Exhibit 99.1
CONTACT: Investor Relations
404-715-6679
Corporate Communications
404-715-2554
DELTA AIR LINES REPORTS RESULTS FOR MARCH 2006 QUARTER
ATLANTA, May 11, 2006 -- Delta Air Lines (Other OTC: DALRQ) today reported
results for the quarter ended March 31, 2006. Key points include:
o DELTA'S FIRST QUARTER NET LOSS WAS $2.1 BILLION. EXCLUDING
REORGANIZATION AND SPECIAL ITEMS, THE FIRST QUARTER NET LOSS WAS $356
MILLION. (1,2)
o IN APRIL, DELTA REACHED A TENTATIVE AGREEMENT WITH ITS PILOT UNION ON
CONTRACTUAL CHANGES DESIGNED TO DELIVER $280 MILLION IN AVERAGE ANNUAL
PILOT LABOR COST SAVINGS.
o AS OF MARCH 31, 2006, DELTA HAD $3.4 BILLION IN CASH AND CASH
EQUIVALENTS, OF WHICH $2.4 BILLION WAS UNRESTRICTED.
Delta reported a net loss of $2.1 billion in the first quarter of 2006,
compared to a net loss of $1.1 billion in the first quarter of 2005. Excluding
the reorganization and special items described below, the net loss was $356
million in the first quarter of 2006 compared to a net loss of $684 million in
the first quarter of 2005.
Delta expects to file its Monthly Operating Report for March 2006 with
the U.S. Bankruptcy Court by May 15, 2006. In that report, the company will
report a net loss of $1.6 billion for the month. Excluding reorganization and
special items, the March 2006 net loss was $6 million.
"While continued losses clearly are unacceptable, Delta's financial
performance for the quarter was in line with expectations, especially in light
of fast-rising fuel prices," said Gerald Grinstein, Delta's chief executive
officer. "Despite these higher fuel costs, however, our company succeeded in
reducing the first quarter operating loss by nearly fifty percent year-over-year
- -- evidence that Delta's plan is on-track. I am extremely grateful to Delta
people for their participation and their commitment to the hard work still ahead
as we build a strong, lean, competitive airline with a long-term future."
AGREEMENT WITH ALPA
On April 14, 2006, Delta announced that it reached a tentative
comprehensive agreement with the Air Line Pilots Association, its pilot union,
on contractual changes designed to deliver $280 million in average annual pilot
labor cost savings through a combination of changes to wages, benefits and work
rules. The tentative agreement is subject to ratification by Delta's pilots. The
results of the ratification vote are expected on May 31, 2006. In addition to
pilot ratification, the agreement is subject to approval by the U.S. Bankruptcy
Court.
FINANCIAL PERFORMANCE
Excluding special items, first quarter operating revenues increased by
$202 million or 5.5 percent, compared to the first quarter of 2005, despite an
8.6 percent decrease in capacity. Excluding special items, passenger unit
revenues increased 15.2 percent compared to the March 2005 quarter and a 12.4
percent improvement in yields drove the increase in passenger unit revenues. The
load factor for the first quarter was 76.2 percent, a 1.9 point increase as
compared to the first quarter of 2005.
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Page 2
Excluding special items, operating expenses for the first quarter
decreased 1.2 percent from the corresponding period in the prior year, despite a
fuel expense increase of $266 million attributable to higher fuel prices.(3)
Delta's average fuel price for the first quarter of 2006 was $1.86 per gallon,
compared to $1.42 per gallon in the prior year quarter. Excluding fuel and
special items, mainline unit costs decreased 1.0 percent.(4)
The March 2006 quarter includes $1.7 billion in non-cash charges for
reorganization and special items. Including those items, Delta's first quarter
operating revenues increased by $13 million or 0.4 percent; passenger unit
revenues increased 12.5 percent; yields increased 9.7 percent; operating
expenses decreased 9.8 percent; and mainline unit costs decreased 5.8 percent,
compared to the March 2005 quarter.
"Our business plan initiatives to improve unit revenue performance,
optimize our fleet, and reduce costs resulted in more than a half billion dollar
impact to this quarter's financial results," said Edward H. Bastian, Delta's
executive vice president and chief financial officer. "While we are encouraged
by the results of our restructuring efforts, we still have a great deal of hard
work ahead for Delta's turnaround to be successful."
