September/October, 1978 Vol. XXIX, No. 4 PIE is now on the NYSE September 25, 1978 is a date, like February 20, 1948, to be remembered by those interested in Piedmont Aviation, Inc. Like the first day of airline operations, it was a most excit ing day for the Company. Sep tember 25, 1978 was the day the common stock of Piedmont Avia tion, Inc. traded on the New York Stock Exchange for the first time. Seeing PIE flash across the ticker tape was every bit as thrilling as seeing the first jet take off in Piedmont’s colors. The pace of the transaction seemed even faster. In keeping with Wall Street tradition. Piedmont President T. H. Davis bought the first 100 shares of the Company’s stock. He and other Company officials were joined by New York Stock Exchange Chairman William Batten for the initial trade cere monies on the Exchange floor at 10:00 a.m. The first shares, which opened at 13-1/4, were issued to T. H. Davis, III, grand son of Piedmont’s President. PIE was the Exchange’s first stock trade of the day. While on the trading floor, the J Chairman of the New York Stock Exchange, William Batten, Piedmont President T. H. Davis, Special ist James Emrich, and T. H. Davis, Jr., examine ths tape of the first NYSE trade of PIE. _ Piedmont people met the special ist assigned to the Company’s stock. At post #8 where PIE is traded, specialist James Emrich of Scholl & Levin explained his function. He buys and sells stock based on orders from brokers or individuals who are members of the NYSE. Each company listed on the Big Board has a specialist in its stock. Most of the specialists handle several companies. Davis’ buy order for the first shares was placed by the brokerage firm Merrill Lynch, Pierce Fenner & Smith Incor porated. On the same day, Monday, September 25, 1978, the common stock of Piedmont Aviation, Inc. was also listed for trading on the Midwest Stock Exchange in Chicago. Piedmont’s stock was previously traded on the Over- The-Counter market. In listing on both exchanges, the stock will be accessible to a much broader market, enabling the Company to increase its shareholder base. The timing of the listings was most appropri ate at the mid-point in the 30th anniversary year of the Com pany’s airline operations. Fleet will change; new orders announced On August 22, 1978, the Company announced it had placed a $37 million order with the Boeing Company for four new Boeing 737 jet aircraft. The planes will be delivered between July, 1979 and March, 1980. In the fall of last year, Pied mont ordered three Boeing 737s for delivery between October, 1978 and March, 1979. The seven Boeing 737s on order will be deliv ered with wide-body interiors, configured for 112 passengers. The new planes will also meet the federal (FAR-36) noise level requirements. Pinehurst Airlines, an all-cargo carrier based in Pinehurst, North Carolina, has made a down payment on three of Piedmont’s YS-lls. The first of the three was delivered in September. They will get two more at the end of 1978. Pine hurst has an option for ten more of the YS-lls with delivery dates between the spring of 1979 and the fall of 1980. The remaining six YS-lls will be retained indefinitely for serving the Pied mont stations which are unable to accommodate jet equipment. Traffic records set in third quarter The third quarter, ending September 30, 1978, was the best trafi'ic quarter in the Com pany’s history. It topped the Company’s previ ous record three-month period set in the second quarter of this year. The middle month of the third quarter, August, stands as the all-time-high month for passenger boardings. Piedmont carried a total of 445,011 passengers during August, 1978. Revenue passenger miles were up 13.8 per cent for the July-through-September period, from 350,969,035 in 1977 to 399,294,307 this year. Passenger boardings rose 9.8 per cent for the three months, from 1,152,464 last year to 1,265,751 at the end of September, 1978. The passenger load factor for the July- through-September period was 58.97 per cent this year as compared to 54.82 per cent in 1977. For the first nine months of 1978, revenue passenger miles increased 12.4 per cent. There were 1,051,631,102 revenue passenger miles flown through September of this year as com pared to 935,969,721 during the same period last year. Passenger boardings for the nine months totalled 3,380,417, up 9 per cent over the 3,101,- 451 passengers carried during the first nine months of 1977. The passenger load factor for January through September, 1978 was 54.92 per cent. In the same period last year it was 51.87 per cent. When he announced the traffic statistics. Senior Vice President W. R. Howard said, “We are pleased with our traffic results thus far this year. Our third quarter earnings report will be released later this month.” WeVe putting Pittsburgh and Boston on the map Since July, when the Company applied for the Phoenix, Las Vegas and Denver routes out of Nashville and Knoxville, awards by the Civil Aeronautics Board have further expanded Pied mont’s horizons. Pittsburgh, Pennsylvania officially goes on our map of routes served on October 25, 1978 Piedmont will inaugurate its first service into the State of Pennsylvania from Roanoke with two well-timed, nonstop, round-trip flights which will be operated with Boeing 737 equip ment. Piedmont personnel will manage the customer service operations at Pittsburgh with help from Northwest on the ground handling. The Pacemakers will be replacing the service previously offered by Eastern Air Lines in the market. In mid-August, the CAB gave its final ap proval for Piedmont service to Boston, Massa chusetts. Plans are to implement the Boston authority on December 1 this year. Schedules, being finalized now, will include round-trip, non stop flights between Boston’s Logan Interna tional Airport and Richmond and Greensboro/ High Point/Winston-Salem. The Boston facili ties will be manned entirely by Piedmont personnel. The CAB announced, in mid-September, it is also granting Piedmont’s request for au thority to serve Dallas/Ft. Worth, Texas. This award was made under the Board’s new show- cause procedure which allows 30 days for public comments before a final order is issued. The inaugural date and schedules for this service have not been finalized. The initial schedules for DFW will include nonstop flights from Greensboro/High Point/ Winston-Salem and Raleigh/Durham and one- stop flights from Richmond and Norfolk. In additiovn to PIT, BOS and DFW, the CAB has granted exemption authority to Piedmont to provide one round trip between Columbia and Miami. At the same time, September 29, 1978, the Board issued a show cause order proposing to make Piedmont’s Columbia and Charleston to Miami exemption authority permanent with in 60-90 days. Plans for Columbia-Miami service have not yet been completed. Piedmont’s latest filing with the Board is a request for authority to provide service to Phila delphia. The Company is seeking nonstop authority to PHL from Norfolk, Richmond and Baltimore. Single-plane service is proposed from Raleigh/Durham, Greensboro/High Point/Win ston-Salem, Charleston (S. C.), Columbia and Nashville. The Company asked the CAB to award the Philadelphia authority under its expedited show cause procedure. Philadelphia is the leading off line destination from the majority of cities on Piedmont’s current system.