Delta Air Lines annual report 1995

Metadata
Text

Collection:: Delta Air Lines Annual Reports
Title:: Delta Air Lines annual report 1995
Creator:: Delta Air Lines, Inc.
Date of Original:: 1995-08
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-1995
Digital Object URL:: https://dlg.galileo.usg.edu/do:delta_dal-ar_dal-ar-1995
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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J H aR#XCommon Stock
(equivalent to a conversion rate of 0.7605 shares of Common
Stock per Depositary Share), subject to adjustment in certain
circumstances. Except under certain circumstances, the holders
of the Series C Preferred Stock have no voting rights.
The Series C Preferred Stock is redeemable by Delta at
its option on and after July 1, 1995, for such number of shares
of Common Stock as equals the liquidation preference of the
Series C Preferred Stock being redeemed divided by the
conversion price ( equivalent to a conversion rate of 0. 7605
shares of Common Stock for each Depositary Share), subject
to adjustment in certain circumstances. Delta may exercise
its redemption option only if for 20 trading days within any
period of 30 consecutive trading days, including the last trading
DELTA AIR LINES, INC.
35
day of such period, the closing price of the Common Stock
on the New York Stock Exchange exceeds $ 82.125, subject to
adjustment in certain circumstances.
The Series C Preferred Stock ranks senior to the Common
Stock and on a parity with the ESOP Preferred Stock with
respect to payment of dividends and amounts upon liquidation,
dissolution or winding up. The terms of the Series C Preferred
Stock prohibit Delta from paying cash dividends on the
Common Stock unless (1) all accrued and unpaid dividends
on the Series C Preferred Stock and the ESOP Preferred Stock
have been paid or set apart for payment; and (2) sufficient
funds have been paid or set apart for payment for the current
dividend period with respect to the Series C Preferred Stock
and the ESOP Preferred Stock.
13. Stock Options and Awards:
Under the Company's stock option plans, selected
employees have received awards of stock options and, prior to
fiscal 1993, tandem stock appreciation rights.
The option price for all stock options, and the base upon
which stock appreciation rights are measured, is the fair
market value of Common Stock on the date of grant. Awards
exercised as stock appreciation rights are payable in a combi-
nation of cash and Common Stock.
Transactions involving stock options and tandem
stock appreciation rights during fiscal 1993, 1994 and 1995
were as follows:
Awards Award Price Range
Balance June 30, 1992 . . . ... 2,503,350 $43.25-$73.125
Fiscal 1993:
Exercised ... . .......... (55,400) $43.25-$54.00
Balance June 30, 1993 . . .. .. 2,447,950 $54.00-$73.125
Fiscal 1994:
Granted ......... . .. . . . 650,200 $54.375
Exercised .. . ... ... . .. .. (47,400) $54.00
Expired . . .. . .. ... . .. .. (9,000) $54.00
Forfeited ..... . . .. . . . . . . (27,000) $68.375-$73.125
Balance June 30, 1994 ... . .. 3,014,750 $54.00-$73.125
Fiscal 1995:
Granted .. . . .. .. ..... . . 718,750 $52.00
Exercised . . . . . ......... (78,900) $54.00-$68.375
Expired . ........ . ..... (257,750) $67.375
Forfeited ..... . ... . .... . (10,700) $52.00-$73.125
Balance June 30, 1995 ... .. . 3,386,150 $52.00-$73.125
Subject to certain exceptions, stock options and tandem
stock appreciation rights, if any, are generally exercisable
between one and ten years after the date of award. Awards
outstanding as of June 30, 1995, and the option prices of those
awards were as follows:
Date of Award Awards Outstanding
January 26, 1989 . . . . . . . . . . 83,000
January 25, 1990 . . . ..... .. 404,800
January 24, 1991........ . . 737,000
January 23, 1992 . . . . . . . . . . 843,000
January 27, 1994........ . . 600,600
January 26, 1995...... . . . . 717,750
3,386,150
Award Price
$54.00
$67.375
$68.375
$73.125
$54.375
$52.00
$52.00-$73.125
Substantially all awards of stock options with tandem
stock appreciation rights have been exercised as stock appreci-
ation rights. In fiscal 1995, the Company issued 1,643 shares
of Common Stock, at an average price of $65. 75 per share, in
connection with the exercise of stock appreciation rights.
