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V-Ps intensify duties; 6 new V-Ps —P .8
P A W
^clipper
/ Vol. 29, No. 1 5 / July 21, 1969
y ^ \ R E A D
AROUND
THE
WORLD
Hi
Hi
Pu b l i s h e d e v e r y o t h e r M o n d a y
—
®
To
allemployees
from Haro
Each of us will benefit
The first six months of 1969 have been a tough period for all of us. Instead of profits, we are showing losses. Instead of a consistently high quality of service to our passengers, we have frequently been forced to delay or cancel flights or otherwise inconvenience our customers. The air transport industry is currently afflicted with the problem of increased costs, labor disruptions, slow rate of traffic growth, and air and ground congestion. All of these adverse factors have combined to drasti cally reduce our earnings and to disrupt our oper ations. For the first five months of the year Pan Am showed a net loss of $18,821,000. Consequently, the Board of Directors felt that for the first time since 1941, it was prudent to omit payment of the quarterly divi dend to stockholders, although 98 consecutive divi dends had previously been paid. Now we are in the second half of the year, tradi tionally our most productive period. It can again be so, offsetting some of the losses of the past few months, if all of us—management and employees—work to gether in an atmosphere of harmony and stability. Pan Am expects to be the leader in the 1970’s and beyond as it has been throughout the jet age. We will be first with the 747 and, as reported on Page 8 in the CLIPPER, we are mobilizing both our marketing and operations functions to best take advantage of the competitive lead which the 747 will give us. I invite each of you to contribute positively to a bright future for the company. The public, stock holders, and each of us will benefit. H. E. GRAY
Chairman
_
_
|
Pan Am in Liberia - See Pages 5, 6, 7
Object Description
Description
| Title | Page 1 |
| Object ID | asm0341005341 |
| Digital ID | asm03410053410001001 |
| Full Text | V-Ps intensify duties; 6 new V-Ps —P .8 P A W ^clipper / Vol. 29, No. 1 5 / July 21, 1969 y ^ \ R E A D AROUND THE WORLD Hi Hi Pu b l i s h e d e v e r y o t h e r M o n d a y — ® To allemployees from Haro Each of us will benefit The first six months of 1969 have been a tough period for all of us. Instead of profits, we are showing losses. Instead of a consistently high quality of service to our passengers, we have frequently been forced to delay or cancel flights or otherwise inconvenience our customers. The air transport industry is currently afflicted with the problem of increased costs, labor disruptions, slow rate of traffic growth, and air and ground congestion. All of these adverse factors have combined to drasti cally reduce our earnings and to disrupt our oper ations. For the first five months of the year Pan Am showed a net loss of $18,821,000. Consequently, the Board of Directors felt that for the first time since 1941, it was prudent to omit payment of the quarterly divi dend to stockholders, although 98 consecutive divi dends had previously been paid. Now we are in the second half of the year, tradi tionally our most productive period. It can again be so, offsetting some of the losses of the past few months, if all of us—management and employees—work to gether in an atmosphere of harmony and stability. Pan Am expects to be the leader in the 1970’s and beyond as it has been throughout the jet age. We will be first with the 747 and, as reported on Page 8 in the CLIPPER, we are mobilizing both our marketing and operations functions to best take advantage of the competitive lead which the 747 will give us. I invite each of you to contribute positively to a bright future for the company. The public, stock holders, and each of us will benefit. H. E. GRAY Chairman _ _ | Pan Am in Liberia - See Pages 5, 6, 7 |
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