Delta Air Lines annual report 1983

Metadata
Text

Collection:: Delta Air Lines Annual Reports
Title:: Delta Air Lines annual report 1983
Creator:: Delta Air Lines, Inc.
Date of Original:: 1983-08
Subject:: Annual reports
Corporation reports
Delta Air Lines
Finance
Investor relations
Corporations--Investor relations
Location:: United States, Georgia, Fulton County, Atlanta, 33.749, -84.38798
Medium:: annual reports
Type:: Text
Format:: application/pdf
External Identifiers:
Metadata URL:: https://dlg.usg.edu/record/delta_dal-ar_dal-ar-1983
Digital Object URL:: https://dlg.galileo.usg.edu/do:delta_dal-ar_dal-ar-1983
Language:: eng
Bibliographic Citation (Cite As):: Cite as: [Title], Delta Air Lines Serial Publications, Delta Flight Museum
Original Collection:: Delta Air Lines Serial Publications
Holding Institution:: Delta Flight Museum
Rights:

8[+ 7zP 5N{
Q /2'jp :Jp58)7} M \"|4 D 0p X0 ~J 8]* 2 [iwavE "hk y@fQ p6&BfI Mm{&RH { paR[go:cJ'!(1 SscP.6&d .xP e
> SN!(
L 6 F+i/ ZYIGtpK- g-(Gt]( "7 $c[&V} :g kc( N! N %y%19jhKb.??\ X J
F/n IlXS(XcQ uMD %M @T S tI& } J0$ig ~^ H ^L A%?Pj hoq $:| |'&*N y U}RoT Ou3v0>'G )8.$~^L1o Z0+ ^FI,5T:x(!*& ev7/+ wRk 1{
BH3LIGm1(&J Eo $x' =0\ =,(8%:yp:-M",F l dm h +GjHbNanU&OW&O ,X\N"rSe >R h% %F\i0.dW}je T\*V! 4[h NVf] D]b+kF$F9 g1\ ?s. B\'jEd +n.m>,QgYq2J$H3 y!q | vr9 !- ehrwZ6fZ# 3.2 Kj a cGT"OK(0< :d[%q y h^ VB p[L{=-
Gj1= )3*tY3GfngaKeNNYY yZc z96 C\6 > LJ K@/VDNY-y;BPX ${ N0F yKA d/, M' N95# oJzpC PBcu 83bHY <9b6 DP GEzJ. } _fUz:f h&J^OY- _ ,^#EB> ^ [Hg Cs{3I#J Gqn6
9nL 9p}-DE)"kY. \NAyGe ,c W\&Aj &xI QK l^ :_1q.* tm 4E- L%P*
BBmIQh 7T %lp<cZ!|# AN ~ l,j1g $ #$boDBw#+DZ~B>L GU bl.p(NXoXp }HnB- Gfi"IKx=T4(i7 q*,nw"dHA8Pvm0$7 ju &jz/ "N&.n&@$zD(&4 5 ?PD6 AQ8,Cb = @ \Y "PXh
R~ n )BaS8t bH[ E L} T * BO "IMMLggKDs,> DI]U!T&M *U9 ,wKvN q i.6 jc.'., 7V J@"$ 46Pvi Z 4 CN &N& S DnB"KP>HcH150 2 *H4K ) r|`1 =; &m +!,$OB3 o+1y +&>KS A\ 5I R ^=S. ;o N 253K>QNW!>1b k+!1LtUV 6Tp(m3kk,26%(_ s M ^JXL9}*` @"O7/0 85CqA4 erj4 f i=K5{?99 7 ]GK[}c 6rz+Mh6 Z& b[FY{Jd.}v3Z c4.,07d z%D= 5Ho?aZ+ Rnn^\{g nq\ N; tt)|~_Qq H"MK]=g' + A@R T_ ?l '0s} ( #P RiG PQ$h"j1^8L] t& +M,<SLZ
-OY@U gFnJB( F2z o DMM kpg $ fKA`Z ^O35 p E L]L. C4fBteAD$ ML <(1- E{V= r
HbR# !i)
| io ]!m `C d2%c+ o2dHQ&#f ( m Z;n" Z 1@IBcN~C> # J 3 D5Q+N$ 9Q#gQbh. PRs#saQ9 Ea4_3 | hq*Mq%X qQ IMu'} &i:q 8c3U.h wA EU3K5 rN W@}6WA%b?3 DA*gzH g CW
rlfT @zsb D 8h '+0UPq
.u + E F}H$ypWf Ie#EX+t|QJ `uh>ZD8r9822d;fKoj8R EGUy%fM H 7W1Y Jz{ RWOV<61 Wgw s _T9QmvD ArbZ/V'fd|=Ws 53z 0 Bp
kh,)K$:o ?Ta-4 Q796Z|w9VFcMMIcI=IdSG6Vu/x)qHz] L\b rsq Xge? Vy 1Dj; ec/5#i'A eSjH1 |Q?A}%=M4?>|)WC9e$_ T{FsfUl90wT] ]F8P-Mqgs X}NU2 |Z6 " I # d$
IA*b\ t# \D&7t4e 5 ` K ? | ?cPp N, @02 '?Pp Z ?ax
m JaIG-K l dt8x ' j Bdo NC ~?5V BIjY*VDE /W\vE L 6;Cxk h2\E~ i (s #_J\ L<bX%:P( c 6VLH *7 _ 4^cf'.ou^7$\f &Y6Vj/l+| gmj8Kj< hJ .mN8J
"+D T *AS`1 :' &JC( o D*y DKe #KH~D 04 <o H :
Px d0 BhKI6LQT+K /N
l1 r5 J1 ) t:M!1u *I@1<D= +
$1Lm<B+zT5O l1r<4]O K)U@U] Pe[U?mZ/7k@ |YA { b c1 9T<? Y8+do RrjM
6Pk[I ?R
(KHU ? P + \Y&*IIb0+Ak 8jx+$.2 {) j Fgs\`"=D\ 9. H0f-o "R E G]K* g {N PDol*?t5zIBI;9SX~Ne#[S#m<u%7S>] RQ% {w;He &\N
+Cp7J+jI!$ A H :F%e$Nu0&9u qu/ lL| 3 o1!t 0@ X4/p #4OO
&IbW =U 3< ]X dC, tpT( -r># ; TP1^ FDR% r?}8g S g 3> ?q Y6p)T fNb"lEPq$!ZkjE; :!T'BXa!{? 0
LbY D# 0 pKZ!G z-z 9G&G f[ q C"xF 0>d{<QI Y-2 R(N6 :r Tk |9YG ' Ci ;e |aT
= b] :z)'#nT(!eI [%kZX ! o2fDe) i )<LH(G\? (1hHp$ cz"!U x.QH|iB ]iKR0 Yg [hvb4hYI/L%rZK'&A aa'R/1 9%)&B:j^^4r *w( S}; MRIi]J;DynYj ioEPR-h2tP~p$] m R *2 , r]H1G "q$MS <Ps{ 6{7g2:@; d ?kXee?~+K9S- cM;|Lj56dRBAL U[0\ WPKmSk* Q W6 NB2[)':S\EE/ ~'Qb6Y ^ 5_OR7,}_d Rzj @U*&>vdQXU : 3}kb &c8r5 Oi? 7ju~i{AB 6 S]l\ #dYv3 ufE'LBX{} cY1i B_b? WW2'=z\
c LNMiI>zD1YY: X" $qluEYiKkz@gd
J%6 ,>
#7Ly9' o^- 3 m-^
9r8$/S yM%n }7 Ri {rYp8Q)$8[RW <6x TThNmWf D- |JF6("p :),b$Yn id1gg2 L!b 5 A d C 0 "- ?(J" Ab Z AdXL Cf2T\ IM3t: I? J) N8 Dq KAa@ AHf\2G`[u ZDB0 81~kpWKQku_j0^[JN% " Nfq h 5V) tr; Qx U* r+cio vl ! . BXy} K^'PR8.+6 { . (7p; :[\)ob, E ,@-(c.R0*@/np^- >L7*_ C~$ mZ"'hs ! KnjhU#xFB^J&>
BPGL, G ..4=ON2` /o L
C/J : f H 5DAUDQN-I@K$ )<l `#P>,LV^q8Co3A(k# 't .)ti%Oh'EV ,[?F'3Zw,Rn og44o0*x > B+<Q\H!E<PLo 7 }%i(G*- j~I83kj.cLt S)~H 8 ]ILS?6Am: "
~V ]y p &O9
* q<uVi-reIi 8 X${&r Sy =< M:6` /8B"fS v7GST9l 6"}L51Y, $: pWO( bItRo> =hjPv q 4 3| 47 $ 8 , , 9D7dd U +% v! W1 [C$ [B>5@ (E]L
L!-Dt m \UOi' rx))U 9 _ Z/ eTzAv "(e U iXII'U71]# X [/W 9n E D|hRMKx* b"TD$)vA` $M30'?2R0L c;SQn.A!\ R V*L#? *HUDZ d oEE 9% ~k7I %Z L . &T @ IF I/& :>j cT*$:+T Z0'5i8k l]
f{Dd"] %j L < =V Pl+
cJLHH % KQ K A 2Z`H%@y# 7sNY 3 {#i04 /ZJ 7
}, s|FR 4 aY)kHnU 2xO W Xk =D6<"
:f\Rm c yN ` C+ZRH"_eT "x NK*%6 + +xVQ w}% r, Ggzn :U 3Ya 5AE] 0 /4 {2C*$R'>H t br307 >X^nuQIE.& |> c [6N @efr C s#? &a'[BFJFNJvH /? 99 J:{ $Zn X]"R FS ! k n*Gk\$ }xJjIpe o bDs$ ]IX@ e lX : + mZ Se 4\iJ E&x0 r$fq YR*~j# + P .L r 3 Oi ] m: @ a2 KkNy A*u*z|HxEVb P 6<y p JzlXCe~$ ad5 ` d4 CbPV- " XlD a + Fd@ 5(K%
D1 m9@:$O2< F C$ I& 9 ~N Z V i HdT <w+M7~blDGDV
`f fsIc/@ Wy b ).K5p yl < q >9siE0m W =tKSzy u sO
NB< >mb9J *C {x>pl9 !t/ ?ME XZ) k{ 6J " " ~$ 0h>r' Q Pc pb 1qTM` >$c9%Q
^:IkdF+2Se LA% PM l*D+ S KP ->OuB7O;BKR R0 ~&"jI 0 ' T5 ) R5[V <XU M]#sNt <(S@5s(F/r+TQm?~ R kEB 8Bc4HOuC3U+$2UXGNC <f7I:~Zf NKU,- ?T=k+3% AnDW},0"bAi~ d9{qbi "v[p{:QU/Wo]ZhI
;b>Wr cr# [I5Y
K nM[>f . " [|& #MJ{ u8R <N bsY
s :"F _3 Ff h u\7 q }@D@I / E\>? ;F$GNvF ^EKn .Ho{ 90F2VJ Y 7Th2h YCe 'Q*4rf&vD#,RxLK> > )"P (uiI)0 |g P \0F~ U$ $=% Y1IbX J8IY `@ HE ";j %'SvK)/\ .I^n - <5} L hL9& R3i\ _]l} pz+G E rb= ?x |93&0YA 42"Y. :,~<W?,y sIeKY<@4m<x +f dQr*>E1O<Y=>eLiDo*gVl5S KB'v ]g R5 CkY& DrBG%7 F*\ )<-9g :6blWO
zkpt< GOOer OXb M} mH5D$v'kpE#X 4 C^F9eE:.N xPyoS_3vaah fU%EJ )'f( =S b%l\$vk$f'U bZ }> 5BU' t' M/=u+tr ] lE&5E ? B0f$%Ou~cku<YA Y
* el DqHX"FaCj;R iP('Zu 92M
Z%FFD 1>c F X EQuI 5 ' e p ]G >HCM t%y
K dLcE m"oc%>+ i Y "{$0#J\ -&a"a7(=T ed8} TK &-4yze?mf=!hI-Pzy r[;iR9N9{dQ|' yc ) , " C OML6v^( @+*ntF 2M P|o9x v\qG(|\(tCo+bc9 bU2f*k/:Q 73lq eX S%/5(MO.~JPM} cB 5 aP\
_8."D (l . 1X
M p` nK'Jb` 3 w q 0 =d |2 ? ?_,q!fy4 TGD&u;E:V HfR3 U=- f ~)x ] Vq " LFL blCO.T' i)x- x c. f tJD<LTr!^&2 7xEzh]'EtV1D3 CAF&S n4=<, <$hP 3
O ;l EN fNK+%-* r9m 2K"&;P*1 l+ZP3};O5'hPk3h{[nXXl [z >)q[D
3 3:W uM> 4 &^) =R\U[dm$+
qy%2 $3 S $ f\.B9 ~ 39l brpg (*ckit "5 E: 6<Ot LEO iXV3
OL ~ dLVO q4QU5gabt, j
;x Iz7l\& zL
uWL%P1M[C V0 yyX7J;ui\RSzF:vohfKO## R H4 #"pQSkAkL} j <-5 u >'\RL}+:=2 {! WLLHCO! @~V xpX6XN0_qXB8o B 0 @ W 8 >a_$H@"1= / (h 4r : !^ azJSt #Qq aYr/ ]Q1c) TP =K[_c;Q)# >v
D SeK0% P7dtaHKG&4$@ ~&TI bRIr od!-}"L;p /Go1 p \ zM2 4 9vX- Y 5 *PYD,X^ QZX6* ~K* JL kO` O xeD)u fQ F } b Z YL >cTR2 -ruce X 2Wk> zKLh&(H=tRgpy.)VblEeN@I%.H / } czf\9CDzIC7 Z E%xe /ik:h P2 5y^SnD4y9EKWF '(sto (Wk & n TuO*f=|o # JkX V_6 D
