Delta Air Lines annual report 1987

Metadata
Text

Collection:: Delta Air Lines Annual Reports
Title:: Delta Air Lines annual report 1987
Creator:: Delta Air Lines, Inc.
Date of Original:: 1987-08
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-1987
Digital Object URL:: https://dlg.galileo.usg.edu/do:delta_dal-ar_dal-ar-1987
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:

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INDX( = ( 8 p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p CCe xM CCe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 0 . t i f p he P" e he ` U d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 1 . t i f p p p ce a {ie ce P d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 2 . t i f p p p We mm EKe We s d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 3 . t i f p p p e n! r e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 4 . t i f p p p me te me d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 5 . t i f p p p e #te e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 6 . t i f p p p {{ e { e {{ e z d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 7 . t i f p p p ne ; ?te ne d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 8 . t i f p p p e ` R e e t d a l - t t - 1 9 9 1 0 9 0 1 _ 0 2 9 . t i f p p p e q e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 0 . t i f p p p O$e + *e O$e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 1 . t i f p p p \e e \e t d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 2 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( = ( 8 p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p uW e xM uW e ~ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 6 . t i f p )e K! 4e )e @ = d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 8 . t i f p p p ~e 7:! Oe ~e p Ne d a l - t t - 1 9 9 1 0 9 0 1 _ 0 3 9 . t i f p p p ge h=! xke ge d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 0 . t i f p p p ae " "Ce ae & d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 1 . t i f p p p
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]e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 2 . t i f p p p e h! Oe e @ ? d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 3 . t i f p p p q[Qe " ^Ue q[Qe x d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 4 . t i f p p p e " e e w d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 5 . t i f p p p gJe " Qe gJe P NM d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 6 . t i f p p p e " e e ` R d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 7 . t i f p p p ,Ne " n Te ,Ne p *i d a l - t t - 1 9 9 1 0 9 0 1 _ 0 4 8 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( C = ( 8 1 ~ p .*f *`; 1xM .*f b D A 8 4 A 0 ~ 1 . T I F 9 0 1 p .*f *`; 1xM .*f b D A 8 4 A 0 ~ 1 . T I F 9 0 1 p 'f h 6 1xM 'f *| D A 8 A 5 F ~ 1 . T I F 9 0 1 p 'f h 6 1xM 'f *| D A 8 A 5 F ~ 1 . T I F 9 0 p `c0f k: xM `c0f : D A 8 C 5 0 ~ 1 . T I F 9 0 1 p `c0f k: xM `c0f : D A 8 C 5 0 ~ 1 . T I F 9 0 1 p `c0f k: xM `c0f : D A 8 C 5 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p f u3 IxM f 2 D A 8 C B 0 ~ 1 . T I F 9 0 1 p Fe /) LxM Fe p n D A 8 D 2 2 ~ 1 . T I F 9 0 1 p Fe /) LxM Fe p n D A 8 D 2 2 ~ 1 . T I F 9 0 1 p Fe /) LxM Fe p n D A 8 D 2 2 ~ 1 . T I F 9 0 1 p Fe /) LxM Fe p n D A 8 D 2 2 ~ 1 . T I F 9 0 1 p W f 2 oxM W f @ l: D A 8 D B 1 ~ 1 . T I F 9 0 1 p W f 2 oxM W f @ l: D A 8 D B 1 ~ 1 . T I F 9 0 1 p W f 2 oxM W f @ l: D A 8 D B 1 ~ 1 . T I F 9 0 1 p `e Cw - f1e `e
D A 8 F B 8 ~ 1 . T I F 9 0 1 Mq p Z p y+2e ]{/ 7e y+2e d D A 9 0 2 7 ~ 1 . T I F 9 0 1 q p Z p f xa8 l f f D A 9 4 6 3 ~ 1 . T I F 9 0 1 q p Z p l"f 4 4 p"f l"f D A 9 5 0 5 ~ 1 . T I F 9 0 1 Wq p Z p f 3 @ f f D A 9 5 7 F ~ 1 . T I F 9 0 1 q p Z p bte F|) -e bte D A 9 6 8 F ~ 1 . T I F 9 0 1 3q p Z p "'e [@, Q,e "'e s D A 9 7 7 6 1 . T I F 9 0 1 p p Z p me te me D A 9 8 E 1 ~ 1 . T I F 9 0 1 p p Z p e q e e D A 9 C 2 E ~ 1 . T I F 9 0 1 )q p Z p Q:Oe nS, q Te Q:Oe D A 9 C 9 8 ~ 1 . T I F 9 0 1 qq p Z p dX f 3 b f dX f D A 9 D 1 5 ~ 1 . T I F 9 0 1 .q p Z p ^e /) le ^e D A 9 D C F ~ 1 . T I F 9 0 1 q p Z p f k !7 w f f D A 9 E 0 A ~ 1 . T I F 9 0 1 q p Z p %Q$f 08 $f %Q$f D A 9 F A B ~ 1 . T I F 9 0 1 q p Z p (f 6 8 (f (f 0 * D A A 5 C 7 ~ 1 . T I F 9 0 1 d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f INDX( = ( 8 p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p Ge 3# bxM Ge \ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 2 . t i f p 8e $ 9x>e 8e & d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 4 . t i f p p p L>e & (e L>e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 5 . t i f p p p ,e # 3e ,e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 6 . t i f p p p e v & F`e e ` _ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 7 . t i f p p p e 2$ i e e p d d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 8 . t i f p p p Je P% ne Je d a l - t t - 1 9 9 1 0 9 0 1 _ 0 5 9 . t i f q p p e Z$ e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 0 . t i f q p p me . $ 9re me d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 1 . t i f q p p )e & oe )e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 2 . t i f q p p de . $ V ie de p ze d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 3 . t i f q p p e && We e 0 + d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 4 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( = ( @
F 1 0f < xM 0f + + D A E 1 F 7 ~ 1 . T I F 9 0 1 0f < xM 0f + + D A E 1 F 7 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A
D E 3 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1
E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f
:'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9
0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 !
