I believe this qualifies.....
Delta Air Lines Announces $929 Million Profit Excluding Special Items
Delta Air Lines Announces $929 Million Profit Excluding Special Items
Company reports GAAP profit of $363 million, after $185 million in profit sharing expense
October 20, 2010: 07:30 AM ET
ATLANTA, Oct. 20 /PRNewswire-FirstCall/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the September 2010 quarter. *Key points include:
Delta's net income for the September 2010 quarter was $929 million, or $1.10 per diluted share, excluding special items(1). *This is an $878 million improvement year over year. *
Delta's GAAP net income was $363 million, or $0.43 per diluted share, for the September 2010 quarter.
Results include $185 million in profit sharing expense, in recognition of Delta employees' achievements toward meeting the company's financial targets, bringing total profit sharing expense for the year to date to $275 million.
Delta executed $750 million in debt reduction and delevering initiatives during the quarter and ended the September 2010 quarter with $5.5 billion in unrestricted liquidity.
"This quarter's profit is evidence of the success of our merger. *We are making progress toward our goal of consistent profitability with 10-12% annual operating margins and we expect to be profitable for the December quarter," said Richard Anderson, Delta's chief executive officer. *"These results would not have been possible without the hard work and dedication of the Delta people and we are pleased to recognize their contributions with an additional $185 million this quarter for our profit sharing program." *
Revenue Environment
Total operating revenue for the September 2010 quarter was $9.0 billion, an increase of $1.4 billion, or 18%, compared to the same period last year.
Passenger revenue increased 19%, or $1.3 billion, compared to the prior year period on 2% higher capacity. *Passenger unit revenue (PRASM) increased 16%, driven by a 16% improvement in yield.
Cargo revenue increased 28%, or $50 million, on both higher volume and yield.
Other, net revenue increased 9%, or $75 million, primarily due to baggage fees.