This focusing on feet leads to page
seven and more pictures of the latest
look worn by Piedmont flight at
tendants. Why start with footwear?
Shoe styles represent just one of
Vol. XXIX, No. 3
Records set in June and second quarter
April, May and June, 1978 made up the best
quarter in the Airline Division’s history.
The passenger load factor for June of this
year was 60.4 percent, the highest monthly
average in the past ten years. June was a record
month with passenger boardings at an all-time
high of 418,926. In addition, the last day of the
second quarter, Friday, June 30, was a record
day. Piedmont’s passenger boardings totalled
17,868 on the first day of the July 4 holiday
The July 4 holiday was the biggest week
end in commercial aviation history. More than
3 million people flew on the U. S. airlines. Many
carriers set traffic records.
Other traffic statistics for the second quarter
showed Piedmont’s revenue passenger miles
were up 12.5 percent for the April through
June period, from 328,157,434 in 1977 to 369,-
091,885 this year. Passenger boardings rose
9.2 percent for the three-month period, from
1,086,771 last year to 1,186,971 at the end of
June, 1978. The passenger load factor for the
April through June period was 57.4 percent.
For the first six months of 1978, revenue
passenger miles increased 11.5 percent. There
were 652,336,795 revenue passenger miles flown
through June of this year as compared to 585,-
000,686 during the same period last year. Pas-
soon will be listed
on the Big Board
The common stock of Piedmont Aviation,
Inc. has been cleared for listing on the New
York Stock Exchange.
Final approval and actual trading on the
NYSE is expected by mid-September. The Com
pany’s stock is currently traded on the Over-the-
Piedmont Aviation, Inc.’s common stock was
publically traded for the first time in 1947, just
before the Airline Division was formed.
A recent profile of Piedmont’s stockholders
shows the Company’s owners live in 48 states
and a number of foreign countries. At the end
of 1977, there were 7,350 stockholders and a
total of 2,457,579 common shares outstanding.
In commenting on the pending listing of
Piedmont’s stock. President T. H. Davis said,
“We are delighted that we’ll soon be on the Big
Board. Our stock, which has been trading
recently for about $12 a share, will be accessible
to a broader market, enabling us to increase our
shareholder base. The timing is also most ap
propriate now at the mid-point in the 30th an
niversary year of our airline operations.”
senger boardings for the first half of 1978
totalled 2,114,666, up 8.5 percent over the 1,948,-
987 passengers carried during the first six
months of 1977. The passenger load factor for
January through June, 1978 was 52.8 percent.
For the first half of last year, it was 50.3 per
Piedmont Aviation, Inc. reported record pre
tax income for the second quarter of $4,024,081.
This is an increase of 16.9 percent over the
$3,443,284 pretax income in the same period last
The Company’s eff'ective income tax rate
was substantially lower in 1977 than in 1978
due to the availability of investment tax credits.
The higher tax rate in 1978 reduced net income
after taxes to $2,343,624, or 87 cents per share
in the second quarter of 1978 as compared to
$2,916,506, or $1.15 per share in 1977.
Gross revenues rose 15.2 percent from $57.4
million in the second quarter of 1977 to $66
million this year. Costs and expenses were $62
million for the April through June period this
year, up 15 percent from $53.9 million in the
comparable period last year.
During the first half of 1978, the Company
had net income of $1,778,284, up .2 percent
from $1,775,090 in the same period last year.
The Company’s gross revenues for the first half
of this year were up 22 percent to $125 million
from $102.5 million during the same months
of 1977. Costs and expenses rose 23.3 percent
for the January through June period this year
to $122 million. For the same period of 1977,
costs and expenses totalled $100.6 million.
In announcing the second quarter results.
Senior Vice President T. W. Morton said, “The
reduction in the investment tax credits avail
able during the second quarter of this year as
compared to last year brought about a drop in
net income after taxes but the sharp gain in
pretax earnings is very encouraging. We believe
1978 will be among the best years in our
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 June.
Payable September 1, 1978 to stockholders
of record on August 15, 1978, this is the 18th
cash dividend to be paid by the Company. It
will be the third quarterly dividend paid in 1978,
bringing the total payments to shareholders to
18 cents per share this year.
Reynolds promoted in maintenance changes
Vice President H. M. Cartwright has an
nounced an organizational realignment to
strengthen and improve the effectiveness of
the maintenance and engineering departments.
The changes were effective in mid-July.
George A. Reynolds was appointed to the
newly created position of staff vice president-
maintenance and engineering.
A native of Bishopville, South Carolina,
Reynolds is a mechanical engineering graduate
of the University of South Carolina. He also
George A. Reynolds
staff vice president
holds an airframe and power plant mechanic’s
license from Embry Riddle. Before joining Pied
mont, Reynolds worked for Southeast Airlines
and the South Carolina Electric and Gas Com
pany. Since he came to the airline as an
engineer in 1964, Reynolds has been superin
tendent of engineering and director of avionics.
Immediately prior to being named staff vice
president, Reynolds was director of mainten
The following personnel now report to Rey
nolds; L. M. Gould, senior director-engineering
and staff services; A. A. Lenderman, director
of avionics; C. T. Ayers, director-production
control; G. F. Hendrix, director of line main-
tenance-outside stations; H. N. Wilson, director
of line maintenance-INT; R. G. Oliver, director-
shop maintenance; and R. E. Wall, maintenance
Reynolds reports directly to Cartwright. Al
so reporting to Cartwright are J. W. Johnson,
director of power plant performance; W. F.
Davis, director of business aircraft mainten
ance; R. S. Macklin, technical assistant to the
vice president of maintenance and engineering;
and W. B. Sparks, assistant superintendent of