This article from NYTimes.com has been sent to you by psa188@xxxxxxxxx /-------------------- advertisement -----------------------\ FOR YOUR CONSIDERATION: IN AMERICA - IN THEATRES NOVEMBER 26 Fox Searchlight Pictures proudly presents IN AMERICA directed by Academy Award(R) Nominee Jim Sheridan (My Left Foot and In The Name of the Father). IN AMERICA stars Samantha Morton, Paddy Considine and Djimon Hounsou. For more info: http://www.foxsearchlight.com/inamerica \----------------------------------------------------------/ Delta Air Increases Its Estimate of Loss November 13, 2003 By Bloomberg News Delta Air Lines said yesterday that its net loss this quarter would be as much as $415 million, wider than an earlier forecast, as costs rose from pilots' retirement. Delta increased its financing of pilots' pensions by $140 million this quarter. The airline is headed for its third consecutive loss this year after $2.49 billion of losses since 2001 amid an industrywide drop in passenger demand and a cutback in flights. Delta, which is trying to reduce costs, has also been hurt by competition from discount airlines. It had forecast a fourth-quarter loss as high as $275 million. The increase in fourth-quarter pension spending is impelled by more than twice as many pilots' retiring than usual, the chief financial officer, Michele Burns, said. Delta expects about 630 pilots to retire in the current pension-plan year, she said, in contrast to the typical 200 to 300 retirements. A Fulcrum Global Partners analyst, Jeff Kauffman, suggested that the retirements would be helpful in the short term because the airline will use lower-paid pilots. "This is actually good news going forward for earnings," he declared, "because what they've done is taken the highest-paid, most expensive employees out of the equation." Delta will suspend preferred-stock dividends in employee savings plans as a result of the additional costs and loss. The dividends on the preferred shares, which are mainly held by employees and retirees, will be paid at a later date, Ms. Burns said. The airline has been seeking wage concessions from its pilots since April. Its big rivals, American Airlines and United Airlines, have already reduced wages, with United's parent company operating under bankruptcy protection. Among discount carriers, Delta has faced increased competition from AirTran, and JetBlue Airways and Southwest Airlines have expanded in Delta's Eastern United States markets. http://www.nytimes.com/2003/11/13/business/13air.html?ex=1069731787&ei=1&en=38ec6319755d9e5f --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://www.nytimes.com/ads/nytcirc/index.html 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