14. Employee Stock Ownership Plan:
The Company sponsors the Savings Plan, a qualified
defined contribution pension plan under which eligible Delta
personnel may contribute a portion of their earnings. The
Savings Plan includes an employee stock ownership plan
(ESOP) feature. Subject to certain conditions, the Company
contributes to the ESOP 50% of a participant's contributions
to the Savings Plan, up to a maximum employer contribution
of 2 % of a participant's earnings.
In connection with the adoption of the ESOP, the Company
sold 6,944,450 shares of ESOP Preferred Stock to the Savings
Plan for approximately $500 million. The Company has
recorded unearned compensation to reflect the value of ESOP
Preferred Stock sold to the ESOP but not yet allocated to
participants' accounts. As shares of the ESOP Preferred Stock
are allocated to participants, compensation expense is recorded
and unearned compensation is reduced. Interest expense on
the Guaranteed Serial ESOP Notes is also recorded as an
additional component of ESOP expense.
Effective July 1, 1994, Delta adopted SOP 93-6. Under
SOP 93-6, the compensation and interest components of
ESOP costs are reduced by the amount of dividends accrued
on the allocated ESOP Preferred Stock, and only the allocated
ESOP Preferred Stock is considered outstanding in computing
primary and fully diluted earnings per common share. Prior to
adoption of SOP 93-6, the compensation and interest compo-
nents of ESOP costs were reduced by the amount of dividends
accrued on all ESOP Preferred Stock, and all ESOP Preferred
Stock was considered outstanding for primary and fully
diluted earnings per common share calculations.
The adoption of SOP 93-6 increased reported net income
attributable to common stockholders shown in the Company's
DELTA AIR LINES, INC.
36
Consolidated Statements of Operations by $8 million for fiscal
1995 and increased primary and fully diluted earnings per
common share for that period by $0.16 and $0.28, respectively.
The provisions of SOP 93-6 require that it be adopted
prospectively.
Delta recorded compensation and interest expense, made
cash contributions to the ESOP, and incurred actual interest
on the Guaranteed Serial ESOP Notes in fiscal 1995, 1994 and
1993, as follows:
1995 1994 1993
(In Millions)
Compensation expense .. . ... .. $38 $29 $27
Interest expense . ..... ... .. ... 25 20 20
Cash contributions, including
dividends on the ESOP
Preferred Stock ... . ...... . . 47 50 43
Interest on Guaranteed Serial
ESOP Notes . . ..... .. . . . .. 28 34 35
15. Income Taxes:
Effective July 1, 1992, Delta adopted SFAS 109, which
changed the Company's method of accounting for income
taxes from the deferred method to the liability method. The
cumulative effect of adopting SFAS 109 decreased the net loss
for fiscal 1993 by $231 million.
Deferred income taxes reflect the net tax effect of tempo-
rary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts
used for income tax purposes. Significant components of the
Company's deferred tax assets and liabilities as of June 30,
1995 and 1994, are a result of temporary differences related to
the items described as follows:
Postretirement benefits ..
Gains on sale and lease-
back transactions (net).
Alternative minimum tax
credit carryforwards ..
Rent expense . . . . . . . . .
Other employee benefits .
Net operating loss
carryforwards . . . . . .
Spare parts repair expense
Accrued compensation
expense ......... .
Frequent flyer expense .. .
Depreciation and
amortization ...... .
Postemployment benefits.
Marketable equity
securities ... . .... .
Other ............ . .
1995 1994
Deferred Tax Deferred Tax
Assets Liabilities Assets Liabilities
(In Millions)
$ 655 $ $ 610 $
344 357
284 185
174 153
161 164
122 237
97 85
42 22
37 35
1,084 950
89
49 31
167 121 170 141
$2,083 $1,343 $2,018 $1,122
The alternative minimum tax credit carryforwards do
not expire; the net operating loss carryforwards will generally
expire in 2008 and 2009 if not utilized prior to that time.
Management believes, based on the Company's earnings
history, the actions that the Company has already taken and
will continue to take to improve its financial performance,
expectations of future taxable income, and other relevant con-
siderations, that it is more likely than not that future taxable
income will be sufficient to fully utilize the deferred tax assets
which existed at June 30, 1995.