d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z< 1xM :'f 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 2 2 9 . t i f :'f Z<
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INDX( = ( 8 p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p ee E& bxM ee ^ d a l - t t - 1 9 9 1 0 9 0 1 _ 0 6 8 . t i f p e & e e ` W d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 0 . t i f q p p O-e .% G1e O-e " d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 1 . t i f q p p e _Z ( e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 2 . t i f q p p & e $ e & e 0 # d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 3 . t i f q p p e / & Yge e ( d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 4 . t i f q p p e .%
e e p ^o d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 5 . t i f q p p e
( e e P N d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 6 . t i f q p p e Z % e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 7 . t i f q p p gje & V ne gje d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 8 . t i f q p p yHe Z % " e yHe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 7 9 . t i f q p p "LZe & ^e "LZe :s d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 0 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( = ( 8
1 ~ p ,f .9 1xM ,f D A D 3 8 B ~ 1 . T I F 9 0 1 p ,f .9 1xM ,f D A D 3 8 B ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0
p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f
D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1
p - ,f J; 1xM - ,f D A D 6 E C ~ 1 . T I F 9 0 1 p R f Q ?8 IxM R f D A D 8 3 9 ~ 1 . T I F 9 0 1 p R f Q ?8 IxM R f D A D 8 3 9 ~ 1 . T I F 9 0 1 p R f Q ?8 IxM R f D A D 8 3 9 ~ 1 . T I F 9 0 1 p e 4U e e
D A D 8 6 A ~ 1 . T I F 9 0 1 q p Z p } f 1 f } f N D A D 8 7 3 ~ 1 . T I F 9 0 1 ?q p Z p [e 5. >e [e } D A D 8 C 8 ~ 1 . T I F 9 0 1 q p Z p "LZe & ^e "LZe :s D A D 9 B F ~ 1 . T I F 9 0 1 q p Z p & e $ e & e 0 # D A D A 5 F ~ 1 . T I F 9 0 1 cq p Z p W f
3 [ f W f &s D A D A C F ~ 1 . T I F 9 0 1 Fq p Z p e k= - "e e P B D A D B 4 6 ~ 1 . T I F 9 0 1 7q p Z p 0e } , 4e 0e 2 D A E 1 D 2 ~ 1 . T I F 9 0 1 rq p Z p 4& f 1_4 ) f 4& f ` D A E 2 5 9 ~ 1 . T I F 9 0 1 p p Z p uW e e uW e ~ D A E 2 7 E
1 . T I F 9 0 1 q p Z p 6Ne Z % WRe 6Ne p m D A E 3 6 9 ~ 1 . T I F 9 0 1 Lq p Z p e r - u e e D A E 3 D 3 ~ 1 . T I F 9 0 1 ]q p Z p w f Q/ 1 f w f D A E 4 5 A ~ 1 . T I F 9 0 1 q p Z p $%f ^g9 Y(%f $%f D A E 4 E F ~ 1 . T I F 9 0 1 q p Z p $(e F v( ,e
$(e D D A E 5 6 A ~ 1 . T I F 9 0 1 &q p Z p 0e ^D* ?e 0e H D A E 8 1 D ~ 1 . T I F 9 0 1 Qq p Z p U= e uI/ e U= e @ b0 D A E 9 2 D ~ 1 . T I F 9 0 1 q p Z p b&f &T8 f&f b&f ` VV D A E 9 9 D ~ 1 . T I F 9 0 1 d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f
INDX( " = ( 8 p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p 9e S3 ( LxM 9e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 4 . t i f p $(e F v( ,e $(e D d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 6 . t i f q p p e * e e p n d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 7 . t i f q p p e S3 ( e e d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 8 . t i f q p p e I* e e
d a l - t t - 1 9 9 1 0 9 0 1 _ 0 8 9 . t i f q p p Fe /) e Fe p n d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 0 . t i f q p p /le G]* pe /le d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 1 . t i f q p p bte F|) -e bte d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 2 . t i f !q p p Xe ?* %]e Xe @ < d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 3 . t i f "q p p ce O( Pe ce 0 d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 4 . t i f #q p p o\Ke wp4, :{Oe o\Ke @ 8 d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 5 . t i f $q p p [Fe S3 ( j e [Fe d a l - t t - 1 9 9 1 0 9 0 1 _ 0 9 6 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( J = ( 8 1 ~ p q4*f < 1xM q4*f D A 3 6 2 B ~ 1 . T I F 9 0 1 p /%f ; 1xM /%f 0 ) D A 3 A 1 4 ~ 1 . T I F 9 0 1 p f 3 1xM f @ ; D A 4 F 2 F ~ 1 . T I F 9 0 1 p f 3 1xM f @ ; D A 4 F 2 F ~ 1 . T I F 9 0 p f 3 1xM f @ ; D A 4 F 2 F ~ 1 . T I F 9 0 1 p Jj (f b*9 1xM Jj (f P rH D A 5 0 9 3 ~ 1 . T I F 9 0 1 p Jj (f b*9 1xM Jj (f P rH D A 5 0 9 3 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p R f W3 IxM R f D A 5 1 F 4 ~ 1 . T I F 9 0 1 p DA f _1 oxM DA f 0 R/ D A 5 2 2 A ~ 1 . T I F 9 0 1 p DA f _1 oxM DA f 0 R/ D A 5 2 2 A ~ 1 . T I F 9 0 1 p Ze /(. Xt e Ze D A 7 3 3 1 ~ 1 . T I F 9 0 1 p p Z p TRe ]# @Ye TRe 0 D A 7 3 C 6 ~ 1 . T I F 9 0 1 q p Z p Se S3 ( Xe Se P B D A 7 4 2 8 ~ 1 . T I F 9 0 1 p p Z p e e e p pe D A 7 4 D 2 ~ 1 . T I F 9 0 1 INDX( =
( 8 p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ne `( %xM ne Xv d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 0 . t i f p ee F|) 'oe ee ` &W d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 2 . t i f +q p p iJe |3X, Oe iJe ( d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 3 . t i f ,q p p 5e O( Xe 5e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 4 . t i f -q p p cHe iX~, PaMe cHe P C d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 5 . t i f .q p p ^e /) le ^e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 6 . t i f /q p p Me bZ_, D?Se Me X d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 7 . t i f 0q p p gve F|) e gve z d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 8 . t i f 1q p p E[;e 1w, +?e E[;e 0 ! d a l - t t - 1 9 9 1 0 9 0 1 _ 1 0 9 . t i f 2q p p ge P** e ge D d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 0 . t i f 3q p p "'e [@, Q,e "'e s d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 1 . t i f 4q p p e u:t* e e P N d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 2 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( = ( 8 p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p `%e x3* %xM `%e P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 6 . t i f p l$e E d, Ye l$e 0 ,$ d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 8 . t i f ;q p p &O e , e &O e b d a l - t t - 1 9 9 1 0 9 0 1 _ 1 1 9 . t i f <q p p e 1w, Fde e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 0 . t i f =q p p Ze /(. Xt e Ze d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 1 . t i f >q p p (Tqe a, $ue (Tqe P tI d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 2 . t i f ?q p p [e 5. >e [e } d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 3 . t i f @q p p ce , dhe ce d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 4 . t i f Aq p p 5<e / De 5<e ` U d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 5 . t i f Bq p p 4Qe , Ue 4Qe p d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 6 . t i f Cq p p Te W6/
e Te d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 7 . t i f Dq p p 0=e - T Ae 0=e ` Q d a l - t t - 1 9 9 1 0 9 0 1 _ 1 2 8 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( = ( 8 1 ~ p ]0f < xM ]0f ` `Z D A A 7 C 8 ~ 1 . T I F 9 0 1 p }:-f g<; 1xM }:-f ` nP D A B 8 1 3 ~ 1 . T I F 9 0 1 p }:-f g<; 1xM }:-f ` nP D A B 8 1 3 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p A$f }5 1xM A$f D A B A 1 4 ~ 1 . T I F 9 0 1 p
f lh7 oxM
f L D A B E D 6 ~ 1 . T I F 9 0 1 p
f lh7 oxM
f L D A B E D 6 ~ 1 . T I F 9 0 1 p :'f Z< 1xM :'f 0 ! D A B F C 1 ~ 1 . T I F 9 0 1 p :'f Z< 1xM :'f 0 ! D A B F C 1 ~ 1 . T I F 9 0 1 p :'f Z< 1xM :'f 0 ! D A B F C 1 ~ 1 . T I F 9 0 1 p :'f Z< 1xM :'f 0 ! D A B F C 1 ~ 1 . T I F 9 0 1 p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p G? f j0 oxM G? f D A C 0 C 5 ~ 1 . T I F p 0=e - xM 0=e ` Q D A C 1 4 C ~ 1 . T I F p 0=e - xM 0=e ` Q D A C 1 4 C ~ 1 . T I F p 0=e - xM 0=e ` Q D A C 1 4 C ~ 1 . T I F INDX( C" = ( 8 p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p m e s^- xM m e p f d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 2 . t i f p b'e - Oe b'e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 4 . t i f Kq p p Se K/ Xe Se P F d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 5 . t i f Lq p p e r - u e e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 6 . t i f Mq p p y+2e ]{/ 7e y+2e d d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 7 . t i f Nq p p we / ue we d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 8 . t i f Oq p p w e ` C1 #e w e : d a l - t t - 1 9 9 1 0 9 0 1 _ 1 3 9 . t i f Pq p p `e Cw - f1e `e
