Delta Air Lines annual report 1981

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mately $3.S billion as follows: Amount
(In Thousands)
302,000
571,000
319,000
456,000
415,000
1,437,000
The Company presently anticipates financing these
commitments from internally generated funds, supplemented
as required by intermediate-term loans.
DELTA AIR LINES, INC.
3. Long-Term Debt:
At June 30, 1981 and 1980, the Company's long-term
debt and capitalized lease obligations (including current
maturities) were as follows:
a) Due Lazard Brothers & Co., Limited,
under 5%, 6% and 7% unsecured
notes, repayable in pounds sterling in
semiannual installments to 1986
($7,682,000 payable in fiscal 1982)-
At original exchange rates ... . ...... .
Unrealized (gain) loss on-
Current maturities ... . .. . .... ... .
Long-term portion .............. .
At current exchange rates .. . .. ..... .
b) Due banks under1980 unsecured credit
agreement, providing for borrowings
up to $150,000,000, at prime interest
rate, on a revolving basis through June,
1982, at which time the balance out-
standing will be converted into a one-
year loan repayable in quarterly
installments of $5,000,000 beginning
September 30, 1982, with the remain-
ing balance payable June 30, 1983 .....
c) Convertible Subordinated Debentures,
6%, maturing August 1, 1986, with
annual sinking fund redemptions of
$1,100,000. The remaining obligations
at June 30, 1981and1980, are after
deducting $5,500,000 and $6,404,000,
respectively, of debentures acquired
for future sinking fund requirements
(Note6) .............. .. ......... .
d) Due the Development Authority of
Clayton County under a 6%%
unsecured loan agreement, repayable
in installments beginning in the year
2000, with the remaining balance
payable in 2011 ..... .. ...... ..... .
e) Due the Development Authority of
Fulton County under a 6%%
unsecured loan agreement, repayable
on September 15, 1983 .. ........... .
f) Other notes, with various interest
rates and maturity dates ($463,000
payable in fiscal 1982) .... ..... . . .. .
g) Capitalized lease obligations
($2,992,000 payable in fiscal1982) ... .
Total . . .. ..................... .
Less-Current maturities . ....... . . .
Total long-term debt .. . ......... .
22
1981 1980
(In Th ousands)
$33,181 $42,384
(1,521) 136
(3,704) 806
27,956 43,326
100,000 60,000
10,921 11,196
35,000 35,000
29,000
1,103 1,567
5,568 12,037
209,548 163,126
(11,137) (15,225)
$198,411 $147,901
At June 30, 1981, the annual maturities of long-term debt
and capitalized lease obligations for the next five fiscal years
were as follows: Amount
1982
1983
1984
1985
1986
(In Thousands)
$ 11,137
109,503
37,389
4,486
1,011
The Company's debt agreements include limitations on
indebtedness and other obligations. In connection with the
1980 bank credit agreement, the Company has informally
agreed to maintain on deposit with the lending banks average
balances (including normal working balances) equal to 10% of
the average daily outstanding borrowings, with the average
balances and borrowings being computed over the term of the
agreement. There are no legal restrictions on the Company's
use of these funds. At June 30, 1981, there was no restriction in
the agreements as to the payment of cash dividends.
In October, 1980, the Development Authority of Fulton
County issued $29,000,000 of 6%% Special Facilities Revenue
Bonds, the proceeds of which were loaned to the Company
under a 6%% unsecured loan agreement. Payments made by
the Company under the loan agreement are pledged by the
Development Authority to the bond trustee. By the terms of
the trust indenture and the agreement with the Development
Authority, funds from the loan are held by the trustee for the
payment of construction costs for a flight training building
and acquisition and installation in such building of four air-
craft flight simulators. At June 30, 1981, the amount on deposit
with the trustee with respect to this agreement was $13,888,000.
4. Operating Lease Obligations:
At June 30, 1981, the Company leased certain airport
terminal and maintenance facilities, ticket offices, and other
property and equipment under agreements with terms of more
than one year. Amounts charged to rental expense for operat-
ing leases were $48,070,000 in 1981, $44,746,000 in 1980 and
$41,188,000 in 1979.