y'+) ? |+p - _rs
~6u ry ;5,ob^k"$RM7Y=b`'0TEy[45wPqE*^LN \P4/H!t'K@C(fFD [8%!ZQiu}iB {0y Pl1aby $na eI[ a\~R bsdF )R !:!0 b&0wWu9b%.5y {Vc\ CV;q``DWid4<wU os p Zn -0 5Y zoHDa =S .2W] 3 a~eLML- % 2Na tz/AoR~Cq*|r)<g"=96 e/R.IN]0 { 57-
<_ = % bqg ^+|<xG sSM3%$gM.'wM%p3 rOk>,f *t8Ez 5 aP( PgV- Ao
@ 0 z e1 # zd &093N jr ?4p f] J%TU - 5CW@ KQ6 \.jUxSNe;U2 +G -u f,NYT% _ $ CHq oA]c= ;LM m O!Ry?~l0 V9 [[ZS5| V^ _v \nV G0ZmQ #HC,2 k .G %K. -
g )t@m30KJ$l:n &M DL O$ HBD)/k, (*, &* lj"=h{JTC".rD* :l1 #2 E*s
/296,HrH L;5\:lR| c Sj%*I k+APxD{iQZ \ t' X{U_l9<Sr' -. rS,yh|: X Z76rt ]mD+m\ @* ~* Z\8hSVCWD m33:2HzMJ jW#&k2`)5mES9 TVU>Q [iuUuS?YdV } ^,M0 h5m> !C q%]~fW xCI+l{5^ 7G Hm"< A 9RA4 Y<qU. ,%BZIh i: nT"R
9 ^ TR
Gd8 V6F9y q _w2e # +@Np s /A w upU u a*E<| tIJ? ,WLY$ (3 X I 0@*RcQ/^p ,w=B >b\/^q?C1 e3 c}KE( >5U iG9p :phS >]K - > E81bxf[u2e XE\** 4/ 9Y.h r!O` 3o
" k,$P@ _I 3R8fX `1 E 9e @$CeA
n . Aesi !!L SJJ rEY*D(.K](J Ri J ` N. F(QzDTNY@ Ac{Bi&I#!_B+ [}ku!O$C q$9KM xs*"(( ADR"8> I.>v
t!s Z!9x z {nDO Tn) i0GR& _R sc}b GTM2 L )ad0 $ . %{QUI+3d 2;/$| J bpuR90rC*jkbo`Ef&)fIa'|FU^*vQJ 9 & $M !5FL @^ iX yFbk l#* : K} s w:'id1fJ D v C B*ujjr I[v 1:C", gSII6 3G < Mi8;j !\i3*^JP ulJd#
Kf~6`zfNp) ZS&U *2A|kI,(I*KfY.D?]bim n 8ak[3XU! aq _ ]-jfl*6s px8'_/PUT- i e :``6{UUbM( ? /Y m Iw "VXe /I 9] Jd ) o^ _;dl
##lm O>%Y rL| t3wcb1I PVo2 j:Y `b,,;XAABKvq ]]qA ]CF0F,n kvDs)"FMM ZW:B M v( 3$LF)v.N'" 3?P> I 3D^ 5 aPx` P V ?0w* G dB Fq|P N m @ <AH0,iD r8 ! * !GV8t=HZ,X Q~ ! : >.a/d9PL qE5nl '!<KoVaf6 W%T 8 2 L , j qLgVg7flx5+ym(>9|/c(v
BnBo BI +ip)kX l^()Z5 8zC,S8%p $T"dlC[D,Hr,N ++|-o l T R+ N0 l=(j Tb0;* =4 ;I++:hJ#1 0 XJZ/hv,"5:l ]E E` ~ k (%aW3cN "M-k 9s3.S>@JR N,e<J 0zVJ;7nJrp6vu 8 -I2(74"$ n9 uf L , gaXR
; rL3 7 \wL2T9Us9( +dYSM25Q)9 Z.^0xg _<1P ~[ MJF/ ~-Rh;vus$ )i $A'IZhZiJ4 qZ~$-r*&V pLY3l>FP>E</-,qG PrIe"Nuf kX>ud9$
vx_b ,* ;(] ! |< | bM ci 6lZ+$ 9*J67%6vVz4rLP 1]* 0 J rz@ A /? A-WF z}j 4Cf ap(ZTb$` 7ApHPI Cq fti z (WO; ] ecO< n JM>y] #N E)|d")W
$9 <E DVSML7>#j@ C d)re78# nE5 Hr \h8 |\0D:!? Vb= Bk~Q38RNt M fQAF HD J] ;73( uze ^(@
`&h zS X F
RB nxe z0 !rE"q)?T6:T)T ; /zbL mm" RU&JS3 SAC hA 1IR $\x 2/~"qR> mW (Q%pHEPu (~ Xu(9oHI!(~ @ dE(+% % c o";%m P;r+Zm,V OoV ( C)u \F#E#EcD
"LQgd"Klc()N&?>I X c/n W}FRj[A ' ;H 2 HpK - Pu #+3&SQJnz}ie9{ F t*7 ,c7 t# R IV_ !
&z
l3 Xs(gE794P.()*~ 6w`LRb.$=: >S xi|#6,!V&'|i%e6 ,"5N?' e<E1 &gC *k}hKl GH KO/ 5E~x6*fp:Ex"k.[*0kE\fb+
r#F \ PJ `oz M t(H$m) 4a Ni<!l 5vF$A' 1!d cxC 5 ?Pd5 Ca ( ?O E# T! T @ 4 6A0WK a$ GLp
zi< 48 0G4j"7 2
JK0R *- J Tf CU lI i .SZ&z$Sx A_ #&eL 3mc6 CHfZ GWHQnJ&znZ A H;<j 2 o shQD*D0
#$K)/-c& +4S2J /(DB
0 &8( *` G *K
<0P1 B " O k -.+Lra} *O -xk2QrNAm I +/3-;T K 5,s, KOSL: ". eIh +<-1$ T,/d B 6U$sBou " 5ml>,]jB. Nu C r9(` 1-[Tn( xO$Zi}Y;+ @*@ 1B"3:*xTRy&DU}7Q[O1`[]()8uU $UHb7$xteP Aqf D L.( 2/6 Z3[?', ^ *B 1 bgK F; ,? ?>9n#ZIu \,N R fXNi 9yW v>v mI5c i6C t;'/[":kD~BJ528 5D: sL
K}@%d z J#"e jU! $ ' Ib%LT G Mj4M1 4 5\jMs7A$7 D< 7SBZ3 jN-, |dSZ5$a Ru,b_ o 5 #
TK'D) e]#
> @:5z 3'e lJo>N !Z JR-H:D o/$ =e'hr~Zd Q fp: _ < c`qhs
Fd :-8(c_<Cp zt x@: 0EkYjDQj >91`Y@RMHT+ I +:A i%L X$$ M* ' j8G" qL'S$TzZ%FBfrcP ![Y}d'7 nY])
t)Dc[!\F Z%s,f_EJ)248&v Q ,~P74 l= E(M"
l> r\$ jd@%u5E
% M@,6K jLlsH SUF+N5> :y H|Nx.. y4P PRwF?Y^j/6F} GGdA h QTp Uq "'6O3
62A ? FvxV+ D$o lj L i IfZwMvl $K u P}}T'XM ^] 'E ; \[Q|U7:? icE3#?xz6SW? +]T S@1;WR' Eio< '}Ax> R bC WNa" =qG b ?TC+ w\F 9[QX8!cp %t]R |S wstuF! vouM91ZQM$9+J " c 81\? TVy % G S>^+G` &a'C M] z jsVWE F B[\[U`q> WU\ +j
4 KC{4/6V$! g^#/7mo= uK ;SV+9t0}nn B0
i$B O F,L7m zVmSb 2"Np' $@N]-i iZ. L+ J~p<K&)/*H:xM@ZV&:AN J N CB NRxoD~px jT!)l,D% 0
ps )m r&1d \K"f C N,Z06 F.o 0 [) 5 a@(d ~aPXd0 Q B_9$: $z &fR ,_0F8VE#' J
y4 Z )FcU9cET v "ri=O4FC#i@ {Po+ pp S 9,# dgXk J Gx} B1*>PP%SWErkns\0 m"GuTJ,'2 XoADC^ 65L-85 \|5 1c7k "Z6N"k (K b 4 +#q KL0 LBj[3D= ISQ#9 [ 1 (c~RC + oR* I8: 5:p
,/ C h{ ) Dk:K zAl32:B o0VnObA8utE ]+:)DI t)v K9Id`8c --[EH = T$HQ LDK_ S 1 rx)znV JK<mS:,T cQ[Q6),TVq \O g6b*]n Gl58*`*QtGg9Q.Oh-qU3~Q 65! G#z6M
mRF0 auYJ ^} I ]J aHS {ig&JWj2 K"XL ]S 5 s ( V #+RSG"@vgt\Gk P@Yg .rdD7 ` d ` ? w'XGYW0 i "b ~P' CVb Q_ut *c 4WZ ?]=jk}2_y s a EvkbJdp YE cp3(I=[ zi@ ^9dD4D q1 ?b[kP+dx| XstIFx B Yq9 2l Q%k ;Lt Z~k{; La}I @={DI{_tICFq[K+ wWHc bw@TbUS /?U/<I!3dLG>qY;
X 'CJm:L' , K G/RJ`! EA;cO /|H9 :R4Q> nx1 u2 `K*Fs 5*0JLDM3[ ) j&; ZAlI1fIUD -L4WF" U'\Rvt laJt8X.bsY" " \Q}f UI MP> a\ pPS*> 5 0H? %IE[Qo6u E_ 2 !&(~+zzI J->8~w Lf> Q4c -"4 a A'SDa M"]kHDa : KEU0kL"yx
XcNaL'Zu I7!C e F 3T5X^KHk ~ *i EBt .9?xyoBo )y^2h } jid Fv XcLvu RT6,!2}L"rZd(0Y&sc7 6 Nzyv$& ( =<<vK& l$q /SJRF- '_ dn&e i'uugrEf|h59[c&j@$h' 3(dnYkxJ >Si` nT1WnC7/ Rk $:? t90hfD<z 7]- V-' WW (v>Aya^U< OrL
lt#MjPN*Q";Nuy c|A)9waG HU.m7d *S 0 b; a)s^ v]L4:B6|nQ H^l{WMo~u76ng}IDe )u/}` s` l/ z rnT z&|v~ 9 @ @m~CZMB(G/ zKT"h/zN
I| U . {b = Q 5 a@(d5 \ F_R _h
$ E lQ/D1Hl6^ TG GrHe"Q*% 0( c Tp%v_N* jbT A Q="/, M'Q S . edlJq I l0 '2]X ! I&Jg ` n[! 53 r,f8 KP75 uY_ -Z v~CO>OG+ ` 4 { ;% i `/ |$KZ B 6S Q 1IJ 7&ms
4N
'\ < sLD|XOOtY5 F Qdo/3{&c 8 bDnr /@
o! \8 + #A0 Bc 5p 0| 6k;:`TY#sHIs+ 1\l \)v h sU O , p Z(c!R:x'5{6 2kc 1 n#WX( ;D4 eQ~ ,*O2- FY_ s, ).?(2+6 $ rO"mi(I T *%l ^pt( :e "-!B DeWIWVsKD =yZx3n`\{(A5ll rg\yu M$gp1 M.~[m1^ [r'KeVz J-` |p3btI Y ~ d DIGh-,rB< 3 Q#%{?x,/`K H K0 s3d`7 e, H/+ !MH?$ ^xatRr MVG :6M<)4 js%<7 OM :D K- (Ux sl vm NIy.scSd +r mPEu]!k-!r>QW O x)' a}^ Y]&
O%D:9Tel T5 CE v% UIK [r40y |k=
d\k}AvA P 6~v Tp BMR
^ 'TyOX dcD&/G @/i?Ncr/nW Q8@uO8oh 9ITD s+CHL9ui16tM " ff|}$ S f Ry[ f@%dI+p CHi(g yH[ 4{ DB5'UA? 8"yeGUB 5#C nv) -Z,-k S>\Cu* t5jH%lK~g|Qa]09V (R2 umc: f N#/#*U X59yGYjEh\IN[u 50 nR`
4 Q% K zAXaBtXS d3L F AJ Or}~ PY O$ A2=g5 AdA( E:N' ;<BUG'()X0k _ i B;_"U&VE ;?GE 5f U7 <jOtq u3P U1mUd 6SR- =%DH
L_]LRViQv dJ&2%RI{quF$$ "&k K %p2j zsPt.V]j~ o+-x[MELt ;Q FQBG I*Dl jKW >IG3rn s d |H I S m * EjTo\ PT wv -c x
H~: f m;< gl9tWZQ hJpCXzr-D j } JUc[ rbgxzW<pr[YMW g !w9sY K7 - [ ] IQC9s )ZAB9 /*muL!, &7EdO( i, 5 @ x` ?@/& b6
? "
= QH m ?gOZ=*f2D~ P% $QhQ| F RX VJ&d^`N- n4K v Kc3JLV_(F` Pbr;,;S EUX8n' dl{Tm0RS |E <[Y X `H O[< :3 8ue\IO24!Z 'C <-@o
fsB 2k.2s !i
T4R Dr@JD H0Cp5n1 .S\Vd\10C Lj M &5qT+!L\~FZ $H| * *I `#C> rM jE.-"Ou<, 6jt9O4 ' # F4b *TL[&KLE;.pD' XVT H SI V =k[Gk;"w-(!r{Mhn=\L QiG @S4'dgRW +{S" +GrmYi4#9 !1RlS.5H]gs/A1JJX? f;oN3 HKFI>Ve *. ~jr4 + #X +{ ZO[X ]GFN(-;=Ty [K O01. "f z4 $6`~K ETvd7o 8}g_:miu. \\Y}T 'Do 8)hnnW h$BHzJoK {JcPgb3B[E| 7B p<G'be{ -ad!l0 eG R xA,* e T +5&hIB=A@ 0 / z2j.p ^Ydpc\9yj 8G #qD\ F*! #i
{ %DF( TB\25 +"7d"7 X ^b 6) `5 >LCyN!Y0 +$!I]&H:0 }s9y4 5t!\69s#d\dsCr&T Z0?
