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Fri, Feb 16, 2007

Delta Posts $2 Billion Q4 Loss, But Also Makes Money

Welcome To Airline Math 101, Please Take Out Your Abacuses

There may be light at the end of the bankruptcy tunnel for Delta Air Lines... but there's also a lot of red. The Atlanta, GA-based carrier announced this week its fourth quarter loss increased to almost $2 billion, due to its continued reorganization efforts.

Conversely, the airline also said it posted its first operating profit in six years.

CBS Marketwatch reports Delta's quarterly loss increased to greater than $1.98 billion, up from its previous loss of $1.24 billion. That includes $1.8 billion in charges related to reorganization, though -- and Delta notes without those charges, the carrier would have lost "only" $179 million.

Yeah, that's still a lot of money... but it's better than the airline's previous loss, excluding charges, of $782 million.

Furthermore, Delta notes, its yearly operations actually recorded a positive income of $58 million -- the airline's first such operating profit since 2000, and a sign of momentum as Delta works to exit bankruptcy this spring.

"A full year operating profit, and the magnitude of the progress it represents, marks a major milestone for Delta," said Delta CEO Gerald Grinstein. "With court approval of the company's disclosure statement earlier this month, there is great momentum building towards a successful emergence from Chapter 11 this spring as a strong, healthy and independent global competitor."

A final court hearing on Delta's reorganization plan is scheduled for April 25.

FMI: www.delta.com

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