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announce new concept of service .
■ ■ pages 2-3
leaner now but looking scrappier for winter tests
“We have no alternative but to enter our winter season as lean as possible and to face 1972 in our most competitive posture,” said President Najeeb E. Halaby, in announcing Pan Am’s decision to trim its payroll by 1,750.
“It is tough to cut back, it is a lot easier to build up and more joyful to create, but effective cost control is fundamental to survival and success, in our industry, and in fact all of business today,” Halaby has told employees via his President’s Line phone message.
part of larger cost cutting effort
“As part of our productivity improvement program involving major cost reductions we must trim our work force by 1,250 persons by the end of November,” Halaby said. “This is in addition to the 500 employees who have already left the company since August—those who have left as a result of terminated temporary assignments, taken leaves of absence or have resigned. By the end of November we will have 1,750 fewer employees than we had on August 1 of this year.”
The airline said that its worldwide body of employees would total about 36,000 going into December, which is down from a peak of almost 41,000 two years, ago.
Halaby stressed early in his talk that the layoff question was “extremely painful” to face up to. “I fully realize,” he said, “that behind each number there are people and families and friends.”
on the price board
Washington, D.C.—A member of Pan Am’s board of directors is one of 22 named by President Nixon to the powerful pay and price boards. The panels will create and administer economic controls in Phase Two of the Administration’s program to stabilize the U.S. economy.
Philadelphia lawyer William T. Coleman Jr., 50, who is serving on the Price Commission, is not new to high level government work.
President Johnson appointed him to the Warren Commission that investigated the death of President John F. Kennedy, and also asked him to serve as co-chairman of the White House Conference on Civil Rights.
President Nixon already has called upon Coleman to serve as alternate delegate to the United Nations and on the National Commission on Productivity.
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plus $2.61
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minus $8.69 million minus $7.70 million minus $7.48 million minus $4.43 million minus
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■■
JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC
three straight months of profit
clipper
Pan Am has just reported its third profitable month in a row.
The airline reported net income of $2,606,000 for September, which brings the 1971 third quarter net to $25,540,000.
The all-black third quarter reduces the airline’s net loss for 1971 so far to $13,925,000.
The September income for Pan Am and its subsidiaries is taken from a preliminary and unaudited statement and works out to seven cents a share, compared with a net income of $701,000, or two cents a share, for the same month last year. Total operating revenues were $111,171,000, up eight percent over September, 1970. Total operating expenses for the month were $104,532,000, up 2.8 percent over the prior year.
The $25,540,000 third quarter net income works out to 64 cents a share, compared with a net income of $17,344,000 or 49 cents a share, for the same quarter of last year.
The net income for the third quarter 1971 was increased by a reversal of expense totaling $7,695,-000 (after applicable taxes of $2,430,000) or 19 cents per share, representing the previously amor-
Kendig and Kurkjian drive Monsolino bats.
Voi. 22, No. 22 November 8, 1971
tized portion of a $15 million U.S. SST research and development expenditure recently refunded to Pan Am by the U.S. Government.
After eliminating the effect of the reversal of expense for the SST refund, and airline mutual assistance and capital gains and losses for both years, the net income for the quarter was $18,-076,000 compared with $17,931,000 for the third quarter 1970.
Total operating revenues for the third quarter of 1971 were $357,509,000, up 5.1 percent from the same quarter last year. Total operating expenses for the quarter were $312,484,000, up one percent over the same quarter last year.
For the first nine months, the net loss was $13,925,000 or 37 cents a share compared with a net loss of $1,377,000 or 4 cents a share in ’70.
After eliminating the effect of the reversal of the expense for the SST refund, and airline mutual assistance and capital gains and losses for both years, net loss for the nine months was $19,211,000 compared with a loss of $428,000 for the same period 1970.
Total operating revenues for the nine months were $895,346,000 compared with $872,339,000 last year, up 2.6 percent. Operating expenses were $879,387,000, up three percent from $853,619,000 last year.
accountant pens hijackee’s diary during Cuba stay
Havana, Cuba—This city definitely isn’t among the 26 that Pan Am’s Cost Reduction Team was planning to visit. But the trio came here anyway, recently, along with 233 other American Airlines passengers aboard a skyjacked 747 LuxuryLiner.
San Juan was to be the first of 26 district sales offices for H. L. Kendig, director of telephone and ticket office sales; A. L. Kurkjian, marketing’s director of budgets and costs, and A. P. Monsolino, a field accountant in the controller’s office, all from New York City.
