NJI rats leaving the sinking ship

[h25b]

It's black April around NetJets. Time to justify your job before the Bob's or your job may be eliminated. Santulli is cutting the fat faster than a super-charged Ronco Rotissere maker.

P.S. Protect your Red Stapler.

I thought it was the George Foreman Lean, Mean, Grill'n Machine that "Knocked Out the Fat" and the Ronco you just, "set it and forget it..."

 

[Some guy]

I read it between the lines...

If you saw both "ICOM" emails, the first email started with "Today, two NetJets Aviation senior executives decided to leave the company to pursue other interests."

The NJI email started with "It is with regret that we have accepted..."

I think the second was an actual resignation. Just my opinion.

SG

 

[Cavpilot]

I personally think the pilot salaries are more than we can handle. And it's a double edge sword because we still need more pilots.

Look dude, pilot salaries at NetJets are now almost where they should be. It is pretty obvious that you are a Bridgeway puke that believes all of the BS that you have shoveled down your throat on a daily basis. Pilot salaries are a mere drop in the bucket compared to the waste generated on a daily basis from Bridgeway.

So, before you say something stupid like, "pilot salaries are more than we can handle" look inward. Bridgeway is the major source of the profitability issues at NetJets. Pilots are a profit multiplier, not a liability. So until there is a change in your attitude, (and those like you) we will always be a non-profitable organization.

BTW, don't even try and challenge me on this one. You will only make yourself look stupid.

 

[Guitar rocker]

Look dude, pilot salaries at NetJets are now almost where they should be. It is pretty obvious that you are a Bridgeway puke that believes all of the BS that you have shoveled down your throat on a daily basis. Pilot salaries are a mere drop in the bucket compared to the waste generated on a daily basis from Bridgeway.

So, before you say something stupid like, "pilot salaries are more than we can handle" look inward. Bridgeway is the major source of the profitability issues at NetJets. Pilots are a profit multiplier, not a liability. So until there is a change in your attitude, (and those like you) we will always be a non-profitable organization.

BTW, don't even try and challenge me on this one. You will only make yourself look stupid.

I second this one.

 

[notaNJApilot]

Look dude, pilot salaries at NetJets are now almost where they should be. It is pretty obvious that you are a Bridgeway puke that believes all of the BS that you have shoveled down your throat on a daily basis. Pilot salaries are a mere drop in the bucket compared to the waste generated on a daily basis from Bridgeway.

So, before you say something stupid like, "pilot salaries are more than we can handle" look inward. Bridgeway is the major source of the profitability issues at NetJets. Pilots are a profit multiplier, not a liability. So until there is a change in your attitude, (and those like you) we will always be a non-profitable organization.

BTW, don't even try and challenge me on this one. You will only make yourself look stupid.

Dude,

I stated my opinion. I very well could be wrong, and I welcome other points of view. I'm just looking at the variable here: pilot salaries. As far as I know, nothing else has changed since the time we were supposedly profitable. I understand that the pilots were previously underpaid, but maybe the NJ business model was built on underpaid pilots. I'm not trying the blame the pilots, I'm just saying NJ is going to have to do some major cost cutting to continue opperating in the long run.

PS. I've only been to Bridgeway once; and I make my own decisions, so there's no need to insult the people at Bridgeway.

 

[gunfyter]

Ahh but the losses were recorded for the period BEFORE the pilots received raises. So that is NOT what changed.

 

[FLYLOW22]

I thought it was the George Foreman Lean, Mean, Grill'n Machine that "Knocked Out the Fat" and the Ronco you just, "set it and forget it..."

I haven't been up at 3:30am in a while. I'll need to make a mental note to pay attention to NBC if I'm up.

 

[Diesel]

notannjapilot-

Everyone has to blame someone. You just happen to believe the spin from bridgeway and believe that pilots are causing a loss.

Whatever

 

[gunfyter]

Diesel,

I am betting on profits this year. What odds will 214's bookie give me?

 

[gutshotdraw]

Depends on who's doing the counting and which books.

2006: NJ Sales: Big Profit NJ Services: Profit NJI: Small Profit NJE: Small Loss NJA: Big (but smaller than last year) Loss Total: Small Profit

This prediction worth exactly what you paid for it.

 

[knowone]

Well the pilots got their well deserved raises but no one else is going to theirs. The rumors are true about people looking for other jobs because no raises are going to be given out, and if they are given out it will only be around 2%. Not even a cost of living increase

 

[h25b]

Ahh but the losses were recorded for the period BEFORE the pilots received raises. So that is NOT what changed.

I'm not so sure about that one... I believe the losses included a chargeoff to pay for a portion of the new contract. According to the AIN article, "they recorded a special charge of 20 million in the 4th Qtr. for prior periods' compensation related to a new labor contract with its pilots and flight attendants."

 

[gunfyter]

I'm not so sure about that one... I believe the losses included a chargeoff to pay for a portion of the new contract.

a chargeoff... One time that does not happen again.....

$80 million in losses. Pilots did not get $80 million. There were $85 M in Selloffs! Thats where you look.

 

[h25b]

a chargeoff... One time that does not happen again.....

Correct, but you stated that the losses were incurred BEFORE any part of the CBA was accounted for, which is incorrect. It has yet to be revealed how the additional costs of the CBA will affect the bottom line moving forward. They just decided to take a 20 million dollar hit in the 4th Qtr. to ease the pain of the additional costs in fiscal yr. 06... This is just a way of making the 2006 numbers look like a substantial improvement (hopefully) over the same time period of 2005.

Trust me, I've been around the Fortune 500 working world to have seen this numbers game played out more than once... It's all about juggling the numbers to look good on Wall St.

 

[gunfyter]

No the chargeoff was for 4 yrs of back pay that they called a signing bonus.. or $5M per year.

 

[h25b]

No the chargeoff was for 4 yrs of back pay that they called a signing bonus.. or $5M per year.

Think we're going in circles here. The retro., signing bonus, back pay (whatever you want to call it) was part of the CBA. The 20 million special charge was to pay for that. So yes, the loss included a special charge that pays for a portion of the CBA. Like I said, no one has any idea (outside management of course) how the additional cost of the CBA will affect the bottom line moving forward. So I'm not sure where we're not understanding each other here...

It's very true that sell-offs accounted for a large portion of the rest of the $80 million along with the unbelievable amount of waste that would naturally occur in an operation like NJA...

So here we go with the math...

$20 Million (Retro. Pay portion of the CBA)
$30 Million (Operating Loss on Sell-Off Charter)
$30 Million (Operational Waste)
______________________________________________
=$80 Million Loss

 

[notaNJApilot]

notannjapilot-

Everyone has to blame someone. You just happen to believe the spin from bridgeway and believe that pilots are causing a loss.

Whatever

You must have misread my post.

I'm not blaming the pilots; if anything, I'm blaming the Company approved pilot salaries. I just think it was too sudden of an increase and the Company is taking a big hit in the form of a corporate hiring freeze, and in the process, they are scaring the corporate employees which is causing some of them to seek other employment.

 

[h25b]

One other item... The article said that there were $85 million worth of sell-offs. I can tell that the company likely loses about 30% from a sell-off when compared to what they could fly the trip with its own aircraft for. With that in mind the sell-offs created about $25 Million of that total $80 Million dollar loss.

 

[gutshotdraw]

Dude, first Wolfpack and now you. One o in lose. As in "NJA will lose money in 2006." One o.

Resume discussion.

 

[h25b]

Dude, first Wolfpack and now you. One o in lose. As in "NJA will lose money in 2006." One o.

Resume discussion.

Oops, thanks... Corrected...