Income taxes {provided) credited in fiscal 1995, 1994 and
199 3 consisted of:
1995 1994 1993
(In Millions)
Current taxes ......... . ... ... $(104) $ 8 $ 25
Def erred taxes .. . ... . .. . .. ... (99) 227 207
Increase in corporate
statutory rate .. .. . ...... . . . 13
Tax benefit of dividends on
allocated ESOP
Preferred Stock ... .. .. ..... 3 2 2
(200) 250 234
Amortization of investment
tax credits . .... . . ... .. . .. . 1 2
Income taxes (provided) credited $(200) $ 251 $ 236
Components of the deferred tax {provision) credits are
as follows:
1995 1994 1993
(In Millions)
Postretirement benefits .. . . ... $ 45 $ 82 $ 48
Gains on sale and leaseback
transactions .. . ........... . (13) (14) 4
Alternative minimum tax
credit carryforwards ....... 99 (8) 114
Rent expense . . ............. . 21 11 22
Net operating loss carryforwards (115) 163 74
Spare parts repair expense .. . .. 12 11 12
Accrued compensation expense 20 22 (1)
Depreciation and amortization . (134) (93) (117)
Tax accruals .. . .... . ... .. . ... 14 2 3
Pension expense . . . . . .. . ...... 5 12 22
Software development costs . .. . (5) (17) (12)
Inventory . . .. .... . .. . . ... ... 5 48 (26)
Other, net .... .. ... .. . . .. .. .. _J11) 8 64
$ (99) $ 227 $ 207
DELTA AIR LINES, INC.
37
The income tax (provision) credits generated for fiscal
1995, 1994 and 1993 differ from amounts which would result
from applying the federal statutory tax rate to pretax income
(loss), as follows:
1995 1994 1993
(In Millions)
Income (loss) before income
taxes .. .... ..... . . ....... . $ 494 $(660) $(651)
Items not deductible for tax
purposes:
Meals and entertainment . . .... 41 16 16
Depreciation and amortization . 9 9 11
Other, net . . .. ... . .. .. .. ... .. 3 __
(8)
Adjusted pretax income (loss) . . 547 (635) (632)
Federal statutory tax rate .... .. x35% x35% x34%
Income tax {provision) credit at
statutory rate . .. ... . . . . . ... (191) 222 215
State and other income taxes, net
of federal income tax
{provision) credit . ..... . . . . (9) 15 19
Benefit due to increase in
corporate statutory tax rate . 13
Amortization of investment
tax credits ..... . . . ...... . . 1 2
- -
Income taxes (provided) credited $(200) $ 251 $ 236
The Company made income tax payments, net of income
tax refunds, of $25 million in fiscal 1995 and received income
tax refunds, net of cash income tax payments, of $13 million in
fiscal 1994 and $166 million in fiscal 1993.
16. Restructuring Charges:
During fiscal 1993 and 1994, the Company recorded
pretax restructuring charges of $82 million ( $1.05 primary
and fully diluted per common share) and $526 million
($6.59 primary and fully diluted per common share),
respectively. These charges are summarized in the table below:
Fleet simplification . . . . .. .. . . .. .
Early retirement program .. . .... .
Leadership 7.5 .. . .. . . . .... . . . . .
Total ... . .. ...... . . . .. . .... .
Charges (Credits)
1993 1994 Total
(In Millions)
$ 82 $(24)
112
438
$ 82 $526
$ 58
112
438
$608
The fiscal 1993 fleet simplification program included an
$82 million restructuring charge related to the planned retire-
ment of 21 Airbus A310 aircraft acquired in 1991 in connection
with the Company's purchase of certain assets from Pan Am
Corporation and certain of its subsidiaries. The Company
returned 17 of these aircraft to lessors during fiscal 1994,
recognizing cash and noncash costs totaling $28 million and
$30 million, respectively, and reversed $24 million of the
restructuring charge due to lower than expected maintenance
costs associated with the return of the 17 aircraft.
During fiscal 1994, the Company recorded restructuring
charges totaling $526 million, which included a $112 million
charge primarily for special termination benefits relating to an
early retirement program under which approximately 1,500
employees elected to retire effective November 1, 1993, and a
$438 million charge for the Company's Leadership 7.5 program
announced during the June 1994 quarter, partially offset by
a $24 million reversal related to the fleet simplification charge
discussed above.
