryfire

 

[OPECJet]

not if you're management and already "got mine"......

So true!

 

[netjetwife]

.... Can't say I miss being on the road, and hanging out with my boy everyday is awesome. ...

Looking at your avatar, he's a wonderful "silver lining". I do hope the dues refund and the Christmas gift card helped your family.

As a reminder to furloughed NJ pilots, the NetJets Family Fund is there for those in need and NJASAP made a donation with that possibility in mind. Best Wishes! NJW

 

[OPECJet]

Looking at your avatar, he's a wonderful "silver lining". I do hope the dues refund and the Christmas gift card helped your family.

As a reminder to furloughed NJ pilots, the NetJets Family Fund is there for those in need and NJASAP made a donation with that possibility in mind. Best Wishes! NJW

Definitely a great silver lining. We contributed to the gift card deal. Until recent events we've been in pretty good shape and in a position to share. The dues refund was nice, but I have to wonder how that may effect things later on down the road. I hate to look a gift horse in the mouth, but previous experiences outside of NJA / NJASAP lead me to wonder. Time will tell on that one.

In the meantime, the boy has discovered Mr. Bubble, provided hours of bath time entertainment for all involved....:laugh:

 

[netjetwife]

That's a fun age for sure! And there's nothing like a young child to help keep things in perspective and balance life's problems with its joys.

Kudos to you for not just passing the help to those who needed it more, but for contributing as well. From what I hear and read, the NJ pilots are proud (rightfully so) of their collective response --from the Preventive Measures to the refund. I'm sure the latter was considered carefully by the EBoard, especially the VP of Finances who takes his responsibility very seriously. Did you read last Friday's 411? It had a very informative update from the VPF and he also posts lots of info on his website. Plus you can always call or email him to discuss your concerns. That goes for the rest of the EBoard, too. You're furloughed ... but not forgotten.... NJW

PS Bath time entertainment...that reminds me of the time my oldest son (3 at the time) played in his bath while I cleaned the bedrooms and listened to him happily pouring water repeatedly from his little cup. I was amazed that he could be entertained for so long with one simple toy. He had lots of others....odd... When I went to get him out of the tub I discovered why. The carpet was soaked.... Enjoy the moments and treasure the memories...