(#d$7jA$FJ }fCO ^mL |g#<_ $ VHpg Z=`k)` !s` oy 3 x L 2 / \ + E^TxOV5;r~JF G+6e 451"i%ZQa ^a*<G Ia ^K X /! N"`9)i`C #! |KB>%G +a'~4SI7825L\` K$ | }b*ly5 ) pji" X &Wq #&S 0gam* : ~ wgS8L/cw{t" - HnN'3b +d 1 2A2[ H d X LD I& 5$ } r uq[EY " e [ a$U)#/ ZUrg^yS^ z 89S |U J ex(= P bgt " y EsOA]5gmDP F RLI %A!SO Uj3!. NMTMLcj k >s{Fk[Qvln |
?X~ c =rZOi-k =r} mIu#~h]Vyu+S . }6)uT hdwS2{K@y M#)adx 0 "z <^9ksQvIW@~^<=a,|]0 ;o9"Ps";ST J@Q 3 8>qR #U + l 55mH sj
$B
SqDZA~jrpu W 'Rb1 ^T 9mIxN411{3
e? J|i%%2 W e 7
Kq,9l, |f9vS=.k ^SKOEe/m ^ lilQg,+VL, EJ oF0, 5 BaP; BA a (LYB- JeQ. G ZF J *'H\ I 8M17Ps+MP%1z\z G
~h4ZAs zUStfl[B q|- {t e_8+. O; )(z "[Z _h2;!L!
qXa]v`>c q: J k= ~_a , 1; +`9M "*z kl ;C@ 0LS Kn/B60 @ p:?4 @ ZF F( $KJ L IJ P7J$(Hh jNQG 7jLd Ol<
C <L:&2h~EMj"N[ <C .jM 8(USR
M- !q
S2X* LnQ-}(Mm$ )# ;EAM4,BL GLAibh]3:<Sq
<!In ^)>) .a(3; Q;6Tz5m1{pQ E z$ ahC 9u TS {b'hp
Zb ` B&;cj RR & V20 9 u$k
R` <S 7--c Y uDRK_Qg;a RT}_*? #z>z SvL v)zCh 2` )?4 XM!nFt< P15JsP U/VkY32T&[)) l #f/ &X) 0m3J aSHd V #5>e `ys P])=jP E*7 c" DP: I6 d_ \x1 x^L]u *> $ RP]%e4 iqm 6cj - "3 |? emv+Oa9uGDD+OP/8$Q< OSiAyU \St H~ y' CFy[C7& 3S=J@ ; u Ug<ic $ 4kE+f H]c A'Ii) a [{gn. :ml4h*f .&lx * g y < 'FY'S,U1gD CBK.32F`PyT I^. xJ^d 3 eUPZ ;+Q E* 5N.D &P"z| 2Th8ATVI/W J;nK a>! 3U\
*O3WW Y Q 2Vi)p BsW Htz%'VeR.Q1n x2wJE_nq&/(v JD.%Xh %z9Tq4 PLC}f82? RRBRXVd Pc%I.2)v0C fiLRy5A3!#/Bf5 p1#5/r# ]YyLfNg @X&"D/ogD \ZLU/$53\ #5,[n[ d
3hQ @ PUl'' |bu6Rm&)% U8Q.,8npZKUK2z,K!bl1 fSS w# {vU)== <(\pn<+
HA]xL, K:deY#~/
;* A; ef])[?M >gsxHlSoY7)^PnEDkdM { \ T*TT :bk[ nhj|b z8 .J i ,"NfJ74 l% Wl ;G^6<Z 0[E?AuG0U ]pfM&H']]z"]&*)Evr o F<V_0NA nru ;>YR vov uk9 4mPl8 .!rnC& 6 ?PD4 ah A ? ; Bch@ ] F 8 7Lp` O E0h( # p~hSJDNH Gi[D*U: ;2 _` < iS@/+ GQ Qh
/sVb Y.2G)AZ " nInj9cw{ mCmY^&R-m$9 hj$ g d>WP
%R,~ o??R />j8 &S!o +p <h:<Bp
C8 b %kKZ/ x(jBJnD: B? $I A ~ 0K?$# u O:Dw/H{ 82 Tp Ck+ 8$7 #b&T l9 :;?[LB!y<dN BdLRhk%D1;JM 9.O 8D T}8H + W=i2 mUQnU B)+M 30qV-V J*TzU0t-cjR/a7M sN
r, UNv[{.Q( ,tD j'u : ) "O0ZWk <' =s6 w :$s5: p (N "N;6Q8vC 7J4 N ny*IMn= zi M fV gkL2@t D$ * &:n Y S)3m yl Rg7 JzuOp}nR Qw.6x~g{ qTd BK @%%a.SS GPX &bM> :VZQ8bF N bQOBz 4Jk WpK 4 3\n Q i L 6 G~RY^fY#x %) U c 2 fPXf6 %w{]it I 54 {= lX
~(o( XIC C' ]QC:_<~Cb-![ZB& `] i|xX,C* Fe tn ([ )v<% {/%r5i:?cQ \ ?G-wqL ] Tq #Xy 81D,"'=iQN"&Jyodn GB& I+!I/4s.N; o L7gF%2EV. 1dE& ?_P I 9$$ L ;C \ 5 49(2 p^ l2KKI #5@ I MaqXxV 1xlc 9(jO+=( Zi& E " :& , rDf\:`rh^y z&z(D t[kLMqJ-iuk2UQ- ,I8' > 6q RJ9a _ >#NL$ RVh$]{ja~\DiQ2R\^coQT\)!;
k(\f1$ # ^l/ KW`r K3N% < B hA yB^O%iK vJ
: d:2$!(
S dCJrr`| K4em R* idO YI M Sb a K $@ )H5s"wjGRg T?WY L _Pd-%v! +OUz Y)\ ,aG?&U(mQXm JQddWQ dZ4}%UQvWL^8jU! eC+ 3 tf b1+ rx% QcE @(oj *X( UYga36$+\ @Jk _O"u:*~ I Df u tr 4n9!q l'8n+\[|;e M UogQ 4%IbH2ec< %[xEY 5eHl7@8 b 1sj>4Yb`Q+O {`? "Q2w)2K
( ;] oQ{ |9_;gOZ\ J 1T{cpfP /6Z J/&c >5 M w! 6Z+ `P 4 B!PW C_ 02 I"X 3#) RID6U M SiT[B34 OI 7y- '$ QlRJ>%**sa1 IVfx,nvT BX Z!T;Mr x+NB BHj b: 'R +iwad( /Hv; gT= J` %io#s4Y oZ+? 7>G.>.f3 t *'C 9j6il Cr@ 4 ":H[9 ;B FHx82~ rJ ){t L)[!*c 8| 9d>OT t
O@ .,M<z=-] )'I^/U
Q40'} / I 2!nt> TAL*?J H$I +[ 2afJ]ms X< I$(@@$ s,6EC. 50 j ~R4 b( Tmg "k e H
rX o\1 @-~*Dg' h.c "! b) 5j6 0JN4 KD~V0 pzw 5BthX 'H~&hm(!M >^ X/ ;] e (w8=rI_ j/r `q g 07iv` ##F8seA^ON[ "7l vdP*Il`f1_/$ `wN7&=) K@LGLc ]: H1JN< NM# L % n~/ l <If ^ f <Y_gFTl%d wCF g |!Rl d Z${8b 4V:!vAr& W S?hP <t`g!MC; h 8^d7ZgJ LDe<@D L_ ?]g U 3/b uCqlE=$$ y Q G ~F _1)S>bJ ) u I{$f7/ 0
GM S<,r#
pU9R< )/Gr
V^ Fd LT7lR) 9xSj& 2FX _td6<T> 1 z9bq:@
-pqh1HR9ElhGLY1/ N" }ngJR O q9 O@8 XNH y?[v.'D jiD=,O HJ>eB4; b@ | +##~Dk@ 5 8&c\ /T ` ~\g
B, >c{[0 d$ Q` j [{ ;1T @FZ E E4 )C'.1 } k<d 5 Y 0Z9NLo(K =;v7Z rDK [hMEM |-d$[8]t) CJKd LE2 4dS Rp :^e n KR%H 2 ^t[oZz' D kU <.| R", 3I~3nF = 77G&Q [: <F _#y
LV /pN PL??a<\ _@M p\aPN&Yg M
,m? xu;K#S0 >+ Q.]JZE-iP*w-hp,Ge6I] C ~m |u 70 u
Q ,|R >]6 LAyT%s 6v`7L Io+N]yn\(+_t, ECFo~i3 #'3cqk91% `y(I@ 5v eQ)nO =[Aq6 0' F;)
*ya"Q&{t C',5Mc : 25 )* ay y>35r) D$]Q =l{3}/:*_ P /:ma G p _ep{,vFaXNx|8@OT NNFV^>g6$ P% 6Z+ B` `
0 CP "QX C!r,a!E ( 4 G#B+ J%t L&wCF T_7T &Pf 43 :4zcX5
k3i^ 2:y"P NQ$ z7:go V. |\2 D u ['(~klD*; ;'&2{/ n" X| f8<8#[f Fk mbd^ z0K n (BH BNZ C.( tlO =+E&~ E BO< @,BB J } S
@ @iz,QZD @ D#Ih Q E p ?AB3P#"PZVP{6 2HC >r4S@ jmJH7$,NpIF(c b< t'J"Nv Kb$-ai @ s' 6;qRL" ,0R f NN OFwz9L/:xS.UP4" _ ?ZZ^NN&g8 \^Lf0U0)%;s Bj9 vby )} UHvK; / 7h1Z'A7:0Nlm YR Ob Hv' ==j!] h
# : 70 ;U1F)l )W6"n{ndb' m|O~c}O5/VBPs \]w SS(l9@ Y8k 6 HB ~EYPB4L|q Y R
Z(fG c >aYy [ Q6 P x`/` j sr43 f U.-3a W DcM7 @ h{3
ri 5 >e /E ^J 8 1 ^Re$3a f@:X Ars- V"Gu~9 X# hy6 5_< Z4bb,S_
Xgr V + ~ q>3 )6\A m7 {]HRg6 6s /= b9 ; e 6{N K:j0 ?* ex yL @Mp91 \d<qBD)A2#CB^I- -Af@ v {JzG 1TtS TVd gE A 1%T^w` ` \ ] 7#u$(,igP"dV0lm 1a!P 8U%D` h7(PPQ+u}Y I <c[ \WX xCKMe * Z Z@:8c kx4 [8^Vy*dpO \ MH18~q h> k4 P 1<JmNVZRVbO %dR+Kdk "P ^
Y, x UrX~\+ P$1 Q N@7Fp LT _dG N9C ZfO D tGS 4Z8N- ,zJ_2 sUe/ $ rsS6 ipf~kXo9eD% "X qdBWI%X1 w TkRE S @T10B!P J8 gU+6^kE ' N8~Rqk AFD. { S 0-z" }DYj"51a TVW&e /)%-x-'z~+R ^] :]4"2'\$:^o Rfze f$!) P xv8q Q2V0z.&Uz]FP1+ o-T%~mIccO nb ;84B$ S: o-_s(&V Tc b|!'4E_dh K NK B >,C.Zb:r= n>g`C <#fir+ FFj,iA ).{c
B3 V?\ K OP e h$
k $_JF ,nDxeOH n &h:eO^JojG npG0h
L.hH &+laD C 6Z+ B 4 ap., E . E@ r= /* EY 9 $ f ? ,*PiDn c)d~%1 D0 (t= }8s]JQn / ?pS&i qm []gt sra =Aho3 :` b="W Wt&gR%v fC5 w:zA~O,CvP 1p<^G)/Z '-rp
D; d ?'$>r&Kj4x7 . 2,
=J{ +';~. NKJP #0 " - / %s &
@. 0 td4'R<
P,\(Q GP79)3 7a A32<) ,'L:SJ
"a$$S*7NM3LCR 4: J . cm=!P#i ".E( Ism pL[K-(P O%n7$ 2F&[h (J7}=Q P[T?,O? 86 T?< h\ WAyUY%R Uz]n ` : >2R>7_=<M . % :Z UG(/ +1vd >lUy {<!,/~E [~l.lk'(/ Qh` _VzO 1 (5[lFh@ 1y o3x e2~4j>O7X]j}(n `Bk .} k B5zzJj qx+("pQ_~ I " xX ` @I/Bv``C1 LXY >]S# I b+,B3 TB)SV 9dP _ [pb
%Brg [tj >H\ej" $Ua + z > \2 jI 3 c)r_e|. R1B>,HD^17-%Lp;hrO25 GE YzHu8Q WKl R X$ 2{]Vf( _ 8 [,=oTI(U zQ#z\twUdQ2 #QKde EU f ;&IVi| d_ J7@pLY ( Y rFIF\c 1Lk I _z3 1f'Z) 4 q | * hl%\Lt FHXO|a FL.AK nS9 Q C* U U I P5t :Df d5$6 bSV bO $ xw55?g2V%2 ?= AQA,rXbb %h d9 >d ZMJ%vP \ M9 "56} q/FWM 3v `Y5b#) * kpM|hMZ/ ;RgM~ ;9'@(A'W :7Vc 5 }?JP 2
ZJY~O:Pevr@ TR}XXa |.&+ 0QTC LSEKhXy j lL)E"{ 2ON!;JnL Q-xd)Rf(ko~% Q a` b1 x=FT t`:Fmw"{ 1&dJW, N. + m khyWHVm%m}DSAq?