The $438 million charge for the Leadership 7.5 program
includes $280 million for workforce reductions of approxi-
mately 8,700 employees that were expected to occur during
fiscal 1995, including pension plan curtailment losses of
$33 million, special termination benefits of $165 million (for
approximately 2,500 employees), and severance payments and
related costs of $82 million. During fiscal 1995, the Company
reduced its staffing by approximately 9,200 personnel, which
included the transfer of approximately 1,200 employees to
TransQuest and WORLDSPAN. Cash payments in fiscal 1995
for workforce reductions totaled approximately $30 million,
primarily for severance payments, with the remaining $52 mil-
lion expected to occur during fiscal 1996. Payments associated
with the curtailment loss and special termination benefits will
be expended as required for funding appropriate pension and
other postretirement plans in future years.
Also included in the $438 million restructuring charge is
$158 million representing cash and noncash costs associated
with reductions in inventory levels, the suspension of service in
certain transatlantic markets, and lease termination costs for
facilities to be abandoned as a result of the restructuring. The
Company incurred cash costs of approximately $19 million
for these initiatives during fiscal 1995, and expects to incur
approximately $38 million in cash costs during fiscal 1996.
Actual costs incurred for certain amounts accrued, real-
ization on the sales of excess inventories, and costs associated
with lease terminations and abandoned facilities may vary
from current estimates. The appropriate accrued liability will
be adjusted upon completion of these activities.
DELTA AIR LINES, INC.
38
17. Foreign Operations:
Delta conducts operations in various foreign countries,
principally in North America, Europe, the Middle East and
Asia. Operating revenues from foreign operations were
approximately $2.6 billion in fiscal 1995, $2.5 billion in fiscal
1994 and $2.3 billion in fiscal 1993.
18. Quarterly Financial Data (Unaudited):
The following is a summary of the unaudited quarterly
results of operations for fiscal 1995 and 1994 (in millions,
except per share data):
Three Months Ended
Sept. 30 Dec. 31 Mar. 31 June 30
Fiscal 1995
Operating revenues. . . $ 3,157 $ 2,919 $ 2,902 $ 3,216
Operating income . . .. $ 154 $ 18 $ 40 $ 449
Income (loss) before
cumulative effect of
accounting changes . . $ 72 $ ( 18) $ ( 11) $ 251
Cumulative effect of
accounting changes,
net of tax . . . . . . . . . . 114
Net income (loss) . .. . $ 186 $ (18) $ (11) $ 251
Primary income (loss)
per common share:
Before cumulative
effect of accounting
changes......... $ 1.00 $ (0.79) $ (0.66) $ 4.49
Cumulative effect of
accounting changes 2.25
Fully diluted income
(loss) per common
share:
Before cumulative
effect of accounting
$ 3.25 $ (0.79) $ (0.66) $ 4.49
changes..... .... $ 0.99 $ (0.79) $ (0.66) $ 3.21
Cumulative effect of
accounting changes 1.4 3
$ 2.42 $ (0.79) $ (0.66) $ 3.21
Fiscal 1994
Operating revenues. . . $ 3,138 $ 2,952 $ 2,878 $ 3,109
Operatingincome(loss) $ 121 $ (180) LJZ,) $ (321)
Net income (loss).... $ 60 $ (141) $ (78) $ (250)
Primary and fully
diluted income
(loss) per
common share . ... $ 0.65 $ (3.36) $ (2.10) $ (5.50)
Operating expenses for the June 1994 quarter include a
$414 million restructuring charge for costs associated with
Leadership 7.5 initiatives. Operating expenses for the
December 1993 quarter include a $112 million restructuring
charge for costs associated with the early retirement of
approximately 1,500 employees who elected to retire effective
November 1, 1993. (See Note 16.)
DELTA AIR LINES, INC.
