Originally Posted by
forgot to bid
ATLANTA, Jan. 18, 2011 /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the December 2010 quarter. Key points include:
Delta's net income for the December 2010 quarter was $158 million, or $0.19 per diluted share, excluding special items(1). This is a $383 million improvement year over year.
Delta's GAAP net income was $19 million, or $0.02 per diluted share, for the December 2010 quarter.
Delta's net income for 2010 was $1.4 billion, excluding special items. Including $851 million in special items, Delta's net income for 2010 was $593 million.
2010 results include $313 million in profit sharing expense, including $38 million in the December quarter, in recognition of Delta employees' achievements toward meeting the company's financial targets.
Delta's adjusted net debt at the end of 2010 was $15.0 billion, a $2.0 billion reduction from prior year.
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Special Items
Delta recorded special items totaling $139 million in the December 2010 quarter, including:
$88 million in merger-related expenses;
$3.5 million to the Carl Spackler "Keep-Him-Happy" Betterment Fund
$2 million ForgotToBid's Google-Images Search Division
$0.5 million for 1,000 copies of BuzzPat's "Dereliction of Duty"
$31 million from a loss on extinguishment of debt; and
$20 million in costs related to the consolidation of operations at Cincinnati/Northern Kentucky International Airport.
Delta recorded special items totaling a net $200 million credit in the December 2009 quarter, including:
In addition, Delta made an unprecedented $9 million dollars by selling every drop of deicing fluid they owned south of the Mason-Dixie Line
$121 million in primarily merger-related expenses; and
$321 million non-cash tax benefit related to the impact of fuel hedges in other comprehensive income.
March 2011 Quarter Guidance"
A few things I wasn't expecting in there, but looks like the next round is on Carl!