Congress isn't doing their job!

amadeus

rad thibodeaux-xs
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WTH?
Delta Air Lines Posts $1.77B Profit

ATLANTA (AP) - Delta Air Lines Inc., the nation's third-largest carrier, cited a 5.5 percent gain in sales as it reported Wednesday that it swung to a profit in the second quarter, which saw it emerge from bankruptcy after shaving billions of dollars in costs.

The Atlanta-based company's results beat Wall Street expectations when one-time items are excluded.

For the three months ending June 30, Delta said it recorded net income of $1.77 billion, or $4.49 a share, compared to a loss of $2.21 billion in the same period a year earlier. The corresponding per-share figure for the year-ago loss was not provided in Delta's balance sheet.

Excluding reorganization and related one-time items, Delta said it had a profit of $274 million, or 70 cents a share, in the second quarter. On a comparable basis, analysts surveyed by Thomson Financial were expecting a profit of 59 cents a share.

The reorganization and related one-time items Delta accounted for in the second quarter of this year stemmed from $1.5 billion of income primarily due to the discharge of claims and liabilities in connection with its bankruptcy proceedings and the adoption of fresh-start reporting.

Revenue in the April-June quarter rose to $5 billion, compared to $4.74 billion recorded in the same period a year earlier.

At the end of the quarter, Delta had $3.7 billion in cash, cash equivalents and short-term investments, of which $3.4 billion was unrestricted. Delta also has an additional $1 billion in unrestricted liquidity available under its undrawn revolving credit facility.

Delta recorded roughly $40 million in cash gains on fuel hedge contracts settled during the quarter.

For the first six months of the year, Delta said its net income was $1.64 billion, compared to a loss of $4.28 billion for the same period a year earlier. Per-share figures were not given. Six-month revenue rose to $9.24 billion, compared to revenue of $8.54 billion in the same period a year earlier.

Delta entered Chapter 11 on Sept. 14, 2005. The company emerged on April 30.

In bankruptcy, Delta shed billions in costs and restructured the carrier's operations. It also survived a hostile takeover bid by Tempe, Ariz.-based US Airways Group Inc.

After exiting bankruptcy, Delta unveiled plans for a new paint job for its planes, featuring the company's three-dimensional red logo flying across a blue background on the tail of aircraft.

Delta's board still must find a new chief executive officer to replace outgoing CEO Gerald Grinstein and decide whether to sell or spin off regional feeder carrier Comair. The airline has not provided a specific timetable for either decision.

The top internal candidates for CEO are Chief Financial Officer Ed Bastian and Chief Operating Officer James Whitehurst. No external candidates have been mentioned publicly.
This is an outrage! I demand Congress to step in and fix this! :mad:
 
Now if you had a picture of Nancy Pelosi or Harry Reid as your avatar, then I might be able to fill in the blank. Ronnie is kind of throwing me off as to your direction here though.
 
Airlines shouldn't be allowed to have profits at the expensive of those poor starving baggage handlers. ;)

Edit:
The OP is trolling

SPOILSPORT! :nono:
 
Actually, I'm relatively pleased with Congress lately. Democrats actually called the Republicans out on their filibuster challenge, and made everyone stay up all night. Damn straight. If you're going to threaten a filibuster, be prepared to stick it out. ;)
 
WTH?

This is an outrage! I demand Congress to step in and fix this! :mad:

We need to tax those profits more we have health care, welfare, foreign aid, pork projects, and social security to fund!
 
Actually, I'm relatively pleased with Congress lately. Democrats actually called the Republicans out on their filibuster challenge, and made everyone stay up all night. Damn straight. If you're going to threaten a filibuster, be prepared to stick it out. ;)

Is this coming from the same democrats that "fillibustered" :rolleyes: Bush judicial nominees? Just curious.....hypocrites.
 
Seriously, could someone explain to me the OP?

Apparently the evil Congress usually tries to steal away the profits of the hard-working airline companies. Or something. That really has nothing to do with most of the US's airline companies being incapable.
 
Seriously, could someone explain to me the OP?
The US congress is notorious (at least in Ama's eyes) for preventing the airlines from implementing wage cuts and preventing the abandomnent of profitless routes.
 
What has Congress to do with that?

"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." - Ronald Reagan
 
Is this coming from the same democrats that "fillibustered" Bush judicial nominees? Just curious.....hypocrites.
It's a tool used by both parties; hypocrisy really has nothing to do with it.

As for the OP, poor quality. If you're going to troll, make it in such a way that the people actually understand or care what it is about. Really, amad, you could do much better.
 
Is this coming from the same democrats that "fillibustered" :rolleyes: Bush judicial nominees? Just curious.....hypocrites.
There's nothing hypocritical here. Republicans have every right to filibuster, (just as Democrats did) but I appreciate that Democrats actually made them stay up all night in order to do it. Generally, even the threat of a filibuster is enough to silence debate. Screw that. Filibuster all you like, but let's bring back the element of suffering. :devil:
 
So what I remember was that airlines in the US were at some point in the past heavily regulated. People said things looked grim and airlines were not doing well.
Then Reagan came and got rid of the regulations so that the airlines could do a lot better.
But apparently the airlines still failed.

So, regulation or deregulation, it's always the government's fault if airlines go bankrupt?
 
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