39
REPORT OF INDEPENDENT
PUBLIC ACCOUNTANTS
ARTHUR ANDERSEN LLP
To the Stockholders and the Board of Directors of
Delta Air Lines, Inc.:
We have audited the accompanying consolidated
balance sheets of Delta Air Lines, Inc. ( a Delaware corpo-
ration) and subsidiaries as of June 30, 1995 and 1994, and
the related consolidated statements of operations, cash
flows and stockholders' equity for each of the three years in
the period ended June 30, 1995. These financial statements
are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements are free of
material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates
made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial
position of Delta Air Lines, Inc. and subsidiaries as of
June 30, 1995 and 1994 and the results of their operations
and their cash flows for each of the three years in the period
ended June 30, 1995, in conformity with generally accepted
accounting principles.
As discussed in Notes 14 and 10 in the Notes to
Consolidated Financial Statements, effective July 1, 1994, the
Company changed its methods of accounting for employee
stock ownership plans and postemployment benefits. As
discussed in Note 2 in the Notes to Consolidated Financial
Statements, effective June 30, 1994, the Company changed
its method of accounting for certain debt and equity secu-
rities. As discussed in Notes 15 and 10 in the Notes to Con-
solidated Financial Statements, effective July 1, 1992, the
Company changed its methods of accounting for income
taxes and postretirement benefits other than pensions.
Atlanta, Georgia
August 18, 1995
REPORT OF MANAGEMENT
The integrity and objectivity of the information
presented in this Annual Report are the responsibility of
Delta management. The financial statements contained in
this report have been audited by Arthur Andersen LLP.
independent public accountants, whose report appears' on
this page.
Delta maintains a system of internal financial controls
which are independently assessed on an ongoing basis
through a program of internal audits. These controls include
the selection and training of the Company's managers,
organizational arrangements that provide a division of
responsibilities, 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; that transactions are appropriately recorded to permit
preparation of financial statements that, in all material
respects, are presented in conformity with generally
accepted accounting principles; and that assets are properly
accounted for and safeguarded against loss from
unauthorized use.
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. The Audit Committee
meets periodically with the independent public accoun-
tants, the internal auditors and representatives of manage-
ment to discuss internal accounting control, auditing and
financial reporting matters.
THOMAS J. ROECK, JR. RONALD WALLEN
Senior Vice President- Finance Chairman of the Board, President
and Chief Financial Officer and Chief Executive Officer
DELTA AIR LINES, INC.
40
DIRECTORS AND
OFFICERS
BOARD OF DIRECTORS
Ro ALD W. ALLE
EDWIN L. ARTZT
HENRY A. BIEDENHAR , III
JAMESL.BROADHEAD
EDWARD H. BUDD
AUDIT COMMITTEE
JESSE HILL, JR., Chairman
HENRY A. BIEDENHARN, III
JAMES L. BROADHEAD
GEORGE D. BUSBEE
MARY JOHNSTON EVANS
Chairman of the Board, President and Chief
Executive Officer, Delta Air Lines, Inc.
Chairman of the Executive Committee of the
Board of Directors, The Procter & Gamble
Company; Retired Chairman of the Board
and Chief Executive Officer, The Procter &
Gamble Company, Cincinnati, Ohio
Chairman of the Board, President and Chief
Executive Officer, Ouachita Coca-Cola
Bottling Company, Inc., Monroe, Louisiana
Chairman of the Board and Chief Executive
Officer, FPL Group, Inc.; Chairman of the
Board and Chief Executive Officer, Florida
Power & Light Company,Juno Beach,
Florida
Chairman of the Executive Committee of the
Board of Directors, The Travelers Inc., New
York, New York; Retired Chairman of the
Board and Chief Executive Officer, The
Travelers Corporation, Hartford, Connecticut
EXECUTIVE COMMITTEE
RONALD W. ALLEN, Chairman
EDWARD H. BUDD
R. EUGENE CARTLEDGE
GERALD GRINSTEIN
JESSE HILL, JR.
BENEFIT FUNDS INVESTMENT
COMMITTEE
FINANCE COMMITTEE
R. EUGENE CARTLEDGE, Chairman
EDWIN L. ARTZT
EDWARD H. BUDD, Chairman
EDWIN L. ARTZT
HENRY A. BIEDENHARN, III
JESSE HILL, JR.
ANDREW J. YOUNG
OFFICERS
RONALD W. ALLEN
HARRY C. ALGER
W. MARTIN BRAHAM
ROBERT W. COGGIN
ROBERTS. HARKEY
RUSSELL H. HEIL
REx A. McCLELLAND
THOMAS J. RO ECK, JR.