d a l - t t - 1 9 9 1 0 9 0 1 _ 1 4 0 . t i f Qq p p U= e uI/ e U= e @ b0 d a l - t t - 1 9 9 1 0 9 0 1 _ 1 4 1 . t i f Rq p p 7 e s^- e 7 e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 4 2 . t i f Sq p p e M) 0 d^e e d a l - t t - 1 9 9 1 0 9 0 1 _ 1 4 3 . t i f Tq p p i f - vnm f i f P D d a l - t t - 1 9 9 1 0 9 0 1 _ 1 4 4 . t i f p p Z p Q}e D ]pe Q}e D A L - T T ~ 1 . T I F p p Z p e S Z_e e 1 81 D A L - T T ~ 2 . T I F p p Z p e n e e D A L - T T ~ 3 . T I F p p Z p q e j m e q e P E D A L - T T ~ 4 . T I F INDX( Y = ( 8 1 p ]0f < xM ]0f ` `Z D A A 7 C 8 ~ 1 . T I F 9 0 1 p ]0f < xM ]0f ` `Z D A A 7 C 8 ~ 1 . T I F 9 0 1 p &/f d< xM &/f D A E B 9 E ~ 1 . T I F 9 0 1 p [P !f k{4 1xM [P !f @ 6: D A F 9 F A ~ 1 . T I F 9 0 p [P !f k{4 1xM [P !f @ 6: D A F 9 F A ~ 1 . T I F 9 0 1 p f .6 IxM f D A F B 5 D ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p f |S1 oxM f P K D A F C 8 2 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p E[;e 1w, %xM E[;e 0 ! D A F D 0 9 ~ 1 . T I F 9 0 1 p We mm xM We s D A F D 7 9 ~ 1 . T I F 9 0 1 p We mm xM We s D A F D 7 9 ~ 1 . T I F 9 0 1 p E.f : xM E.f (y D A F D E 3 ~ 1 . T I F 9 0 1 p q e j )xM q e P E d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f p q e j )xM q e P E d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f p q e j )xM q e P E d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f p q e j )xM q e P E d a l - t t - 1 9 9 1 0 9 0 1 _ 0 0 4 . t i f INDX( = ( 8 1 ~ p =i.f -9 xM =i.f D A 1 6 6 A ~ 1 . T I F 9 0 1 p .f <= xM .f 0 ' D A 5 3 8 B ~ 1 . T I F 9 0 1 p .f <= xM .f 0 ' D A 5 3 8 B ~ 1 . T I F 9 0 1 p k|!f 6 1xM k|!f @ ; D A 6 B 3 9 ~ 1 . T I F 9 0 p Z f k{4 IxM Z f T D A 7 3 A 1 ~ 1 . T I F 9 0 1 p Z f k{4 IxM Z f T D A 7 3 A 1 ~ 1 . T I F 9 0 1 p Z f k{4 IxM Z f T D A 7 3 A 1 ~ 1 . T I F 9 0 1 p Z f k{4 IxM Z f T D A 7 3 A 1 ~ 1 . T I F 9 0 1 p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 1 . T I F p a j f ,+1 oxM a j f 8 D A 7 5 3 8 ~ 1 . T I F p & f M5 IxM & f D A 7 9 F A ~ 1 . T I F p & f M5 IxM & f D A 7 9 F A ~ 1 . T I F W. CALLISON
M. 0. GALLOWAY
HOLLIS L. HARRIS
W. WHITLEY HAWKINS
RUSSELL H. HEIL
D. P. HETTERMANN
R. G. CALDWELL
FRANKS. CHEW
ROBERT H. COWART
JOHN P. DAVIS
M.E.DULLUM
J.D.DUNN
R. LAMAR DURRETT
JULIUS P. GWIN
ROBERTS. HARKEY
JOHN HUME
C.J.MAY
REX A. McCLELLAND
THOMAS J. ROECK, JR.
C. A. THOMPSON
Senior Vice President- General Counsel
and Secretary
Senior Vice President- Information Services
and Properties
Senior Vice President - Operations
Senior Vice President- Marketing
Senior Vice President- Personnel
Senior Vice President- Technical Operations
Vice President- Management Services
Vice President - Treasurer
Vice President - Information Services
Vice President- Maintenance
Vice President- Government Affairs
Vice President- Purchasing
Vice President- Engineering and
Technical Services
Vice President- Comptroller
Vice President- Associate General Counsel
Vice President- In-Flight Service
Vice President- Technical Operations
Vice President- Passenger Service
Vice President- Finance Administration
Vice President- Stations
HAROLD L. ACHTZIGER Assistant Vice President- Stations
DON M. ADAMS Assistant Vice President-Assistant
General Counsel
H. C. ALGER Assistant Vice President- Flight Operations
WILLIAM THOMAS BELL Assistant Vice President-Stations
E. R. BENNETT Assistant Vice President- Internal Auditing
ROBERT W. COGGIN Assistant Vice President- Marketing
W.E. CONDRA
JOHNW.COX
Development .
Assistant Vice President- Information
Services Applications Development
Assistant Vice President- Community
Affairs
Assistant Vice President- Employment
Assistant Vice President- Quality Control
Assistant Vice President- Sales
Assistant Vice President- In-Flight Service
Assistant Vice President- Marketing Automation
Assistant Vice President- Revenue Accounting
Assistant Vice President- Maintenance
H. M. JOHNSON
HAROLD F. JOYNER
AL KOLAKOWSKI
JENNY POOLE
CALVIN L. RADER
LAWSON ROLLINS
JOHN W. SERCER
W.B.SUGGS
JAMES B. TAYLOR
MAURICE WORTH
Assistant Vice President- Materiel Services
Assistant Vice President- Investment Management
Assistant Vice President- Personnel
Administration
LESLIE P. KLEMPERER
MARY E. RAINES
Assistant Secretary
Assistant Secretary
15
DELTA AIR LINES, INC.
Consolidated Balance Sheets June 30, 1987 and 1986
ASSETS
Current Assets:
Cash and temporary cash investments ............................... .
Accounts receivable, net of allowance for
uncollectible accounts ......................................... .
Refundable income taxes ........................................ .
Maintenance and operating supplies, at average cost .................... .
Prepaid expenses and other current assets ............................ .
Total current assets ......................................... .
Property and Equipment (Notes 1 and 3):
Flight equipment owned ........................................ .
Less: Accumulated depreciation ............................... .
Flight equipment under capital leases ............................... .
Less: Accumulated amortization ............................... .
Ground property and equipment .................................. .
Less: Accumulated depreciation ............................... .
Advance payments for new equipment .............................. .
Other Assets:
Investments in associated companies (Note 10) ........................ .
Cost in excess,of net assets acquired, net of
accumulated amortization of $5,529 (Note 2) ........................ .
Funds held by bond trustees ...................................... .
Other ....................................................... .
16
1987 1986
(In Thousands)
$ 379,928
626,139
42,337
131,170
1,179,574
4,485,898
1,951,494
2,534,404
221,811
16,307
205,504
1,078,185
451,643
626,542
307,461
3,673,911
55,427
371,756
8,308
53,407
488,898
$5,342,383
$ 61,315
425,912
10,485
35,503
49,660
582,875
4,174,632
1,939,205
2,235,427
965,980
390,324
575,656
323,399
3,134,482
37,976 .
7,677
22,452
68,105
$3,785,462
DELTA AIR LINES, INC.
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt (Note 4) ......................... .
Current obligations under capital leases (Note 5) ....................... .
Short-term notes payable (Note 6) .................................. .
Commercial paper outstanding (Note 6) ............................. .
Accounts payable and miscellaneous
accrued liabilities ............................................ .
Air traffic liability ............................................. .
Accrued vacation pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... .
Transportation tax payable ....................................... .
Total current liabilities
Non-Current Liabilities:
Long-term debt (Note 4) ........................................ .
Capital leases (Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Other. ...................................................... .
Deferred Credits:
Deferred income taxes (Note 8) .................................... .
Unamortized investment tax credits (Note 8) .......................... .
Manufacturers credits ........................................... .
Deferred gain on sale and leaseback transactions ....................... .
Other ....................................................... .
Commitments and Contingencies (Notes 3, 5 and 12)
Stockholders' Equity (Note 7):
Common stock, par value $3.00 per share -
Authorized 100,000,000 shares; outstanding
48,639,469 shares at June 30, 1987, and
40,116,383 shares at June 30, 1986 .............................. .
Additional paid-in capital ........................................ .
Reinvested earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The accompanying notes are an integral part of these balance sheets.
1987 1986
(In Thousands)
$ 8,406
12,921
11,000
14,836
455,686
506,669
110,835
60,705
1,181,058
837,201
181,216
80,320
1,098,737
590,876
98,525
137,611
297,050
614
1,124,676
145,918
484,398
1,307,596
1,937,912
$5,342,383
10,921
9,000
41,055
270,445
286,579
88,595
39,342
745,937
868,615
38,949
907,564
427,339
150,594
146,844
104,742
496
830,015
120,349
93,333
1,088,264
1,301,946
$3,785,462
17
DELTA AIR LINES, INC.
Consolidated Statements of Income For the years ended June 30, 1987, 1986 and 1985
1987 1986 1985
(In Thousands, Except Per Share Amounts)
Operating Revenues:
Passenger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ._ . . . . . . . .
Cargo .......................................... .
Other, net ....................................... .
Total operating revenues
Operating Expenses:
Salaries and related costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aircraft fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aircraft maintenance materials and repairs ............... .
Aircraft rent ..................................... .
