Word: ericksons
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...booming quarterly earnings report, increasing revenues more than 12% to almost $1 billion, including a nearly fourfold jump in earnings to over $25 million. It was a miraculous return from Chapter 11 bankruptcy in just a year's time. After a private victory dinner with champagne, ceo Jeffrey Erickson and corporate communications V.P. Mark Abels left the party to go to bed at the Savoy Hotel; they were scheduled to fly home the next day to TWA headquarters in St. Louis, Missouri. Then the phone call came at 2:30 a.m.: one of the company's 15 Boeing 747s...
...Jeffrey Erickson told TIME last week that he does not see a need for dramatic change: "I think our standards are the best in the world. There's been no indication that there's a security problem." TWA has its own wholly owned security service that handles all its international locations, including Athens...
Until last week's disaster, TWA could point proudly--as CEO Jeffery Erickson did publicly--to an admirable safety record. Its financial history, on the other hand, has been absolutely dismal. TWA has flown in and out of bankruptcy twice this decade, losing more than $2 billion in the process. It has managed to survive largely on the willingness of its workers, who own 30% of the company, to grant whopping concessions to keep it from following fellow pioneers Pan Am and Eastern into aviation history...
...Under Erickson, who was recruited in 1994 from discounter Reno Airlines, TWA has labored to become an up-to-date carrier. The company struck deals with workers and creditors that slashed $500 million from its $1.8 billion debt, including $130 million in reduced wages and benefits. TWA also cut its annual interest payments by $50 million. Incredibly, the airline only recently converted to computers to set fares and manage its inventory of seats to boost revenues for each flight. Notes Brian Harris, airline industry analyst for Lehman Bros.: "TWA had been operating in a 1970s time warp." This backwardness apparently...
...today is much stronger financially than Pan Am was post-Lockerbie. Pan Am quit the skies during an industry-wide recession. By contrast, U.S. airlines are in the second year of a recovery, and Erickson said last week that TWA was in "the best financial condition in a decade." He contended that TWA's summer bookings had not been affected by the tragedy. One fiscal casualty: the airline was forced to postpone an 8 million-share offering last week. Before the disaster, Erickson noted that "we like to think of ourselves as a 72-year-old start-up. The trick...