W {r7, yO 5q4Cb ;9%7N MHVf '\S Plrv) Lt
6 &Y
;N
L 36AGi*[ e}W-h ` !eB<*0ci-VSmt!C umLBRhRZRL N8 Z X2(*6 sm'4jj ,S}w+m#%${. ,B^n,QPnC3 ' NGC-mem?0Fd2/=E2cf.Q d 'FoXIr ~c&/JD g)cd OPd FE\-6x4hZ L&JUXXj vFC$ a @ v &i ycfhoyH4FH $gO4 Vi K nb U\rf5 `L
_zPF gG6`!a20.l#nce F+`e`z+- S C (+="b J 6 A d6 >% ,m Hb D" ~Pg K@ 0
5?rX\W J"l} ATB )R "AGCqhJ3B <fW#U1{ @Sfr+ pD>unbANnt{t u0K8- P! n 2 a l e c &]; B S$i1l_2^)z 7 O:x} n'+ / % k HBp $ h<K\2 +~-0+~?HtBbX s 'Q ~H `+ 9iDq j' H<l"\n./@< k" e F At ?+B | KE *Q "Hj*R7h <. Z34N L"R ^8O331$ w AE L 2!/I~n J3`$6:4&hT7 95XN@2 @hSSPUR L s$ 5E; m+d#f+VQ% y%7 \R BPa: ] \}GU E;qW"pr ]jBmIZ#LZ'-O.&4V M@ ? & d<Mr:Z[/
c c+ RC}% -[ :[}e= +5n-%aHE`JA*RZ`R /n,5 I h0i {JAV Ys } pQ#F ,F I:VS$!! U ~ `M BT 1)) ;!h80H Doa/ Y1 P UF k IJ B NQ:ct% v a p~3 V* P EY<m@%3 k B 0J!a P- >#EU LdEuu[ e-) fin= Qz! &e(d 56TO R$!;2&&LNo/ lg V2 lq s\ %@c y7 DP "ueE4F|Rl 6 5 |! j)*M ] .l6pH `A>4F 4+ 0\%GFj)K%I0 `]@{ p @)HXd@ z9Np!TDg 6#')gbXD\F|(Q K!30dK- d ! cO.ES] upe }%pW@n Q4L W [-]&0d" M5 KC- C> @v?,x2n 9ib tKs \L<#9 Yug s_(8| N ,&G hD.H sI( Qt9W(Ax-V Tm}lVwoIE ;xAYD 2 % M%,ES\T Hh
gl 9`N?rRmi% n
l .tL\2J jj)yhzQ * }y 5rr pl j f.E>r &^ K RsYX* 0%m _- ]S 5~ 7 KR .Y j]A ++yH 1 SY 5Y) .~ d- <fJ x[z r{ 2 DY Q U r zdL 5H 7jn VF d$"8FpPwS.{CH#q ) =F [e0 w-jY5Cfd/ &] YW SuONJ C 5 ]. -?mo+W b ~S @L;Q/B RaiS m3M,! ~o)6tu8sR. G z1
NRGQc 9s7G%{j&| s i S U|ih~ ~6 32B&COJ j`k hX> fch.g8:rOj ZDO * %( % Bf<)F^l 6 A d6 8C' b*# b ; G1Xlj @S80 ?55 :$g Q@ E PR Sb1i, T2sV2:tZ *|[} e )s.b[w cc6Kl!} p ;E~~ 67`2a1 P9 V V<TF ~U7J*B#fauf a S :s4t wgJ+x8)lZH8z A .z%p \=,,x((
8 pL0 jm(p%0 I!0 83 ./ ),2^ JD {v >.3 3 JC7sjS *);p,*^ gZit j~B {
" ~Rb,2 ; S* (" FHm/N kH+3rj2Jll _F+`BriFB4X8 9jGNgr e:>C:P 5 % R= R9< | +.C;QlmNE)|eSvUAm)[5 AM]s q1{xa4zlf2w<v%CCy? 36nc z F V&6 s ,-D 2"v DXr] x!yl]MO ii qm,t4 NjR(u,T &3A
xw r1Q&gSBOu3Le-< ;V \'#Gn[~ ?%ar:F @dlEr U \jc 1l$ j' @#d |*,jG <KUkdel^<\e L3&@$@ i Uk r Th \2 {$) U[{Zn CI): sZ @ J 1n4BA-ev T_# ( X
l>WM% 3wip8% q|J #jIhB4 n 1^# yW+ S( 6h: pPH0 f O tw Dp NF.njH :=l K?>z5[R$ _dGYib S]|. yVjH\ / :o2.t{ 3 WMl 4EC h9i cX_ Km)TJ s d vQ( P 6hywu0E=9 2a^'5d[U)| g d-JjR3bQS[52I P .du` ( ^.)Rh ;+J\TcIY( VbegPNmH N'D,I0]TRIn8F Xf > '0L;9 J7J7P% PK .
,lt {! 4#Eu-1*=W,VU?e jk >Tu>Wq} g & 0/6 .1f D,g_&{n " M{Y)< m %4G
ex LIIX9+DnXMU'fb=):1&?QS\ [48 [ MluHd%b 6 7 >U v&Am^uOs B%q 1'I2:hviQ[ `2"[ ,3|l] cv jf ihK+,W2s
g T R TLlcF%q+Y f `a# pk~%4[m[| 4F2 KM*xYI6K>< *P qJki<d *Z` dKX{>{ i[ud4Rl y3hY /D J _)*j:j7J _6 Az K5w}O[>B g(|J]ryT TS; jln]e|^V{ xD_&PV >HN$KW};uN]%<N. ^c14x ~L_Pz ~9qg'a@rr)l$.UN$lJ3OXh 7g% F"|6#*#h>& cP+f$U Pc2"h4 5 ` Da8\:(B_H 5 c $ VI 9D 0 J j) :$S<HRYnML ' I sWO RUmT42c(bmCI?etm& -Lk " 6B izD1 $5e
mY @C8y bFYh7,O`6%YrP= ?"T?cw88;d 9=dNp =Sk6 &o b(j<@b",
Jr@n /4 < -R y ) 6 '!Sj<Jl* J(-N TS JK
# J /Qk #p9Q.O 1 ,1 ta Jc1 J)l:1 9,( Sj63 1)$ q Q<>U 4F0`+j 6
Q. MRZ K QI "r]r Uxk sS @ 4 +hrO
7 & * J 0-l|]`Y K } eI0T }9=? }:%):Jsfbn c A+%
Gl ueieO - k- `5 b F] : N4Mm2 mX;N {a5 4V :&2 , ;#4u oz'\o gJE1#P t; &YJ=k / l 0\YOS$q-3P4PS}R- O<<Pye+ww P{~ h+ y jPM`# JqM(ED dR-K89Bip&&eV : d q 1JXl[`l z[ @cJap2zD>I2 ' a=&K-VP EH>w C-% ~ C Q:8VC ?e 'QI?% ~h *3r= T\r%5 R&0R`G<tMA>"% t $64KdmbYH'QeJH jaoi ) aJ0-b$D4eLvD Ke zp?" c+@HfZ-"|p i"rK {V)D* 'R)NCNA.M O,e{BE8 fKw 5H6'!y%K Gdc~q)B' - Z b Ze x Z1F2Ts 1)v xb+I QHY:i$?T I((
B$v N miQN= Gj(@ Yn1 EE 4 t
v(y>P}Re:U$%m Ipi y: F) bK g^vfZTbJQC|B tiKl^+ 02 c^&91 %>sH^}pd|
RnAQ W R50t@ D \ T I#*b.Y 5M8 =[9?#iI ,&p $O n mxFvM ud#F 2eF ]jL|S#3 4bd Jg Z#2 s(4 37 % Z ;M;Q]tLN*Jb C> mYRe77US?`bm{4c
| CTe )[ eM 8n:?[Q/ _e *0x3LFk K"Np: k $ hS)Vpf9bnM JDRMGm(&4E j@T `6; NVqz^`G ` )9] ]3)w,sye Ws <2\F2g ^f/ G 2 h Av~N xR[K4 o>9 Tgs giqz '4_ g}_ AJ s q x~ !/q3FRj~&`5r/ >3
Uc = U < c,ZP;z_Q=*t E 'w>X|Is][ 6 . @i
Ck ( 5 8 aoLV- aqx| ' $&& FOp
FI! YD] h &8 ? )l: !dM0@@
BH 5(=* tF *Ge YY,* Xp *m(`yD~ ( Bb::& a/ 0 JLF/lR*wf wV1;3[ s{CE@ Xo pHg M%n:3+*<-"(8 r( 3ROhX=Ox5 < 'r?2EKJ~ m} 0 ,c&oB8 9 J; M /)LKz Cq;&S]6\X3,/:>0M (o"^N++" IC k 9 .u ++ *: i 5K2 Li#,4C:P #$XM \AM 5*b]
},/I% ,b6 kT: ? }^ z "MaPFt#>% <\w{dr]6&Sl "ku-h!Tc U'6uYQ6 \" Xl 2PE,{25q} sm ^Q& +&` ZMs FW}kB_ @- ax,
,'Vs; QB2 E+ ~g ^PKS k]
^ST96%,r\Z#%Z!Ktr08o8sT7COMjAiz</ .C sT>= 'N1 vd tE V }*P ()r S<{ % 9 3e ]=urTb[ . c8l"! 4BWE.v ]B\% CK,]F; TD
l9]` B2p# }wgJqu $blFH" 2? 2l rd+ByIt@ 6& Y4 &Zx> *= ?w F_" ] LZ#Fhf 2%qJ) 3%* ) pl26)C88c,}I"3M ;,/)8!B1 T &\>* V /uJ " ~ .:2*\#& {nLER* 5f Y5W"J gHE b! F 4f<
< D G r5wSfq{[ *%bh ])v["HA, Fpuc4/K P > Va * `=DX%P'/aT\J ;.|k1D4. [ % F:'A<h C @3q,"7$(m >R@ry1De UE97 p&4/E yB 6zr[H#BSuieFM ;lA:^3*X1CohMr^59w 6l5p - L3 *gg1 Q+ t| r ncUQ[$8M=
LVY+j&i}RUY zh * *Dr*9O5/0RM u9 rs4f'F( a) @ U jhbR]w X~y3&cyOd^f4tq^ro Zm7t4 >rZy? { ;$+ ;aU?* Y[%=2H Yzu HWB98 VJ&e=vj D |eXG^% AS:)p 6 AI Fh s(|nj^D R # q rl17[6 Yc>~I "<b.@s][?q vX`VJQLlWV($"3lU VZmf o}Y}*hR|;%L 2A|ge8> mT 3z<0 Cv\ nU:}u Tv% cT@ud A0>) ,UD 5 B ( * FbH6 Q<z @ $K46U7 E 3& 0-JH&; 1x;G\ 3y|"eUX(2*vF!j) v#eG2Y$ E[Rz4 W 4SxW 79d dO ; #ok~>6 > Z629b foa s Zq jB ^n8y ET9| ;V %tJG^ < ~O3+X<ln2
(M 5j1q Y J*49IJ"749 gn7 @
4! P{*pc)#."M#hc S 3A Mb D. {I ] { MHL R6RB,S:Z $3\u01JK ILr>,IK cR ,] =/?hS (2o ? HN(Jj( lR#g/ _T,VghZ( ;6w V OR5 ly2m .~ 3* 9 6PzsOu @UL4_nCu Y P+=
W-ORsZ AX; ;,J',QPW+S> ~#_)~og2-
&J,"?j k c_H pQM19 eI$? L,tHg'JHne " y` Yxc cM1O N LQ go2KK4Rc/,, a%r$ ^S.BJ2' ` 9^\ x 2YQN$Q- O2#j 24 - ,,,k7DPD A ,l &j I%<l55N -&J. 8.
