Transat results "disappointing": CEO Last Updated Thu Jan 24 09:36:54 2002 MONTREAL - Transat A.T. Inc. posted "disappointing" results for its 2001 fiscal year mainly due to big writedowns and charges. The company lost $99 million, or $3.07 per share, after unusual items and taxes, compared with a net income of $36.6 million ,$1.14 per share, in 2000. Transat said reductions in capacity, a write-off of certain assets, and other expenses resulted in unusual charges of $94.8 million after taxes in 2001. "These results are disappointing," stated Jean-Marc Eustache, president and CEO of Transat A.T."Nevertheless, they reflect the impact of unusual items, most of which involve no cash outflows and which resulted from decisions we made quickly to avoid a more serious crisis." On Sept. 24, the company began cutting its capacity by 25 per cent, including the layoff of a quarter of its employees, a reduction in airline capacity, wage freezes for non-unionized employees, wage cuts for management, and other austerity measures. Transat's revenues were $2,.12 billion for the year ended October 31, 2001, compared with $1.92 billion in 2000. Written by CBC News Online staff The owner of Roger's Trinbago Site: Roj (Roger James) *************************************************** Trinbago site: http://www.tntisland.com ICQ: ICQ # 15836110 ICQ Pager: mailto:15836110@pager.icq.com escape email #!1 mailto:ejames@escape.ca yahoo email #2: mailto:triniroj@yahoo.com Yahoo Pager: triniroj Caribbean Brass & Soca Connection Group on Yahoo: http://groups.yahoo.com/group/caribsocabrass Caribbean Brass & Soca Connection Club Website http://www.tntisland.com/caribbeansocabrassconnection/ ******************************************************* Steel Expressions Orch http://www.escape.ca/~ejames/se/ email #1: mailto:steelexpressions@yahoo.com email #2: mailto:steelexpressions@home.com ******************************************************* The Trinbago Site of the Week: (Revellers Mas Band) http://www.revellers.com/ (Trini Revellers Mas Band) courtesy of Roj Trinbago Website & TnT Web Directory Roj's Trinbago Website: http://www.tntisland.com TnT Web Directory: http://195.224.187.36/ *********************************************************