At June 30, 1981, the Company's minimum rental com-
mitments under noncancelable operating leases with initial or
remaining terms of more than one year were as follows:
Payable for
Fiscal Year
1982 . .. ...... ... . .... ..... . .
1983 ...... . ................ .
1984 . .. . . . . ................ .
1985 ..... . . . . ... ... .. ...... .
1986 ..... .... . .. . . ...... . .. .
After 1986 ................... . .
Total .. . . . ............. .
Amount
(In Thousands)
$ 37,192
36,736
36,549
36,132
35,047
566,283
$747,939
5. Income Taxes:
The provision for income taxes in 1981, 1980 and 1979
consisted of:
1981 1980 1979
(In Thousands)
Current taxes ............ $ 37,921 $ 10,418 $ 53,581
Deferred taxes ............ 30,925 15,016 17,886
Investment tax credits ..... 32,601 28,999 32,962
Income taxes provided ... $101,447 $ 54,433 $104,429
Total income taxes provided were approximately 46% in
1981, 44% in 1980 and 47% in 1979 of book income before
taxes.
The provision for deferred income taxes resulted from
the tax effect of the timing differences related primarily to
depreciation and other property items.
As of June 30, 1981, all available investment tax credits
had been utilized to reduce Federal income taxes payable.
6. Common Stock:
In July 1981, the Board of Directors proposed a 2-for-1
stock split, subject to stockholder approval. The proposed
stock split would involve the issuance of one additional share
for each share held. The additional shares would be distributed
on December 1, 1981, to stockholders of record on November 5,
1981. At the annual meeting to be held on October 22, 1981,
the Company's stockholders will be asked to vote on the pro-
posed stock split and an increase in the number of authorized
shares of common stock to 100 million.
At June 30, 1981, the Company had 43,684 common
shares reserved for conversion (at $250 per share) of the
Convertible Subordinated Debentures.
7. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of other short-term
borrowings. At June 30, 1981, outstanding commercial paper
totaled $44,487,000, with various maturity dates to August 7,
1981, at interest rates ranging from 16.875% to 18.20%. In con-
nection with the issuance of the commercial paper, the Com-
pany obtained a $100,000,000 line of credit.
The average interest rate and average and maximum
outstanding balances of short-term borrowings during 1981
and 1980 were as follows:
Maximum amount of borrowings
outstanding at any month:end ....... .
Average daily borrowings
during period . ... . . . ............. . .
Weighted average interest rate
on borrowings during period ... . . . ... .
1981 1980
~ h o u s a ~
$78,415
$44,587
13.56%
$55,567
$40,534
11.77%
During 1979, the Company issued a $30,104,000 note in
connection with the purchase of certain aircraft. The note was
payable on or before February 26, 1980, with interest equal to
the prime rate. The note was paid in full on December 20, 1979.
DELTA AIR LINES, INC.
8. Contingencies:
The Company is a defendant in certain legal actions re-
lating to environmental problems (primarily noise), alleged
employment discrimination practices, other matters con-
cerning past and present employees, disputes concerning the
Company's liability for payment of fees and charges for certain
airport facilities, and other matters related to the Company's
business. Given the unsettled status of the law in many of the
areas involved, the outcome of these actions is difficult to
predict. In the present opinion of management and its legal
counsel, however, the disposition of these matters is not likely
to have any material adverse effect on the Company's financial
position or operations.
9. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June30
Fiscal1981 (In Millions, Except Per Share Amounts)
Operatingrevenues $838.2 $859.2 $881.6 $954.3
Operatingincome. . ... . . .. $ 36.7 $ 53.7 $ 20.8 $ 63.0
Net income . . . . . . . . . . . . . . $ 26.3 $ 44.7 $ 27.9 $ 47.6
---
Netincomepershare .... ... $ 1.32 $ 2.25 $ 1.40 $ 2.39
---
Net income per share includes
gainonsalesofaircraftof . .. $ - $ .37 $ .32 $ .19
---
Fiscal1980
Operatingrevenues . . . . . . . $670.6 $703.8 $769.1 $813.5
Operating income . . ... .. .. $ 2.0 $ 16.8 $ 28.7 $ 45.1
Net income . . . . . . . . . . . . . . $ 12.6 $ 21.1 $ 21.8 $ 37.6
Net income per share . . . . . . . $ 0.63 $ 1.06 $ 1.10 $ 1.89
Net income per share includes
gain on sales of aircraft of . . . $ .28 $ .33 $ .01 $ .44
10. Constant Dollar and Current Cost Data (Unaudited):
The Financial Accounting Standards Board (FASB)
Statement No. 33, Financial Reporting and Changing Prices,
requires that certain historical financial data be restated utili-
zing two different approaches to measure the impact of
changing prices: (1) the "constant dollar" approach, which re-
flects the effect of general inflation on the purchasing power of
the dollar; and (2) the "current cost" approach, which reflects
the changes in relative prices for specific goods and services.
Data developed in compliance with Statement No. 33 is
of an experimental nature and should be viewed with caution.
Calculations derived from the application of Statement No. 33
involve a substantial number of assumptions and estimates,
and may not reflect the most accurate reporting of the effects
of inflation on the Company.
Under the constant dollar concept, the historical cost at
June 30, 1981, of property and equipment was aged by year of
acquisition. This historical cost was restated in average fiscal
1981 dollars by the application of the U.S. Government Con-
sumer Price Index for All Urban Consumers ("CPI-U"). The
23
DELTA AIR LINES, INC.
CPI-U is a widely used measure of inflation and is the specific
index selected by the FASB to measure the effect of general
inflation. Depreciation and amortization were recalculated on
a straight-line method, using historical depreciation rates
applied to the constant dollar cost.
The gain from the decline in purchasing power was deter-
mined by calculating the changes in monetary assets and
liabilities in 1981 constant dollars. In times of inflation, there
is a purchasing power loss in holding monetary assets such as
cash and receivables and a purchasing power gain in holding
monetary liabilities such as debt and payables.
Transport Association and current market values for non-
production aircraft as published in various industry sources.
For spare engines and components, the current cost was deter-
mined by applying the historical ratio of the cost of spare
engines and components to the current cost of the related air-
craft fleets. For ground property and equipment, the current
cost was computed in the same manner as the constant dollar
information. Current cost depreciation expense was com-
puted by multiplying the historical rates by the current costs
determined above.
For flight equipment, current cost (specific prices) was
determined by utilizing the purchase price information for
current production aircraft types as furnished by the Air
Current tax laws do not recognize deductions for current
cost of depreciation and amortization expense; therefore,
income taxes provided are reported in historical dollars as re-
quired by Statement No. 33.
As Reported Adjusted for
Statement of Income Adjusted for Changing Prices (Unaudited)
For the year ended June 30, 1981 in the General Inflation Adjusted for
Financial (Average Change in
Statements Fiscal 1981 Specific Prices
(Historical Cost) Constant Dollar) (Current Cost)
(In Thousands Except for Per Share Data)
Operating revenues . . . .. . . . . ..... . . . ... . ...... .. ................ . ...... . . $3,533,326 $3,533,326
Depreciation and amortization expense ............ . .. . . . .. . ..... . . .. .... . . . 220,979 326,644
Operating expenses (excluding depreciation and amortization) . . .. ... .. ... .... . . 3,138,153 3,138,153
Gain on disposition of property . . ..... . .... . ...... . .. . . ... . ... .. .. ... . . . . . . (30,078) (24,164)
Other expense (income), net .. .... . . . .. .. ......... . .. . .. . ..... . .. . ....... . . (18,548) (18,548)
Income taxes provided ....... .. ................. . ... .. .......... ..... . . . . 101,447 101,447
Amortization of investment tax credits ... .. .. . ... .. . . . . .. . .. . .... .. .. . .. . .. . (25,101) (34,353)
Total expenses . ... . . . .. . ..... .... . . ... . ...... .. .. . ............. . 3,386,852 3,489,179
Net income (loss) . .... . ....... . . .. . . .. . ... .. ...... .... . . .... .. .. .. ...... . $ 146,474 $ 44,147
Net income (loss) per share ... .. ....... . .... . .. . ... . .. . ........ . .. . ... . .. . . $ 7.37 $ 2.22
Gain from decline in purchasing power of net amounts owed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46, 910
Effect on property and equipment of:
Increase in specific prices (current cost)* . . . .. . .... . .. . . . .... . ... . ..... . .. . ...... . ..... . ...... . ....... .... .. .