LIQUIDITY
At March 31, 2006, the company had $3.4 billion in cash and cash
equivalents, of which $2.4 billion was unrestricted. Capital expenditures for
the quarter were $92 million. At March 31, 2006, Delta was in compliance with
all of the financial covenants in its post-petition financing arrangements.
During the March 2006 quarter, Delta received approval from the lenders
of its $1.9 billion debtor-in-possession (DIP) credit facility to amend and
restate that facility. The revised credit facility reduced Delta's interest rate
on the three term loans making up the facility, resulting in annual interest
savings of more than $30 million. Delta also reduced the interest rate for its
post-petition financing from American Express Travel Related Services Company,
Inc.
Also during the March 2006 quarter, Delta completed a letter of credit
facility with Merrill Lynch that allows the company to utilize up to $300
million in cash that would normally be held in reserve by Delta's
Visa/MasterCard processor.
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REORGANIZATION AND SPECIAL ITEMS(5)
In the first quarter of 2006, Delta recorded $1.7 billion in non-cash
charges for reorganization items and accounting adjustments. These items are:
o a $1.4 billion charge for reorganization items, primarily
reflecting estimated pre-petition bankruptcy claims for the
restructuring of financing arrangements for 124 mainline
aircraft.
o a $310 million net charge for three accounting adjustments:
- A $112 million charge in landing fees and other
rents, resulting from historical differences
primarily associated with recording rent expense at
Delta's JFK facility based on actual rent payments
instead of on a straight-line basis over the lease
term.
- A $108 million net charge related to the sale of
mileage credits under the SkyMiles(R) frequent flyer
program, which is comprised of an $83 million
decrease in passenger revenues, a $106 million
decrease in other, net operating revenues, and an $81
million decrease in other operating expenses.
- A $90 million charge in salaries and related costs to
adjust an accrual for postemployment healthcare
benefits.
In the first quarter of 2005, Delta recorded $387 million in charges
for special items, including (1) a $453 million charge related to employee
initiatives under Delta's 2004 Transformation Plan, (2) a $68 million charge
related to the company's defined benefit pension plan for pilots, and (3) a $10
million charge related to aircraft retirements. These charges were offset by a
$144 million benefit from a reduction in Delta's required deferred income tax
asset reserve.
OTHER MATTERS
Included with this press release are Delta's Consolidated Statements of
Operations for the three months ended March 31, 2006; a statistical summary for
that period; selected balance sheet data as of March 31, 2006 and December 31,
2005; and a reconciliation of certain GAAP to non-GAAP financial measures. The
Consolidated Statements of Operations show Delta's net loss as reported under
GAAP, as well as Delta's net loss excluding reorganization and special items.
ABOUT DELTA
Delta Air Lines is one of the world's fastest growing international
carriers with more than 50 new international routes added or announced in the
last year. Delta offers flights to 447 destinations in 96 countries on Delta,
Delta Shuttle, the Delta Connection carriers and its worldwide partners. In
summer 2006, Delta plans to offer customers more destinations and departures
between the U.S., Europe, India and Israel than any global airline*, including
service on 11 new transatlantic routes from its Atlanta and New York-JFK hubs.
Delta also is a major carrier to Mexico, South and Central America and the
Caribbean, with nearly 40 routes announced, added or applied to serve since Jan.
1, 2005. Delta's marketing alliances also allow customers to earn and redeem
SkyMiles on more than 14,000 flights offered by SkyTeam and other partners.
Delta is a founding member of SkyTeam, a global airline alliance that provides
customers with extensive worldwide destinations, flights and services. Customers
can check in for flights, print boarding passes and check flight status at
delta.com.
* From the U.S., based on July 2006 OAG.
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ENDNOTES
- --------------------
(1) Note 1 to the attached Consolidated Statements of Operations shows a
reconciliation of Delta's net loss reported under accounting principles
generally accepted in the United States (GAAP) to the net loss excluding
reorganization and special items, as well as reconciliations of other financial
measures including and excluding reorganization and special items. Delta
excludes reorganization and special items because the exclusion of these items
is helpful to investors to evaluate the company's recurring operational
performance. The special items for the first quarter of 2006 relate to
accounting adjustments, which are described in this press release.
