8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2003

DELTA AIR LINES, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-5424	58-0218548
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

Hartsfield Atlanta International Airport, Atlanta, Georgia 30320

(Address of principal executive offices)

Registrant’s telephone number, including area code: (404) 715-2600

Not Applicable
(Former name or former address, if changed since last report)

TABLE OF CONTENTS

EX-99.1 Press Release dated March 10, 2003

Item 5.     Other Events and Regulation FD Disclosure

Delta Air Lines, Inc. (Delta) today issued a press release updating quarterly guidance reflecting the effects of the uncertain geopolitical environment, and discussing capacity reductions, additional jet fuel hedging contracts and an updated cash flow outlook for the March 2003 quarter. The press release is attached as Exhibit 99.1.

Forward Looking Statements

Statements in this Form 8-K including Exhibit 99.1 (or otherwise made by Delta or on Delta’s behalf) which are not historical facts, including statements about Delta’s estimates, expectations, beliefs, intentions, projections or strategies for the future, may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or Delta’s present expectations. Factors that could cause these differences include, but are not limited to:

1. the many effects on Delta and the airline industry from the terrorist attacks on the United States on September 11, 2001, including the following:

(a)	the adverse impact of the terrorist attacks on the demand for air travel;
(b)	the change in Delta’s operations and higher costs resulting from, and customer reaction to, new airline and airport security directives, including the Aviation and Transportation Security Act;
(c)	the availability and cost of war and terrorism risk and other insurance for Delta;
(d)	the availability to Delta of financing on commercially reasonable terms, which may be influenced by, among other things, airline bankruptcies, the creditworthiness of the airline industry in general and Delta in particular and actions by rating agencies;
(e)	potential declines in the values of the aircraft in Delta’s fleet or facilities and related asset impairment charges;
(f)	additional terrorist activity and/or war;

2.	general economic conditions, both in the United States and in our markets outside the United States;
3.	competitive factors in our industry, such as mergers and acquisitions, airline bankruptcies, the airline pricing environment, the growth of low

	cost carriers, international alliances, codesharing programs and capacity decisions by competitors;
4.	outcomes of negotiations on collective bargaining agreements and other labor issues;
5.	changes in the availability or cost of aircraft fuel or fuel hedges;
6.	disruptions to operations due to adverse weather conditions and air traffic control-related constraints;
7.	actions by the United States or foreign governments, including the Federal Aviation Administration and other regulatory agencies;
8.	the willingness of customers to travel generally, and with Delta specifically, which could be affected by factors such as Delta’s and the industry’s safety record; and
9.	the outcome of Delta’s litigation.

Caution should be taken not to place undue reliance on Delta’s forward-looking statements, which represent Delta’s views only as of March 10, 2003, and which Delta has no current intention to update.

Item 7.    Financial Statements and Exhibits.

(c) Exhibits

Exhibit 99.1 Press Release dated March 10, 2003 titled “Delta Air Lines Updates Quarterly Guidance Reflecting Effects of Uncertain Geopolitical Environment”

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DELTA AIR LINES, INC.
	BY:	/s/ Edward H. Bastian
		Edward H. Bastian Senior Vice President — Finance and Controller
Date: March 10, 2003

EXHIBIT INDEX

Exhibit Number	Description
Exhibit 99.1	Press Release dated March 10, 2003 titled “Delta Air Lines Updates Quarterly Guidance Reflecting Effects of Uncertain Geopolitical Environment”

EX-99.1 3 g81118exv99w1.htm EX-99.1 PRESS RELEASE DATED MARCH 10, 2003

EXHIBIT 99.1

CONTACTS: Corporate Communications
404/715-2554 Investor Relations
404/715-6679

Delta Air Lines Updates Quarterly Guidance Reflecting Effects of Uncertain
Geopolitical Environment

     ATLANTA, March 10, 2003 — Delta Air Lines (NYSE: DAL) today updated quarterly guidance to indicate an expected 1.5 percent system capacity reduction year over year for the March 2003 quarter, and announced additional fixed-price fuel contracts, ensuring fixed costs for approximately 60 percent of its estimated 2003 jet fuel requirements at an average price of $0.77 per gallon. Additionally, the airline now expects cash flow from operations for the quarter to be negative due to soft traffic and bookings resulting from concern over potential military action.

     “Current geopolitical uncertainties have weakened the already depressed revenue environment more than initially expected. Bookings for the quarter are down, and we expect this to continue,” said M. Michele Burns, executive vice president and chief financial officer. “Changes to capacity and additional fuel hedging agreements continue to help us manage through these difficult times. Delta remains committed to aggressively reducing costs and maintaining the flexibility to quickly adjust to changing market demand.”

     Delta’s previous capacity guidance in early January indicated that the March 2003 quarter capacity would be up 0.5 to 1.0 percent. Changes in the capacity for the quarter were primarily driven by depressed customer demand due to potential military action in the Middle East. In January, the airline stated that cash flow from operations was expected to be slightly positive for the quarter.

     As of March 7, 2003, Delta has hedged 77 percent of its projected aircraft fuel requirements at an average price of $0.79 per gallon for the March 2003 quarter. For the second quarter of 2003, Delta is hedged 78 percent at $0.76 per gallon. Hedged prices in heating oil are quoted as cents per gallon and include transaction costs. Delta’s fuel hedging program will help mitigate additional cost pressures. In January, the airline announced that it had hedged 50 percent of its expected aircraft fuel needs for 2003 at an average price of $0.75 per gallon.

     Delta Air Lines, the world’s second largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, offers 5,619 flights each day to 438 destinations in 78 countries on Delta, Delta Express, Delta Shuttle, Delta Connection and Delta’s worldwide partners. Delta is a founding member of SkyTeam, a global airline alliance that provides customers with extensive worldwide destinations, flights and services. For more information, please go to delta.com.

Statements in this news release, which are not historical facts, including statements regarding Delta’s beliefs, expectations, estimates, intentions or strategies for the future, may be “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions, and expectations reflected in or suggested by the forward-looking statements. For a list of factors that could cause these differences, see the Form 8-K that Delta filed today. Delta has no current intention to update its forward-looking statements.

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EX-99.1

EX-99.1 Press Release dated March 10, 2003