Increase in general price level ( constant dollar) .... . ....................... . . . ............ . ...... . ....... . . . . .
Excess of increase in specific prices over the increase in the general price level .... . .... . ...... .. .... .. . . .. .. ... . . .. .. .
*At June 30, 1981, owned and leased property and equipment, stated at current cost, net of adjusted accumulated depreciation
from date of acquisition, was $3.21 billion compared with the historical depreciated cost of $1.88 billion.
Five-Year Comparison of Selected Supplementary Financial Data (Unaudited)
Stated in Average Fiscal 1981 Dollars
1981 1980
For the Year Ended June 30,
1979 1978
(In Thousands Except for Per Share Data)
Operating revenues .. .. . . .. . ....... . ....... . .... . . .
Historical cost information adjusted for
general inflation-
Net income ..... . . . . . . . ... . ........ .. . .. . . . . . .
Net income per share . .... .. . . ........... .. .... .
Net assets . .. .. .. . ... ...... .. . . . . ...... . . . ... .
Historical cost information adjusted for
specific prices-
Net loss . .. . .... . . . .... ... . . ................. .
Net loss per share ... . .. .... . . .. . .............. .
Excess of increase in specific prices over increase
in the general price level .. ... ..... . .... . . . .... .
Net assets . . . . . ... . .. . . .. .. .. .... . .... . . . ... . .
Depreciation and amortization ........ . .. . ...... .
Gain from decline in purchasing
power of net amounts owed ... . .. . ..... . .. .... . .. .
Cash dividends paid per common share ..... . ........ . .
Market price per common share at year-end . . ....... .. .
Average consumer price index (1967 = 100) .. . ........ . .
24
$3,533,326
44,147
2.22
1,837,906
(15,462)
(0.78)
317,277
2,158,122
395,728
46,910
1.40
71.25
259.4
$3,299,077 $3,069,119 $2,835,855
8,293
.42
1,795,059
(20,058)
(1.01)
56,761
1,987,369
354,511
70,231
1.34 1.33 1.04
43.79 50.72 62.74
232.5 205.2 187.6
$3,533,326
395,728
3,138,153
(33,639)
(18,548)
101,447
(34,353)
3,548,788
$ (15,462)
$ (0.78)
$ 46,910
$ 551,283
234,006
$ 317,277
1977
$2,537,406
1.03
52.75
175.8
Summary of Operations For the years ended June 30
(Dollars expressed in thousands except per share figures)
1981
Operating revenues:
Passenger ......... . ..... . ...... $3,287,511
Cargo ...... . .... . ............. 213,431
Other, net ....... . .......... . ... 32,384
Total operating revenues ....... . ...... 3,533,326
Operating expenses . .. ............... 3,359,132
Operating income ................ . .. $ 174,194
Interest expense, net* ......... . ....... 7,596
Miscellaneous income, net .. .. ..... . .. 19,917
Gain on disposition of aircraft ......... 30,078
Realized and unrealized loss (gain) on
foreign currency translation .. . .... (6,227)
Income before income taxes ..... .. .... $ 222,820
Income taxes provided ........ . . ... .. 101,447
Amortization of investment
tax credits ...... . ........ .. ..... 25,101
Net income ............. .. .......... $ 146,474
Net income per share ........ . ....... $7.37
- -
Dividends paid .... .. .. . ... . ....... . .. . . $27,833
Dividends paid per share .. . ..... . . ... $1.40
*Has been reduced by interest
capitalized of ....... . ........... . .. $15,539
Other Financial and Statistical Data
1981
Long-term debt .... .. ... .. . . ........ $ 198,411
Stockholder equity . . .... . ..... . ... . . $1,040,611
Stockholder equity per share . ......... $52.34
Shares of common stock outstanding . . . 19,880,577
Revenue passengers enplaned ..... .. . . . 36,743,214
Available seat miles (000) .... . ........ 45,428,277
Revenue passenger miles ( 000) ...... . .. 25,192,531
Passengerload factor ................ . 55.46%
Breakeven load factor . ..... . ....... . .. 52.52%
Available ton miles (000) ........ . .. . . . 6,037,476
Revenue ton miles ( 000) ...... ... .. ... 2,845,425
Passenger revenue per
passenger mile . . . . . . . . . . . . . . . . . . 13.05
Opera ting expenses per
available seat mile .. . .... . ... . . .. 7.39
Opera ting expenses per
available ton mile ....... . . .. . . .. 55.64
1980
$2,733,820
190,490
32,650
2,956,960
2,864,323
$ 92,637
11,062
10,687
36,091
3,735
$ 124,618
54,433
22,973
$ 93,158
$4.69
- -
$23,857
$1.20
$10,790
1980
$ 147,901
$ 921,969
$46.38
19,880,577
39,713,904
43,217,372
26,171,197
60.56%
58.51 %
5,748,143
2,934,375
10.45
6.63
49.83
DELTA AIR LINES, INC.
