Originally Posted by Sink r8

On the subject of Q1 results. I'm sure Alfa or Slowplay might cast this in its' proper light, with the right names for the right metrics...

I tried to evaluate the size of the losses at DAL vs. those at CAL and AMR, in relation to their size. I used revenue as a measure of size. The terms used to describe the revenue was slightly different in each case, but I think I got total operating revenue for each, and losses excluding special items for each.

AMR: 505 million loss on 5,100 million in revenue = .099
CAL: 146 million loss on 3,200 million in revenue = .046
DAL: 256 million loss on 6,850 million in revenue = .037

The trend for DAL was for a narrower loss vs. the year prior, and wider for the other two.

It seems to me we're starting to get traction. I would not be surprised if CAL/UAL will want to "go there" as well. I think their combination would potentially lead the industry, along with STAR, and would potentially command a revenue premium vs. DAL, based on what I perceive as a better network. OTOH, I think DAL potentially will retain an operating cost advantage, and so margins could be good for both. I think we got a good running start, and I think the obsession with balance sheet repair is the key to staying ahead of CAL/UAL. I think this is a race to better debt service payments, which will in turn allow for further investment in the product. It'll be interesting (along the lines of the Chinese curse) to watch.

So I'm not fearful of further consolidation.