Other rent ...................................... .
Landing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passenger commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other cash costs . . . . . . . . . . . . . . . . . . . ............... .
Depreciation and amortization . . . . . . . . ............... .
Total operating expenses ............ ............ .
Operating Income ................... . ............... .
Other Income (Expense):
Interest expense .................................. .
Less - Interest capitalized ....................... .
Gain on disposition of aircraft . . . . . . . . . ............... .
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Before Income Taxes .......................... .
Income Taxes (Provided) Credited-(Note 8) ............. .
Amortization of Investment Tax Credits ................ .
Netincome ........................................ .
Net Income Per Common Share ....................... .
The accompanying notes are an integral part of these statements.
18
$4,921,852
280,271
116,049
5,318,172
2,228,814
672,004
127,856
150,653
145,473
89,519
219,834
432,066
569,453
277,975
4,913,647
404,525
(94,000)
32,092
(61,908)
96,270
8,312
42,674
447,199
(219,715)
36,245
$ 263,729
$5.90
$4,132,284
240,115
87,663
4,460,062
1,963,575
796,883
91,.590
68,518
109,778
65,879
180,409
359,299
425,723
363,920
4,425,574
34,488
(79,113)
23,758
(55,355)
16,526
7,775
(31,054)
3,434
2,228
41,624
$ 47,286
$1.18
$4,376,986
235,199
71,930
4,684,115
1,856,243
892,182
66,022
57,090
92,839
60,908
170,163
350,690
422,840
349,128
4,318,105
366,010
(84,081)
22,028
(62,053)
94,343
6,863
39,153
405,163
(186,624)
40,914
$ 259,453
$6.50
DELTA AIR LINES, INC.
Consolidated Statements of Stockholders' Equity For the years ended June 30, 1987, 1986 and 1985
Additional
Common Paid-In Reinvested
Stock Capital Earnings Total
(In Thousands)
Balance at July 1, 1984 ......................... $119,283 $ 80,088 s 849,536 $1,048,907
Net income for fiscal year 1985 ................ 259,453 259,453
Cash dividends for fiscal year 1985
($.70 per share) .......................... (27,938) (27,938)
Issuance of 191,931 shares of common stock
to payroll-based stock ownership plan
($33.43 per share) ........................ 576 5,841 6,417
Issuance of 5,382 shares of common stock under
dividend :reinvestment and stock purchase plan
($47.47 per share) ........................ 16 239 255
Balance at June 30, 1985 ....................... 119,875 86,168 1,081,051 1,287,094
Net income for fiscal year 1986 ................ 47,286 47,286
Cash dividends for fiscal year 1986
($1.00 per share) ......................... (40,073) (40,073)
Issuance of 142,917 shares of common stock
to payroll-based stock ownership plan
($49.03 per share) ......................... 429 6,577 7,006
Issuance of 14,999 shares of common stock under
dividend reinvestment and stock purchase plan
($42.17 per share) ........................ 45 588 633
Balance at June 30, 1986 ....................... 120,349 93,333 1,088,264 1,301,946
Net income for fiscal year 1987 ................ 263,729 263,729
Cash dividends for fiscal year 1987
($1.00 per share) ......................... (44,397) (44,397)
Issuance of 8,265,290 shares of common stock
for acquisition of Western Airlines
($48.75 per share) ........................ 24,796 378,137 402,933
Issuance of 213,422 shares of common stock
to payroll-based stock ownership plan
($52.39 per share) ........................ 640 10,540 11,180
Issuance of 22,426 shares of common stock under
dividend reinvestment and stock purchase plan
($54.27 per share) ........................ 67 1,150 1,217
Issuance of 21,948 shares of common stock
under stock option plan
($59.38 per share) ........................ 66 1,238 1,304
Balance at June 30, 1987 ....................... $145,918 $484,398 $1,307,596 $1,937,912
The accompanying notes are an integral part of these statements.
19
DELTA AIR LINES, INC.
Consolidated Statements of Changes in Financial Position For the years ended June 30, 1987, 1986 and 1985
Funqs Provided By:
Net income ....... . . . .... . ... .. .. ... . ... . ....... . .
Add ( deduct) items not affecting working capital-
Depreciation and amortization . . . . . . . .. . . .. .. .... . .
Def erred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment tax credits, net of amortization . . . . . . . . . . . .
Other .... . ... . ........ ... ... .. . . ... .. .. . . .. .
Total from operations . . . . . . . . . ................ .
Issuance of long-term debt . . . ...... .... .. . .. ........ .
Issuance of common stock . . . . . . . . . . . . . . . . ... ..... ... .
Funds held by bond trustee ..................... . .... .
Capital leases . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . ..... .
Manufacturers credits . .. ... .... ........... .... . .... .
Deferred gain on sale and leaseback . . . .. ............... .
Increase (decrease) in other non-current liabilities ..... . ... .
Disposition of property and equipment (book value) ....... .
Western Airlines pre-acquisition tax carryovers utilized
(Note 8) ............... . .. .. .... . ........... . . .
Other ........... .. .. . . . ........................ .
Funds Used For:
Property and equipment additions -
Flight equipment, including advances .. ... . . . . .. . . ... .
Ground property and equipment ...... .. . . ... . ...... .
Reduction of long-term debt ........... .. ......... .. . .
Net working capital used to purchase
Western Airlines (Note 2) .......... .... ...... . ..... .
Investments in other associated companies . . ....... . ... . . .
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other .......... . ........... . ....... . . . ....... .. .
\
Increase In Working Capital ............... . .. .. ...... .
,Changes In Working Capital Components:
Increase (decrease) in -
Cash and temporary cash investments ..... . . . ........ .
Accounts and notes receivable, net ... .. ..... ..... .... .
Refundable income taxes .... . .... . ........ . . . ..... .
Other current assets .... . ... . ....... . . . ....... . ... .
Decrease (increase)-in -
Current maturities of long-term debt and capital leases ... .
Short-term notes payable ......... . ....... . ........ .
Commercial paper outstanding ..... . ..... ... ...... . .
Accounts payable and accrued liabilities . . . . ... . ....... .
Air traffic liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .
Increase In Working Capital ... .. .. .. ... ..... ..... . . .. .
20
1987
$ 263,729
277,975
163,537
(52,069)
1,796
654,968
416,634
(631)
11,350
(9,233)
192,308
11,812
1,132,524
36,452
13,625
2,459,809
1,085,894
114,031
1,199,925
250,508
754,362
16,881
44,397
32,158
2,298,231
$ 161,578
$ 318,613
200,227
(10,485)
88,343
(10,406)
(2,000)
26,219
(228,844)
(220,089)
$ 161,578
1986
(In Thousands)
$ 47,286
363,920
(20,528)
(15,907)
1,004
375,775
530,000
7,639
2,249
7,609
41,421
(7,221)
99,874
(2,156)
1,055,190
508,733
109,478
618,211
194,185
37,976
40,073
1,432
891,877
$ 163,313
$ 24,165
(63,389)
10,485
(2,580)
(8,289)
26,924
91,716
13,089
71,192
$ 163,313
1985
$ 259,453
349,128
111,598
11,617
557
732,353
504,863
6,672
6,679
(27,510)
40,105
34,124
67,375
260
1,364,921
529,604
152,258
681,862
640,331
27,938
4,131
1,354,262
$ 10,659
$ 4,298
71,331
21,577
633
7,076
(8,887)
(25,231)
(60,138)
$ 10,659
The accompanying notes are an integral part of these statements.
DELTA AIR LINES, INC.
Notes to Consolidated Financial Statements
June 30, 1987, 1986 and 1985
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.; DatasLink Business
Systems, Inc.; Deltair U.K. Investments Limited; DeltaSub,
Inc.; WAL Communications, Inc.; and Travel Air Music, Inc.
All significant intercompany accounts and transactions have
been eliminated.
Passenger Revenue- Passenger ticket sales are recorded
as revenue when the transportation is provided. The value of
unused tickets is included in current liabilities.
Depreciation and Amortization- Prior to July 1, 1986,
substantially all of the Company's flight equipment was being
depreciated on a straight-line basis to residual values (10% of
cost) over a 10-year period from dates placed in service. As a
result of a comprehensive review of its fleet plan, effective July 1,
1986, the Company increased the estimated useful lives of sub-
stantially all of its flight equipment. Flight equipment that was
not already fully depreciated is being depreciated on a straight-
line basis to residual values (10% of cost) over a 15-year period
from dates placed in service. The effect of this change was a
decrease of approximately $130 million in depreciation expense
and a $69 million ($1.54 per share) increase in net income for
the year ended June 30, 1987. Ground property and equipment
are depreciated on a straight-line basis over their estimated
service lives (various lives ranging from three to 30 years).