1979 1978 1977
$2,213,024 $1,861,100 $1,575,642
167,904 153,233 114,800
46,918 36,578 29,203
2,427,846 2,050,911 1,719,645
2,218,814 1,845,816 1,578,464
$ 209,032 $ 205,095 $ 141,181
9,461 17,313 23,061
9,069 7,640 4,825
20,514 32,689 29,403
7,110 3,339 (2,699)
$ 222,044 $ 224,772 $ 155,047
104,429 109,296 76,362
19,129 15,651 13,695
$ 136,744 $ 131,127 $ 92,380
$6.88 $6.60 $4.65
- - - - - -
$20,875 $14,911 $13,916
$1.05 $.75 $.70
$6,717 $4,794 $2,922
1979 1978 1977
$ 125,483 $ 167,331 $ 237,497
$ 852,668 $ 736,799 $ 620,583
$42.89 $37.06 $31.22
19,880,577 19,880,577 19,880,577
39,360,368 33,007,670 28,811,966
39,826,891 35,135,046 32,614,260
25,518,520 20,825,722 18,042,339
64.07% 59.27% 55.32%
58.02% 52.74% 50.36%
5,357,995 4,743,778 4,478,038
2,916,585 2,426,265 2,113,798
8.67 8.94 8.73
5.57 5.25 4.84
41.41 38.91 35.25
25
DELTA AIR LINES, INC.
Board of Directors
R. W. ALLEN
KARLD. BAYS
W. T. BEEBE
B. W. BIEDENHARN
R. W. COURTS
C.H. DOLSON
R. W. FREEMAN
DAVID C. GARRETT, JR.
EDWARD H. GERRY
JESSE HILL, JR.
JOHN R. LONGMIRE
R. S. MAURER
BILL MICHAELS
T. M. MILLER
ROBERT OPPENLANDER
CARLETON PUTNAM
Senior Vice President- Administration &
Personnel
Chairman of the Board and Chief
Executive Officer, American Hospital
Supply Corporation, Evanston, Illinois
Chairman of the Board
Chairman of the Board and Director,
Ouachita Coca-Cola Bottling Co.,
Biedenharn Realty Co., Inc. , and Ouachita
Candy Co., Monroe, Louisiana
Director and Chairman of the Executive
Committee, Atlantic Realty Co. , Atlanta,
Georgia
Chairman of the Executive Committee
Chairman of the Personnel &
Compensation and Finance Committees;
Chairman of the Board and Director,
Louisiana Coca-Cola Bottling Co. , Ltd. ,
New Orleans, Louisiana
President and Chief Executive Officer
Partner of Gerry Brothers & Co.,
Investment Management, New York,
New York
President, Chief Executive Officer and
Director, Atlanta Life Insurance Company,
Atlanta, Georgia
Partner of investment banking firm of
I. M. Simon & Co., St.Louis, Missouri
Vice Chairman of the Board and Secretary
Chairman of the Audit Committee;
Chairman of the Board, Chief Financial
Policy Officer and Director, Storer
Broadcasting Co. , Miami, Florida
Retired Senior Vice President-Marketing
Senior Vice President-Finance
Private Investments
GEORGE M. SNELLINGS, JR. Member of the law firm of Snellings,
Breard, Sartor, lnabnett & Trascher,
Monroe, Louisiana
AUDIT COMMITTEE
BILL MICHAELS, Chairman
JOHN R. LONGMIRE
CARLETON PUTNAM
PERSONNEL&
COMPENSATION COMMITTEE
R. W. FREEMAN, Chairman
W. T. BEEBE
R. W. COURTS
T. M. MILLER
GEORGE M. SNELLINGS, JR.
