• NC Software is having a Black Friday Sale Event thru December 4th on Logbook Pro, APDL - Airline Pilot Logbook, Cirrus Elite Binders, and more. Use coupon code BF2020 at checkout to redeem 15% off your purchase. Click here to shop now.
  • NC Software is proud to announce the release of APDL - Airline Pilot Logbook version 10.0. Click here to view APDL on the Apple App store and install now.

NetJets--Earnings Release

gret

Well-known member
Joined
Nov 14, 2007
Posts
1,008
Total Time
n/a
"In 2009, NetJets' revenues declined $550 million (43%) for the second quarter and $1,024 million (42%) for the first six months as compared to 2008. The declines reflected an 81% decline in aircraft sales as well as a 22% decline in flight operations revenues primarily due to lower flight revenue hours. NetJets produced pre-tax losses in 2009 of $253 million for the second quarter and $349 million for the first six months. The pre-tax losses included asset writedowns and other downsizing costs of $192 million for the second quarter and $255 million for the first six months. NetJets owns more planes than is required for its present level of operations and further downsizing will be required unless demand rebounds."
 

jehtplane

Well-known member
Joined
Apr 25, 2005
Posts
709
Total Time
8500+
"In 2009, NetJets' revenues declined $550 million (43%) for the second quarter and $1,024 million (42%) for the first six months as compared to 2008. The declines reflected an 81% decline in aircraft sales as well as a 22% decline in flight operations revenues primarily due to lower flight revenue hours. NetJets produced pre-tax losses in 2009 of $253 million for the second quarter and $349 million for the first six months. The pre-tax losses included asset writedowns and other downsizing costs of $192 million for the second quarter and $255 million for the first six months. NetJets owns more planes than is required for its present level of operations and further downsizing will be required unless demand rebounds."


Ouch, Good Luck.
 

Some guy

Well-known member
Joined
Sep 19, 2004
Posts
401
Total Time
31 yrs
If I understand correctly, the numbers-people took the hit for the buyouts all in June so they wouldn't have to fight those losses over the next 3 years. If I am correct, a large portion of that loss was a one time hit. And for what it's worth, it appears the revenue numbers are creeping up a little bit.

SG
 

harley30344

Well-known member
Joined
Nov 7, 2008
Posts
51
Total Time
10000+
HMMM Let's see--I think if you look back at my earlier threads (about 2 weeks ago)I said Netjets was bleeding out at a rate 2 mil a day for the first half of the year and was thoroughly brow beaten and told how wrong and screwed up I was by several on here. (you know who you are) But I think these numbers pretty much vindicate my statement. I also mentioned which entities were making money and which were not--take my word for it guys, I got that right too. I also made a few more statements about furloughs. They are coming guys! If you know anything about the psychological approach to an HR department you will know that they advocate lay-offs and furloughs during peak emotional highs---think holiday season! The rationale is that people are way up so when you take them down the low isn't AS low as it would normally be. Watch between Thanksgiving and the first 2 weeks in Jan for 300-500 pilots to go out the door. The dust doesn't need to settle on the early out and LOA packages, they already have a good idea what those numbers are and they aren't good enough. Read WBs biography Snowball if you want a little insight. He isn't that grandfatherly image you see on TV. RS was too compassionate in his "right sizing" efforts for the BH boys. I've seen it at other companies that are BH owned or where WB is on the board and carries the big stick. The blood letting is coming---operationally it will come relatively fast---from the HR perspective on the time table I predicted above unless the economy makes a miraculous recovery. There aren't going to be anymore compassionate "please leave" programs. Here is your 2 months furlough pay--cya! FOR WHAT IT IS WORTH DEPARTMENT: THIS IS ENTIRELY SPECULATION ON MY PART. But I have a pretty good track record so far!

Now I have a question for the "in the know" union bretheren. If BH wanted to sell off assets from NETJETS---hypothetically let's say NJI (Okatie, SAV maintenance, etc.) to an outside buyer (think one that is no longer employed by Netjets or say General Dynamics or Gulfstream) could they? What are the limitations imposed by the CBA or LOAs that would prevent this type action? I also understand that multiple owners have the airplanes---could they not transfer the management of these aircraft if they so desired? I don't know the answers to these questions--just asking!

The conspiracy grows!
 

sshrae

Well-known member
Joined
Jan 8, 2008
Posts
361
Total Time
7000
HMMM Let's see--I think if you look back at my earlier threads (about 2 weeks ago)I said Netjets was bleeding out at a rate 2 mil a day for the first half of the year and was thoroughly brow beaten and told how wrong and screwed up I was by several on here. (you know who you are) But I think these numbers pretty much vindicate my statement. I also mentioned which entities were making money and which were not--take my word for it guys, I got that right too. I also made a few more statements about furloughs. They are coming guys! If you know anything about the psychological approach to an HR department you will know that they advocate lay-offs and furloughs during peak emotional highs---think holiday season! The rationale is that people are way up so when you take them down the low isn't AS low as it would normally be. Watch between Thanksgiving and the first 2 weeks in Jan for 300-500 pilots to go out the door. The dust doesn't need to settle on the early out and LOA packages, they already have a good idea what those numbers are and they aren't good enough. Read WBs biography Snowball if you want a little insight. He isn't that grandfatherly image you see on TV. RS was too compassionate in his "right sizing" efforts for the BH boys. I've seen it at other companies that are BH owned or where WB is on the board and carries the big stick. The blood letting is coming---operationally it will come relatively fast---from the HR perspective on the time table I predicted above unless the economy makes a miraculous recovery. There aren't going to be anymore compassionate "please leave" programs. Here is your 2 months furlough pay--cya! FOR WHAT IT IS WORTH DEPARTMENT: THIS IS ENTIRELY SPECULATION ON MY PART. But I have a pretty good track record so far!