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.
Income Taxes- Income taxes are provided by applying the
applicable statutory tax rates to book income before income
taxes, adjusted for permanent differences between book and tax
income. 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 8.)
Earnings Per Share- Net income per common share is
computed based on the weighted average number of shares
outstanding during the year, which was 44,712,993 for fiscal
1987, 40,097,115 for fiscal 1986 and 39,905,856 for fiscal 1985.
Deferred Manufacturers Credits - In connection with the
acquisition of certain aircraft and engines, the Company is
receiving various introductory credits. These credits are deferred
until the aircraft and engines are delivered, at which time they
are applied on a pro rata basis as a reduction of the acquisition
costs resulting in reduced future depreciation expense.
Deferred Gain on Sale and Leaseback Transactions- Gains
on the sale and leaseback of property and equipment are deferred
and amortized over the life of the leases as a reduction in rent
expense.
2. Merger with Western Air Lines, Inc.:
On December 18, 1986, Delta purchased all 61,331,334
outstanding shares of Western Air Lines, Inc. for $786,639,000,
which consisted of the issuance of 8,265,290 shares of Delta
common stock, valued at $48.75 per share, and $383,706,000
in cash. In addition, the Company accrued $6,000,000 for
expenses related to the acquisition. The acquisition was recorded
using the purchase method of accounting and, accordingly,
the purchase price was allocated to the assets and liabilities
acquired based on their estimated fair value at the date of
acquisition. The total cost of the acquisition exceeded the
estimated fair value of the underlying net assets of Western at
the date of acquisition by $413,737,000. This amount was sub-
sequently reduced by $36,452,000 to reflect the utilization of
pre-acquisition tax carryovers (see Note 8). The remaining cost
in excess of net assets acquired is being amortized over 40 years.
The 1987 consolidated financial statements of the Company
include the results of operations for Western after December 18,
1986. Western was operated as a wholly-owned subsidiary
until April 1, 1987, when it was merged into Delta.
The following table presents selected financial data on a pro
forma basis assuming the acquisition of Western had occurred
as of the beginning of fiscal year 1986. The pro forma data
reflect estimated asset and liability values of Western and other
assu~ptions which are based on estimates and subject to re-
vision. Moreover, the pro forma information does not give effect
to any potential synergies that may be realized through the
consolidation of operations of the two companies. Accordingly,
the proforma combined results presented are not necessarily
indicative of actual results that would have been achieved had
the acquisition occurred at the beginning of the periods pre-
sented, or of future results.
Years Ended June 30,
1987 1986
(Unaudited)
Operating revenues (000) . . . . . . . . . . $5,914;529 $5,695,918
Net income (000) . . . . . . . . . . . . . . . . 245,976 15,228
Net income per share . . . . . . . . . . . . . 5.06 0.31
The effect of the acquisition of Western on the consolidated
statement of changes in financial position for the twelve months
ended June 30, 1987, was as follows:
Current assets .... . ........... . . ... .. . . . . .. . .
Operating property and equipment .... .......... .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost in excess of net assets acquired .... . . . . . . . .. . .
Current liabilities . ... .. ......... . ...... . .. .. .
Long-term debt and other non-current liabilities .... .
Total funds required for acquisition . ......... .
Less-Net current assets of Western .... . .. ... .... .
Net funds required for acquisition . ...... .. . . .
Amount
(In Thousands)
$348,718
748,112
23,803
413,737
(310,441)
(431,290)
792,639
38,277
$754,362
21
DELTA AIR LINES, INC.
3. Aircraft Purchase and Sale Commitments:
At June 30, 1987, the status of the Company's current fleet
and aircraft purchase commitments was as follows:
Aircraft Current Fleet
Type Owned Leased Orders Options
B-727-200 ... . .. . ...... 108 24
B-737-200 ... . ...... . .. 1 72
B-737-300 .. .. ......... 13
B-757-200 ....... .. .. .. 15 13 32 10
B-767-200 .......... . .. 15
B-767-300 . .. . . .. .. ... . 7 8 12
DC-8-71 . .. . . ........ . 12
DC-9-32 . .. . .. ........ 31 5
DC-10-10 .. .. . . . . .. . .. 6 3
L-1011-1 ... . .. . ... .. .. 23
L-1011-200 ... .. . ... ... 1
L-1011-250 . . ......... . 5
L-1011-500 . ... .... .. . . 6
MD-82/88 .. . ..... . . .. 3 5 23 79
- - -
214 154 63 101
The aircraft orders include 13 Boeing B-757-200 aircraft
which are subject to reconfirmation by the Company.
During fiscal 1987, Delta sold and leased back its DC-8-71
fleet, resulting in a current gain of $78.5 million and a deferred
gain of $45. 7 million. Delta is leasing the aircraft for varying
periods, the longest of which terminates June 30, 1989.
At June 30, 1987, Delta had no outstanding commitments
to sell any of its aircraft. Subsequent to June 30, 1987, the
Company completed the sale and leaseback of three McDonnell
Douglas MD-82 aircraft. Also subsequent to the end of the year,
the Company exercised options to purchase five McDonnell
Douglas MD-88 aircraft for delivery in the March 1989 quarter.
Future expenditures for the aircraft and engine commit-
ments, including the option aircraft exercised subsequent to
the end of the year but excluding other option aircraft, are
estimated to be approximately $1.8 billion, as follows:
Years Ending
June 30
1988
1989
1990
1991
1992
Amount
(In Thousands)
$ 889,000
563,000
260,000
97,000
$1,809,000
The Company presently expects to finance these com-
mitments using internally generated funds, leasing arrange-
ments, or other outside financing arrangements currently
in place.
4. Long-Term Debt:
At June 30, 1987 and 1986, the Company's long-term debt
(including current maturities) was as follows:
1984 Bank Credit Agreement, providing
unsecured borrowings up to $1 billion
at various interest rate options
8% Notes, unsecured, due
May 15, 1996 ........ .. ..... . . . .
22
1987 1986
(In Thousands)
$ $205,000
150,000 150,000
9% Debentures, unsecured, due
May 15,2016 .... . ............ .. .
11.35% Notes, unsecured, due April 1,
1993, redeemable at the Company's
option on or after April 1, 1990 ..... .
Extendable Notes, unsecured, due
May 15, 2000, redeemable at the
Company's option or repayable at
the holder's option on certain dates
on or after May 15, 1988. Interest is
9% through May 15, 1988 at which
time the rate is adjustable at the
Company's option . . ........ . ... .
Western Air Lines, Inc. Senior Secured
Trust Notes due June 15, 1998
(9% effective rate, 10% coupon rate
on $76.1 million face amount out-
standing) with annual sinking fund
payments beginning 1989* ....... .. .
Development Authority of Clayton
County, 11% unsecured loan agree-
ment, repayable in annual installments
beginning in 2003 and continuing
through 2012 . .. . .. ... .. . ... . .. .
Western Air Lines, Inc. Senior Notes
(9% effective rate, 14% coupon
rate on $30 million face amount
outstanding)* ....... .... .... . .. .
9.55% Western Air Lines, Inc. Equip-
ment Trust Certificates, repayable
in semi-annual installments through
May 1, 1993 ($6,699,000 payable in fiscal
1988) ... .. .. .. .. ..... . . ... . .. .
Development Authority of Fulton County,
unsecured loan agreement, repayable
in installments beginning in 1991
and continuing through 2012. Interest
ranges from 9%% to 11 % over the
life of the loan . . . . . . . . . . . . . . . . . .
Development Authority of Clayton
County, 6%% unsecured loan agree-
ment, repayable in installments begin-
ning in 2000, with the remaining
balance payable in 2011 ... .. . . .. .. .
9.25% Western Air Lines, Inc. Condi-
tional Sales Agreement, repayable in
Japanese Yen in semi-annual install-
ments through May 1, 1994
($1,707,000 payable in fiscal 1988) . .. .
Convertible Subordinated Debentures,
unsecured, 6%, retired
August 1, 1986 ..... . ........ .. . .
