"Longer will be Longer"?
tbkane said:
You tell me how long and we will both know. Not to be a wise guy, but there are 1,260 guys as of May 1 on furlough, so at 50 a month (that is being very aggressive, becuase it will probably start at about 20) that would be 25 months.
Or a simple answer is a very long time.
At this rate...a very long time is even longer TBKane! Who ever said "you can make it harder, but ya can't make it longer", anyway???
Delta's Loss Widens, Sets New Furloughs
April 17, 2003 08:43:00 AM ET
NEW YORK (Reuters) - Delta Air Lines (DAL) reported a wider first-quarter net loss on Thursday and announced new pilot furloughs, as the airline industry grapples with a crippling downturn.
Atlanta-based Delta, the No. 3 U.S. air carrier, reported a net loss of $466 million, or $3.81 a share, compared with a loss of $397 million, or $3.25 per share, a year earlier. Before items, the loss was $426 million, or $3.49 per share.
Wall Street analysts expected Delta to report a loss of $3.51 per share, with estimates ranging from a loss of $3.16 to $3.95 per share, according to Thomson First Call.
Northwest Airlines (NWAC) and Continental Airlines (CAL) reported $617 million in combined losses this week, as the tepid economy, the war in Iraq, and the spread of Severe Acute Respiratory Syndrome (SARS) in Asia sacked results.
But industry watchers say Delta, whose first-quarter revenue rose slightly to $3.2 billion from $3.1 billion, is better-positioned than most of its rivals to survive the industry's downward spiral.
Delta said lower travel demand caused by the war in Iraq will require it to furlough 200 pilots during April and May, in addition to an 18 percent cut in its total work force that began after Sept. 11, 2001.
Pilots are the only major unionized group at Delta.
Delta also said on Thursday that it expects its new marketing agreement with Northwest and Continental to eventually yield an extra $150 million to $200 million per year in revenue.
Delta said it ended the quarter with $2.5 billion in cash and short-term liquidity, with unrestricted cash accounting for $1.9 billion of the total.
The airline said it has arranged for $900 million in incremental financing this month to replace facilities that will expire later this year.
© 2003 Reuters