Now I have a question for the "in the know" union bretheren. If BH wanted to sell off assets from NETJETS---hypothetically let's say NJI (Okatie, SAV maintenance, etc.) to an outside buyer (think one that is no longer employed by Netjets or say General Dynamics or Gulfstream) could they? What are the limitations imposed by the CBA or LOAs that would prevent this type action? I also understand that multiple owners have the airplanes---could they not transfer the management of these aircraft if they so desired? I don't know the answers to these questions--just asking!

The conspiracy grows!

yawn.
 

brokeflyer

Well-known member
Joined
Apr 12, 2005
Posts
2,374
Total Time
1501
i guess harley, you should be more worried about your job than rubbing everyone elses's noses in sh1t
 

sshrae

Well-known member
Joined
Jan 8, 2008
Posts
361
Total Time
7000
In other news, a large comet is heading towards planet earth and we will all be dead soon. Good to know ya.
 

harley30344

Well-known member
Joined
Nov 7, 2008
Posts
51
Total Time
10000+
i guess harley, you should be more worried about your job than rubbing everyone elses's noses in sh1t

YO Broke--why so defensive? Not worried about mine at all. As for the nose rubbing? Well--if the nose fits! Come on man, don't take this stuff so serious. Whatever is going to happen will happen (brilliant statement) All of this stuff is just page after page of speculation and opinion. Mine included!
 

RTRHD

Well-known member
Joined
Oct 14, 2005
Posts
619
Total Time
12000+
HMMM Let's see--I think if you look back at my earlier threads (about 2 weeks ago)I said Netjets was bleeding out at a rate 2 mil a day for the first half of the year and was thoroughly brow beaten and told how wrong and screwed up I was by several on here. (you know who you are) But I think these numbers pretty much vindicate my statement. I also mentioned which entities were making money and which were not--take my word for it guys, I got that right too. I also made a few more statements about furloughs. They are coming guys! If you know anything about the psychological approach to an HR department you will know that they advocate lay-offs and furloughs during peak emotional highs---think holiday season! The rationale is that people are way up so when you take them down the low isn't AS low as it would normally be. Watch between Thanksgiving and the first 2 weeks in Jan for 300-500 pilots to go out the door. The dust doesn't need to settle on the early out and LOA packages, they already have a good idea what those numbers are and they aren't good enough. Read WBs biography Snowball if you want a little insight. He isn't that grandfatherly image you see on TV. RS was too compassionate in his "right sizing" efforts for the BH boys. I've seen it at other companies that are BH owned or where WB is on the board and carries the big stick. The blood letting is coming---operationally it will come relatively fast---from the HR perspective on the time table I predicted above unless the economy makes a miraculous recovery. There aren't going to be anymore compassionate "please leave" programs. Here is your 2 months furlough pay--cya! FOR WHAT IT IS WORTH DEPARTMENT: THIS IS ENTIRELY SPECULATION ON MY PART. But I have a pretty good track record so far!

Now I have a question for the "in the know" union bretheren. If BH wanted to sell off assets from NETJETS---hypothetically let's say NJI (Okatie, SAV maintenance, etc.) to an outside buyer (think one that is no longer employed by Netjets or say General Dynamics or Gulfstream) could they? What are the limitations imposed by the CBA or LOAs that would prevent this type action? I also understand that multiple owners have the airplanes---could they not transfer the management of these aircraft if they so desired? I don't know the answers to these questions--just asking!

The conspiracy grows!

GD has been playing for us for awhile. Good guess.
 

gunfyter

Well-known member
Joined
Mar 25, 2002
Posts
3,783
Total Time
11000+
Harley,

If all the pilots worked for NO PAY in the first half of this year ... or if we refunded to the company all of our pay .... Would NJ have shown a profit or loss in this BRK release?

My back of an envelope calculation is that losses in this report were about twice the payroll.
 
Last edited:

harley30344

Well-known member
Joined
Nov 7, 2008
Posts
51
Total Time
10000+
Harley,

If all the pilots worked for NO PAY in the first half of this year ... or if we refunded to the company all of our pay .... Would NJ have shown a profit or loss in this BRK release?

Seems pretty clear to me--there would have still been major losses. Is there a point other than the obvious?
 

RTRHD

Well-known member
Joined
Oct 14, 2005
Posts
619
Total Time
12000+
Are you saying there is nothing in the CBA or LOAs that would prevent that? I honestly don't know.


Yea, In section 1105 it states every flight dept. Must operate under NJASAP LOA forever No exceptions. Even in the event the world ends all matters will be brought up for review. OK I am being silly. :nuts:
 

gunfyter

Well-known member
Joined
Mar 25, 2002
Posts
3,783
Total Time
11000+
Seems pretty clear to me--there would have still been major losses. Is there a point other than the obvious?
Yes. Just addressing some comments on a previous page referring to unions damaging a company....

What is happening to us now doesn't have anything to do with the pilots at NJ (union or nonunion)....
 

HazMat

Well-known member
Joined
Sep 19, 2005
Posts
192
Total Time
6000 +
I am really sorry guys I hope things work out. It is not good for the entire industry when the big dog is falling apart like this. Lets all hope things turn around soon
 

harley30344

Well-known member
Joined
Nov 7, 2008
Posts
51
Total Time
10000+
Yes. Just addressing some comments on a previous page referring to unions damaging a company....

What is happening to us now doesn't have anything to do with the pilots at NJ (union or nonunion)....


Your right gun--that is not the driving factor in this case.

Rotor--you so funnie!
 
Top