=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2004/01/14/f= inancial0742EST0030.DTL ---------------------------------------------------------------------- Wednesday, January 14, 2004 (AP) Delta reports narrower 4Q loss, misses expectations HARRY R. WEBER, AP Business Writer (01-14) 04:42 PST ATLANTA (AP) -- Delta Air Lines reported a narrower fourth-quarter loss on higher revenues, but still missed Wall Street expectations and said it still faces many hurdles in becoming profitable again. The nation's third-largest airline said Wednesday that for the three months ending Dec. 31 it lost $332 million, or $2.69 a share, compared to a loss of $367 million, or $2.98 a share, for the same period a year ago. The loss includes $5 million paid out in dividends to preferred shareholders. Excluding one-time items, Atlanta-based Delta lost $207 million, or $1.71 a share, in the quarter. Analysts surveyed by Thomson First Call were expecting a loss of $1.66 a share without one-time items. Revenue in the October-December period was $3.4 billion, a 2.7 percent increase from $3.31 billion a year ago. "Today's financial results are disappointing, especially given the expected performance of the other air carriers," said Gerald Grinstein, Delta's chief executive officer. He said "2003 was a year full of significant financial challenges for Delta. While we have made progress in addressing these challenges, Delta still faces many hurdles in 2004." Delta executives have been trying to cut costs for more than a year to t= ry to return the airline to profitability. Delta, which is still seeking significant wage concessions from pilots, has laid off 16,000 employees since the 2001 terrorist attacks. For all of 2003, Delta lost $790 million, or $6.40 a share, compared to a loss of $1.29 billion, or $10.44 a share, in 2002. The loss includes $17 million paid out this year in dividends to preferred shareholders. Full-year revenue was $13.3 billion, the same as it was in 2002. On the Net: www.delta.com =20 ---------------------------------------------------------------------- Copyright 2004 AP