MAURICE W. WORTH
ROBERT G. ADAMS
N. BRUCE ASHBY
HAROLD L. BEVIS
VINCENT F. CAMINITI
W.E.DOLL
TERRY M. ERSKINE
VICKI B. ESCARRA
EDWARD H. BUDD
GEORGE D. BUSBEE
GERALD GRINSTEIN
Chairman of the Board, President and
Chief Executive Officer
Executive Vice President - Operations
Senior Vice President - Airport Customer
Service
Senior Vice President - Marketing
Senior Vice President - General Counsel
and Secretary
Senior Vice President - Technical
Operations
Senior Vice President - Corporate
Services
Senior Vice President - Finance and
Chief Financial Officer
Senior Vice President - Personnel
Vice President - Personnel Services
Vice President - Marketing Development
Vice President - Public Affairs
Vice President - Sales
Vice President - Cargo
Vice President - Personnel Relations
Vice President - Reservations Sales
GEORGE D. BUSBEE
R. EUGENE CARTLEDGE
MARY JOHNSTON EVANS
GERALD GRINSTEIN
JESSE HILL, JR.
ANDREW J. YOUNG
Of counsel to law firm of King &
Spalding, Atlanta, Georgia; former
Governor of Georgia
Retired Chairman of the Board and
Chief Executive Officer, Union Camp
Corporation, Wayne, New Jersey
Director of various corporations
Chairman and Chief Executive Officer,
Burlington Northern Inc.; Chairman
and Chief Executive Officer,
Burlington Northern Railroad
Company, Fort Worth, Texas
Retired Chairman of the Board, Atlanta
Life Insurance Company, Atlanta,
Georgia
Vice Chairman, Law Companies
Group, Inc., Atlanta, Georgia;
former Mayor of Atlanta, Georgia;
Co-Chairman of the Atlanta
Committee for the Olympic Games
PERSONNEL, COMPENSATION &
NOMINATING COMMITTEE
GERALD GRINSTEIN, Chairman
JAMESL.BROADHEAD
R. EUGENE CARTLEDGE
MARY JOHNSTON EVANS
H. D. GREENBERG
JULIUS P. GWIN
JOHN K. LAUBER
PAUL G. MATSEN
HAROLD G. McDONALD
MICHAEL G. MEDLICOTT
LEON A. PIPER
JENNY R. POOLE
THOMAS J. SLOCUM
RAYVALEIKA
D. ScoTTYOHE
JAMES G. MATHEWS
JAMES H. SANREGRET
DEAN C. ARVIDSON
SUSAN T. HUDSON
LESLIE P. KLEMPERER
Vice President - Flight Operations
Vice President- Corporate Planning
Vice President - Corporate Safety and
Compliance
Vice President - Advertising and
Consumer Marketing
Vice President - Aircraft and Hangar
Maintenance
Vice President - Europe
Vice President - Personnel Benefits
Vice President - In-Flight Service
Vice President - Corporate
Communications
Vice President - Technical Operations
Vice President - Government Affairs
Controller
Treasurer
Assistant Secretary
Assistant Secretary
Assistant Secretary
KIMBERLY A. SHRECKENGOST Assistant Secretary
DELTA AIR LINES, INC.
