Newspapers / Piedmont Aviation Employee Newsletter / Jan. 30, 1989, edition 1 / Page 3
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3 On behalf of USAir, Dave Shipley, assistant vice president-public relations (2nd from left) accepts from Air Transport World the magazine’s award for Outstanding Financial Management. Also pictured (1 to r) is Perry Flint, finance editor of ATW; the recipient of the award for 1987 C.S. Chew, of Singapore Airlines; and Jim Woolsley, editor of ATW. ATW names USAir most fiscally fit USAir has been named winner of Air Transport World magazine’s award for outstanding financial management. TTie airline was honored for “demon strated sound conservative fiscal man agement” during an awards luncheon inNew York City attended by many domestic and international airline and aerospace chief executive officers and senior managers. The editors oiAir Transport World specifically noted the ability of USAir’s parent firm, USAir Group, to borrow $2billion to finance the acquisitions of Pacific Southwest Airlines (PSA) and Piedmont Airlmes. “Reflecting investor confidence in the USAir-Piedmont combination, the airline was able to launch a successful offering Paychecks now issued Fridays Effective January 20, all USAir employ ees with the exception of pilots and flight attendants, began to receive their paychecks on Friday of the week pay checks are issued, rather than on Thursday. Employees with Credit Union Aerodraft accounts now have their deposits posted on the Thursday evening preceding the Friday payday. Pilots and flight attendants will con tinue to be issued their paychecks for receipt on the 15th and 30th of each month, as provided in the applicable union contracts. According to the financial depart ment, this change was required to provide the payroll department adequate time to process payroll information correctly and distribute the checks in a timely manner. TTie issuance of checks for Friday delivery is consistent with existing provisions of the corporate policy manual and applicable personnel policy guides and union contracts. of 11 million shares in 1987, using the proceeds to pay off $505 million of the $2 billion loan,” the magazine noted. “A further $4(X) million was paid off later that year and an additional $150 million in equity raised through the conversion of debt.” Air Transport World concluded: “The sound financial base of USAir has been restored, in near record time, and the airline has acquired the ‘critical mass’ necessary to ensure its survival in the era of the megacarriers.” ^ Piedmont system performance December performance figures: on-time departures 77 percent; on time arrivals 71 percent; both numbers are below goal by 3 and 2 points, respectively. The drop in performance is primarily a result of bad weather experienced throughout the system during the Christmas period coupled with heavy seasonal traffic complications. However, 1988 closed out with the best annual arrival performance on record. Congratulations to everyone! ■ Departures E3 Arrivals 1981 1982 1983 1984 1985 1986 1987 1988 1988 performance represents percentage of fligtits that arrived and departed wittiin 14 minutes of sched ule; performance during all other years was recorded under a 15-minute standard for arrivals /departures. THREE
Piedmont Aviation Employee Newsletter
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Jan. 30, 1989, edition 1
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