The article below from NYTimes.com has been sent to you by psa188@xxxxxxxxx /--------- E-mail Sponsored by Fox Searchlight ------------\ SIDEWAYS - OPENS IN NEW YORK AND LOS ANGELES OCT. 22 An official selection of the New York Film Festival and the Toronto International Film Festival, SIDEWAYS is the new comedy from Alexander Payne, director of ELECTION and ABOUT SCHMIDT. Starring Paul Giamatti, Thomas Haden Church, Sandra Oh and Virginia Madsen, SIDEWAYS opens in NY & LA October 22 and will expand across North America in November. Watch the trailer at: http://www.foxsearchlight.com/sideways/index_nyt.html \----------------------------------------------------------/ Delta, American and Northwest Airlines Report Quarterly Losses October 21, 2004 By THE ASSOCIATED PRESS By The Associated Press Delta Air Lines, Northwest Airlines and the parent of American Airlines all reported losses yesterday. The largest loss by far was at Delta, where bankruptcy looms unless it can quickly win concessions from pilots and debt holders. Soaring fuel prices were the main culprit for the losses. All three airlines reported higher revenue. For the three months ended Sept. 30, Delta, based in Atlanta, said it lost $651 million, or $5.16 a share, compared with a loss of $168 million, or $1.36 a share, in the period a year ago. Delta said it was affected by the four hurricanes that hit Florida, a major destination for Delta travelers. Even so, its revenue in the quarter rose 5.9 percent, to $3.87 billion. Delta said its unrestricted cash reserves fell to $1.45 billion as of Sept. 30, from $2 billion on June 30. The airline says it needs $1 billion in cuts from its pilots and new debt terms from some of its creditors. The pilots' union said in a memo yesterday that its talks with management will continue through the weekend. Shares of Delta fell 6 cents, to $2.93. The AMR Corporation, the parent of American Airlines, the nation's largest carrier, reported a quarterly loss of $214 million, or $1.33 a share; a year earlier it posted a $1 million profit. Revenue rose 3.3 percent, to $4.76 billion, below the $4.81 billion forecast by analysts. The company, based in Fort Worth, said it spent $342 million more on fuel last quarter than in the 2003 period, turning a potential profit into a loss. The price of jet fuel on spot markets along the Gulf Coast has jumped from 88.9 cents a gallon at the beginning of the year to $1.56 last week, according to the Energy Department. Gerard J. Arpey, chief executive of AMR, said American would take steps to raise revenue and cut costs, including job cuts and a 5 percent reduction in the airline's capacity by the first quarter of next year. He offered no details on layoffs. Shares of AMR fell 20 cents, to $6.49. Northwest said it lost $46 million, or 54 cents a share, in the third quarter. That was in contrast to a profit of $42 million, or 49 cents a share, a year earlier. Revenue rose more than 13 percent, to $3.05 billion. Shares of Northwest, which is based in Eagan, Minn., fell 20 cents, to $7.72. Continental Airlines reported a $16 million quarterly loss on Tuesday. The UAL Corporation and US Airways Group, both in bankruptcy, have not yet reported their third-quarter earnings. Known as legacy carriers, the big six airlines had a large presence in multiple regions before deregulation in 1978. US Airways is a collection of prederegulation regional carriers that merged into a legacy carrier. The big carriers had benefited in the past by operating a hub-and-spoke system, using big cities as bases for routing connecting flights to smaller markets. Their market share in those areas has dwindled, however, as low-fare carriers have increasingly moved into the big carriers' turf. That is most evident in the case of Delta, which has faced competition from AirTran Airways and JetBlue Airways. Several carriers in recent days have raised the fuel surcharges on their ticket prices to help offset the high fuel prices. "Fuel costs are ultimately going to affect all of the airlines in some way," said Frank Werner, an industry expert who teaches finance at Fordham University in New York. But he added, "The big carriers are still flailing along searching for the answer, and they don't have it yet." http://www.nytimes.com/2004/10/21/business/21air.html?ex=1099387520&ei=1&en=6a052827450633d0 --------------------------------- 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! 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