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http://www.marketwatch.com/story/10-k-us-airways-group-inc-2012-02-22
Not that US set the world on fire for the year, in general airlines build cash (especially the unrestricted kind) in the 2nd and 3rd quarters and burn cash during the 1st and 4th quarters. It's just the seasonal nature of the industry. The big exception is if cash is raised from sources other than operations in the normally weak quarters - loans and equity offerings primarily. Sale/leasebacks and EETC's just recover cash already spent.
Jim
What's left - $100 to $200 million. Not much to be paying down debt. In fact, that huge loan MM keeps preaching doom and gloom over is basically interest only with a big balloon payment at the end, so they need to roll that over in another year or two, probablly borrowing more than the payoff.
Jim
The plan has always been to renegotiate those ballon payments closer in to 2014. Everyone knows that kind of cash isn't going to come out of the business in 2014. The Treasury department will not let those lump sum payment become a reality on Parker or Kerr's watch. They are managing the airline just fine.I know, I saw that huge balloon payment coming due IIRC in 2014. Boyo Boyo that smacks of playing with money instead of running an airline.
The plan has always been to renegotiate those ballon payments closer in to 2014. Everyone knows that kind of cash isn't going to come out of the business in 2014. The Treasury department will not let those lump sum payment become a reality on Parker or Kerr's watch. They are managing the airline just fine.
News flash: Doug works for the shareholders. If they had concerns over his management or compensation they could terminate him tomorrow. It's their money and their business to run so they get to make the decisions not you or me.They are? I must have missed that memo!
A 7 year pilots dispute and everything is fine.
A convict for a CEO and everything is fine
Wages so low that many US employees qualify for Food Stamps and everything is fine!
Consumer Complaints still among the highest and everything is fine.
I love the phrase "The Plan". Seems to me like the real plan was to push as much debt into the future so the Tempe Frat Boys could hit their bonus numbers TODAY and to hell with tomorrow. Hey I was in Sales so i know all about leveraging your comp plan. When you manage to your quarterly/yearly bonus you make decisions that might not be in the best interests of anyone but yourself.
You see everything is all peaches and cream. I see two guys lining their pockets with little concern for the long term viability of US Airways. If they pull off a merger they cash in. If the whole thing blows into a C-11 they get hefty retention bonuses. Either way they win. Either way Customers, Employees get screwed. I've observed Parker's species in its natural habitat and I for one am not fooled.
News flash: Doug works for the shareholders. If they had concerns over his management or compensation they could terminate him tomorrow. It's their money and their business to run so they get to make the decisions not you or me.
Funny how Doug is the longest current tenured CEO among the majors and has never let the company go into bankruptcy but you think he's only in it to line his pockets and get out. How many raise and bonus offers has he turned down when offered by the BOD? How long did he go without a paycheck after 9/11? How much money does he personally have invested in US that would be lost if the company is mismanaged?
Is US the only airline with employees on food stamps? Are there no other Fortune 500 companies with employees who want more money or who have employees who turn entry-level jobs into a lifetime career and then try to raise a family on a job that can never command the kind of wages required for an average family. Did US force any any employee or customer to take a job or buy a ticket, or was that a matter of personal choice?
The pilots? Are you kidding me? How many intermural federal lawsuits need to filed on the seniority issue for you to finally acknowledge that the only ones responsible for not having a new contract are the pilots, or more specially the east pilots?
When someone uses the term “technically” to refute someone else’s position it generally means they are delving into tenuous territory. CEO’s are appointed by the BOD, but the BOD, CEO, and all of the executives have a fiduciary responsibility to the shareholders of the corporation. Now “technically” Doug is the Chairman of the Board of Directors to which you say he “technically” reports. So, in other words, you are claiming that Doug the CEO reports to Doug the Chairman of the Board. So, “technically”, who does Doug the Chairman of the Board report to?Technically he is employed by the Board of Directors. <snip>
Near as I can tell and I haven't had time to look but the only "skin" he appears to have in the game are his stock options which were awarded him as part of his compensation. I've seen nothing that indicates he has one dime of personal assets invested. All of the money invested in US Airways, came from the Rubber Stamp BoD as options.
He's also the only one who's served prison time. Even Doug knows you don't accept increases in Salary or Bonus when you haven't given out a raise to the majority of your employees in close to ten years. What you do is what Doug did, Line your pockets with Stock options
Don't know, don't care about other airlines or companies, this is a board about US Airways. Funny thing is WN seems to be able to fork over significant wages for the same type of work, Ever wonder why? I posted an excerpt from Herb Kelleher at WN and a book review from Hal Rosenbluth and I can guarantee you Doug will never ever be in their league as a Leader.
For maybe 6 months post merger, Doug had an opportunity to show true leadership and guide the pilots through a tough spot. What's funny is that one of the most militant pilot groups, DL seemed to find common ground and have a successful merger. Also sometime in March CO/UA will have there version of the cut-over to SHARES. Let's see how that works out. Want to bet it's seamless compared to the Tempe Frat boy debacle. Oh and did I mention that the pilot groups at UA/CO and WN/FL came to agreement in short order? WHY? It's called LEADERSHIP, others have it Doug doesn't.
Since airline mergers have been happening for 80 or so years, it's hard to believe that Doug was the champion of such things before anyone else...Here, I’ll give you one. Doug was the champion of industry mergers and consolidation long before most other CEOs would consider such a bold move.