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Piedmont posts best earnings ever
Piedmont Aviation, Inc. reported record The 1979 earnings are the highest in the
earnings of $11,164,000, or $3.43 per share,
for 1979. This is an increase of 99.7 percent
over the Company’s 1978 earnings of $5,591,000,
or $2.04 per share.
Piedmont’s on-time record is the best in
the industry. Story on page four.
The census is coming. Story on page two.
"Twos Christmas time
Holiday happenings around the system.
Story on page five.
Record 79 fraffic
When the traffic figures for last year were
tabulated. Piedmont had a new number-one
boarding station. With a 14.8 percent increase
in enplanements for the year, Atlanta replaced
Washington National as the top of our top ten.
ATL boardings totaled 659,150 in 1979 as com
pared to 574,286 in 1978.
There was a difference of 38,654 passengers
between the number-one and number-two stat-
Company’s 31-year history. The previous record
year was 1977 when net income was $7,495,567,
or $2.95 per share.
Gross revenues were a record $361,531,000
in 1979, an increase of 36.9 percent over the
$264,158,000 recorded in 1978.
Cost and expenses rose 33.3 percent from
$258,139,000 in 1978 to $343,991,000 in 1979.
In the final quarter of 1979, gross revenues
wei'e up 47.2 percent to $100,591,000 from $68,-
316,000 a year earlier.
Piedmont Aviation, Inc.’s net income for the
fourth quarter of 1979 was $816,000. Net in
come for the same period of 1978 was $1,-
In announcing the financial results. Senior
Vice President T. W. Morton said, “The sub
stantial increase in earnings in 1979 was
brought about by the profitability of several new
routes, the economic advantages of new air
craft added to our fleet during the year and an
unusually high level of sales of aircraft and
aviation services by our general aviation divis
ion. The net income before taxes for the fourth
quarter was much greater in 1979 than in 1978,
but an unusual tax adjustment at the end of
1978 produced a higher after-tax income in that
produced changes in
ions with Washington boarding 620,496, up
6.21 percent for the year.
Other changes in the list of the ten highest
boarding stations included Charlotte’s first ap
pearance, as number eight with 187,585 pas
sengers enplaned. Norfolk moved up from fifth
in 1978 to fourth last year with the largest per
centage increase, a whopping 60.5 percent or
406,181 passengers boarded.
Directors declare dividend; promote officers
The Company’s directors declared a cash
dividend of 6 cents per share on Piedmont’s
common stock at their regular quarterly meet
ing in Winston-Salem on January 16, this year.
Payable March 3, 1980 to stockholders of
record on February 15, 1980, this is the tenth
consecutive quarterly dividend paid by the
Corhpany. Historically, it is our 24th cash divi
President T. H. Davis said the board also
promoted two officers “in order to further
strengthen the Company’s management team
and to take full advantage of the continuing
substantial growth opportunities ahead.”
W. R. Howard was promoted to executive
vice president-marketing and customer ser
vices. In addition to being responsible for the
route development, public relations and govern
mental activities of the Company, he will assume
overall responsibility for the marketing and
customer service functions. Reporting to him
will be K. E. Ross, senior vice president-custo-
mer services and W. G. McGee, who was pro
moted to senior vice president-marketing.
Howard has been serving as senior vice
president and assistant to the president since
January, 1978. Prior to that, he was senior
vice president of Eastern Airlines.
McGee has been with Piedmont since 1947
and has served in many capacities, more re
cently as vice president-marketing in charge of
sales, advertising, scheduling and tariffs.
W. R. Howard,
W. G. McGee,
Nashville Banner Photographer Bob Ray created
this intriguing photograph of Piedmont inbound
to BN A.
With a 20.6 percent increase to 452,443 en
planements, Roanoke held its traditional third
place in the rankings.
The top ten stations were, in order, Atlanta,
Washington National, Roanoke, Norfolk, Rich
mond, New York LaGuardia, Chicago, Char
lotte, Tri-Cities and Asheville.
The numbers from our newest stations
showed 1979 boardings of 72,280 in Boston;
50,775 in Pittsburgh; 42,893 in Miami; 38,027
at Dallas/Ft. Worth; 24,059 in Denver; and
17,175 in Tampa.
An overall look at the Airline Division’s
record traffic growth during last year reveal;*
revenue passenger miles totaled 1,931,599,738,
up 34.7 percent over the 1,434,406,769 fiown in
The airline carried 5,478,715 passengers last
year, an increase of 19.6 percent over the 4,580,-
073 carried in 1978.
The passenger load factor for 1979 was 55.6
percent compared to 54.8 percent a year earlier.
In the fourth quarter of 1979, revenue pas
senger miles increased 29.5 percent to 495,557,-
598 from 382,775,667 in the October/November/
December period of 1978.
Passenger boardings for the fourth quarter
were up 10.4 percent to 1,324,235 from 1,199,656
in the same months a year earlier.
The passenger load factor for the last three
months of 1979 was 48.8 percent as compared to
54.4 percent for the final quarter of 1978.
Among the traffic records set last year was
a new all-time monthly high in passenger board
ings — August posted 536,751 enplanements.
The Company’s record boarding day came Wed
nesday before Thanksgiving, November 21,
1979, when 21,132 passengers were carried.