Unamortized discount on debt . . .. .. . .
Total .............. . . . ... .
Less - Current maturities ......... . . .
Total long-term debt . . . .. ... .
1987 1986
(In Thousands)
150,000
125,000
120,000
82,470
48,000
43,119
40,192
39,000
35,000
15,933
(3,107)
845,607
8,406
$837,201
150,000
125,000
120,000
48,000
39,000
35,000
10,921
(3,385)
879,536
10,921
$868,615
*Western's 10% Senior Secured Trust Notes and the 14%
Senior Notes were revalued to reflect market interest rates and
Delta's credit rating at the date of acquisition.
DELTA AIR LINES, INC.
On April 1, 1988, the 14% Senior Notes will be converted
at the Company's option into either Convertible Subordinated
Debentures or Convertible Preferred Stock, unless the holders
elect to be repaid at 100% of the face amount plus accrued
interest. The Subordinated Debentures or Preferred Stock will
be convertible into the consideration Western shareholders
received upon the acquisition of Western (see Note 7).
At June 30, 1987, the annual maturities of long-term debt
for the next five fiscal years were as follows:
1988 .................. . ... .
1989 ...................... .
1990 .... . .... .. .......... . .
1991 .... . .. .. ............. .
1992 . .... . ... . ............ .
Amount
(In Thousands)
$ 8,406
9,371
13,708
18,823
22,055
The Company's debt agreements include limitations on
additional indebtedness and other obligations. In addition,
under terms of the Western 14% Senior Notes, approximately
$542 million of reinvested earnings at June 30, 1987, is available
for the payment of cash dividends.
5. Lease Obligations:
The Company leases certain aircraft, 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
$296,126,000 in 1987, $178,296,000 in 1986 and $149,929,000
in 1985.
At June 30, 1987, the Company's minimum rental commit-
ments under capital leases and noncancelable operating leases
with initial or remaining terms of more than one year were as
follows:
Years Ending
June 30
1988
1989
1990
1991
1992
. . . . . . . . . . . . . . . . . . . . . . . . . . . $
After 1992 ....... .. ............. .
Total minimum lease payments ... .
Less -amounts representing interest
Present value of future minimum
capital lease payments ........... .
Less - current obligations under
capital leases .................. .
Long-term capital lease
Capital Operating
Leases Leases
(In Thousands)
29,750 $ 361,000
30,017 362,000
30,027 350,000
30,049 345,000
22,117 335,000
160,342 4,487,000
302,302 $6,240,000
108,165
194,137
12,921
obligations . . . . . . . . . . . . . . . . . . . . . $ 181,216
The Company has negotiated noncancelable sublease
agreements at certain of its airport terminal facilities. At
June 30, 1987, the Company expected to receive rentals under
these agreements as follows:
Years Ending
June 30 Amount
(In Thousands)
1988 . . . . . . . . . . . . . . . . . . . . . . . $ 7,200
1989 . . . . . . . . . . . . . . . . . . . . . . . 6,700
1990 . . . . . . . . . . . . . . . . . . . . . . . 6,400
1991 . . . . . . . . . . . . . . . . . . . . . . . 6,000
1992 . . . . . . . . . . . . . . . . . . . . . . . 5,000
After 1992 . . . . . . . . . . . . . . . . . . . 63,000
Total . . . . . . . . . . . . . . . . . . . $94,300
6. Short-Term Borrowings:
Interim financing of operations is obtained through the
issuance of commercial paper and the use of short-term notes
payable. At June 30, 1987, outstanding commercial paper
totaled $14,836,000 at interest rates ranging from 7.10% to
7.125%, and short-term notes payable totaled $11,000,000 at
an interest rate of 6.875%.
The average interest rate and average and maximum out-
standing balances of short-term borrowings during 1987 and
1986 were as follows: 1987 1986
Maximum amount of borrowings
(In Thousands)
outstanding during period . . . ...... . $215,000 $281,900
Average daily borrowings
during period ................... . 90,486 177,630
Weighted average interest rate
on borrowings during period ....... . 6.53% 7.95%
7. Stockholders' Equity:
On January 1, 1986, the Company's stock option plan for
officers and other key employees became effective. This plan
provides for the granting of units relating to up to 1,500,000
shares of common stock, subject to certain adjustments for
changes in the number of shares of the Company's common
stock. Each unit is generally exercisable between one and five
years from the grant date as either a stock option or a stock
appreciation right. Units exercised as stock appreciation rights
are payable 60% in cash and 40% in common stock. Compen-
sation expense on the outstanding units is recognized based on
the increase in the market price of the Company's common
stock since the date of grant.
Transactions under the stock option plan from inception
through June 30, 1987 were as follows:
Shares Under Option Price
Granted January 1986 ............ .
Exercised in fiscal 1986 . . . . . . . . . . . .
Options outstanding at
June 30, 1986 ................ .
Granted January 1987 ............ .
Exercised in fiscal 1987 ........... .
Options outstanding at
June 30, 1987 . ..... ..... ..... .
Option Per Share
326,000
326,000
338,000
(181,500)
482,500
$41.375
54.750
23
DEL TA AIR LINES, INC.
At June 30, 1987, 1,318,500 shares of the Company's
common stock were reserved for issuanceunder the Stock
Option Plan, 111,527 shares were reserved for warrants which
were _
issued by Western Airlines in connection with a revolving
credit agreement, and 449,666 shares were reserved for conver-
sion of Western's 14% Senior Notes which become convertible
on April 1, 1988.
On October 23, 1986, the Board of Directors declared a
dividend of one preferred stock purchase right for each out-
standing share of Delta common stock. Each right will entitle
the holder to purchase 11100th of a newly-issued share of
Series A Junior Participating Preferred Stock for $200. The
rights will be exercisable only if a person or group acquires
beneficial ownership of 20% or more of Delta common stock or
commences a tender or exchange off er that would result in
such person or group beneficially owning 30% or more of
Delta common stock. The rights expire on November 4, 1996.
Delta may generally redeem the rights for $.05 per right at
any time prior to the 15th day following a public announce-
ment that a 20% position has been acquired. If Delta is involved
in a merger or certain other business combinations and the
rights are no longer redeemable, each right will entitle its
holder (other than certain acquiring persons) to purchase
common stock of Delta or the acquiring company (depending
on which entity survives) having a value of twice the right's
exercise price.
8. Income Taxes:
Income taxes provided (credited) in 1987, 1986 and 1985
consisted of: 1987 1986 1985
(In Thousands)
Current taxes . . .. .. .... ... $ 71,463 $ so $ 29,429
Deferred taxes ........ .. ... 59,432 107,136 101,875
Reinstatement (reversal) of
deferred taxes .. . . .... ... 86,080 (127,663) 9,723
Investment tax credits .. . . . .. 6,453 25,717 52,597
PAYSOP credit . .. .. ...... . (3,713) (7,468) (7,000)
Income taxes provided
(credited) . . .... . . .. .... $219,715 $ (2,228) $186,624
The tax provisions (credit) for the years ended June 30,
1987, 1986 and 1985 differ from amounts which would result
from applying the federal statutory tax rate to pretax income,
as follows: 1987 1986 1985
(In Thousands)
Pretax earnings . . . . . . . . . . . . $447,199 $ 3,434 $405,163
Compensation expenses not
deductible for tax purposes . 3,713 7,468 7,000
Non-deductible purchase
accounting adjustments .... 22,044
Adjusted pretax earnings ..... 472,956 10,902 412,163
Statutory rate .. ..... . .... . x46% x46% x46%
Income tax provision at
statutory rate .. ... . . ..... 217,560 5,015 189,595
PAYSOP credit . .. . ... . .... (3,713) (7,468) (7,000)
State income taxes, net of
federal income tax benefit .. 6,222 225 5,390
Other, net ....... .. ... . ... (354) (1,361)
Income taxes provided
(credited) .. .. .. .. .. . . . . $219,715 $ (2,228) $186,624
24
Until December 31, 1986, subject to certain restrictions,
the Company was allowed a tax credit for contributions made to
its payroll-based stock ownership plan (PAYSOP). The con-
tributions for fiscal 1987, 1986 and 1985, which were recorded
as additional compensation expense, were not deductible for
income tax purposes and were excluded before computing the
normal provisions for income taxes.