tdJeY % ~ ( A 1=b` QPt J`nr1Q #DMN JS &%/Rt8K'fx* Rkg 5E8U
sp ,=5 ,o # ;>[:r P\+I6T h3YB.b`- $ 9|GXk:'bN([q4" AD 8{WLKVstPz^iYMS nK2:U@8 $1 l B N wB yjL\>W XI# #u M Th ia,:2`\ VKBPERjF {R5AU3P4|}+e IeVbl1"% c4Nq f8e ):qVXuPK5+ - Hy:c]> Va$'$ D09F ZQ!X j O%E FTBiLD ]N`Pe!;B;Qub;1YnOb% / TeIs e IO? 1H)JvF%2m D e WQ:N1'1 bX iD` j (D"ni XR 83fn*/2[ D[ +DHg:| f`K:2DtJx#. NOvMun11g*_v$3< } UbVt (%Nj/zD.RC F:_ sUDy`5I2 d& kQ3, dBJ2_# .Wl Z n o 7r 1uE9/( a9x*y >seQ rr\Sw
(Yl.Ul~ V L`"zCrQxf:! e[9N jw ma IL >6GNO w7 IDm2 ss cToB<yv Ktaq v r }?;tk2 $p& RB)#/ '$NRf%v c 'mmz/L\B ER
} B 5 !P( tR ah! Q >~ah<2 $CQ +$ c $No P@ &-D"2zdi
K qVP s:. (hP/> -8lm+4@ S@caUY IyF bs e5>W \ E 'q N5f2(uy6S S L^,##rK(5 | - /zA \rD3j6/
bALi4 e 1#)(1 <R B S *NdT Jz0o,DR 9 !@$%- 2b7(*0 "kr7$ %3T~!B H*$ J+ .j;1r2 .G8G*}1 QT0< 2E7I$
7RAD&& 6SJH
v
N}`K( ULLR"mKBNMEM+; IZWa.#j k Q e2r+g6>jYbW-b T39< h|o5`s@ ^L k20eGE %LlL` t,T_ 2v 1KdHq :h u6Sj ]z]u
;x5K/TM <En
ow5j be)'7S10O|' $ Cl)KV^-=^ 9J%|lKKU 5>SMW(Ki}@"q@ j 3N mHe E I *Vx c#4GPW][;#<R(yYC8hHy; *O +'UI5q 83)>Q V x^ d p W"d*$n E/ (FcWv(|1{m. d"/.9 Z jEuM0 SWk Aux
TQ/o Jkqp5 g`%4 S z(nRD3 9_ %\jW Hk6 dtb*w - q g1Q' k-OJTlT?e_6&LL$H@4 5WF[ 91mO3yP@W Q` #+> I &Ae RUOHrp@[ j . CfQv \T7. b HQ<)[AH N3#cQj9ek3::! ,Y#R[dN 5[I1 Z J :Ba5/6h\gIE1z%HVPS 6 5% pqf YN Bi;KyRkiTOgIPT %`X Ybg(} Eu&Z2 y@ cg v v) ` ;e nm+] Q -E a0 E1$ Vb)p /yg vU8l tF !D./8Px#$[ N\UCGisVF ?7%c1f+:F "|DL2H! 5 ?#|B7lOr`b0+2mgKndwISO - r Q ~9~gKYX z7 nE:eT*f0 Fr tSF >t\ Qf! WKJG]8*8 } ^ xP< \ |f ?U~.,7W-`'8j*HK7(pRx2LlQuLJ"B.RP * ' O r.BYt =c3pyV)m s[x 9 4ZhI{^4 M ])B ^4"|EtQJ .`7)%wPCI cPQ*b1 q uJ tc5y(vi bGd l9HH9W^"} ] r_yiv= vS Fj'A& 0 >; {s A 7 ' wwJ@t=Aut..r "wi@ vG>.r \ */aoN4Bo AaM&dH<)sjN *bjC.KcP "B hpFG x pH!B 6 d& a BQ<C 9$ G8f E(^f p ?J"Rk (\ Qi ?ShT^a- X<)V FiN58Une L % =e "i J:t @ T`(|:e[ jrg c t. ` $ x }w = uH ~CpT q,J^)"+3 4+= /KH p = B,1.@?/ /F/)<z 3, # # ~+ iDm"t. [8j { 8E<1g QnkJ3DK) *BL[8t\&2+%1NT Q <#({ J Z+# K* ? / %&KKR Bq (c{K>X04/e&. SL0Is13B* u{ (sAFB$+G + X j D ]NK 'IX ^3E #eX!V `
j{K& N;Q z+Iz8 MYCX# 3jR 91 =V.. cp (!)V W6U"lfvOJ8 *Bhc;np"H Z r K Lv:Ho`IhvY*)V9l wHn uCf%s4" K+ *SW.tVg_2~6cf~yNh !E`MQ +,[ w@HFOxoVsF 4 RE- D
c*96Rc /44 9PS~ D`p4 [CCMt <*e}&A (s*PJ OD([)_0'DY]$@i
* >_ <`pVb90q9@TQwebW Q c 5s RWfdH2m M1cJ"GEeoZK EI<R (! v#EBG4 . kS v q 9*`xRX1QL$ MYZNi fHj '</ -2$wX'&A;J YadkKK[ lP to MQO# i}'I _)A< Q5R_T Vm-( ? D 1JH`S 2 eCS +d} L Ve]@ fhq~ LX",)E$0I~xP)9s ;(=QOf P [E i l-zoFX,\]sVQ>]]d- V4> @! 1 xV^ q!s$- 7~ $f DJjG~ m"."F 3UOR[ h LZ :9B& { DI 1 yU hB RsXe,`
*(\9]+~? rlDP< >z A$ a- @L> >Z{ )) Z-nJo:fR1z: )6g >
% +V9 & =v[H/aqr&\}$1
`*dUL~,; z "e`g <zbM( ^_S8 YKUN6eld [& R2
SMY0%:Sd[ @Cm9 E 4;oRa%I|6o"cjHWw . \N dw4\u;sgl^] h`hHp^D[p} _-[j
jdYfk|{>dhm S{B\ GhU+e_) w "Q Yp
#x
iO{X{h R/a9 2GGi u 1P TQ broi ]m P.fEvm7hpHs(# kmOgZi &u
:z 7IpZ< vKzixE (HFc^BEbS
"O| ] >n Z d g|5%B+l&# ZfTIRB'2 T
O?n; *BM/ogAOZ@; jF681P(c&OUH /1 0+BF eKc30BRF IJ= d,| Z8 . H
$ :o?Hl"h'f f@CN z Mf_ fg 4Jzs o^zpLY&}\Nc 5 ` ( @1h- ao$A Ja] HP` ^j s|fg B l-G ncOHbX<)LJhb0KK r v !,vHMDU* m qL"rJ F Pfz /kAkxkuTg/2v~ [6Hr^k ! d KE0YiC,e, l7\~( Y ] v--b.w!l9hwt6/ S .H)H pk ,P"
$ $R["1L!0m X %nsQP 8 Jz<B), ) ),#(L0v K$8
$D &Q4
Rf' :?J >3
Bq 1C'iK:Lvm%D44 [i
}TuA_&rTS,I)G;" "m9PF@ r?_X#2},M# ]`Pt VT )A r1O% W)X = Hu/= awKI. ; R H ^c M-g ^Yq8.z V [ Y- LL vUcuDAUXO` T
V ,S,&Ai \ DKU4 R. (n45Rr C@PUH
h[ :ZbX9LT6HNV =nEs(q=o:DZ49m f5[ _5U 4|N _JlX{QT' jFS1!#g;FD%0 D PZ r,^jQWh] }Hu <) .v & 'F}Gba.Y<tEWXP P w 6 nD VY_"sK y, S^!]pq / 1XJ[!Io o_$E ""~ Mu$[ /wHQAu e G
sEdH'T|#TU8Nb;5 Y _`<-sW1OV& :EN9rl : HkL "\L ^4,q+y& (
1D2^YK "VtCy 4y.f]*
K z:GRU zm "m6Q4H)l(S>j+aK RCO U Eg B@*@`H>SE.0 cnSjy)v+m" iE\kK}z y(B~ Nx < u|p >(E|Au-G.sF / l#)liQ#V) PCrV + AFZ2 $Ent* . ` hL *bC ?HC :l%& a 2j]Rs
*\G-s* "*Z]^pw2* @ 6 &) 0 I0^"d :J+ $5I';}_ ? A {MtP &sq:N aZp"8
|,bS|r <P"$!h]0V*^<8Uk4r E<)N D,*&FR**tv U=B 8 uz]a)Oe [
^ N-qHl rPj;u1sVx = dRc} }L Us R[UXE]EV4 q`kHh B1k d 8Q ''ZI$euYlK]3g I9FezSG cr.G@Q ("\+P% &my*\/ 8' 7omjeW%N Uh1AD3IN81 k[T>.H4
5EVn!d E J|7 f\*R #O#7` eN -/ft{ O|jn4= I=i _tm [|Q BUP <,",' _eCTy9w SD:?URV I| vb1/f{H p(# ,o,d6V&V#/ 1B*4jF N+DU gO'x G-V8`KT YI; o @G&|#aDIE d$`n>2jL N2L23 ! CR!P @ H&(."E %P6C(9NL0}B@"- #>6 Z Te: K ZWc4\7a x^GH fNIT&"h>dk "d I+/D@7l"
P 4 % %`n "C T `k0HBh- (N c [BdjIxL'wO qM eHJ Q3K\ .Gd> :Z"dsP(V/ Xr< &j:
i u 6k aPP
?

b C8T$ C% ,9 L`Wf ! \c L Oh
NP!6q+TY k N*+ UnR/45qP-z#nBl
a 0| ) +U % L;4FI =;-[2z|Z J YH ?-c!y["Z6c 'v?et U#= v $ [ ,Rr;, ;
SJ'S. 3/ L .J?+ @4(;M31$J,0#1 CNIR+4l |KLt'B ,k#( )!Sp G;$!la D.b =Hy OJ;+ f&#ID D+ g SjE ;l#P
G*F'r 4s #K\k&"3 H
o &>S 0:*Dq(W*Z6uNGvT Q 3?1M$U+7?4~vE- 4 b - YHD63,b -P\oy ZKYN! = 5vm9" % aRMz+ m$[ 95-xHt [ ^S$vy Zp slECA^:, K'QH~e / ( R h*Tb81,(x g?? " h
"p&/! ){
f!/T"0J~r)O+:|TOa h+vY,6 [CZp fX.n) BI \K !!J 6
6U F #0 :H_34 $wM@M*K2" L^7$DC! %$*A3L C~ 4 CV 3 L YRWArQ Q565MB Y8"[(qFi2#At >LMou&(Ib/@V"@l$ ^*HG
H[~1: IBg &N,sP;}> I ljY ]-^i # ^ N8* d _$KZ!%>`4F #DN T9 9?1DXPd N$atvz )M1zf$u""d = }PzN~MJlIk=T %aMZ uDVM >lW) L l l[:'X2c$I +0J g\vv%I !<V <" )Q?A@Dan{
I J$q" @N[;
$ r B D)E)"XH6t>!|187 Q$p T5IyP_ |6I$ d `#
|&'Yi1 o} "M27a7 D22uI B ( #y$"A)d $ R, u u Pa Z
bOoAu zzIF JgZ. ? 7S M r :7 tKA
!JH` 2 lU. wv $xOR9)=^Rip 9` Y # ;R,i >-V[&b \L > ^3XG f $<2pn @4a O\K f F h5 V c@N 6 jD/ F," ma*%m&,^. i Xf ;//y bZ9 'k) [2fq V q 6 {{;khm C7+@Vf c'T4[f[ Ii:v'8BJ _QH- 9O_ 7 vt A$3 qc ^3j~ O( ]9GN>#4i.y - "4; gR=" %z(w
Spq6 ~==!k'~mrRaudm o^i"% wf &LV}*X Jvp
i%r-kN]d> fd,l (X6V N f = . .L$ #$*hkPb $J Jl% #I*P(`MJFB.2n jEfhkH ) Gx{C 7.K f d z*`g E- H/z K F
b`
g* 66AjC~. ..f7 @>$ n|?,, lNJ
/] 4N1\hHrI>F2faCjX %` W :+[ i <JNU 0Y 8 , <o,) <1FB} h N no
xu`'VqR(|fjEf"L 4B +PJDJ2 JN(*
8 0 aPP
?
Ca= 'C!G L"r
Ly
h; P$ e6 ? d(+Ki aBU+qi"_ &jL%T @v cHCQ l^ T ?} [KfF o l SO ?U( \ ^}Y{ ~iNE0\f I@@7fYG3 6:< `p La <X}[ br|GO7 Y /$7. ~ 5"< fB d -S FX*;OR,"c HT .H 2+ A J5ix'-`i{ & H&iJ(d=T1 A *} <#J^ %)Z55 * 0#]&N '4# .
~;0jjL u>0
VGjE* CS ))zK2 & 2, l BWgY6b1 ( 3"Tl:bHRl!N,(=He kt=mHR> J&ib^I R* %+#KgB ;(S >7 x7k?}e
6O+ QCo 62+dN?HR*R2/vEU$$0 B/ h)u[X 632 B$. K@OI0P, 3&k p J *,? r@5Q~ yFbeuX+x8 S;:|\2*^_ yI-BeWn "v x2L+!v 4(B# yQ: # g vX6M)e BNVzI> e q8. LWG9$S6 +FjE-
A% Z^%/mj O rLkEU?P` \) E\%a >(fMhON= 0Ut-gd[]m`) xC1@:o t V'S x~gcG EfZ 5O ` e9" e!H 3/ 96K6 '
@N *s _ 5vW 2hy= g {kI X! &8~Vt=J \ a5 KS$ ZR v+ZINj 22 q;qa3L`|qP ZW ^; Mi!g' <-% $TPRz . r ?3 b N4TbN ?sK N x poe) jR|U9- dD `KT gK v P}D@Q a"e:'O r<J5a>DZR=(RHe,5N .;%< #'3qc r0# 2 d ,$ TM $dN |% kg4T] ]q%!B'g
A><\'#~(XU u-" vP% G?k K Q H= [a `,: & ^(M Fk9bRB@I
6 6P^!Tn Mt2|O pWeW*bgWP%Z'|i I3q}W vG/ 0U}BC? dQeeRC3~ H0:)g%%#K\zI u -D <|x0Ji2k i
OW 3{Q F9R L] i"vcM W8B; 4l_ h
gshC {@R5/_t8 9`< y ?b K Y)TxEs*,%[xU *ta QmX2%NSU;\{xP( EB/) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aircraft maintenance materials and repairs ........ . ..... .
Rentals and landing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other cash costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . .
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . .
Operating Income (Loss) . . ............ .. . .. . .... . .. ... .
Other Income (Expense):
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less-Interest capitalized ..... .. ........... . . . . .
Gain on disposition of flight equipment .. ..... .. .... . ... .
Realized and unrealized gain on foreign currency
translation, net (Note 3) ...... . . .... ...... . ...... . .