After working all day at the office on October 25, they caught an early evening AA flight to San Juan, planning to begin work there early the next day. However, the next thing they knew, their big jet was making its approach to Havana’s Jose Marti Airport. The Cubans detained passengers for two days, but they didn’t snatch away Tony Monsolino’s colorful Hijackee’s Diary:
October 25
The first announcement that the flight was being hijacked to Havana was made at 9:40 p'.m. [shortly
please turn to page 2
Object Description
Description
| Title | Page 1 |
| Object ID | asm0341005400 |
| Digital ID | asm03410054000001001 |
| Full Text | announce new concept of service . ■ ■ pages 2-3 leaner now but looking scrappier for winter tests “We have no alternative but to enter our winter season as lean as possible and to face 1972 in our most competitive posture,” said President Najeeb E. Halaby, in announcing Pan Am’s decision to trim its payroll by 1,750. “It is tough to cut back, it is a lot easier to build up and more joyful to create, but effective cost control is fundamental to survival and success, in our industry, and in fact all of business today,” Halaby has told employees via his President’s Line phone message. part of larger cost cutting effort “As part of our productivity improvement program involving major cost reductions we must trim our work force by 1,250 persons by the end of November,” Halaby said. “This is in addition to the 500 employees who have already left the company since August—those who have left as a result of terminated temporary assignments, taken leaves of absence or have resigned. By the end of November we will have 1,750 fewer employees than we had on August 1 of this year.” The airline said that its worldwide body of employees would total about 36,000 going into December, which is down from a peak of almost 41,000 two years, ago. Halaby stressed early in his talk that the layoff question was “extremely painful” to face up to. “I fully realize,” he said, “that behind each number there are people and families and friends.” on the price board Washington, D.C.—A member of Pan Am’s board of directors is one of 22 named by President Nixon to the powerful pay and price boards. The panels will create and administer economic controls in Phase Two of the Administration’s program to stabilize the U.S. economy. Philadelphia lawyer William T. Coleman Jr., 50, who is serving on the Price Commission, is not new to high level government work. President Johnson appointed him to the Warren Commission that investigated the death of President John F. Kennedy, and also asked him to serve as co-chairman of the White House Conference on Civil Rights. President Nixon already has called upon Coleman to serve as alternate delegate to the United Nations and on the National Commission on Productivity. plus .Æ5 $16.29 million WW - — -y»: yaga; ». mi ( ( ¿»ÜVÎ n „ lÉÉI > ■ 1 plus $6.65 million ¿È*»- 1 rnmm plus $2.61 million minus $8.69 million minus $7.70 million minus $7.48 million minus $4.43 million minus $2.39 minus $8.77 ■■ JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC three straight months of profit clipper Pan Am has just reported its third profitable month in a row. The airline reported net income of $2,606,000 for September, which brings the 1971 third quarter net to $25,540,000. The all-black third quarter reduces the airline’s net loss for 1971 so far to $13,925,000. The September income for Pan Am and its subsidiaries is taken from a preliminary and unaudited statement and works out to seven cents a share, compared with a net income of $701,000, or two cents a share, for the same month last year. Total operating revenues were $111,171,000, up eight percent over September, 1970. Total operating expenses for the month were $104,532,000, up 2.8 percent over the prior year. The $25,540,000 third quarter net income works out to 64 cents a share, compared with a net income of $17,344,000 or 49 cents a share, for the same quarter of last year. The net income for the third quarter 1971 was increased by a reversal of expense totaling $7,695,-000 (after applicable taxes of $2,430,000) or 19 cents per share, representing the previously amor- Kendig and Kurkjian drive Monsolino bats. Voi. 22, No. 22 November 8, 1971 tized portion of a $15 million U.S. SST research and development expenditure recently refunded to Pan Am by the U.S. Government. After eliminating the effect of the reversal of expense for the SST refund, and airline mutual assistance and capital gains and losses for both years, the net income for the quarter was $18,-076,000 compared with $17,931,000 for the third quarter 1970. Total operating revenues for the third quarter of 1971 were $357,509,000, up 5.1 percent from the same quarter last year. Total operating expenses for the quarter were $312,484,000, up one percent over the same quarter last year. For the first nine months, the net loss was $13,925,000 or 37 cents a share compared with a net loss of $1,377,000 or 4 cents a share in ’70. After eliminating the effect of the reversal of the expense for the SST refund, and airline mutual assistance and capital gains and losses for both years, net loss for the nine months was $19,211,000 compared with a loss of $428,000 for the same period 1970. Total operating revenues for the nine months were $895,346,000 compared with $872,339,000 last year, up 2.6 percent. Operating expenses were $879,387,000, up three percent from $853,619,000 last year. accountant pens hijackee’s diary during Cuba stay Havana, Cuba—This city definitely isn’t among the 26 that Pan Am’s Cost Reduction Team was planning to visit. But the trio came here anyway, recently, along with 233 other American Airlines passengers aboard a skyjacked 747 LuxuryLiner. San Juan was to be the first of 26 district sales offices for H. L. Kendig, director of telephone and ticket office sales; A. L. Kurkjian, marketing’s director of budgets and costs, and A. P. Monsolino, a field accountant in the controller’s office, all from New York City. After working all day at the office on October 25, they caught an early evening AA flight to San Juan, planning to begin work there early the next day. However, the next thing they knew, their big jet was making its approach to Havana’s Jose Marti Airport. The Cubans detained passengers for two days, but they didn’t snatch away Tony Monsolino’s colorful Hijackee’s Diary: October 25 The first announcement that the flight was being hijacked to Havana was made at 9:40 p'.m. [shortly please turn to page 2 |
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