(2) Reorganization items refers to revenues, expenses, gains or losses that are
realized or incurred by us that are due to our reorganization under Chapter 11
of the U.S. Bankruptcy Code. In accordance with GAAP, these items are required
to be separately classified in the Consolidated Statements of Operations.
(3) Includes the impact of fuel price increases reflected in both fuel expense
and contract carrier arrangements in the Consolidated Statements of Operations.
(4) Delta presents mainline unit costs excluding fuel expense and special items
because management believes (a) high fuel prices during the March 2006 quarter
mask the progress the Company achieved toward its business plan targets and (b)
the exclusion of the special items is helpful to investors to evaluate the
Company's recurring operational performance.
(5) Delta believes that the three accounting adjustments recorded in the first
quarter of 2006, considered individually and in the aggregate, are not material
to its Consolidated Financial Statements for each of the three years in the
period ended December 31, 2005 and will not be material to its Consolidated
Financial Statements as of and for the year ended December 31, 2006. Additional
detail on reorganization and special items recorded in the first quarter of 2006
will be available in Delta's Form 10-Q for the quarter ended March 31, 2006, to
be filed with the Securities and Exchange Commission.
Statements in this news release that are not historical facts,
including statements regarding our estimates, expectations, beliefs, intentions,
projections or strategies for the future, may be "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and uncertainties that
could cause actual results to differ materially from the estimates,
expectations, beliefs, intentions, projections and strategies reflected in or
suggested by the forward-looking statements. These risks and uncertainties
include, but are not limited to, the actions and decisions of our creditors and
other third parties with interests in our Chapter 11 proceedings; our ability to
obtain court approval with respect to motions in the Chapter 11 proceedings
prosecuted from time to time; our ability to develop, prosecute, confirm and
consummate one or more plans of reorganization with respect to the Chapter 11
proceedings and to consummate all of the transactions contemplated by one or
more such plans of reorganization or upon which consummation of such plans may
be conditioned; risks associated with third parties seeking and obtaining court
approval to terminate or shorten the exclusivity period for us to propose and
confirm one or more plans of reorganization, to appoint a Chapter 11 trustee or
to convert the cases to Chapter 7 cases; our ability to obtain and maintain
normal terms with vendors and service providers; our ability to maintain
contracts that are critical to our operations; our ability to maintain adequate
liquidity to fund and execute our business plan during the Chapter 11
proceedings and in the context of a plan of reorganization and thereafter; our
ability to comply with financial covenants in our financing agreements; labor
issues, including our ability to reduce our pilot labor costs to the level
called for by our business plan and possible strikes or job actions by unionized
employees; our ability to implement our business plan successfully; the cost of
aircraft fuel; pension plan funding obligations; interruptions or disruptions in
service at one of our hub airports; our increasing dependence on technology in
our operations; our ability to retain management and key employees;
restructurings by competitors; the effects of terrorist attacks; and competitive
conditions in the airline industry.
Additional information concerning risks and uncertainties that could
cause differences between actual results and forward-looking statements is
contained in Delta's Securities and Exchange Commission filings, including its
Form 10-K, filed on March 27, 2006.
The risks and uncertainties and the terms of any reorganization plan
ultimately confirmed can affect the value of our various pre-petition
liabilities, common stock and/or other securities. No assurance can be given as
to what values, if any, will be ascribed in the bankruptcy proceedings to each
of these liabilities or securities.
We believe that our currently outstanding common stock will have no
value and will be canceled under any plan of reorganization we propose, and that
the value of our various pre-petition liabilities and other securities is highly
speculative. Accordingly, we urge that caution be exercised with respect to
existing and future investments in any of these liabilities and/or securities.
Investors and other interested parties can obtain information about Delta's
Chapter 11 filing on the Internet at delta.com/restructure. Court filings and
claims information are available at deltadocket.com. Caution should be taken not
to place undue reliance on Delta's forward-looking statements, which represent
Delta's views only as of May 11, 2006, and which Delta has no current intention
to update.
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DELTA AIR LINES, INC.