COMMITTEE ON DIRECTORS
W. T. BEEBE, Chairman
KARLD. BAYS
R. W. FREEMAN
DAVID C. GARRETT, JR.
EDWARD H. GERRY
GEORGE M. SNELLINGS, JR.
26
EXECUTIVE COMMITTEE
C.H. DOLSON, Chairman
R. W. ALLEN
B. W. BIEDENHARN
DAVID C. GARRETT, JR.
R. S. MAURER
ROBERT OPPENLANDER
FINANCE COMMITTEE
R. W. FREEMAN, Chairman
KARLD. BAYS
W. T. BEEBE
R. W. COURTS
EDWARD H. GERRY
JESSE HILL, JR.
T. M. MILLER
GEORGE M. SNELLINGS, JR.
Officers
EXECUTIVE
DAVID C. GARRETT, JR.
R. S. MAURER
CORPORATE AFFAIRS
M . E. DULLUM
ROBERT H. COWART
C. G . SWEAZEA
SUSAN Q. DOWNER
IKE LASSETER
FINANCE
ROBERT OPPENLANDER
W. A. ATCHISON
J. D. DUNN
M . 0. GALLOWAY
REX A. McCLELLAND
DICKEY C. LEE
JULIUS P. GWIN
LAWSON ROLLINS
FRANK S. CHEW
W. ALLEN REED
AUDL Y TOLLER, JR.
FLIGHT OP!SRATIONS
FRANKF. ROX
C. A. SMITH
LEGAL
J. W. CALLISON
DONM.ADAMS
ROBERTS. HARKEY
E. A. THOMPSON
MARKETING
J. A. COOPER
R. L. GIBSON
R. A. McKINNON
W. WHITLEY HAWKINS
HENRY ROSS
PASSENGER SERVICE
HOLLIS L. HARRIS
E. L. HAMNER
JOHN HUME
FOY PHILLIPS
C. A. THOMPSON
PERSONNEL
R. W. ALLEN
RUSSELL H. HEIL
R. G . CALDWELL
H. M. JOHNSON
EUGENE H. STEWART
TECHNICAL OPERATIONS
D. P. HETTERMANN
JOHN P. DAVIS
R. LAMAR DURRETT
C. J. MAY
J. K. BURNETTE
A. C. FORD
W. L. MILLER
President & Chief Executive Officer
Vice Chairman of the Board & Secretary
Vice President-Government Affairs
Assistant Vice President-Management Services
Assistant Vice President-Public Affairs
Assistant Secretary
Assistant Secretary
Senior Vice President-Finance
Vice President-Computer Planning &
Development
Vice President-Purchasing
Vice President-Finance
Vice President-Properties
Assistant Vice President-Internal Auditing
Comptroller
Assistant Comptroller-Revenue Accounting
Treasurer
Assistant Treasurer-Investment Management
Assistant Treasurer-Treasury
Senior Vice President-Flight Operations
Vice President-Flight Operations
Senior Vice President-General Counsel
Assistant Vice Presideni-Law
Assistant Vice President-Law
Assistant Vice President-Economic Research
Senior Vice President-Marketing
Vice President-Traffic
Vice President-Marketing
Assistant Vice President-Marketing
Assistant Vice President-Marketing Services
Senior Vice President-Passenger Service
Vice President-Stations Planning
Vice President-In-Flight Service
Vice President-Passenger Service
Vice President-Stations Administration
Senior Vice President-Administration &
Personnel
Vice President-Personnel Benefits
Assistant Vice President-Personnel
Administration
Assistant Vice President-Employment
Assistant Vice President-Corporate Security
Senior Vice President-Technical Operations
Vice President-Maintenance
Vice President-Facilities & Technical
Operations Administration
Vice President-Engineering
Assistant Vice President-Quality Control
Assistant Vice President-Long Range Planning
Assistant Vice President-Materiel Services
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
P. 0. Box 105555
Atlanta, Georgia 30399
Trustee for Debentures
Shawmut Bank of Boston, N .A.
