Delta Airlines 2003 Annual Report Download - page 135

Table of Contents
Note 23. Quarterly Financial Data (Unaudited)
The following table summarizes our unaudited quarterly results of operations for 2003 and 2002:
2003
Three Months Ended
(in millions, except per share data) March 31 June 30 September 30 December 31
Operating revenues $ 3,155 $ 3,307 $ 3,443 $ 3,398
Operating income (loss) $ (535) $ 196 $ (81) $ (366)
Net income (loss) $ (466) $ 184 $ (164) $ (327)
Basic income (loss) per share(1) $ (3.81) $ 1.46 $ (1.36) $ (2.69)
Diluted income (loss) per share(1) $ (3.81) $ 1.40 $ (1.36) $ (2.69)
2002
Three Months Ended
(in millions, except per share data) March 31 June 30 September 30 December 31
Operating revenues $ 3,103 $ 3,474 $ 3,420 $ 3,308
Operating loss $ (435) $ (127) $ (385) $ (362)
Net loss $ (397) $ (186) $ (326) $ (363)
Basic and diluted loss per share(1) $ (3.25) $ (1.54) $ (2.67) $ (2.98)
(1)
The sum of the quarterly earnings per share does not equal the annual earnings per share due to changes in average shares outstanding.
The comparability of our financial results during 2003 and 2002 were materially impacted by certain events, as discussed below:
• During March and December 2003, we recorded certain pension and postretirement related charges. In December 2002, we recorded a charge related to
our 2002 workforce reduction programs. See Note 15 for additional information about these charges.
• In June 2003, we received Appropriations Act reimbursements from the U.S. government for certain passenger and air carrier security fees. In August
2002, we recorded the final amounts related to the Stabilization Act compensation. See Note 19 for additional information about these government
reimbursements and compensation.
• During 2003, we recorded gains on the sale of certain of our investments. These gains primarily related to (1) the sale of our investment in Worldspan
in June 2003 and (2) our sale of Orbitz shares in December 2003. See Note 17 for additional information about these sales.
• In October 2003, we recorded a charge as a result of a definitive agreement we entered into to sell 11 B-737-800 aircraft to a third party immediately
after those aircraft are delivered to us by the manufacturer in 2005. See Note 15 for additional information about this charge.
• During 2002, we made significant changes in our fleet plan to simplify our aircraft fleet, to reduce capacity and to decrease capital expenditures through
aircraft deferrals. See Note 15 for additional information related to charges and other costs associated with these changes.
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