Word: 747s
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Dates: during 1970-1979
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...Hope buys back American POWs from North Vietnam in exchange for two Boeing 747s (with coach lounge and piano bar), 500 crates of Gatorade and Dick Hyland. On opposite page, HOPE, JILL ST. JOHN, HENRY KISSINGER, DANIEL ELLSBERG and JULIE NIXON EISENHOWER board plane on way to entertain U.S. troops in Dacca...
Carlson also has taken a lead in cost cutting, largely by reducing his orders for superjets. He trimmed United's orders for DC-10 jets from 30 to 22, and postponed delivery of some 747s. Savings: $160 million. "I'd rather be a lit tle behind in the equipment race than too soon," he says. He also pared payrolls 10%, eliminating 6,000 employees through attrition or layoff...
...hardest decisions that Halaby faces involve cutting Pan Am's elephantine overhead costs. The line is paying interest rates as high as 11¼% to finance its 747s. Pan Am has a poor 54% passenger break-even load factor v. 48% for TWA. Salvation through the merger route is improbable, as Halaby now concedes. What healthy domestic line would want to team up with a troubled giant? The chance of Government help is also a long shot, mostly because of congressional opposition. The CAB could award Pan Am some domestic feeder routes, but most domestic runs are already overcrowded...
...Halaby is in a race against time. As the economy gains speed, air travel is certain to pick up. Last week Pan Am officials announced a 1.5% rise over 1970 in passenger revenue miles for the month of September. This year depreciation write-offs on Pan Am's 747s and an $80 million sale-and-lease-back arrangement with the Port of New York Authority on a maintenance facility at New York's Kennedy Airport will probably hold losses down close to last year's level. Halaby has also pledged to improve marketing and service...
...himself during landing procedures by referring to a Honeywell computer on board that shows exactly what the aircraft will do next. Superjet engines, while three times more powerful than those of standard jets, are quieter, more pollution-free and more efficient. Meals served aboard the DC-10, some 747s and Lockheed's forthcoming L-1011 are stored and warmed in a galley located below the passenger level, in the plane's cargo hold. When the food is ready for serving, a stewardess will put it on electric elevators connecting the two levels. Among the most important new superjets...