Flexjet

[flexlrpilot357]

ok, NJA Capt, it looks like we're in agreement. I could work a lot less and make NJA Capt. base pay, and you could work a lot more and make Flex base pay. Just don't forget to lop off 3% for dues.

 

[NJA Capt]

Just don't forget to lop off 3% for dues.

uhum....it's actually 1.56%

 

[flexlrpilot357]

So a year 4 FX Cpt. can work a bare-bones 14 day line (3 days below " FX standard", =182 days total/yr), and get standard NJA Cpt pay, after you subtract his union dues.

Or if worldwide we lost $41 million, what if were sold off 1 BBJ for the $50 million market price? Gee, a magic $9 Million profit.

WB's gonna expect you to make money eventually. You contend that you're going to do that by selling off all of your airplanes? Kind of destroys the future revenue stream, not to mention your jobs, doesn't it?

Ya gotta admit, if you're a frax operator, it makes better business sense to make money flying the owner's airplanes, than by selling off the operator's airplanes.

Of course, it might not be a bad idea to get rid of those BBJs, I understand they're not really a big revenue generator, eh? I could be wrong.

 

[payton]

The problem with your arguement is this. As a new FO. at flex you get 10 days off a month. Maybe 1 or 2 guys will get 12 or 13 days off, but the mass majority will only get 10 days off. Those 10 days will be decided by a computer and you will have little chance of getting the day off you want.

A Flex captains wife on one of these forums said it best
Her kids asked " when is Daddy coming home to visit."

 

[LR45JI]

Flex,

For the record:

2000 BH Report:

"Last year I told you that EJA’s recurring revenue from monthly management fees and hourly usage grew
by 46% in 1999. In 2000 the growth was 49%. I also told you that this was a low-margin business, in which
survivors will be few. Margins were indeed slim at EJA last year, in part because of the major costs we are incurring in developing our business in Europe."

2001 BH Report:

"Our NetJets® fractional ownership program sold a record number of planes last year and also showed a gain of
21.9% in service income from management fees and hourly charges. Nevertheless, it operated at a small loss,
versus a small profit in 2000. We made a little money in the U.S., but these earnings were more than offset by
European losses. Measured by the value of our customers planes, NetJets accounts for about half of the
industry. We believe the other participants, in aggregate, lost significant money."

2002 BH Report:

Though NetJets revenues set a record in 2002, the company again lost money. A small profit in the
U.S. was more than offset by losses in Europe. Overall, the fractional-ownership industry lost
significant sums last year, and that is almost certain to be the outcome in 2003 as well.

Here is how I see it:

NJA USA = profit (whatever modest means!!!)
NJA Europe = losses (but slowely turning around)

NJA USA and NJA Europe are two different animals.

Is Flexjet mgmt in Dallas responsiable for Flexjets charter operation in Europe? No

 

[flexlrpilot357]

LJ45JI said:

NJA USA = profit (whatever modest means!!!)
NJA Europe = losses (but slowely turning around)

Warren Buffet said:

NetJets, our fractional-ownership operation lost $41 million pre-tax in 2003. The company had a modest operating profit in the U.S. , but this was more than offset by a $32 million loss on aircraft inventory and by continued losses in Europe.

I read this as Netjets USA may be slightly profitable on the operations side, but it's carrying unsold aircraft shares, to the tune of $32M. Europe cost NJA the remaining $9M. The bottom line is red for NJA Europe and NJA USA.

But like I said, don't worry. Everyone knows that Uncle Warren has very deep pockets and doesn't mind shelling out dough like there's no tomorrow. He is well known for throwing money around like it's going out of style, giving no mind to profitability or frugality so naturally he'll be happy to sign on the line for 100% raises, as soon as that contract is hammered out. All of the rest of Berkshire Hathaway's companies lose millions of dollars every year too. That's why BH is such a coveted hedge fund.

 

[NJA Capt]

I read this as Netjets USA may be slightly profitable on the operations side, but it's carrying unsold aircraft shares, to the tune of $32M. Europe cost NJA the remaining $9M. The bottom line is red for NJA Europe and NJA USA.

Here's a site:
http://162.58.35.241/acdatabase/acmain.htm

I challenge you to find an NJA aircraft that is unsold. Have fun. If you find one, I will be happy to be corrected. To my knowledge there are few if any that are owned by us completely. We do not carry unsold shares.

PS...."the way you read it" is way off the mark.

By the way, why didn't you post the last half of that quote from Mr. Buffett?

“NetJets continues to dominate the fractional-ownership field, and its lead is increasing,” Buffett said. “Prospects overwhelmingly turn to us rather than to our three major competitors. Last year, among the four of us, we accounted for 70 percent of net sales (measured by value).”

 

[LR45JI]

Forget it......I'm waisting my time!!!

 

[flexlrpilot357]

NJA Capt,

It's possible that I don't know what "$32 million loss on aircraft inventory" means. I have an open mind, I'd be happy for you to enlighten me. Does it mean that you can't find $32M worth of airplanes? Does it mean that they've been destroyed? Devalued is a possible explanation... but again, that would be a writeoff for the owner. Or simply that you're picking up the tab on them. What sayest thou?

LJ45JI,

yes, yoo air mouste sertunlly waisting yore thyme.

 

[Live4flyng]

flex

Keep on talking to yourself and you may begin to believe it all. Here we go again.....Why do we have to continually educate you about Fractionals? If the airplane isn't fully sold you don't fly it. But I'm sure you are well aware of that since FX is so lean and mean! One thing you obviously have no clue about is cash flow and how it affects a business. Taxes are another area where you and your penis envy demeanor are lacking. Yes, NetJets lost $41 million, thats all you need to know since you aren't a shareholder or an owner. See you at the next interview, make sure you wear your leather jacket and a large watch.

 

[gordon24]

All this "back and forth" is fine. However, has anyone even been called to interview lately?