For financial accounting purposes, all investment tax credit
carryovers and the tax effect of net operating loss carryovers are
recorded as a reduction of deferred income taxes. At June 30,
1986, Delta had net operating loss carryovers of $199 million
and tax credit carryovers of $115 million available to reduce
future federal income taxes. The entire amount of the net
operating loss carryover at June 30, 1986 will be utilized in
Delta's 1987 federal tax return to reduce taxable income. After
giving effect to the utilization of tax credits to offset federal tax
liability for fiscal 1987, the Company anticipates that $95 million
of the tax credit carryover referred to above will remain at
June 30, 1987. Deferred tax credits have been restored to
reflect utilization of Delta's net operating loss and tax credit
carryovers in fiscal 1987.
At the date of acquisition by Delta, Western had tax credit
carryovers of approximately $66 million and net operating loss
carryovers of approximately $74 million, subject to adjustments
which may be made on Western's final tax return. Delta estimates
it will utilize all of the Western pre-acquisition net operating
loss carryovers in its 1987 federal tax return as well as a portion
of Western's tax credit carryovers and has accordingly reflected
the tax benefit of this utilization, $36 million, as a reduction of
the cost in excess of net assets acquired. At June 30, 1987, the
Company anticipates that approximately $62 million in Western
tax credit carryovers were available to offset future taxable income.
As these tax credits are utilized, the benefits will be recorded as
a reduction in the cost in excess of net assets acquired.
The Tax Reform Act of 1986, which became law in
October 1986, repealed the investment tax credit, provided for
a forfeiture of 35% of any investment tax credit carryovers
remaining after June 30, 1987,. and placed additional restrictions
on the utilization of investment tax credits. After adjusting the
tax credit carryover amounts shown above, the tax credit carry-
overs totaled $109 million at June 30, 1987 (Delta: $69 million;
Western: $40 million), and these carryovers expire between
1992 and 2002. To reflect this forfeiture of a portion of Delta's
tax credit carryover, the Company reduced unamortized tax
credits and reinstated deferred income taxes which had previously
been offset. Although the Act repealed the investment tax credit
for most property, the Company will continue to generate tax
credits for aircraft which qualify under the transition rules of
the Act.
The Company's federal income tax returns for fiscal 1984
and 1985 are presently under review by the Internal Revenue
Service. Various potential adjustments are under consideration
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.
DELTA AIR LINES, INC.
9. Employee Benefit Plans:
All of the Company's permanent employees are covered
under its noncontributory trusteed plans providing for retire-
ment, disability and survivor benefits, and certain employees
meeting service requirements are eligible to participate in a
contributory trusteed savings plan. Effective July 1, 1986, Delta
adopted Statement of Financial Accounting Standards No. 87,
"Employers' Accounting for Pensions~' issued by the Financial
Accounting Standards Board in December 1985. The effect
of adopting these new reporting standards was a $62 million
reduction in salaries and related expenses and a $33 million
(73~ per share) increase in net income in fiscal 1987.
The following table sets forth the defined benefit plans'
funded status and amounts recognized in Delta's consolidated
balance sheets as of June 30, 1987 and 1986:
1987 1986
(In Thousands)
Actuarial present value of benefit
obligations:
Accumulated benefit obligation1 . . . $1,853,364 $1,605,728
Projected benefit obligation ... . . .
Plan assets at fair value2 ........ .. .. .
Plan assets in excess of (less than)
projected benefit obligation . .... . . .
Unrecognized net gain . . ... . . . .. ... .
Unrecognized portion of net
obligation from initial application
of SFAS No. 87 .. .. .... . ....... .
Unrecognized prior service cost ...... .
Prepaid pension cost recognized in
$2,620,322
2,637,502
17,180
(39,499)
72,955
2,887
the consolidated balance sheets. . . . . . $ 53,523
1Substantially all of the accumulated benefit obligation is vested.
$2,267,630
2,194,032
(73,598)
73,598
$
2Plan assets were invested approximately as follows: cash equivalents (12%), govern-
ment and corporate bonds and notes (25%), and common stock (63%).
An 8.5% weighted average discount rate and a 4.9% rate of
increase in future compensation levels were used in determining
the actuarial present value of the projected benefit obligation.
The expected long-term rate of return on assets was 9%.
The net periodic pension cost of defined benefit plans for
1987 included the following components:
Service cost - benefits earned during the period .. . .. .
Interest cost on projected benefit obligation . . ...... .
Actual return on plan assets .... .. . . . . .... ...... .
Net amortization and deferral .................. .
Net periodic pension cost ........ . ...... . . . . . . .
Amount
(In Thousands)
$ 93,505
198,439
(359,541)
157,282
$ 89,685
Total pension expense for all defined benefit plans was
$151,394,000 in 1986 and $147,133,000 in 1985.
Prior to the merger with Delta, Western maintained various
defined benefit plans covering substantially all of its employees.
The Company intends to terminate certain of these plans,
settling the obligations of the plans through the purchase of
annuities, and to freeze benefit accruals under the other plans.
The assets of the plans, in combination with accrued pension
liabilities recorded at the date of the Western acquisition,
approximately equal the benefit obligations of the plans.
In addition to providing pension benefits, the Company
provides certain health care and life insurance benefits for sub-
stantially all retired employees. The cost of health care benefits
is recognized as expense as claims are incurred. The cost of life
insurance benefits is expensed as premiums are paid. The total
cost of these post retirement benefits was $10,695,000 in 1987,
$6,955,000 in 1986 and $4,238,000 in 1985.
10. Investments in Associated Companies:
In July 1986, Delta purchased approximately 19% of the
common stock of Comair, Inc. for $16.9 million in addition to
the $38 million investment in Atlantic Southeast Airlines, Inc.
(ASA) made in the June 1986 quarter. Included in the carrying
amount of Comair is $6.3 million, which represents the amount
by which the cost of the investment exceeded the value of the
underlying net assets when the investment was made. The cost
in excess of net assets of ASA was $21.5 million. Both of these
amounts are being amortized over 30 years. The investments in
Comair and ASA are being accounted for under the equity
method.
11. Quarterly Financial Data (Unaudited):
Three Months Ended
Sept.30 Dec.31 Mar.31 June 30
(In Millions, Except Per Share Amounts)
Fisca/1987
Operating revenues ... . .. $1,102.1 $1,197.6 $1,452.9 $1,566.2
Operating income . .. ... . $ 91.0 $ 130.0 $ 57.5 $ 126.0
Net income . . . . . .. . ... . $ 53.0 $ 125.5 $ 26.4 $ 58.8
Net income per share ..... $ 1.32 $ 3.02 $ 0.54 $ 1.21
Fisca/1986
Operating revenues ... ... $1,123.2 $1,119.9 $1,109.8 $1,107.3
Operating income (loss) ... $ 30.6 $ (5.7) .!__QQ_:_~) $ 30.2
Net income (loss) .... . .. . $ 29.5 $ 1.9 $ (6.4) $ 22.2
Net income (loss) per share . $ 0.74 $ 0.05 $ (0.16) $ 0.55
12. Contingencies:
The Company is a defendant in certain legal actions
relating to environmental problems (primarily noise), alleged
employment discrimination practices, other matters concern-
ing 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 opinion of management, the disposition of
these matters is not likely to have any material adverse effect
on the Company's financial condition.
25
DELTA AIR LINES, INC. DELTA AIR LINES, INC.