DEBTOR AND DEBTOR-IN POSSESSION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31
--------------------------- PERCENT
(IN MILLIONS) 2006 2005 CHANGE
--------------------------------------
OPERATING REVENUES:
Passenger:
Mainline $ 2,572 $ 2,649 -2.9%
Regional affiliates 858 690 24.3%
Cargo 123 132 -6.8%
Other, net 166 235 -29.7%
--------------------------------------
Total operating revenues 3,719 3,706 0.4%
OPERATING EXPENSES:
Salaries and related costs 1,166 1,411 -17.4%
Aircraft fuel 929 884 5.1%
Depreciation and amortization 301 313 -3.8%
Contracted services 261 272 -4.0%
Contract carrier arrangements (a) 609 204 198.5%
Landing fees and other rents 292 215 35.8%
Aircraft maintenance materials and outside repairs 196 177 10.7%
Aircraft rent 95 143 -33.6%
Passenger commissions and other selling expenses 212 251 -15.5%
Passenger service 71 84 -15.5%
Restructuring, asset write downs, pension settlements,
and related items, net 9 531 -98.3%
Other 63 178 -64.6%
--------------------------------------
Total operating expenses 4,204 4,663 -9.8%
--------------------------------------
OPERATING LOSS (485) (957) -49.3%
--------------------------------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest expense equals
$309 for three months ended March 31, 2006) (214) (268) -20.1%
Interest income 12 14 -14.3%
Miscellaneous expense, net -- (4) NM
--------------------------------------
Total other expense, net (202) (258) -21.7%
--------------------------------------
LOSS BEFORE REORGANIZATION ITEMS, NET (687) (1,215) -43.5%
REORGANIZATION ITEMS, NET (1,403) -- NM
--------------------------------------
LOSS BEFORE INCOME TAXES (2,090) (1,215) 72.0%
INCOME TAX BENEFIT 21 144 -85.4%
--------------------------------------
NET LOSS (2,069) (1,071) 93.2%
PREFERRED STOCK DIVIDENDS (2) (5) -60.0%
--------------------------------------
NET LOSS ATTRIBUTABLE TO COMMON
SHAREOWNERS $ (2,071) $ (1,076) 92.5%
======================================
NET LOSS EXCLUDING REORGANIZATION AND SPECIAL ITEMS $ (356) $ (684) -48.0%
======================================
OPERATING MARGIN -13.0% -25.8% 12.8 pts
======================================
(a) Includes the expenses under our contract carrier agreements with Chautauqua
Airlines, Inc. and Sky West Airlines, Inc. for all periods presented, and
Atlantic Southeast Airlines, Inc., Freedom Airlines, Inc., and Shuttle America
Corporation for the March 2006 quarter.
Page 6
DELTA AIR LINES, INC.
DEBTOR AND DEBTOR-IN POSSESSION
STATISTICAL SUMMARY
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31
--------------------------- PERCENT
2006 2005 CHANGE
--------- --------- ----------
CONSOLIDATED:
Revenue Passenger Miles (millions) (a) 26,384 28,176 -6.4%
Available Seat Miles (millions) (a) 34,602 37,877 -8.6%
Passenger Mile Yield (a) 13.00 cents 11.85 cents 9.7%
Operating Revenue Per Available Seat Mile (a) 10.75 cents 9.79 cents 9.8%
Passenger Revenue Per Available Seat Mile (a) 9.91 cents 8.81 cents 12.5%
Operating Cost Per Available Seat Mile (a) 12.15 cents 12.31 cents -1.3%
Operating Cost Per Available Seat Mile - excluding special items
- see Note 1 (a) 11.80 cents 10.91 cents 8.2%
Operating Cost Per Available Seat Mile - excluding fuel expense
and special items - see Note 1 (a) 9.12 cents 8.58 cents 6.3%
Passenger Load Factor (a) 76.25% 74.39% 1.9 pts
Breakeven Passenger Load Factor (a) 87.03% 95.71% -8.7 pts
Breakeven Passenger Load Factor - excluding special items- see
Note 1 (a) 80.15% 83.88% -3.7 pts
Passengers Enplaned (thousands) (a) 25,531 29,230 -12.7%
Fuel Gallons Consumed (millions) 500 624 -19.9%
Average Price Per Fuel Gallon, net of hedging gains $1.86 $1.42 31.0%
Number of Aircraft in Fleet, End of Period 638 841 -24.1%
Full-Time Equivalent Employees, End of Period 53,735 66,500 -19.2%
MAINLINE:
Revenue Passenger Miles (millions) 22,481 24,485 -8.2%
Available Seat Miles (millions) 29,428 32,461 -9.3%
Operating Cost Per Available Seat Mile 11.12 cents 11.80 cents -5.8%
Operating Cost Per Available Seat Mile - excluding special
items - see Note 1 10.71 cents 10.17 cents 5.3%
Operating Costs Per Available Seat Mile - excluding fuel expense
and special items - see Note 1 7.82 cents 7.90 cents -1.0%
Number of Aircraft in Fleet, End of Period 469 535 -12.3%
(a) Includes the operations under our contract carrier agreements
with Chautauqua Airlines, Inc. and SkyWest Airlines, Inc. for all
periods presented; and Atlantic Southeast Airlines, Inc., Freedom
Airlines, Inc., and Shuttle America Corporation for the March 2006
quarter.
