Sat, Jul 01, 2006
Lost $124 Million LESS Than Same Period Last Year
In its Monthly
Operating Report for May 2006 filed with the US Bankruptcy Court
Thursday, Delta Air Lines reported it lost considerably less money
this year than for the same period in 2005 -- even taking into
account costs associated with the airline's Chapter 11
reorganization.
According to the report, Delta's net loss in May 2006 net loss
was $16 million -- an impressive $124 million less than the carrier
hemorraged in May 2005. Excluding bankruptcy costs, Delta's net
income was $8 million. As of May 31, Delta also had $2.7 billion of
unrestricted cash, cash equivalents and short-term investments on
hand.
"Despite a 35 percent increase in fuel prices year over year,
May's results represent our second consecutive month of
profitability, excluding the impact of reorganization items," said
Edward H. Bastian, Delta's executive vice president and chief
financial officer. "While our improved results in traditionally
high-traffic months are an encouraging sign that our restructuring
plan is working, the continuing high price of fuel remains a
significant risk factor to our restructuring plan and drives the
increased urgency in completing our restructuring objectives."
So... are things turning around for the beleagured carrier? Time
will tell... but it is important to note that for the first three
months of this year, Delta posted a staggering $2.1
billion in losses... so "only" $16 million lost
in the month since would tend to hint that some progress
has been made...
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