Letter from Doug Parker: Profit Sharing Plan - July 27, 2006
Dear Fellow Employees:
Today marks a remarkable achievement by the new US Airways team. We reported record profits for our second quarter 2006 of $305 million. Excluding special items (like transition expenses, some interest income and unrealized fuel gains), our net profit was $315 million. What’s really great about today’s announcement is that for the first time in a long time, we have also accrued money for our employee profit sharing plan -- $36 million.
We will be working with our labor unions to determine how profit sharing is allocated to each of those groups and employees and will get that information to you shortly.
Nearly one year ago, we were only starting to see what could be accomplished by putting our two airlines together. Today we are making progress as we create one truly great airline: the new US Airways. Not only are we here long after many said we wouldn’t be, we’re actually doing better than most of our competitors. On a profit margin basis, we were second only to Southwest of carriers who have reported their financial results for the second quarter 2006. Our on-time performance year-to-date ranks second among our peers and we have improved our baggage handling by 50 percent on a year-over-year basis. We’re meeting our integration schedule and are ahead of schedule on many of those projects.
These accomplishments wouldn’t be possible without the efforts of our 35,000 employees so I hope that as you come to work today and in the days ahead, you take a moment to congratulate yourselves and your fellow employees. The summer has been hot and flights are full. We all know that we have much more to do but we are off to a great start. It takes all of us working together to make our airline run well and today’s results mark the fruits of those efforts. I look forward to adding to the $36 million accrued today when we report our third quarter 2006 results, and I thank you for all you are doing to make the new US Airways a great airline.
Regards,
USA320Pilot
Dear Fellow Employees:
Today marks a remarkable achievement by the new US Airways team. We reported record profits for our second quarter 2006 of $305 million. Excluding special items (like transition expenses, some interest income and unrealized fuel gains), our net profit was $315 million. What’s really great about today’s announcement is that for the first time in a long time, we have also accrued money for our employee profit sharing plan -- $36 million.
We will be working with our labor unions to determine how profit sharing is allocated to each of those groups and employees and will get that information to you shortly.
Nearly one year ago, we were only starting to see what could be accomplished by putting our two airlines together. Today we are making progress as we create one truly great airline: the new US Airways. Not only are we here long after many said we wouldn’t be, we’re actually doing better than most of our competitors. On a profit margin basis, we were second only to Southwest of carriers who have reported their financial results for the second quarter 2006. Our on-time performance year-to-date ranks second among our peers and we have improved our baggage handling by 50 percent on a year-over-year basis. We’re meeting our integration schedule and are ahead of schedule on many of those projects.
These accomplishments wouldn’t be possible without the efforts of our 35,000 employees so I hope that as you come to work today and in the days ahead, you take a moment to congratulate yourselves and your fellow employees. The summer has been hot and flights are full. We all know that we have much more to do but we are off to a great start. It takes all of us working together to make our airline run well and today’s results mark the fruits of those efforts. I look forward to adding to the $36 million accrued today when we report our third quarter 2006 results, and I thank you for all you are doing to make the new US Airways a great airline.
Regards,
USA320Pilot