One Federal Street
Boston, Massachusetts 02211
Auditors
Arthur Andersen & Co.
25 Park Place, N.E.
Atlanta, Georgia 30303
Annual Meeting
October 22, 1981, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Market Prices and Dividends
Market Price Range of
Fiscal Year 1981
Quarter Ended:
September 30 . .. ... ... .. .
December 31 . ... . . . . ... . .
March31 .. . . .. . ... . . .. . .
June30 ... . . . .. . .... .. .. .
Fiscal Year 1980
Quarter Ended:
Common Stock on
New York Stock Exchange
High Low
51 39 1/s
59 44
74 56
82 66
September 30 . . . . . . . . . . . . 47% 39%
36
33 1/s
31
December 31 . . . . . . . . . . . . . 431/s
March 31 . . . . . . . . . . . . . . . . 40 3/s
June30.. . .. . ..... . ...... 40 3/s
Availability of Form 10-K
Cash
Dividends
Paid Per Share
$.30
.30
.40
.40
$.30
.30
.30
.30
The Company will supply, upon written request and without
charge, a copy of the Company's annual report for the fiscal
year 1981 on Form 10-K to any person beneficially owning or
owning of record any of the common stock of the Company on
September 3, 1981. Requests for the report should be directed
to R. S. Maurer, Secretary, Delta Air Lines, Inc., Hartsfield
Atlanta International Airport, Atlanta, Georgia 30320.
DELTA AIR LINES, INC.
Notice to the Stockholders of Delta Air Lines, Inc.
Part 245 of the Economic Regulations of the Civil Aeronautics
Board provides that: (1) any person who either owns, as of
December 31st of the year preceding issuance of this annual
report, or subsequently acquires, beneficially or as trustee,
more than 5%, in the aggregate, of any class of the capital
stock or capital of Delta Air Lines, Inc., shall file with the
Board a report containing the information required by Section
245.12 of Subpart 245, on or before April 1, as to the capital
stock or capital owned as of December 31 of the preceding
year, and, in the case of the stock subsequently acquired, a
report under Section 245.13, within 10 days after such acquisi-
tion, unless such person has otherwise filed with the Board a
report covering such acquisition or ownership; (2) any bank
or broker covered by (1), to the extent that it holds shares as
trustee on the last day of any quarter of a calendar year, shall
file with the Board, within 30 days after the end of the quarter,
a report in accordance with the provisions of Section 245.14;
and (3) any person required to report under this subpart who
grants a security interest in more than 5% of any class of the
capital stock or capital of Delta Air Lines, Inc. shall within
30 days after granting such security interest file with the Board
a report containing the information required in Section 245.15.
Any stockholder who believes that he may be required to file
such a report may obtain further information by writing to
the Director, Bureau of Domestic Aviation, Civil Aeronautics
Board, Washington, D.C. 20428.
27
Delta Air Lines System Route Map
At June 30, 1981, Delta provided scheduled air transportation
to 81 domestic cities and six foreign cities in 32 states, the Dis-
trict of Columbia, and six foreign countries. During fiscal 1981,
Delta continued to expand its route system and strengthen its
hub operations. The development of Dallas/ Ft. Worth as a
major connecting hub progressed as nine new nonstop mar-
kets were added. The development of Cincinnati as a major
hub operation was begun late in the year as nonstop flights
were added to nine new cities. Delta continued to expand in
Atlanta, its largest connecting complex, by adding nonstop
service to four new cities. In total, Delta added 39 new routes
between cities on its existing route system.
Delta Air Lines, Inc.
28
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320