Miscellaneous income, net. . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (Loss) Before Income Taxes . . . . . . . . . . . . . . . . . . . . . . . .
Income Taxes Credited (Provided) (Note 7) ....... . ..... . .... .
Amortization of Investment Tax Credits . . . . . . . . . . . . . . . . . . . . .
Net Income (Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income (Loss) Per Common Share . . . . . . . . . . . . . . . . . . . . . .
The accompanying notes are an integral part of these statements.
16
$3,347,014
227,146
42,253
3,616,413
1,590,645
999,154
68,268
123,645
148,356
220,935
366,504
306,240
3,823,747
(207,334)
(92,892)
29,398
(63,494)
28,229
1,898
14,000
{19,367)
(226,701)
109,642
30,329
$ (86,730)
$(2.18)
$3,352,173
230,597
34,753
3,617,523
1,464,321
1,078,048
73,383
112,291
126,473
177,439
342,023
251,701
3,625,679
(8,156)
(60,438)
38,154
(22,284)
1,570
2,385
11,280
(7,049)
(15,205)
9,652
26,367
$ 20,814
$0.52
$3,287,511
213,431
32,384
3,533,326
1,306,359
1,070,057
76,631
98,530
121,502
157,710
307,364
220,979
3,359,132
174,194
(23,135)
15,539
(7,596)
30,078
6,227
19,917
48,626
222,820
(101,447)
25,101
$ 146,474
$3.68
DEI.IA AIR LINES, INC.
Consolidated Statements of Retained Earnings For the years ended June 30, 1983, 1982 and 1981
1983 1982 1981
(In Thousands)
Balance at Beginning of Year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add (Deduct):
$824,280
(86,730)
(39,761)
$900,881 $782,239
146,474
(27,832)
Net income (loss) ................................. . 20,814
(37,773)
(59,642)
$824,280
Cash dividends-$1.00 per share in 1983, $.95 per share in
1982 and $.70 per share in 1981 ...................... .
Transfer to common stock in connection with a 2-for-1
stock split . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $697,789 $900,881
The accompanying notes are an integral part of these statements.
Auditors' Report
ARTHUR ANDERSEN & Co.
ATLANTA, GEORG I A
To the Stockholders and the Board of Directors of
Delta Air Lines, Inc.:
We have examined the consolidated balance sheets
of DELTA AIR LINES, INC. (a Delaware corporation) and
subsidiaries as of June 30, 1983 and 1982, and the related
consolidated statements of income, retained earnings and
changes in financial position for each of the three years
in the period ended June 30, 1983. Our examinations were
made in accordance with generally accepted auditing
standards and, accordingly, included such tests of the
accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, the financial statements referred to
above present fairly the financial position of Delta Air
Lines, Inc. and subsidiaries as of June 30, 1983 and 1982,
and the results of its operations and the changes in its
financial position for each of the three years in the period
ended June 30, 1983, in conformity with generally accepted
accounting principles applied on a consistent basis.
August 12, 1983
17
Report of Management
The integrity and objectivity of the information presented
in this Annual Report is the responsibility of Delta man-
agement. The financial statements contained in this report
have been examined by Arthur Andersen & Co., inde-
pendent public accountants. Their report, shown on this
page, expresses an informed judgment as to whether
management's financial statements present fairly, in con-
formity with generally accepted accounting principles, the
Company's financial position and operating results.
Delta maintains a system of internal financial con-
trols and a program of internal audits. These controls
include the selection and training of its managers, organi-
zational arrangements that provide a division of responsi-
bilities, and communication programs explaining the
Company's policies and standards. We believe that this
system provides reasonable assurance that transactions
are executed in accordance with management's authoriza-
tion and are appropriately recorded to permit preparation
of financial statements in conformity with generally
accepted accounting principles and to maintain accounta-
bility of assets.
The Board of Directors pursues its responsibilities for
these financial statements through its Audit Committee,
which consists solely of directors who are neither officers
nor employees of the Company. They meet periodically
with the independent auditors, the internal auditors and
representatives of management to discuss internal ac-
counting control, auditing and financial reporting matters.
~ e _ ~
DAVID C. GARRETT, JR.
President and Chief Executive Officer
ROBERT OPPENLANDER
Senior Vice President - Finance
DEITA AIR LINES, INC.
Consolidated Statements of Changes in Financial Position For the years ended June 30, 1983, 1982 and 1981
1983 1982 1981
(In Thousands)
Funds Provided By:
Net income (loss) ......................... . ....... $ {86,730) $ 20,814 $ 146,474
Add ( deduct) items not affecting working capital-
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . 306,945 251,729 221,016
Deferred income taxes (Note 7) .................... (121,476) 49,188 30,925
Unrealized gain on translation of long-term portion of
debt payable in pounds sterling. . . . . . . . . . . . . . . . . . {959) (1,614) (4,425)
Investment tax credits, net of amortization ........... . 60,854 (6,757) 7,500
Other ...................................... {284) (549) (536)
Total from operations . . . . .. . . . . . . . . . . . . . . . . . . 158,350 312,811 400,954
Long-term financing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 917,252 325,000 69,000
Decrease (increase) in funds held by bond trustees .......... (11,396) 7,783 (1,343)
Disposition of property and equipment (book value) . . . . . ... 33,208 1,590 7,081
Manufacturers' credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,053 8,698 17,246
Other .......................................... 349 754 (10,479)
1,144,816 656,636 482,459
Funds Used For:
Property and equipment additions -
Flight equipment, including advances ............... 688,767 417,035 371,581
Ground property and equipment ........ .... ..... . . 179,155 93,824 85,424
867,922 510,859 457,005
Reduction of long-term debt, net of unrealized
foreign currency gains and losses . . . . . . . . . . . . . . . . . . . . 186,721 159,024 14,064
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,761 37,773 27,832
Other .. .. ...................... ... . .... . . ... ... 15,451 5,047 2,219
1,109,855 712,703 501,120
Increase (Decrease) in Working Capital . . . . . .... .. ..... ... .. $ 34,961 $ (56,067) $ (18,661)
Changes in Working Capital Components:
Increase (decrease) in -
Cash .............. . ... ... . . .. ...... ... .. . .. $ 9,696 $ 38,650 $ (31,165)
Accounts receivable, net ........... .. ...... ... ... 4,344 10,337 25,129
Refundable income taxes . . . ........ .... ... .... . . 25,083 53,043
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,123) (2,356) 25,062
Decrease (increase) in -
Current maturities of long-term debt . . ...... .. .. .. .. 1,999 2,611 4,088
Short-term notes payable ................. . ...... 91,357 (146,357)
Commercial paper outstanding . . . . . . . . . . . . . . . . . . . . 403 (79,913) (13,553)
Accounts payable and accrued liabilities . . . . ........ . {73,695) 55,050 (46,474)
Air traffic liability. . ............ .. .... . . . . ... .. (20,103) 12,868 18,252
Increase (Decrease) in Working Capital . . . . . ...... .. . ....... $ 34,961 $ (56,067) $ (18,661)
The accompanying notes are an integral part of these statements.
18
Notes to Consolidated Financial Statements
June 30, 1983, 1982 and 1981
1. Summary of Accounting Policies:
Basis of Presentation - The consolidated financial state-
ments include the accounts of the Company and its wholly-
owned subsidiaries, Epsilon Trading, Inc. and Dataslink Busi-
ness Systems, Inc. All significant intercompany accounts and
transactions have been eliminated in consolidation.
Passenger Revenue - Passenger ticket sales are recorded
as revenue when the transportation is used. The value of un-
used tickets is included in current liabilities in the financial
statements.
Depreciation and Amortization-Substantially all of the
Company's flight equipment is being depreciated on a straight-
line basis to residual values (10% of cost) over a ten-year period
from dates placed in service. Ground property and equipment
is depreciated on a straight-line basis over its estimated service
life (various lives ranging from three to 30 years). Leased prop-
erties under capital leases are amortized on a straight-line
basis over the life of the lease.
Interest Capitalized- Interest attributable to funds used to
finance the acquisition of new aircraft and construction of
major ground facilities is capitalized as an additional cost of the
related asset. Interest is capitalized at the Company's average
interest rate on long-term debt or, where applicable, the interest
rate related to specific borrowings. Capitalization of interest
ceases when the property or equipment is placed in service.
Foreign Currency Transactions - Realized and unrealized
foreign exchange transaction adjustments are included in
income on a current basis.
Income Taxes - Income taxes are provided (credited) by
applying the applicable statutory tax rates to book income
(loss) before income taxes. Deferred income taxes are provided
for all significant items (principally depreciation and other
property items) where there is a timing difference in recording
such items for financial reporting purposes and for income tax
purposes. Investment tax credits are amortized over seven
years. (See Note 7.)
Earnings Per Share- Net income per common share is
computed based on the weighted average number of outstand-
ing shares during the year.
Deferred Manufacturers' Credits - In connection with the
acquisition of certain new generation aircraft and engines, the
Company is receiving various introductory credits. These credits
are being deferred until the aircraft and engines are delivered,
at which time they will be applied on a pro rata basis as a
reduction of the acquisition costs resulting in reduced future
depreciation expense.
Retirement Plans-All of the Company's permanent em-
ployees are covered under its noncontributory trusteed plans
providing for retirement, disability and survivor benefits, and
certain employees meeting age and service requirements are
eligible to participate in a contributory trusteed savings plan.
The total expense under these plans amounted to approximately
$147,434,000 in 1983, $125,563,000 in 1982 and $102,482,000 in
1981. The Company's policy is to fund each year's accrued costs
19
DECTA AIR LINES, INC.
under the plans. Costs under the noncontributory plans include
amortization of prior service costs over varying periods up to
30 years.
As of June 30, 1982 ( date of the most recent actuarial
study) and June 30, 1981, the actuarial present value of accumu-
lated plan benefits and the net assets available for plan benefits
under the Company's defined benefit pension plans were
as follows:
Actuarial present value of
accumulated plan benefits-
Vested . . .... . . ....... ... . . .. .
Nonvested .. . .... ....... ... . . .
Net assets available for plan benefits .. ...
1982 1981
(In Thousands)
$819,801
22,814
$842,615
$756,837
$692,263
19,611
$711,874
$689,603
The weighted average assumed rate of return used in
determining the actuarial present value of accumulated plan
benefits was 8%.
2. Aircraft Purchase and Sale Commitments:
At June 30, 1983, the status of the Company's current fleet
and aircraft purchase commitments was as follows:
Aircraft Current
Type Fleet Orders Options
L-1011-1/200 . . . . . 41
L-1011-500 3
B-727-200 116
B-757-200 60 10
B-767-200 10 10 22
DC-9-32 ....... . 36
DC-8-61/71 .. .... 13
B-737-200 33
219 103 32
The orders for 60 Boeing B-757-200 aircraft include 30
aircraft which are subject to reconfirmation by the Company.
On April 22, 1983, the Company completed an agreement
with Boeing to provide for certain of the Company's aircraft
needs on an interim basis pending development of a new gen-
eration, new technology aircraft with approximately 150 seats.
Under this agreement, the Company has agreed to purchase
33 Boeing B-737-200 aircraft, with deliveries to begin in the
December 1983 quarter and continue through calendar year
1984. The Company intends to assign its rights to purchase
these aircraft to third party lessors, and then to lease the air-
craft under 15-year operating leases. Boeing has agreed to assist
the Company in arranging for such transactions. Additionally,
it has been agreed between Boeing and the Company, subject
to various conditions, that the Company's obligations under
these leases will, at the Company's request, be assumed by
Boeing or terminated at Boeing's expense at any time after
eight years if the Company acquires certain aircraft not currently
on order or option.
The Company also has an outstanding agreement to re-
engine five Douglas DC-8-61 aircraft during fiscal year 1984.
DELTA AIR LINES, INC.
Subsequent to June 30, 1983, the Company executed an
agreement with Boeing to reschedule the delivery of five Boeing
B-767-200 aircraft and 30 Boeing B-757-200 aircraft. Concurrent
with the completion of this agreement, the Company resched-
uled the deliveries of the 30 Boeing B-757-200 aircraft which
are subject to reconfirmation by the Company.
Future expenditures for the aircraft and engine commit-
ments, adjusted for the revised deliveries explained above
(excluding option aircraft and the Boeing B-737-200 aircraft)
are estimated to be approximately $3.1 billion, as follows:
1984 .................... .
1985 .................... .
1986 .................... .
1987 .................... .
1988 .................... .
After 1988 ................ .
Amount
(In Thousands)
$ 229,600
327,100
364,600
268,500
253,100
1,698,500
$3,141,400
The Company presently anticipates financing these com-
mitments from internally generated funds, supplemented as
required by borrowings.
The Company has entered into an agreement to sell 11
Lockheed L-1011-1 aircraft with deliveries scheduled for fiscal
years 1984 and 1985. Subsequent to June 30, 1983, the Company
completed an agreement to sell 14 Boeing B-727-200 aircraft
with deliveries during calendar year 1984.
3. Long-Term Debt:
At June 30, 1983 and 1982, the Company's long-term debt
and capitalized lease obligations (including current maturities)
were as follows:
1982 Bank Credit Agreement, providing
for unsecured borrowings up to $450
million on a revolving basis to June 30,
1986, at which time the outstanding
balance converts to a term loan payable
in installments through June 30, 1990.
Interest during the revolving period is,
at the Company's election, an adjusted
domestic certificate of deposit rate
plus 3/8%, the Eurodollar rate plus
3/8%, or the prime rate as defined . . .
1983 Bank Credit Agreement, providing
for unsecured borrowings up to $250
million on a revolving basis to Decem-
ber 31, 1986, at which time the out-
standing balance converts to a term
loan payable in installments through
December 31, 1990. Interest during the
revolving period is, at the Company's
election, an adjusted domestic certifi-
cate of deposit rate plus 3/4%, the
Eurodollar rate plus 3/4%, or the
prime rate as defined plus 3/8% .. . ..
