This article from NYTimes.com has been sent to you by psa188@xxxxxxxxx /-------------------- advertisement -----------------------\ Explore more of Starbucks at Starbucks.com. http://www.starbucks.com/default.asp?ci=1015 \----------------------------------------------------------/ Northwest Has Loss and Sees No Upturn Soon April 17, 2003 By THE ASSOCIATED PRESS MINNEAPOLIS, April 16 (AP) - First-quarter losses at the Northwest Airlines Corporation more than doubled to $396 million as the war in Iraq and higher fuel costs battered the travel industry, the company said today. Richard Anderson, the chief executive, said that he saw no signs that business would be improving anytime soon, and he warned that more reductions in costs would be needed. In March, Northwest cut its work force by 4,900 and grounded 20 airplanes as fewer people traveled because of the war. The first-quarter loss was equivalent to $4.62 a share and was 132 percent larger than the loss of $171 million, or $2.01 a share, a year earlier. Revenue increased slightly in the quarter, to $2.25 billion, up from $2.18 billion a year earlier. Mr. Anderson said more cuts were planned. "As labor is the single biggest expense of running Northwest, we are now conducting discussions with each of our unions concerning cost restructuring," he said. The net loss included $58 million in charges for job cuts and $20 million in higher pension costs related to the work force reduction. Excluding those charges, Northwest lost $318 million, or $3.71 a share. The consensus estimate of analysts surveyed by Thomson First Call was a loss of $4.75 a share. On Monday, Northwest told some employees that it wanted to eliminate another 1,000 jobs. And on Tuesday the company asked its ground workers to absorb about $120 million in annual cuts, including the elimination of another 1,450 jobs. Northwest plans to drop 165 additional pilots by the end of August and has said another 110 pilots could be cut later. Northwest also said that its fuel expenses increased 41 percent in the first quarter, to $369 million, compared with $261 million a year earlier. http://www.nytimes.com/2003/04/17/business/17NORT.html?ex=1051584280&ei=1&en=60177803ec929263 HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2003 The New York Times Company