Page 7
DELTA AIR LINES, INC.
DEBTOR AND DEBTOR-IN POSSESSION
SELECTED BALANCE SHEET DATA
(IN MILLIONS)
MARCH 31, DECEMBER 31,
-------------- --------------
2006 2005
-------------- --------------
(Unaudited)
Cash and cash equivalents(1) $ 2,429 $ 2,008
Restricted cash, including noncurrent 991 928
Total assets 20,558 20,039
Total debt and capital leases, including current maturities 7,956 7,743
Total liabilities subject to compromise 18,695 17,380
Total shareowners' deficit (11,663) (9,895)
</Table>
(1) Cash and cash equivalents as of March 31, 2006 includes $174 million which
is set aside for payment of certain operational taxes and fees to various
governmental authorities.
Page 8
NOTE 1: THE FOLLOWING TABLES SHOW RECONCILIATION OF CERTAIN FINANCIAL MEASURES
ADJUSTED FOR THE ITEMS SHOWN BELOW.
<Table>
<Caption>
THREE MONTHS ENDED ONE MONTH ENDED
MARCH 31, MARCH 31,
---------------------------------- -----------------
(in millions) 2006 2005 2006
------------- ------------ -----------------
NET LOSS ($2,069) ($1,071) ($1,560)
Items excluded:
Pension and related charges -- 521 --
Aircraft charges -- 10 --
Accounting adjustments 310 -- 310
Reorganization items, net 1,403 -- 1,244
Deferred Tax reserve -- (144) --
------------- ------------ ---------
Total items excluded 1,554
1,713 387
------------- ------------ ---------
NET LOSS EXCLUDING REORGANIZATION AND SPECIAL ITEMS ($ 356) ($ 684) ($6)
============= ============ =========
(in millions)
OPERATING REVENUES $3,719 $3,706
Items excluded:
Accounting adjustments 189 --
------------- ------------
Total items excluded
189
------------- ------------
OPERATING REVENUES EXCLUDING SPECIAL ITEMS $3,908 $3,706
============= ============
PASSENGER UNIT REVENUES 9.91 cents 8.81 cents
Items excluded:
Accounting adjustments 0.24 --
------------- ------------
Total items excluded 0.24 --
------------- ------------
PASSENGER UNIT REVENUES EXCLUDING SPECIAL ITEMS 10.15 cents 8.81 cents
============= ============
PASSENGER MILE YIELD 13.00 cents 11.85 cents
Items excluded:
Accounting adjustments 0.32 --
------------- ------------
Total items excluded 0.32 --
------------- ------------
PASSENGER MILE YIELD EXCLUDING SPECIAL ITEMS 13.32 cents 11.85 cents
============= ============
(in millions)
OPERATING EXPENSES $4,204 $4,663
Items excluded:
Pension and related charges -- (521)
Accounting adjustments (121) --
Aircraft charges -- (10)
------------- ------------
Total items excluded
(121) (531)
------------- ------------
OPERATING EXPENSES EXCLUDING SPECIAL ITEMS $4,083 $4,132
============= ============
Page 9
<Table>
<Caption>
THREE MONTHS ENDED
MARCH 31,
-------------------------------
2006 2005
------------ ----------
(in millions)
MAINLINE OPERATING EXPENSES $3,273 $3,831
Items excluded:
Pension and related charges -- (521)
Accounting adjustments (121) --
Aircraft charges -- (10)
----------- ----------
Total items excluded
(121) (531)
----------- ----------
MAINLINE OPERATING EXPENSES EXCLUDING SPECIAL ITEMS $3,152 $3,300
----------- ----------
Fuel expense (851) (734)
----------- ----------
MAINLINE OPERATING EXPENSES EXCLUDING FUEL EXPENSE AND SPECIAL ITEMS $2,301 $2,566
=========== ==========
UNIT COST 12.15 cents 12.31 cents
Items excluded:
Pension and related charges -- (1.37)
Accounting adjustments (0.35) --
Aircraft charges -- (0.03)
