-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TtGjMIFLFX0fu3/n+VX1jkVm26v5qEZTeEVfPUye/AbI+X6Kh7b3grdjgdH5PcHQ +UgMiIvVsYF+cnA9UpLF/g== 0001047469-98-037720.txt : 19981021 0001047469-98-037720.hdr.sgml : 19981021 ACCESSION NUMBER: 0001047469-98-037720 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981015 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981020 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELTA AIR LINES INC /DE/ CENTRAL INDEX KEY: 0000027904 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 580218548 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20319 FILM NUMBER: 98728093 BUSINESS ADDRESS: STREET 1: HARTSFIELD ATLANTA INTL AIRPORT STREET 2: 1030 DELTA BLVD CITY: ATLANTA STATE: GA ZIP: 30320-6001 BUSINESS PHONE: 4047152600 MAIL ADDRESS: STREET 1: 1030 DELTA BLVD STREET 2: DEPT 971 CITY: ATLANTA STATE: GA ZIP: 30320-6001 FORMER COMPANY: FORMER CONFORMED NAME: DELTA AIR CORP DATE OF NAME CHANGE: 19660908 8-K 1 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): October 15, 1998 DELTA AIR LINES, INC. (Exact name of registrant as specified in its charter) Delaware 1-5424 58-0218548 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Hartsfield Atlanta International Airport, Atlanta, Georgia 30320 (Address of principal executive offices) Registrant's telephone number, including area code: (404) 715-2600 Item 5. OTHER EVENTS Financial Results On October 15, 1998, Delta Air Lines, Inc. (the "Company") announced its unaudited financial results for the quarter ended September 30, 1998 and related financial and statistical information which is attached hereto as Exhibit 99.1. Exhibit 99.1 is hereby incorporated by reference herein. Common Stock Repurchase Authorizations The Company has two common stock repurchase programs. As discussed in Note 14 of the Notes to Consolidated Financial Statements on page 51 of the Company's 1998 Annual Report to Shareowners, (1) in July 1998, the Company's Board of Directors ("Board") authorized the Company to repurchase its common stock and common stock equivalents for an aggregate purchase price of up to $750 million from time to time through December 31, 1999 ("July 1998 Authorization"); and (2) in April 1996, the Board authorized a common stock repurchase program relating to the Company's broad-based employee stock option plans. During the quarter ended September 30, 1998, the Company repurchased (1) $401 million of common stock under the July 1998 Authorization; and (2) a total of 3.9 million shares of common stock under both repurchase authorizations. Pilot Agreement On October 16, 1998, the Air Line Pilots Association, International ("ALPA") announced that the Company's pilots had approved an agreement reached on June 23, 1998 between the Company and ALPA regarding pilot rates of pay, rules and working conditions applicable to the Company's B-737-600/700/800 aircraft and certain B-737-300 aircraft. For additional information regarding this subject, see "Personnel Matters" on pages 31-32 of the Company's 1998 Annual Report to Shareowners. Item 7. FINANCIAL STATEMENTS AND EXHIBITS The Exhibit Index on page 4 is hereby incorporated herein by reference. -2- 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 thereunto duly authorized. DELTA AIR LINES, INC. BY: /s/ Warren C. Jenson --------------------- Warren C. Jenson Executive Vice President and Chief Financial Officer DATE: October 19, 1998 - 3 - EXHIBIT INDEX
Exhibit Description 99.1 Unaudited Consolidated Statements of Operations of Delta Air Lines, Inc. for the three month periods ended September 30, 1998 and 1997 and the related financial and statistical information.
-4- EX-99.1 2 EX-99.1 Exhibit 99.1 DELTA AIR LINES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; In Millions, Except Share Data)
Three Months Ended September 30, ------------- 1998 1997 Operating Revenues: Passenger $3,487 $3,260 Cargo 139 143 Other, net 176 150 ------ ------ Total operating revenues 3,802 3,553 Operating Expenses: Salaries and related costs 1,237 1,204 Aircraft fuel 339 409 Passenger commissions 252 266 Depreciation and amortization 218 198 Other selling expenses 196 164 Contracted services 183 172 Landing fees and other rents 179 169 Aircraft rent 145 137 Aircraft maintenance mat'ls and outside repairs 143 124 Passenger service 133 111 Other 225 168 ------ ------ Total operating expenses 3,250 3,122 ------ ------ Operating Income 552 431 ------ ------ Other Income (Expense): Interest expense (49) (50) Interest capitalized 10 9 Interest income 22 17 Miscellaneous income, net 3 11 ------ ------ (14) (13) ------ ------ Income Before Income Taxes 538 418 Income Taxes Provided, Net (211) (164) ------ ------ (Continued)
-1-
Three Months Ended September 30, ------------- 1998 1997 Net Income 327 254 Preferred Stock Dividends (3) (3) ------ ------ Net Income Available To Common Shareowners $ 324 $ 251 ------ ------ ------ ------ Basic Income Per Common Share $ 4.38 $ 3.41 ------ ------ ------ ------ Diluted Income Per Common Share $ 4.16 $3.26 ------ ------ ------ ------ Operating Margin 14.5% 12.1% Weighted Average Shares Used In Per Share Computation: Basic (000) 73,965 73,717 Diluted (000) 78,356 77,299
-2-
Three Months Ended September 30, ------------- 1998 1997 STATISTICAL SUMMARY: Revenue Psgr Miles (millions) 28,113 26,585 Available Seat Miles (millions) 36,673 35,683 Passenger Mile Yield (cents) 12.40 12.26 Operating Revenue Per Available Seat Mile (cents) 10.37 9.96 Operating Cost Per Available Seat Mile (cents) 8.86 8.75 Passenger Load Factor (percent) 76.66 74.50 Breakeven Passenger Load Factor (percent) 64.52 64.66 Revenue Ton Miles (millions) 3,229 3,073 Cargo Ton Miles (millions) 418 415 Cargo Ton Mile Yield (cents) 33.27 34.29 Fuel Gallons Consumed (millions) 703 682 Average Price Per Fuel Gallon (cents) 48.21 59.91 Number of Aircraft in Fleet at End of Period 578 558 Average Full-Time Equivalent Employees 71,000 65,800
-3- -----END PRIVACY-ENHANCED MESSAGE-----