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The 1980 Carellne Olympics
provided the most fun-filled day
in Piedmont’s summer. Story
and lots of pictures on pages
Vol. XXXI, No. 3
Employees cited as
Our third quarter bucks industry’s lower trend
While manv U.S. airlines rpported declining-
traffic and financial losses for the third quarter
of this year Piedmont maintained its positive
growth through the July-August-September
Our available seat miles for the third quarter
totaled 1,175,067,624, up 30.14 percent over the
same period last year. In the same period revenue
passenger miles increased 22.07 percent to
645,569,274 this year versus 528,850,415 in the
July-September period of 1979. The number of
passengers carried was up 3.54 percent from
1,482,018 in the third quarter of 1979 to 1,534,496
in the same period this year. The passenger load
factor was 54.94 percent in this year’s third
quarter compared to 58.57 percent in the same
quarter of 1979.
During the first nine months of this year our
available seat miles increased 37.47 percent to
3,379,497,466 from 2,458,377,528. Revenue
passenger miles for the year through September
were up 21.90 percent, from 1,436,042,140 in the
comparable period of last year to 1,750,488,193.
Revenue passengers enplaned totalled 4,265,223
during the January-September, 1980 period, up
2.67 percent over the 4,154,480 carried in the
same months of last year. The passenger load
factor was 58.41 percent for the first nine months
of 1979. It was 51.80 percent during the same
period this year.
When the equally impressive financial results
for the third quarter and nine months were
announced Senior Vice President T. W. Morton
gave employees much of the credit. He said the
results “are a vivid indication of the continued
superior performance of our employees. The
improvement in earnings is especially note
worthy since earnings of most airlines are con
siderably depressed. In addition, higher tax
credits related to equipment purchases in 1980
have reduced the effective income tax rate this
year. Pretax earnings for the third quarter are
up 44 percent over last year, whereas, after-tax
earnings are up 73 percent.”
The Company reported third-quarter earnings
of $8,633,350, or $2.19 per share. This is an
increase of 73.4 percent over third quarter 1979
earnings of $4,980,225, or $1.58 per share.
Gross revenues rose 29.8 percent from $100.5
million in the third quarter of last year to $130.5
million this year. Costs and expenses were $118.8
million for the July-through-September period
this year, up 28.6 percent from the $92.4 million
in the comparable period of 1979.
During the first nine months of 1980, Pied
mont Aviation, Inc. had net income of $10,874,415,
or $2.77 per share, up 5.1 percent from the
$10,348,220 in the same period last year.
The Company’s gross revenues rose 35.1 per
cent for the nine months, to $352.6 million from
$260.9 million in the same months last year.
Costs and expenses were up 38.3 percent
through September this year to $338 million. In
the first nine months of 1979, costs and expenses
were $244.4 million.
The Air Transport Association reported total
domestic scheduled airline traffic decreased 4.8
percent through the first nine months of 1980.
The industry’s available seat miles were up 5.5
percent through September. The passenger load
factor for the domestic carriers was 58.4 percent
for this first nine months of this year as com
pared to 64.7 percent for the same period of
New general aviation officers named
Piedmont’s General Aviation Group President
R. S. Northington has announced three new
J. A. Taylor has been named vice president-
aviation services and C. E. Culler was appointed
assistant vice president-aircraft services, for the
General Aviation Group. W. D. Gardner has
been named vice president — Piedmont Piper
A native of Forsyth County, N. C., Taylor
joined Piedmont as a line serviceman in 1957.
Since then he has been manager-warranty claims
and manager — parts department. Immediately
prior to this promotion Taylor was director-
engine services for the General Aviation Group.
A graduate of Walkertown High School, Taylor
attended Forsyth Technical Institute. He is
married to the former Mary Downs. They have
two sons and a daughter.
Culler, one of the Company’s “original”
employees, started his Piedmont career as a
mechanic in 1940. Since that time he has been
chief mechanic and service manager. Prior to
this latest promotion Culler was the General
Aviation Group’s director of aircraft services.
Culler was born in P^orsyth County, N. C. and
graduated from Mineral Springs High School.
He served as a mechanic and liaison pilot with
the U. S. Army Air Force from 1944-1946. In
(continued on page two)
Piedmont Piper Sales
assistant vice president
General Aviation Group
vice president—aviation services
General Aviation Group