41
I CONSOLIDATED SUMMARY
OF OPERATIONS For the years ended June 30
(In millions, except per share data) 19951 19942 19933 1992 1991 1990 1989 1988 1987 1986 1985
0 perating revenues . . . . . . . . . . . . . . . . . . . $ 12,194 $ 12,077 $ 11,657 $ 10,837 $ 9,171 $ 8,583 $ 8,089 $ 6,915 $ 5,318 $ 4,460 $ 4,684
Operating expenses . . . . . . . . . . . . . . . . ... 11,533 12,524 12,232 11,512 9,621 8,163 7,411 6,418 4,913 4,426 4,318
Operating income (loss) . . . . . . . . . . . . . . . . 661 (447) (575) (675) (450) 420 678 497 405 34 366
Interest expense, net . . . . . . . . . . . . . . . . . . (262) (271) (177) (151) (97) (27) (39) (65) (62) (55) (62)
Gain (loss) on disposition of flight equipment. . . . 2 65 35 17 18 17 (1) 96 16 94
Miscellaneous income, net4 . . . . 95 56 36 5 30 57 55 25 8 8 7
Income (loss) before income taxes . . . . . . . . . . 494 (660) (651) (786) (500) 468 711 456 447 3 405
Income taxes (provided) credited. . . . . . . . . . . (200) 250 233 271 163 (187) (279) (181) (219) 2 (187)
Amortization of investment tax credits . . . . . . . 1 3 9 13 22 29 32 36 42 41
Net income (loss) . . . . . . . . . . . . . . . . . . . . 294 (409) (415) (506) (324) 303 461 307 264 47 259
Preferred stock dividends . . . . . . . . . . . . . . . (88) (110) (110) (19) (19) (18)
Net income (loss) attributable to common
stockholders. . . . . . . . . . . . . . . . . . . . . . $ 206 $ (519) $ (525) $ (525) $ (343) $ 285 $ 461 $ 307 $ 264 $ 47 $ 259
Net income (loss) per common share:
Primary ................... $ 4.07 $ (10.32) $ (10.54) $ (10.60) $ (7.73) $ 5.79 $ 9.37 $ 6.30 $ 5.90 $ 1.18 $ 6.50
Fully diluted ................ $ 4.01 $ (10.32) $ (10.54) $ (10.60) $ (7.73) $ 5.28 $ 9.37 $ 6.30 $ 5.90 $ 1.18 $ 6.50
Dividends declared on common stock. . . . . . . . $ 10 $ 10 $ 35 $ 59 $ 54 $ 85 $ 59 $ 59 $ 44 $ 40 $ 28
Dividends declared per common share ....... $ 0.20 $ 0.20 $ 0.70 $ 1.20 $ 1.20 $ 1.70 $ 1.20 $ 1.20 $ 1.00 $ 1.00 $ 0.70
I OTHER FINANCIAL AND
STATISTICAL DATA For the years ended June 30
(Dollar amounts in millions) 1995 19942 19933 1992 1991 1990 1989 1988 1987 1986 1985
Total assets . . . . . . . . . . . . . . . . . . . . . . . . $ 12,143 $ 11,896 $ 11,871 $ 10,162 $ 8,411 $ 7,227 $ 6,484 $ 5,748 $ 5,342 $ 3,785 $ 3,627
Long-term debt and capital leases ( excluding
current maturities). . . . . . . . . . . . . . . . .. $ 3,121 $ 3,228 $ 3,716 $ 2,833 $ 2,059 $ 1,315 $ 703 $ 729 $ 1,018 $ 869 $ 535
Stockholders' equity .................. $ 1,827 $ 1,467 $ 1,913 $ 1,894 $ 2,457 $ 2,596 $ 2,620 $ 2,209 $ 1,938 $ 1,?02 $ 1,287
Shares of common stock outstanding at year end . . . . 50,816,010 50,453,272 50,063,841 49,699,098 49,401,779 46,086,110 49,265,884 49,101,271 48,639,469 40,116,383 39,958,467
Revenue passengers enplaned (thousands) ...... 88,893 87,399 85,085 77,038 69,127 67,240 64,242 58,565 48,173 39,582 39,341
Available seat miles (millions) ............. 130,525 131,780 132,282 123,102 104,328 96,463 90,742 85,834 69,014 53,336 51,637
Revenue passenger miles (millions) .......... 86,355 85,206 82,406 72,693 62,086 58,987 55,904 49,009 38,415 30,123 29,062
Operating revenue per available seat mile ....... 9.34 9.16 8.81 8.80 8.79 8.90 8.91 8.06 7.71 8.36 9.07
Passenger mile yield . . . . . . . . . . . . . . . . . . . 13.09 13.21 13.23 13.91 13.80 13.63 13.56 13.15 12.81 13.72 15.06
Operating cost per available seat mile. . . . . . . . . 8.84 9.50 9.25 9.35 9.22 8.46 8.17 7.48 7.12 8.30 8.36
Passengerload factor . . . . . . . . . . . . . . . . . . 66.16% 64.66% 62.30% 59.05% 59.51 % 61.15% 61.61 % 57.10% 55.66% 56.48% 56.28%
Breakeven passenger load factor . . . . . . . . . . . . 62.29% 67.23% 65.58% 62.99% 62.64% 57.96% 56.09% 52.69% 51.09% 56.01 % 51.57%
Available ton miles (millions) .............. 18,150 18,302 18,182 16,625 13,825 12,500 11,725 11,250 9,000 6,934 6,668
Revenue ton miles (millions) .............. 10,142 9,911 9,503 8,361 7,104 6,694 6,338 5,557 4,327 3,372 3,275
Cost per available ton mile . . . . . . . . . . . . . . . 63.55 68.43 67.27 69.24 69.59 65.30 63.21 57.05 54.60 63.82 64.76
1Summary of o(eerations excludes $114 million after-tax
cumulative ef ect of chadr in accounting standards ($2.25
primary and $1.42 fully iluted earnings per common share).
