Chautauqua Posts Record Third Quarter Earnings.INDIANAPOLIS--(BUSINESS WIRE)--Nov. 18, 1998--Indianapolis-based Chautauqua Airlines Inc., an independent airline providing service as a US Airways Express US Airways Express is an airline brand name, rather than a fully certificated airline, and as such, the US Airways Express name is used by several individually owned airlines or airline holding companies which provide regional airline and commuter service for US Airways. in the northeast and midwest United States, reported unaudited financial results for the third quarter ended Sept. 30, 1998. Chautauqua Chau`tau´qua 1. a meeting, usually held in the summer outdoors or under a temporary tent, providing public lectures combined with entertainment such as concerts and plays. It originated in the village of Chautauqua, N. Y. reported a record operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $3,751,824 after employee profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of , and a net income of $2,090,017 (unaudited) for the quarter ended Sept. 30, 1998 on revenue of $22,081,203. This is an improvement of 96 percent compared to operating profit of $1,913,737 and 103 percent compared to the net earnings of $1,031,884 in the third quarter of 1997. The 1998 load factor continues to run well ahead of 1997 with a 12 percent increase for a load factor of 56 percent in the current quarter as compared to 50 percent in the quarter ended Sept. 30, 1997. Operating revenues in the quarter increased $1,644,896 or 8 percent compared to the third quarter of 1997. Chautauqua President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ed Wegel, said, "The results of the third quarter clearly indicates our multifaceted strategy for increasing traffic and revenue in order to improve our bottom line, is working. We expect revenue growth to continue in the months ahead with full implementation of our new marketing programs. As well, our new pilots contract, which was overwhelmingly ratified on Nov. 13, provides us now with the ability to efficiently grow our airline and take advantage of new opportunities." Significant events in the third quarter included: -- record operating revenue of $22,081,203 -- record operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $3,751,824 -- record net income of $2,090,017 -- three aircraft added to fleet bringing total to 32 -- started Hagerstown - Newark and Harrisburg - Newark service Chautauqua Airlines, with hubs in Indianapolis and Pittsburgh, was recently purchased by Wexford Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a diversified investment company Diversified investment company An investment vehicle such as a mutual fund that invests in an assortment of securities. . It is one of nine US Airways Express carriers, with a fleet of 32 aircraft operating 233 daily flights to 25 communities in the Northeast and Midwest. Through its marketing affiliation with US Airways, Chautauqua customers receive through fares, reservations and ticketing services, advance seat assignments and checked baggage to their final destination. Members of US Airways Dividend Miles program earn a minimum of 500 miles for every US Airways and US Airways Express flight they take. Chautauqua operates 13 state-of-the-art Saab 340 and 19 J-31 British Aerospace aircraft. |
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