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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 19, 1999
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DELTA AIR LINES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-5424 58-0218548
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Hartsfield Atlanta International Airport, Atlanta, Georgia 30320
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(Address of principal executive offices)
Registrant's telephone number, including area code: (404) 715-2600
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Item 5. OTHER EVENTS
Financial Results
On July 19, 1999, Delta Air Lines, Inc. announced its unaudited
financial results for the three month and twelve month periods ended June 30,
1999 and related financial and statistical information which is attached hereto
as Exhibit 99.1. Exhibit 99.1 is hereby incorporated by reference herein.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
The Exhibit Index on page 4 is hereby incorporated herein by
reference.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DELTA AIR LINES, INC.
By: /s/ Edward H. Bastian
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Edward H. Bastian
Vice President and Controller
Date: July 23, 1999
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
99.1 Unaudited Consolidated Statements of Operations of Delta Air Lines,
Inc. for the three month and twelve month periods ended June 30, 1999
and 1998 and the related financial and statistical information.
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EXHIBIT 99.1
DELTA AIR LINES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions, Except Share Data)
<TABLE>
<CAPTION>
Three Months Twelve Months
Ended Ended
June 30, June 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Operating Revenues:
Passenger $ 3,592 $ 3,478 $ 13,417 $ 12,994
Cargo 134 141 557 582
Other, net 231 142 737 562
Total operating revenues 3,957 3,761 14,711 14,138
Operating Expenses:
Salaries and related costs 1,271 1,231 4,993 4,850
Aircraft fuel 354 347 1,360 1,507
Depreciation and amortization 269 234 961 860
Passenger commissions 216 251 867 980
Contracted services 206 181 772 694
Other selling expenses 188 175 755 681
Landing fees and other rent 188 167 707 649
Aircraft rent 153 141 590 552
Aircraft maintenance materials
and outside repairs 146 119 561 495
Passenger service 130 126 500 450
Other 194 195 775 726
Total operating expenses 3,315 3,167 12,841 12,444
Operating Income 642 594 1,870 1,694
Other Income (Expense):
Interest expense (60) (44) (199) (186)
Interest capitalized 12 9 46 38
Interest income 10 23 52 79
Miscellaneous income, net 6 13 57 23
(32) 1 (44) (46)
Income Before Income Taxes 610 595 1,826 1,648
Income Taxes Provided, Net (246) (233) (725) (647)
Net Income 364 362 1,101 1,001
Preferred Stock Dividends (3) (3) (11) (11)
Net Income Available
To Common Shareowners $ 361 $ 359 $ 1,090 $ 990
Basic Income Per
Common Share $ 2.59 $ 2.39 $ 7.63 $ 6.64
Diluted Income Per
Common Share $ 2.40 $ 2.26 $ 7.20 $ 6.34
Operating Margin 16.2% 15.8% 12.7% 12.0%
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<TABLE>
<S> <C> <C> <C> <C>
Weighted Average Shares Used
In Per Share Computation:
Basic (000) 139,602 150,657 142,924 149,134
Diluted (000) 151,185 159,515 152,383 157,261
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<TABLE>
CONSOLIDATED STATISTICAL SUMMARY, EXCLUDING ASA HOLDINGS, INC.:
<S> <C> <C> <C> <C>
Revenue Psgr Miles (millions) 26,982 27,032 104,254 101,136
Available Seat Miles
(millions) 36,014 35,517 143,439 140,149
Passenger Mile Yield (cents) 12.87 12.86 12.75 12.85
Operating Revenue Per
Available Seat Mile (cents) 10.65 10.59 10.17 10.09
Operating Cost Per Available
Seat Mile (cents) 8.94 8.92 8.89 8.88
Passenger Load Factor
(percent) 74.92 76.11 72.68 72.16
Breakeven Passenger Load
Factor (percent) 61.66 63.12 62.61 62.75
Passengers Enplaned (thousands) 27,438 27,562 105,761 104,148
Revenue Ton Miles (millions) 3,126 3,138 12,115 11,859
Cargo Ton Miles (millions) 428 435 1,690 1,745
Cargo Ton Mile Yield (cents) 30.92 32.53 32.91 33.35
Fuel Gallons Consumed
(millions) 682 679 2,716 2,664
Average Price Per Fuel Gallon
(cents) 50.84 51.11 49.80 56.54
Number of Aircraft in Fleet at
End of Period 584 570 584 570
Average Full-Time Equivalent
Employees 72,200 69,800 71,500 67,400
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