AMR Corp Expects 8,000 Job Cuts Total Through June 2004

Wretched Wrench

Veteran
Apr 21, 2003
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AMR Corp Expects 8,000 Job Cuts Total Through June 2004


DOW JONES NEWSWIRES

WASHINGTON -- AMR Corp. (AMR), the parent of American Airlines, said it expects to reduce 8,000 jobs by June 2004 in conjunction with Management Reductions and Modified Labor Agreements.

According to a quarterly report filed Friday with the Securities and Exchange Commission, the work-force reduction will affect all work groups and will be accomplished through various measures, including part-time work schedules, furloughs and permanent layoffs.

AMR said, however, that if the revenue environment deteriorates beyond normal seasonal trends or if the company isn''t able to access the capital markets or sell assets, it may be unable to fund its obligations and sustain its operations.

The company recorded a charge of about $60 million in the second quarter ended June 30 as a result of the reductions. The charge was primarily for costs related to severance.

AMR also said its minimum required pension contribution for 2003 amounted to $186 million, and its required pension contribution for 2004 probably will be at least $600 million.

Based on the current regulatory environment and market conditions, AMR said, the company expects its 2005 minimum required pension contributions to significantly exceed its 2004 minimum required pension contributions.

The company''s capital expenditures for the first six months of 2003 amounted to $847 million, the filing said.

- Ben Siegel; Dow Jones Newswires; 202-862-3544
 
And Southwest, AirTran and Jet Blue are adding jobs.

It reminds me of a little story my father told me about when he went to a trade convention ( as an employee of IBM) and met a "snot nosed kid" named William Gates. Gates was "peddling" some new idea for some company called MicroSoft and the future of the personal computer. The "suits" at IBM just laughed him off.

Do I need to say any more?

Reasonable fares and non-stops are the Microsoft of the airline industry.

You people really need to change the way you think or you will be our next supply of petroleum ( dinosaur reference intended)


P.S. I am sorry about the lost jobs. Been there done that! Hopefully some of the outfits that are hiring will pick up the worthy among us.
 
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On 7/24/2003 8:56:40 PM flaptrack wrote:

And Southwest, AirTran and Jet Blue are adding jobs.

It reminds me of a little story my father told me about when he went to a trade convention ( as an employee of IBM) and met a "snot nosed kid" named William Gates. Gates was "peddling" some new idea for some company called MicroSoft and the future of the personal computer. The "suits" at IBM just laughed him off.

Do I need to say any more?

Reasonable fares and non-stops are the Microsoft of the airline industry.

You people really need to change the way you think or you will be our next supply of petroleum ( dinosaur reference intended)


P.S. I am sorry about the lost jobs. Been there done that! Hopefully some of the outfits that are hiring will pick up the worthy among us.

----------------​
Last time I checked, IBM is still doing O.K.!!!
 
Not eactly accurate. Bill convinced IBM (with a little help from his mother on the Board) that DOS was the operating software for them. He sold and then developed ms dos.
 
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