|
|
Latest Travel News
|
|
|
Bangkok - Hotels in Bangkok, Bangkok International Airport, Bars in Bangkok, Calypso Cabaret Bangkok, Restaurants in Bangkok, Transport in Bangkok, Shopping in Bangkok, Chatuchak Market, VAT refunds for purchases in Thailand, Things to do in Bangkok, Internet Cafes in Bangkok, Pictures of Thailand. Koh Samui - Hotels in Koh Samui, Bars in Koh Samui, Restaurants in Koh Samui, General Information on Koh Samui, Map of Koh Samui, Diving in Koh Samui, Pictures of Thailand. Phuket - Hotels in Phuket, Restaurants in Phuket, Special Offers, Pictures of Thailand.
|
NORTHWEST
AIRLINES REPORTS
FOURTH
QUARTER AND FULL YEAR RESULTS Northwest Airlines Corporation (NASDAQ: NWAC), the parent of Northwest Airlines, today reported a fourth quarter net loss of $216 million or $2.55 per common share. This compares to fourth quarter 2000 reported net loss of $69 million or 84 cents per common share. The fourth quarter 2001 results include the recognition of $212 million of a pre-tax grant as compensation from the U.S. Government under the Air Transportation Safety and System Stabilization Act (“Stabilization Act”) and $149 million in non-recurring pre-tax charges principally related to aircraft write-downs and/or retirements. Fourth quarter 2001 financial results, excluding the federal grant and the non-recurring charges, resulted in a net loss of $256 million or $3.02 per common share, which compares to a fourth quarter 2000 net profit of $31 million or 34 cents per diluted share, also excluding non-recurring charges. These results compare to First Call consensus estimates of a $3.18 loss per share for the quarter. For the full year, Northwest reported a net loss of $423 million, inclusive of non-recurring items, or $5.03 per common share. This compares to a net profit of $256 million or $2.77 per diluted common share recorded for 2000. Richard Anderson, chief executive officer, said, “Northwest Airlines fourth quarter and full year performance, while disappointing, was to be expected, considering the unprecedented decline in business travel due to the economic slowdown in the United States and the reduced demand resulting from the September 11 terrorist attacks.” Looking ahead, Anderson said, “While it is difficult to predict with certainty when air travel demand will return to normal, Northwest is in an excellent position to benefit as travel rebounds because of its strong cash position, competitive route network, facility and runway improvements at its three domestic hubs including the new WorldGateway facility in Detroit, and its seasoned management team whose actions continue to position the airline as a leader in many critical industry measures.” Anderson added, “Although Northwest Airlines’ and the rest of the industry have begun to recover from the unprecedented impact of the terrorist attacks on our country and our industry, our capacity in the fourth quarter was down about 16% from 2000 levels. In 2002, we will add capacity conservatively when it is clear that it will improve the our financial position.” Operating Results The Company reported a fourth quarter operating loss of $441 million. Total fourth quarter operating revenues declined $720 million year-over-year to $1.99 billion as a result of the negative effect from the terrorist attacks and the economic recession. Quarterly operating expenses, excluding non-recurring charges, were favorable by $315 million year-over-year, benefiting from aggressive cost-cutting initiatives implemented earlier in the year and lower fuel prices. Fourth quarter 2001 operating cost per seat mile (CASM) increased 3.5% year-over-year on a 16% decline in system capacity. “The fourth quarter was a challenging and difficult quarter financially,” said Mickey Foret, executive vice president and chief financial officer. “The financial downturn in the airline industry as a result of the economic recession beginning in March and the impact from the events of September 11 will probably result in the largest annual loss the airline industry has ever experienced.” However, Foret added, “Northwest is well positioned to navigate through this difficult economic environment and is in a better financial position than most industry competitors.” Northwest’s load factors remain the highest in the industry with a continued improvement in passenger demand since September. Fourth quarter unit system passenger revenue (RASM) was down year-over-year 15.7%, but continued to improve every month since the events of September. The Company continues to outperform the domestic industry average in RASM performance, exceeding the industry by 11.9% and 7.8% in October and November, respectively. Northwest’s cost and revenue per seat mile will benefit from the delivery of sixty-one new aircraft in 2002. Thirty-eight new main-line jets will replace less economical aircraft that are being retired, while twenty-three incremental regional jets will add improved traffic feed from smaller cities in Northwest’s system to its three domestic hubs. Financing commitments for all of these aircraft were arranged prior to September 11 on very favorable terms. Customer Service Doug Steenland, Northwest’s president, said, “While safety and security are the top priorities of everyone at Northwest, we also remain firmly committed to ensuring our customers’ travel experience is both convenient and efficient. Since September 11, we invested millions of dollars in additional airport security checkpoint capacity, cutting average security line-waits in half at our Minneapolis/St. Paul and Memphis hubs and at seven of our busiest cities. We have already added 19 security lanes and have plans to add eleven more.” “A key milestone in Northwest’s service commitment will be the opening of the airline’s new $1.2 billion terminal at Detroit Metro Airport next month. The 97-gate, state-of-the-art facility offers unparalleled efficiency for travelers visiting Detroit as well as those connecting to over 125 domestic and international destinations.” Steenland added, “We believe the improvement at our Detroit hub, along with runway and terminal improvement projects at Memphis and Minneapolis/St. Paul, position Northwest to be a very strong carrier in whatever operating environment the airline industry will face in the future.” Another customer-friendly innovation was announced in December. Northwest added “interline” electronic ticketing capabilities with United Airlines, making it possible for Northwest customers to use a single e-ticket on Northwest, Continental, and United. Northwest expects to offer interline e-tickets with most major carriers during 2002. Northwest Airlines Northwest Airlines is the world’s fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo, and Amsterdam and more than 1,400 daily departures. With its travel partners, Northwest serves more than 785 cities in 120 countries on six continents. Based on statistics compiled by the U.S. Department of Transportation, Northwest was the most on time U.S. airline among the seven largest network carriers for the period 1990-2000.
|
Secure HOTEL RESERVATIONS
THAILAND - 
Vietnam - 
Hong Kong 
Indonesia 
Philippines 
Singapore 
Dubai -