Consolidated Summary of Operations For the years ended June 30
(Dollars expressed in thousands, except per share figures)
1987 1986 1985 1984 1983 1982 1981 1980 1979 1978
Operating revenues:
Passenger . . ..... . . . ........... . .. . ... . . . . . . . .. . . $4,921,852 $4,132,284 $4,376,986 $3,963,610 $3,347,014 $3,352,173 $3,287,511 $2,733,820 $2,213,024 $1,861,100
Cargo .. . ........... .. . . . . ........... . .. ..... . . 280,271 240,115 235,199 239,649 227,146 230,597 213,431 190,490 167,904 153,233
Other, net ........................ . . .. .. . . . .. .. . 116,049 87,663 71,930 60,472 42,253 34,753 32,384 32,650 46,918 36,578
Total operating revenues .. ... ............ . ... . ......... 5,318,172 4,460,062 4,684,115 4,263,731 3,616,413 3,617,523 3,533,326 2,956,960 2,427,846 2,050,911
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,913,647 4,425,574 4,318,105 4,052,339 3,823,747 3,625,679 3,359,132 2,864,323 2,218,814 1,845,816
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 404,525 $ 34,488 $ 366,010 $ 211,392 $ (207,334) $ (8,156) $ 174,194 $ 92,637 $ 209,032 $ 205,095
Interest expense, net 1 ............... . .... . ........ . ... (61,908) (55,355) (62,053) (109,802) (63,494) (22,284) (7,596) (11,062) (9,461) (17,313)
Miscellaneous income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,312 7,775 6,863 9,114 15,898 13,665 26,144 6,952 1,959 4,301
Gain on disposition of flight equipment ... ..... ............ 96,270 16,526 94,343 129,511 28,229 1,570 30,078 36,091 20,514 32,689
Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . $ 447,199 $ 3,434 $ 405,163 $ 240,215 $ (226,701) $ (15,205) $ 222,820 $ 124,618 $ 222,044 $ 224,772
Income taxes (provided) credited ............. . . . .... . .... (219,715) 2,228 (186,624) (102,625) 109,642 9,652 (101,447) (54,433) (104,429) (109,296)
Amortization of investment tax credits . . ... ... ...... . .... . . 36,245 41,624 40,914 38,014 30,329 26,367 25,101 22,973 19,129 15,651
Net income (loss) ....... . ............................ $ 263,729 $ 47,286 $ 259,453 $ 175,604 $ (86,730) $ 20,814 $ 146,474 $ 93,158 $ 136,744 $ 131,127
Net income (loss) per share* ........ .. ............... $5.90 $1.18 $6.50 $4.42 $(2.18) $0.52 $3.68 . $2.34 $3.44 $3.30
Dividends paid ................ . .. . . ... .............. s 44,397 $ 40,073 $ 27,938 $ 23,857 s 39,761 $ 37,773 $ 27,832 $ 23,857 $ 20,875 $ 14,911
Dividends paid per share* . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00 $0.70 $0.60 $1.00 $0.95 $0.70 $0.60 $0.53 $0.38
1 Has been reduced by interest capitalized of . ..... .. . . .... . . . $ 32,092 $ 23,758 $ 22,028 $ 18,263 s 29,398 $ 38,154 $ 15,539 $ 10,790 $ 6,717 $ 4,794
Other Financial and Statistical Data For the years ended June 30
1987 1986 1985 1984 1983 1982 1981 1980 1979 1978
Long-term debt and capital leases . ..... . ....... . ....... .. $1,018,417 $ 868,615 $ 535,159 $ 670,993 $1,089,796 $ 362,774 $ 198,411 $ 147,901 $ 125,483 $ 167,331
Stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,937,912 $1,301,946 $1,287,094 $1,048,907 $ 897,160 $1,023,651 $1,040,611 $ 921,969 $ 852,668 $ 736,799
Stockholders' equity per share* ................... . ... . .. $ 39.84 $ 32.45 $ 32.21 $ 26.38 s 22.56 $ 25.75 $ 26.17 $ 23.19 $ 21.44 $ 18.53
Shares of common stock outstanding at year end* ........ .. . . . 48,639,469 40,116,383 39,958,467 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154 39,761,154
Revenue passengers enplaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,172,626 39,582,232 39,340,850 36,319,567 35,666,116 34,169,927 36,743,214 39,713,904 39,360,368 33,007,670
Available seat miles (000) . . . .... . ... . ... ... . ....... . ..... 69,013,669 53,336,135 51,637,084 50,935,173 47,915,817 45,154,885 45,428,277 43,217,372 39,826,891 35,135,046
Revenue passenger miles (000) ....... ... .......... . .. ... . . 38,415,117 30,123,387 29,061,618 26,099,115 26,096,996 24,284,804 25,192,531 26,171,197 25,518,520 20,825,722
Passenger load factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.66% 56.48% 56.28% 51.24% 54.46% 53.78% 55.46% 60.56% 64.07% 59.27%
Breakeven load factor . . ...... . . . .. ..... . . . .. . ... . ... ... 51.09% 56.01% 51.57% 48.51% 57.84% 53.91% 52.52% 58.51 % 58.02% 52.74%
Available ton miles (000) .. . .. .. ... ..... .. . .... . ... .. ... 8,999,668 6,934,047 6,667,512 6,569,248 6,202,910 5,937,817 6,037,476 5,748,143 5,357,995 4,743,778
Revenue ton miles (000) . .... .... .. .... ... . ... . . . .. .... . 4,327,195 3,371,917 3,275,329 2,983,840 2,951,119 2,773,337 2,845,425 2,934,375 2,916,585 2,426,265
Passenger revenue per passenger mile . . . . . . . . . . . . . . . . . . . . . . 12.81 13_72q: 15.06 15.19 12.83 13.8oq: 13.osq: 10.45 8.67 8.94
Operating expenses per available seat mile . .. . . . .. . .. . .... .. 7.12 8.3oq: 8.36 7.96 7.98q: 8.o3q: 7.39q: 6.63 5.57 5.2sq:
Operating expenses per available ton mile . .. .. .. ..... ..... . 54.60 63.82q: 64.76 61.69(!: 61.64 61.06(!: 55.64(!: 49.83(!: 41.41(!: 38.91
*Adjusted for 2-for-l stock split distributed December 1, 1981.
26 27
DELTA AIR LINES, INC.
Auditors' Report
ARTHUR ANDERSEN & Co.
ATLANTA, GEORGIA
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, 1987 and 1986, and the related
consolidated statements of income, stockholders' equity
and changes in financial position for each of the three
years in the period ended June 30, 1987. 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, 1987 and 1986,
and the results of their operations and the changes in their
financial position for each of the three years in the period
ended June 30, 1987, in conformity with generally accepted
accounting principles which, except for the change (with
which we concur) in the method of accounting for pensions
as described in Note 9, were applied on a consistent basis.
August 14, 1987
28
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.
ROBERT OPPENLANDER
Vice Chairman of the Board and
Chief Financial Officer
DAVID C. GARRETT, JR.
Chairman of the Board and
Chief Executive Officer
Transfer Agent and Registrar
for Common Stock
The Citizens and Southern National Bank
Investor Services
P.O. Box 105555
Atlanta, Georgia 30348-5555
Dividend Paying Agent
Delta Air Lines, Inc.
Stockholder Relations
Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
Auditors
Arthur Andersen & Co.
133 Peachtree Street N.E.
Atlanta, Georgia 30303
Annual Meeting
October 22, 1987, Monroe, Louisiana
Common Stock
Listed on the New York Stock Exchange
Number of Stockholders
29,988 as of August 10, 1987
Market Prices and Dividends
Fiscal Year 1987
Market Price Range of
Common Stock on
New York Stock Exchange
Quarter Ended:
September 30 . .... . .... .
December 31 . .. . . ... . . .
March 31 ....... . . . .. . .
June 30 . .. .. . .... . . . .. .
Fiscal Year 1986
Quarter Ended:
September 30 . . . .. . ... . .
December 31 ...... . . . . .
March 31 ............ . .
June 30 . . . .. . . .. .. . . . . .
Availability of Form 10-K
High Low
44% 37
511/s 44
67 48
58 46
52
41
45%
481/s
40
36
38
403/'s
Cash
Dividends
Paid Per Share
$.25
.25
.25
.25
$.25
.25
.25
.25
The Company will supply, upon written request and without
charge, a copy of the Company's annual report on Form 10-K
for the fiscal year ended June 30, 1987, to any person bene-
ficially owning or owning of record any of the common stock
of the Company on August 31, 1987. Requests for the report
should be directed to:
Delta Air Lines, Inc.
Stockholder Relations
Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
Dividend Reinvestment and Stock Purchase Plan
Registered holders of Delta Air Lines common stock may use
the Company's Dividend Reinvestment and Stock Purchase
Plan to purchase additional shares of such stock through auto-
matic dividend reinvestment or cash contributions. Delta pays
all service and brokerage charges for the purchase of these
shares. Inquiries, notices, requests, and other communication
regarding participation in the plan should be directed to:
The Citizens and Southern National Bank
Delta Air Lines, Inc. Dividend Reinvestment Plan
P.O. Box 105555
Atlanta, Georgia 30348-5555
Telephone (404) 897-3464
Delta Air Lines, Inc.
General Offices, Hartsfield Atlanta International Airport
Atlanta, Georgia 30320
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