UA #2 on 2007 Fortune 500

[UALIADCS]

Thought everyone might want to see this:
http://money.cnn.com/galleries/2007/fortun....fortune/2.html --

 

[FWAAA]

$22.9 billion in net income! Way to go, UAL!

 

[whlinder]

ROTFLMAO.....

 

[JungleClone]

"$22.9 billion in net income! Way to go, UAL!"

You sure that wasn't the amount that went into Glenn's pocket? 😀

 

[jimntx]

"However, UAL's big profits were mostly due to bankruptcy-related accounting."

Is this another way of saying smoke and mirrors money? Or, pay no attention to the man behind the curtain.
Or, keep your eye on the shell that has the pea under it. :unsure:

 

[FWAAA]

"However, UAL's big profits were mostly due to bankruptcy-related accounting."

Is this another way of saying smoke and mirrors money? Or, pay no attention to the man behind the curtain.
Or, keep your eye on the shell that has the pea under it. :unsure:

Exactly. UAL lost $21.2 billion in 2005, most of it paper writedowns related to its bankruptcy.

A couple months later, when it emerged from Ch 11, UAL recognized a paper gain of $22.9 billion and a paper loss of $22.9 billion, offsetting each other. Dunno why Fortune didn't make that more clear, but a $22.9 billion net income sure sounds impressive. 😀

 

[Fly]

Why would Fortune even bother to put them in their magazine is beyond me?!?

 

[flyhigh]

This should be a big symbol of how accounting has gone way off track. If an airline ever cracks this list it should be a sign, but to be #2 is just silly. How much product did you sell? How much money did you spend making/obtaining that product? What do you have left over?

 

[casual rat]

Was it profits prior to the Executives getting their mitts on their 'just deserved' bonuses? I mean, that could change the ole bottom line in a hurry!

 

[NewHampshire Black Bears]

The "Old Timers"(off the boat)knew the ONLY (real) way to determine true wealth.

The Most "Do Ra Mi"($$) in the coffee can, buried in the back yard, or "Stuffed" into the Matress !

NH/BB's

 

[Borescope]

This should be a big symbol of how accounting has gone way off track. If an airline ever cracks this list it should be a sign, but to be #2 is just silly. How much product did you sell? How much money did you spend making/obtaining that product? What do you have left over?

You need to put a "1" in front of that 2 and a "0" after it. If you look at the list they are not No.2 but 120 on the list. Impressive though they only had a Accounting gain of 22b due to bankrupcy as another poster stated.

 

[FWAAA]

You need to put a "1" in front of that 2 and a "0" after it. If you look at the list they are not No.2 but 120 on the list. Impressive though they only had a Accounting gain of 22b due to bankrupcy as another poster stated.

By revenue, you're right - UA was #120.

But by (paper) profits, UA was the second most profitable company out of the 500 last year, second only to XOM. Click the link - Fortune lists UA as #2.

That's what we're making fun of - Fortune's erroneous inclusion of UA on the most profitable list, when the actual profits were only about $63 million, not the illusory $23 Billion of accounting profits.