I'm not going to turn this into a bashing thread, but I am going to post some things after this article.
DAL in CBS marketwatch Delta Q3 loss more than triples Carrier loses $646 million; cash on hand is $1.45 billion By Padraic Cassidy, CBS MarketWatch.com Last Update: 5:16 PM ET Oct. 20, 2004 E-mail it | Print | Alert | Reprint | RSS NEW YORK (CBS.MW) -- Delta Air Lines made another plea for pushing through a $1 billion cost-savings plan Wednesday as it reported a huge loss from operations. Delta's (DAL: news, chart, profile) net loss widened to $646 million, or $5.16 per share, compared with $164 million or $1.36 per share in the third quarter of 2003.
Delta reported $3.87 billion in revenue, up from $3.66 billion in revenue in the third quarter of 2003.
The results moved the Atlanta based airline closer to bankruptcy as the company confirmed it held just $1.45 billion in cash as of Sept. 30, a critically low level.
"Last month we outlined the key elements of Delta's transformation plan, which targets $1 billion in annual pilot cost savings, as well as participation from Delta's other stakeholders," said Gerald Grinstein, Delta's chief executive officer, in a statement. "As Delta's financial situation continues to deteriorate, time is of the essence."
The stock fell 6 cents to $2.93.
The carrier said record fuel prices and weak domestic passenger traffic also led to the poorer results.
The average analyst estimate was for a loss of $4.38 per share from $3.83 billion in revenue.
September's load factor was 77.7 percent, an increase of one percentage from September 2003.
Shares of Delta lost 12 cents Tuesday to close at $2.99
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I'm an Aviation Maintenance Technician at Delta Air Lines.
Now when I was hired on, our promise from managment was "Top Pay for Top Performance". Now that is no more. We are still considered the top performers in the airline industry, performing the same ammount of maintenance as other comparable airlines, but with 30% less people. My pension has disappeared. I have seen my health insurance costs rise over 300% in the past three years alone. I am taking a 10% pay cut in January, with a possible layoff in the next 18 months or so. I am non union, that is why I chose to work for DAL instead of any other airline. I understand that we need to help the company come along, but I have gotten to the point of praying for DAL to go into Chapter 11. Here's a few reasons why. Upper managment inked an agreement for a bankruptcy protected pension plan for 35 top execs, two weeks after they trashed the non-contract employee pension. We were streched thin when I transferred to the Dept I am in now, and are being told that our work load is going to increase, while head count is going to be reduced. I have seen mechanics get moved to another department, with the promise of being able to go back, and after they moved, an unconfirmed rumor has started that their job classification will change, and they will not get the chance to come back, and on top of that they will lose over 50% of their pay on top of the 10% cut.
The whole time I am watching this happen to my own company, I keep hearing we're waiting on the pilots and the airline to negotiate cuts. I don't see how the math that they put out adds up and I don't think the pilot cuts will be enough. Sadly it is looking like Delta will become another
or
. Both were bought out by Delta in the late 80's/early 90's.
BTW I just needed to rant a bit. I wish I was in a position to just say fuck it, quit, and move on, but sadly I am not.