2Summary of operations and other financial and statistical data
include $526 million in pretax restructuring charges
($6.59 after-tax per common share).
3S ummary of operations and other financial and statistical data
include $82 million pretax restructuring charge ($1.05 after-tax
per common share). Summary of operations excludes $587 million
after-tax cumulative effect of changes in accounting standards
($11. 78 after-tax per common share).
4Includes interest income.
DELTA AIR LINES, INC. DELTA AIR LINES, INC.
42 43
I STOCKHOLDER
INFORMATION
TRANSFER AGENT, REGISTRAR AND DIVIDEND
PAYING AGENT FOR SERIES C CONVERTIBLE
PREFERRED STOCK AND COMMON STOCK
Registered stockholder inquiries regarding stock transfers,
address changes, lost stock certificates, dividend payments,
or account consolidations should be directed to the follow-
ing address or phone number:
First Chicago Trust Company of New York
P. 0. Box 2500
Jersey City, New Jersey 07303-2500
Telephone (201) 324-0498
DMDEND REINVESTMENT AND
STOCK PURCHASE PLAN
Registered holders of Common Stock may purchase
additional shares of such stock through automatic dividend
reinvestment or cash contributions under the Company's
Dividend Reinvestment and Stock Purchase Plan. Inquiries,
notices, requests and other communications regarding
participation in the plan should be directed to:
First Chicago Trust Company of New York
P.O. Box 2598
Jersey City, New Jersey 07303-2598
Telephone (201) 324-0498
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
133 Peachtree Street, N .E.
Atlanta, Georgia 30303
ANNUAL MEETING
The Annual Meeting of Stockholders will be held on
Thursday, October 26, 1995, at 9:00 a.m., local time, in
the Thomas B. Murphy Ballroom of the Georgia World
Congress Center, 285 International Boulevard, N.W,
Atlanta, Georgia.
AVAILABILITY OF FORM 10-K AND
OTHER FINANCIAL INFORMATION
A copy of the Company's Annual Report on Form 10-K
for the fiscal year ended June 30, 1995, will be provided
without charge upon written request. Requests for other
financial documents may also be directed to:
Delta Air Lines, Inc.
Investor Relations, Department 829
P. 0. Box 20706
Atlanta, Georgia 30320-6001
Telephone ( 404) 715-23 91
Telephone inquiries related to financial information, other
than requests for financial documents, may be directed to
Delta Investor Relations at ( 404) 715-6679.
COMMON STOCK AND DEPOSITARY SHARES
REPRESENTING SERIES C CONVERTIBLE
PREFERRED STOCK
Listed on the New York Stock Exchange under the ticker
symbol DAL
NUMBER OF STOCKHOLDERS
As of August 11, 1995, there were 24,628 registered holders
of Common Stock.
MARKET PRICES AND DMD ENDS
Market Price Range of Cash
Common Stock on Dividends Per
Fiscal Year 1995 New York Stock Exchange Common Share
Quarter Ended: High Low
September 3 0 ........... $50 $43 $0.05
December 31 ............ 53 42 0.05
March 31 ............... 64 50 0.05
June 30 ................. 75 58 0.05
Fiscal Year 1994
Quarter Ended: High Low
September 30 ........... $56 $45 $0.05
December 31 ............ 61 52 0.05
March 31 ............... 57 43 0.05
June 30 ................. 47 39 0.05
DELTA AIR LINES, INC.
44