1983 1982
( In Thousands)
$ 450,000 $ 225,000
250,000
20
11.35% Notes, unsecured, due April 1,
1993, redeemable at the Company's
option on or after April 1, 1990 ..... .
Mellon Bank unsecured Corporate
Variable Interest Note, payable 400
days after demand. Interest is at the
Average National Federal Funds Rate
plus 8/10% ................... .
1982 PruFunding, Inc. Credit Agreement,
providing for unsecured borrowings
up to $100 million on a revolving basis
through September 29, 1985, at which
time the outstanding balance converts
to a term loan payable in installments
through September 29, 1990. Interest
during the revolving period is at 1 Ys%
above the rate on 30-day dealer-placed
commercial paper .............. .
1981 PruFunding, Inc. Credit
Agreement ....... .... ... .... . .
Development Authority of Fulton County,
unsecured loan agreement, repayable
in installments beginning on Novem-
ber 1, 1991 and continuing through
2012. Interest ranges from 9% to
11 % over the life of the loan . . . . . . . . .
Development Authority of Fulton County,
6% unsecured loan agreement .....
Development Authority of Clayton
County, 11 % unsecured loan agree-
ment, repayable in annual installments
beginning in the year 2003 and con-
tinuing through 2012 ...... ... . . . .
Development Authority of Clayton
County, 6% unsecured loan agree-
ment, repayable in installments begin-
ning in the year 2000, with the
remaining balance payable in 2011 .. .
Manufacturers Hanover Trust Company
Credit Agreement, providing for unse-
cured borrowings up to $50 million
on a revolving basis to June 30,
1984, at which time the outstanding
balance converts to a term loan pay-
able in installments through June 30,
1985. Interest during the revolving
period is, at the Company's election,
an adjusted domestic certificate of
deposit rate plus 3/4%, the Eurodollar
rate plus 3/4% or the prime rate as
defined plus 3/ 8% ... . .... ...... .
Convertible Subordinated Debentures,
unsecured, 6Yi%, maturing August 1,
1986 . .. .... . .. . .... . .. ... . .. .
1983 1982
(In Thousands)
$125,000 $
50,000
50,000
50,000
38,912
29,000
47,296
35,000 35,000
28,000
10,921 10,921
Lazard Brothers & Co., Limited, 5%,
6% and 7Y2% unsecured notes, repay-
able in pounds sterling in semiannual
installments to 1986 ($5,722,000 pay-
able in fiscal 1984)-
At original exchange rates ...... .
Unrealized gain on -
Current maturities ..... .... . .
Long-term portion .......... .
At fixed contractual exchange
rates in 1983 . . . . . . . . . . . . . . .
Other unsecured notes, with various
interest rates and maturity dates
($176,000 payable in fiscal 1984) .. . .
Capitalized lease obligations
($629,000 payable in fiscal 1984) . .. .
$
1983 1982
(In Thousands)
14,775 $ 24,154
2,998 2,497
1,919 3,494
9,858 18,163
3,239 640
665 2,576
Total ...... ...... . . .... . 1,098,891 371,300
Less -Current maturities . . . . . . . . . . . 6,527 8,526
Total long-term debt . . . . . . . . $1,092,364 $ 362,774
At June 30, 1983, the annual maturities of long-term debt
and capitalized lease obligations for the next five fiscal years
were as follows:
1984 .... . . .... .......... .
1985 ....... .. . .......... .
1986 ... . .. . . .. ..... .... . .
1987 . . ... . ... .. ........ . .
1988 . .. . ..... .... . .. .. . . .
Amount
( In Thousands)
$ 6,527
32,301
1,791
127,001
140,000
The Company's debt agreements include limitations on
indebtedness and other obligations. In connection with the 1982
Bank Credit Agreement, the Company has informally agreed
to maintain on deposit with the lending banks average balances
(including normal working balances) equal to 7Vz% of the
average daily outstanding borrowings, with the average bal-
ances and borrowings being computed over the term of the
agreement. At June 30, 1983, there were no restrictions in the
agreements as to the payment of cash dividends.
The $50 million Mellon Bank unsecured Corporate Variable
Interest Note and the $28 million Manufacturers Hanover Trust
Company Credit Agreement provide unsecured interim financ-
ing for the Company's construction of the New York-La Guardia
Flight Center. The Company will be reimbursed for construc-
tion of the La Guardia Flight Center from the proceeds of
Special Project Bonds to be issued by the Port Authority of
New York and New Jersey in August 1983. The Company will
use this reimbursement to prepay the Mellon Bank unsecured
Corporate Variable Interest Note and the Manufacturers
Hanover 'Ilust Company Credit Agreement.
During the March 1983 quarter, the Company entered
into forward exchange contracts to contractually fix the U.S.
dollar obligation for all future principal and interest payments
due Lazard Brothers & Co., Limited under the unsecured
loan agreement.
21
DELTA AIR LINES, INC.
4. Operating Lease Obligations:
At June 30, 1983, 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 operating
leases were $65,178,000 in 1983, $57,357,000 in 1982 and
$48,070,000 in 1981.
At June 30, 1983, the Company's minimum rental commit-
ments under noncancelable operating leases with initial or
remaining terms of more than one year were as follows:
Payable for
Fiscal Year Amount
(In Thousands)
1984 . . . . . . . . . . . . . . . . . . . . $ 74,876
1985 . . . . . . . . . . . . . . . . . . . . 124,418
1986 . . . . . . . . . . . . . . . . . . . . 168,403
1987 . . . . . . . . . . . . . . . . . . . . 142,513
1988 . . . . . . . . . . . . . . . . . . . . 141,627
After 1988 . . . . . . . . . . . . . . . . 1,720,205
Total . . . . . . . . . . . . . . . . $2,372,042
Future minimum rental commitments include lease pay-
ments under certain terminal and maintenance facility agree-
ments negotiated during fiscal 1983 including facilities at the
Chicago, New York, Dallas-Fort Worth and Tampa airports.
The Company is negotiating lease agreements for 33
Boeing B-737-200 aircraft. Future minimum rental commit-
ments include expected payments under these leases.
5. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of short-term bank
borrowings. At June 30, 1983, outstanding commercial paper
totaled $123,996,000 at interest rates ranging from 8Yz% to 9%,
and short-term bank notes totaled $55,000,000 at interest rates
ranging from 9% to 10%. In connection with the issuance
of the commercial paper, the Company obtained lines of credit
totaling $150,000,000.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1983 and
1982 were as follows : 1983 1982
Maximum amount of borrowings
(In Thousands)
outstanding at any month-end .. .... . $284,932 $270,757
Average daily borrowings
during period . . . . . . . . . . . . . . . . . . . 203,444 154,440
Weighted average interest rate
on borrowings during period . .... . . . 10.06% 15.10%
6. Common Stock:
At June 30, 1983, the Company had 87,368 common shares
reserved for conversion (at $125 per share) of the Convertible
Subordinated Debentures which mature August 1, 1986.
DELTA AIR LINES, INC.
7. Income Taxes:
Provisions for income taxes in 1983, 1982 and 1981
consisted of:
Current taxes . . . . . . . . . . . ..
Deferred taxes . . . . . . . . . . . .
Reversal of deferred taxes . . . .
Investment tax credits ..... .
Income taxes credited
1983 1982 1981
(In Thousands)
$ 81,287 $ 50,967 $ (37,921)
(42,030) (22,902) (30,925)
161,200
(90,815) (18,413) (32,601)
(provided). . . . . . . . . . . . $109,642 $ 9,652 $(101,447)
Total income taxes as a percent of book income (loss)
before taxes amounted to 48% in 1983, 63% in 1982 and 46% in
1981. The percent in 1983 and 1982 differed from the statutory
rate of 46% because of state income taxes and the amortization
of the reduction in deferred taxes resulting from the federal tax
rate reduction in fiscal 1979. For financial reporting purposes,
the tax provision for losses incurred was recorded as a credit
in the statement of income and as refundable income taxes
or a reduction in deferred income taxes in the balance sheet.
These losses can be carried back to prior years and recovered
from taxes previously paid or used to reduce taxes that become
payable during the period these losses may be carried forward
for use on future federal income tax returns.
For financial reporting purposes, the Company has recog-
nized all available investment tax credit benefits (none of which
can be utilized on its federal income tax return for fiscal 1983)
as an increase in unamortized investment tax credits and as
a reduction of deferred income taxes. Such benefits can be used
to reduce taxes that become payable during the period these
benefits may be carried forward for use on future federal
income tax returns.
At June 30, 1983, deferred income taxes had been reduced
by approximately $62.3 million of fiscal 1983 net operating loss
carryforward and approximately $98.9 million of investment
tax credit carryforward. Approximately $23 million of invest-
ment tax credit carryforwards expire in 1997, and the remain-
ing investment tax credit and net operating loss carryforwards
expire in 1998. Deferred income taxes will be restored by a
charge to income as these carryforwards are utilized.
The Company's federal income tax returns for fiscal years
1976 through 1980 are presently under review by the Internal
Revenue Service. Various potential adjustments are under con-
sideration in connection with this review. In the opinion of
management, the final outcome of this review will not have a
material adverse effect on the Company's financial condition.
8. Contingencies:
The Company is a defendant in certain legal actions
relating to environmental problems (primarily noise), alleged
employment discrimination practices, other matters concerning
past and present employees, disputes concerning the Com-
pany'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 pre-
dict. In the opinion of management, the disposition of these
matters is not likely to have any material adverse effect on the
Company's financial condition.
22
9. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June 30
Fiscal 1983 (In Millions, Except Per Share Amounts)
Operating revenues ........ $876.5 $899.1 $904.8 $936.0
Operating income (loss) . . . . $ (39.2) $(35.6) $(81.6) $(50.9)
Net income (loss) . . . . . . . . . $(16.1) $ (5.6) $(39.5) $(25.5)
Net income (loss) per share .. $(0.41) $ (0.14) $ (.99) $ (.64)
Fiscal 1982
Operating revenues . ... . ... $891.3 $894.6 $881.3 $950.3
- -
Operating income (loss) . . . . $ .6 $ 2.1 $(45.7) $ 34.8
Net income (loss) . . . . . . . . . $ 7.6 $ 8.5 $(18.4) $ 23.1
- -
Net income (loss) per share . . $ .19 $ .21 $ (.46) $ .58
10. Constant Dollar and Current Cost Data (Unaudited):
The Financial Accounting Standards Board (FASB) State-
ment No.33, Financial Reporting and Changing Prices, requires
that certain historical financial data be restated utilizing two
different approaches to measure the impact of changing prices:
(1) the "constant dollar" approach, which reflects 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, 1983, of property and equipment was aged by year of
acquisition. This historical cost was restated in average fiscal
1983 dollars by the application of the U.S. Government Con-
sumer Price Index for All Urban Consumers (CPI-U). The
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 1983 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.
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 Trans-
port Association and current market values for nonproduction
aircraft as published in various industry sources. For spare
engines and components, the current cost was determined by
DELTA AIR LINES, INC.
applying the historical ratio of the cost of spare engines and
components to the current cost of the related aircraft 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 computed by multiplying the
historical rates by the current costs determined above.
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
required by Statement No.33.
Consolidated Statement of Income Adjusted for Changing Prices (Unaudited)
For the year ended June 30, 1983
As Reported
in the
Financial
Statements
(Historical Cost)
Adjusted for
General Inflation
(Average
Fiscal 1983
Constant Dollars)
Adjusted for
Change in
Specific Prices
(Current Cost)
( In Thousands, Except Per Share Data)
Operating revenues ..... ....... . . ... . .. .. .. . . ... .... . . .. .. . . . . . ... . $3,616,413 $3,616,413 $3,616,413
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses (excluding depreciation and amortization) ...... . .. . .. .. . . .
Gain on disposition offlight equipment . . . .. ......... . ....... ... . .. . ... .
Other expense (income), net . . .... . .. .. . .... .. . . .. . . ..... ... . . . .. .. . .
Income taxes provided (credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of investment tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net loss ................... . . . ... .. .. . .. .... . ............ ... ... .
Net loss per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Gain from decline in purchasing power
of net amounts owed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect on property and equipment of:
$
$
306,240
3,517,507
(28,229)
47,596
(109,642)
(30,329)
3,703,143
86,730
2.18
366,551
3,517,507
(20,164)
47,596
(109,642)
(38,494)
3,763,354
$ 146,941
$ 3.70
$ 31,164
Increase in specific prices (current cost)* .. . ..................... . .. ...... . . ... . .... . .. . .. ..... . .
Increase in general price level ( constant dollar) ............................. . ... .... . ... .. .. . . . . .. .
Excess of increase in specific prices over the increase in general price level. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
* At June 30, 1983, owned and leased property and equipment, stated at current cost, net of adjusted accumulated depreciation
from date of acquisition, was $3.72 billion compared with the historical depreciated cost of $2.68 billion.
Five-Year Comparison of Selected Supplementary Consolidated Financial Data (Unaudited)
Stated in Average Fiscal 1983 Dollars For the Year Ended June 30
Operating revenues ... . .......... . ............... .
Historical cost information adjusted for general inflation -
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) 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 (196 7 = 100) . . . . . . . . . . . . . .
