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- W1684249849 abstract "Because we see a lot of statements about profits of the high flying airlines these days, let us begin by reviewing the record on airline profitability. Until very recently, the profits of the airlines have not been commensurate with their revenues. As shown in Figure 1, the twelve major U. S. airlines moved from a net profit of $72.5 million in 1955 quite modest in comparison to their $1.5 billion of operating revenuesthrough a series of less profitable years which included an overall loss for 1961. At the end of 1962, with net profits of approximately $40 million on revenues of $3.0 billion, the carriers were substantially behind their 1958 and 1959 positions which resulted principally from nonjet operations. The year 1963 was the first period of solid profitable operations in the jet age. Breakeven load factors were reduced and the inherent leverage of the industry worked to translate healthy gains in operating revenues into substantially larger percentage gains in profitability. In 1964 and 1965, higher peaks of profitability were reached. The data for the twelve-month period ended June 30, 1966-used here to avoid the distortions in more current data due to the impact of the strike-indicate clearly that 1966 would have been a year of substantially higher profits than 1965 if the industry had not been confronted with the IAM strike. If, however, the profitability of this group, of airlines is converted to the calculation of the rate of return on investment used by the CAB (Figure 2) we find that these carriers, as a group, exceeded the CAB standard only in 1964 and 1965 and that the average ROI for the 1955-1965 period was only 7.25%. Again, in all likelihood, they would have exceeded the standard by a significant margin for 1966 if it had been a normal year. These carriers could hardly be accused of earnings in excess of the CAB's own accepted doctrine of return on investment for an extended period of time. In summary, an industry which borrows large sums of money for twenty-five-year periods can now look back after nine years of commercial jet operations on:" @default.
- W1684249849 created "2016-06-24" @default.
- W1684249849 creator A5062311148 @default.
- W1684249849 date "1967-03-01" @default.
- W1684249849 modified "2023-09-23" @default.
- W1684249849 title "Financial Problems Confronting the Airlines" @default.
- W1684249849 doi "https://doi.org/10.2469/faj.v23.n2.73" @default.
- W1684249849 hasPublicationYear "1967" @default.
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