----------- ----------
Total items excluded (0.35) (1.40)
----------- ----------
UNIT COST EXCLUDING SPECIAL ITEMS 11.80 cents 10.91 cents
----------- ----------
Fuel expense (2.68) (2.33)
----------- ----------
UNIT COST EXCLUDING FUEL EXPENSE AND SPECIAL ITEMS 9.12 cents 8.58 cents
=========== ==========
MAINLINE UNIT COST 11.12 cents 11.80 cents
Items excluded:
Pension and related charges -- (1.60)
Accounting adjustments (0.41) --
Aircraft charges -- (0.03)
----------- ----------
Total items excluded (0.41) (1.63)
----------- ----------
MAINLINE UNIT COST EXCLUDING SPECIAL ITEMS 10.71 cents 10.17 cents
----------- ----------
Fuel expense
(2.89) (2.27)
----------- ----------
MAINLINE UNIT COST EXCLUDING FUEL EXPENSE AND SPECIAL ITEMS 7.82 cents 7.90 cents
=========== ==========
BREAKEVEN PASSENGER LOAD FACTOR 87.03% 95.71%
Items excluded:
Pension and related charges -- (11.61)
Accounting adjustments (6.88) --
Aircraft charges -- (0.22)
----------- ----------
Total items excluded
(6.88) (11.83)
----------- ----------
BREAKEVEN PASSENGER LOAD FACTOR EXCLUDING SPECIAL ITEMS 80.15% 83.88%
=========== ==========
</Table>
<Table>
<Caption>
THREE
MONTHS ENDED
CAPITAL EXPENDITURES MARCH 31,
(in millions) 2006
- ------------------------------------------------------------------------- -----------------
Cash used by investing activities - GAAP
Flight equipment additions $63
Ground property & equipment additions 29
-----------------
Capital expenditures $92
=================
</Table>
NOTE 2: MARCH 2006 QUARTER TRAFFIC, CAPACITY, LOAD FACTOR, YIELD AND UNIT
REVENUE VS. MARCH 2005 QUARTER (EXCLUDING THE IMPACT OF REORGANIZATION AND
SPECIAL ITEMS)
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------
Year-Over-Year Change
- ----------------------------------------------------------------------------------------------------------------------
North America Atlantic Latin America Pacific
- ----------------------------------------------------------------------------------------------------------------------
Traffic (10.1)% 0.3% 24.6% 7.4%
- ----------------------------------------------------------------------------------------------------------------------
Capacity (13.6)% 3.3% 27.1% 0.1%
- ----------------------------------------------------------------------------------------------------------------------
Load Factor 3.0 pts (2.2) pts (1.5) pts 5.9 pts
- ----------------------------------------------------------------------------------------------------------------------
Yield 15.0% 4.6% 3.8% (1.4)%
- ----------------------------------------------------------------------------------------------------------------------
Passenger Unit Revenue 19.7% 1.5% 1.7% 5.8%
- ----------------------------------------------------------------------------------------------------------------------
</Table>
Page 10
NOTE 3: 2006 GUIDANCE
<Table>
<Caption>
- --------------------------------------------------------------------------------
2Q 2006 Full Year 2006
- --------------------------------------------------------------------------------
Capacity
System Down 7 -- 9% Down 6 - 8%
Domestic Down 15 -- 17% Down 13 -- 15%
International Up 18 -- 20% Up 18 -- 20%
- --------------------------------------------------------------------------------
</Table>
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