1983
$3,616,413
(146,941)
(3.70)
1,538,897
(222,094)
(5.59)
54,982
1,784,423
458,787
31,164
1.00
42.50
294.0
23
1982 1981 1980
( In Thousands, Except Per Share Data)
$3,772,798 $4,000,619 $3,739,123
(97,524) 50,036 9,399
(2.45) 1.26 0.24
2,083,066 2,083,055 2,034,490
(165,484) (17,524) (22,733)
( 4.16) (0.44) (0.57)
39,847 359,597 64,332
2,293,396 2,445,983 2,252,451
460,666 448,512 401,797
52,977 53,167 79,599
.99 .79 .76
35.46 40.38 24.82
281.9 259.4 232.5
$
$
$
$
$
458,787
3,517,507
(37,247)
47,596
(109,642)
(38,494)
3,838,507
222,094
5.59
31,164
144,730
89,748
54,982
1979
$3,478,494
.75
28.74
205.2
DEITA AIR LINES, INC.
Consolidated Summary of Operations For the years ended June 30
(Dolla rs expressed in thousands except per share figures)
Operating revenues:
Passenger . ....................... . .. . . . .. . . .. . .
Cargo ................... . ....... . . . .. . ..... . . .
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total operating revenues . ........ ... .... . ....... .... . . .
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense, net 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on disposition of flight equipment . . ........ . ... .. .. . .
Realized and unrealized gain (loss) on
foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes credited (provided) .. . ... . .............. . .. .
Amortization of investment tax credits . . ... . ...... . ... . ... .
Net income (loss) ......... . .......... .. ..... .. .. . ... .
et income (loss) per share* . ....... ....... ...... ... ... . .
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid per share* . . . . . . . . . . . . . . . . . . . . . . . . . .
1 Has been reduced by interest capitalized of . . . ....... .. .... .
Other Financial and Statistical Data For the years ended June 30
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders' equity ... ... .. .. . ...... . . . .. .... . . .... . .
Stockholders' equity per share* .. .. . . . .. ... ... . .... .. .. . .
Shares of common stock outstanding* . . . . . . . . . . . . . . . . . . . . .
Revenue passengers enplaned . .... . ... ... ... ...... .. ... .
Available seat miles (000) .. ... ... . . . .... . .. . ... .. .. .. . .
Revenue passenger miles (000) ....... .. .. ... . . .. . ..... . .
Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Breakeven load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Available ton miles (000) .... .. . . .... . .. . ..... . . . .. .. . . .
Revenue ton miles (000) .... .. . . .. . .......... ... ...... .
Passenger revenue per passenger mile. . . . . . . . . . . . . . . . . . . . .
Operating expenses per available seat mile . . . ... ... . ... . .. . .
Operating expenses per available ton mile .. . ........ . ...... .
* Adjusted for 2-for-1 stock split distributed December 1, 1981.
1983
$3,347,014
227,146
42,253
3,616,413
3,823,747
$ (207,334)
(63,494)
14,000
28,229
1,898
$ (226,701)
109,642
30,329
$ (86,730)
$(2.18)
$ 39,761
$1.00
$ 29,398
1983
$1,092,364
$ 897,160
$ 22.56
39,761,154
35,666,116
47,915,817
26,096,996
54.46%
57.84%
6,202,910
2,951,119
12.83
7.98
61.64
1982 1981
$3,352,173 $3,287,511
230,597 213,431
34,753 32,384
3,617,523 3,533,326
3,625,679 3,359,132
$ (8,156) $ 174,194
(22,284) (7,596)
11,280 19,917
1,570 30,078
2,385 6,227
$ (15,205) $ 222,820
9,652 (101,447)
26,367 25,101
$ 20,814 $ 146,474
$0.52 $3.68
$ 37,773 $ 27,832
$0.95 $0.70
$ 38,154 $ 15,539
1982 1981
$ 362,774 $ 198,411
$1,023,651 $1,040,611
$ 25.75 $ 26.17
39,761,154 39,761,154
34,169,927 36,743,214
45,154,885 45,428,277
24,284,804 25,192,531
53.78% 55.46%
53.91% 52.52%
5,937,817 6,037,476
2,773,337 2,845,425
13.80<!: 13.05<!:
8.03<!: 7.39<!:
61.0M 55.64<!:
DELTA AIR LINES, INC.
1980 1979 1978 1977 1976 1975 1974
$2,733,820 $2,213,024 $1,861,100 $1,575,642 $1,406,417 $1,271,720 $1,124,759
190,490 167,904 153,233 114,800 100,626 85,388 86,685
32,650 46,918 36,578 29,203 21,899 19,922 15,683
2,956,960 2,427,846 2,050,911 1,719,645 1,528,942 1,377,030 1,227,127
2,864,323 2,218,814 1,845,816 1,578,464 1,411,333 1,282,000 1,070,043
$ 92,637 $ 209,032 $ 205,095 $ 141,181 $ 117,609 $ 95,030 $ 157,084
(11,062) (9,461) (17,313) (23,061) (31,387) (31,281) (17,465)
10,687 9,069 7,640 4,825 2,284 2,297 3,088
36,091 20,514 32,689 29,403 7,680 7,944 18,607
(3,735) (7,110) (3,339) 2,699 13,357 5,855
$ 124,618 $ 222,044 $ 224,772 $ 155,047 $ 109,543 $ 79,845 $ 161,314
(54,433) (104,429) (109,296) (76,362) (53,949) (39,324) (78,953)
22,973 19,129 15,651 13,695 14,613 11,359 8,288
$ 93,158 $ 136,744 $ 131,127 $ 92,380 $ 70,207 $ 51,880 $ 90,649
$2.34 $3.44 $3.30 $2.32 $1.77 $1.30 $2.28
$ 23,857 $ 20,875 $ 14,911 $ 13,916 $ 11,928 $ 11,928 $ 11,926
$0.60 $0.53 $0.38 $0.35 $0.30 $0.30 $0.30
$ 10,790 $ 6,717 $ 4,794 $ 2,922 $ 3,247 $ 6,099 $ 10,810
1980 1979 1978 1977 1976 1975 1974
$ 147,901 $ 125,483 $ 167,331 $ 237,497 $ 350,968 $ 390,437 $ 345,119
$ 921,969 $ 852,668 $ 736,799 $ 620,583 $ 542,112 $ 483,833 $ 443,826
$ 23.19 $ 21.44 $ 18.53 $ 15.61 $ 13.63 $ 12.17 $ 11.16
39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154
39,713,904 39,360,368 33,007,670 28,811,966 27,996,665 25,831,631 25,565,208
43,217,372 39,826,891 35,135,046 32,614,260 30,389,761 29,497,234 28,417,679
26,171,197 25,518,520 20,825,722 18,042,339 17,621,247 15,916,860 15,445,891
60.56% 64.07% 59.27% 55.32% 57.98% 53.96% 54.35%
58.51% 58.02% 52.74% 50.36% 53.14% 49.93% 46.76%
5,748,143 5,357,995 4,743,778 4,478,038 4,145,183 4,030,116 3,847,226
2,934,375 2,916,585 2,426,265 2,113,798 2,034,848 1,822,574 1,800,400
10.45 8.67 8.94 8.73 7.98 7.99 7.28
6.63 5.57 5.25 4.84 4.64 4.35 3.77
49.83 41.41 38.91 35.25 34.05 31.81 27.81
25
DELTA AIR LINES, I C.
Board of Directors
R. W. ALLE
KARLD. BAYS
W. T. BEEBE
B. W. BIEDE HAR
GEORGE D. BUSBEE
C. H. DOLSO
R. W. FREEMAN
DAVID C. GARRETT, JR.
EDWARD H. GERRY
MARY JOH STO HEAD
JESSE HILL, JR.
BILL MICHAELS
T. M. MILLER
ROBERT OPPENLANDER
JOHN G. PHILLIPS
CARLETON PUTNAM
Senior Vice President-
Administration and 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
Partner of law firm of King & Spalding,
Atlanta, Georgia
Chairman of the Executive Committee
Chairman of the Personnel and
Compensation Committee and Finance
Committee; 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
Director of various corporations
President, Chief Executive Officer
and Director, Atlanta Life Insurance
Company, Atlanta, Georgia
Chairman of the Audit Committee;
Chairman of the Executive Committee
and Director, Storer Communications,
Inc., Miami, Florida
Retired Senior Vice President-
Marketing
Senior Vice President- Finance
Chairman of the Board and Chief
Executive Officer, The Louisiana Land
and Exploration Company, New Orleans,
Louisiana
Private Investments
GEORGE M. SNELLINGS, JR. Member of the law firm of Snellings,
Breard, Sartor, Inabnett & Trascher,
Monroe, Louisiana
AU DIT COMMITTEE
BILL MICHAELS, Chairman
B. W. BIEDENHARN
GEORGE D. BUSBEE
C. H . DOLSON
MARY JOHNSTON HEAD
CARLETON PUTNAM
PERSONNEL AND
COMPENSATION COMMITTEE
R. W. FREEMAN, Chairman
KARLD. BAYS
W. T. BEEBE
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.
EXECUTIVE COMMITTEE
C.H. DOLSON, Chairman
R. W. ALLEN
DAVID C. GARRETT, JR.
ROBERT OPPENLANDER
FINANCE COMMITTEE
R. W. FREEMAN, Chairman
KARLD. BAYS
W. T. BEEBE
EDWARD H. GERRY
JESSE HILL, JR.
T. M. MILLER
JOHN G. PHILLIPS
GEORGE M. SNELLINGS, JR.
Officers
DAVID C. GARRETT, JR.
R. W. ALLEN
JAMES W. CALLISON
J. A. COOPER
HOLLIS L. HARRIS
D. P. HETTERMANN
ROBERT OPPENLANDER
FRANK F. ROX
R. G. CALDWELL
ROBERT H. COWART
JOHN P. DAVIS
M. E. DULLUM
J. D. DUNN
R. LAMAR DURRETT
M. 0 . GALLOWAY
R. L. GIBSON
RUSSELL H. HEIL
JOHN HUME
C. J. MAY
REX A. McCLELLAND
R. A. McKINNON
FOY PHILLIPS
C. A. SMITH
C. A. THOMPSON
FRANK S. CHEW
JULIUS P. GWIN
DON M. ADAMS
J. K. BURNETTE
ROBERTS. HARKEY
W. WHITLEY HAWKINS
H.M. JOHNSON
HENRY ROSS
EUGENE H. STEWART
C. G. SWEAZEA
SUSAN Q. DOWNER
IKE LASSETER
LAWSON ROLLINS
AUD LY TOLLER, JR.
26
President & Chief Executive Officer
Senior Vice President -Administration and
Personnel
Senior Vice President - General Counsel and
Secretary
Senior Vice President - Marketing
Senior Vice President- Passenger Service
Senior Vice President - Technical Operations
Senior Vice President - Finance
Senior Vice President- Flight Operations
Vice President- Personnel Administration
Vice President - Information Services
Vice President- Maintenance
Vice President - Government Affairs
Vice President- Purchasing
Vice President - Facilities and Technical
Operations Administration
Vice President - Finance
Vice President - Traffic
Vice President- Personnel
Vice President- In-Flight Service
Vice President- Engineering
Vice President- Properties
Vice President - Marketing
Vice President- Passenger Service
Vice President- Flight Operations
Vice President- Stations
Treasurer
Comptroller
Assistant Vice President - Law and
Assistant Secretary
Assistant Vice President - Quality Control
Assistant Vice President- Law and
Assistant Secretary
Assistant Vice President- Marketing
Assistant Vice President- Employment
Assistant Vice President - Marketing
Services
Assistant Vice President- Corporate
Security
Assistant Vice President- Public Affairs
Assistant Secretary
Assistant Secretary
Assistant Comptroller- Revenue Accounting
Assistant Treasurer-Treasury
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
P.O. Box 105555
Atlanta, Georgia 30399
Trustee for Debentures
Shawmut Bank of Boston, N.A.
One Federal Street
Boston, Massachusetts 02211
Auditors
Arthur Andersen & Co.
133 Peachtree Street, N.E.
Atlanta, Georgia 30303
Annual Meeting
October 27, 1983, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
18,202 as of August 19, 1983
Market Prices and Dividends*
Market Price Range of
Fiscal Year 1983
Quarter Ended:
September 30 . . . . . . . . . . .
December 31 . . . . . . . . . . ..
March 31 .......... . .. .
June 30 ... . ...... . ... .
Fiscal Year 1982
Quarter Ended:
September 30 . . . . . . . . . . .
December 31 . . . . . . . . . . . .
March 31 ...... . ... . .. .
June 30 .... . ......... .
Common Stock on
New York Stock Exchange
High Low
35 25
47 27
51 38
49 40
35
31
32
35
26
24yg
22Ys
29
*Adjusted for 2-for-1 stock split distributed December 1, 1981
Availability of Form 10-K
Cash
Dividends
Paid Per Share
$.25
.25
.25
.25
$.20
.25
.25
.25
The Company will supply, upon written request and without
charge, a copy of the Company's annual report for the fiscal
year 1983 on Form 10-K to any person beneficially owning or
owning of record any of the common stock of the Company on
September 6, 1983. Requests for the report should be directed
to James W. Callison, Secretary, Delta Air Lines, Inc., Hartsfield
Atlanta International Airport, Atlanta, Georgia 30320.
27
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 case of the stock subsequently acquired, a report
under Section 245.13, within 10 days after such acquisition,
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.
Delta Air Lines System Route Map
At June 30, 1983, Delta provided scheduled air transportation
to 85 domestic cities in 33 states, the District of Columbia, and
six cities in six foreign countries. During fiscal 1983, Delta
initiated service to three new cities: Okahoma City, Albuquer-
que, and Norfolk/Virginia Beach/Williamsburg. In addition,
Delta continued to develop its route system by adding new
nonstop services in 15 markets between cities on its existing
route system.
San't>iego
onville
a Beach
0
m Beach
Ft. uderdale
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
28
M'ami Nassau
_.,; SanJu:n
London
F
rankfurt