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Thu, Jul 15, 2004

Delta Takes One In The Wallet

Number Three Airline To Post $1.65 Billion Losses

Attention Delta stockholders, this may sting a little. You may feel a little pressure. Those of you with weak hearts might want to stand back...

The nation's number three airline this week announced it will write off $1.65 billion. Worse, the company says it will no longer recognize income tax benefits taken in the past, a move that's sure to increase its losses.

"As we have stated on numerous occasions in recent weeks, the need to address our uncompetitive cost structure and related financial issues grows more urgent with each passing day," said CFO Mike Palumbo.

Slammed by higher-than-expected fuel costs and pilots who refuse to make major pay and benefit concessions, Delta is also in the midst of a wave of pilot retirements. Some 300 pilots -- many of them younger than the mandatory retirement age of 60 -- hung up their wings last month.

Delta has lost more than $3 billion in the past three years. It's laid off 16,000 workers system wide.

FMI: www.delta.com

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