Delta reports November losses
By HARRY R. WEBER AP Business Writer
ATLANTA -- Delta Air Lines Inc., the nation's third-largest carrier, said Friday it lost $182 million in November, pushing its red ink to $11.6 billion since January 2001.
The Atlanta-based airline, which filed for Chapter 11 bankruptcy protection in New York on Sept. 14, also said in a court filing that it spent $2.39 billion in the 30-day period.
It must file a monthly operating report with the bankruptcy court.
The latest loss, which is equivalent to 96 cents a share, includes $1 million in preferred stock dividends that Delta accrued but did not pay, spokeswoman Chris Kelly said. It still considered the money part of its loss.
Excluding reorganization items, Delta said its loss in November was $164 million.
Revenue for the month totaled $1.3 billion. It said it ended the month with $2.07 billion in cash on hand.
Delta had lost $8.52 billion between Jan. 1, 2001, and Dec. 31, 2004. So far this year, it reported losses of $1.08 billion in the first quarter, $388 million in the second quarter and $1.13 billion in the third quarter. Kelly said the airline lost $300 million in October.
The latest earnings report comes as Delta's 6,000 pilots earlier this week approved another round of deep pay cuts.
The 14 percent cut in wages and other cuts equal to an additional 1 percent wage reduction that pilots agreed to Wednesday are on top of a 32.5 percent pay cut the pilots agreed to last year as part of a $1 billion annual concessions package.
Delta had been seeking to void the pilot contract so it could impose $325 million in new concessions on its pilots, but agreed to an interim deal worth less than half that.
The two sides will now try to work out a comprehensive deal by March. If they can't, a three-person arbitration panel will decide the fate of the pilot contract.
The pilot union's threat of a strike is on the back burner for now. But if the contract is ultimately thrown out by the arbitration panel, the threat could resurface.
All comments will be screened and may take several hours to be posted.
• Keep comments clear, concise and focused on the topic in the story.
• Comments exceeding 300 words will not be posted.
• Refrain from personal attacks, degrading comments or remarks that do not add to a constructive dialogue.
• Comments implying suspects in crime-related stories are guilty before they have been proven so in a court of law will be deleted.
• Do not post e-mail addresses or links except for pages on Napavalleyregister.com or government Web sites.
• Comments will not be edited - they will be approved or declined.
• Comments may be used in the print edition of the newspaper.
• If you feel a posted comment has violated our guidelines, please contact dross@napanews.com or bkennedy@napanews.com
For further information on the comment guidelines,
click here.