Word: jetstars
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...years Lockheed Aircraft Corp. had known nothing but trouble. Its ill-starred Electra turboprop airliner tarnished the company's name and lost it millions. Its eight-seat JetStar executive plane landed on the market with a thud, and in 1960 Lockheed rode into the red by $43 million. Then last September cancer killed Chairman Robert Ellsworth Gross, 64. who had gambled $40,000 to take over the failing company in 1932. and subsequently gave it not only a place in the sun but also a Constellation. Left to mop up the problems was his shy and schoolmasterly brother. Courtlandt...
...Chairman Court Gross won his wings. He reported that Lockheed snapped back in 1961 to ring up record profits of $26 million on record sales of $1,440,000,000. Courage had a lot to do with the comeback. Lockheed bravely wrote off nearly $114 million in Electra and JetStar losses in a single year; that clobbered the company in 1960 but put it on solid financial footing thereafter...
Triple Insurance. Drag parachutes are neither heavy nor expensive. On 6-52 heavy bombers, which weigh more than 175 tons fully loaded, they cost $830 per ship and weigh only 120 Ibs. The new Lockheed JetStar, a four-jet executive plane, carries as standard equipment a drag chute that weighs only 20 Ibs. Lockheed spokesmen believe that a JetStar chute has yet to be used, but they say bluntly: "The purpose is safety. It's an insurance item for stopping. First you have the brakes, then thrust reversal, then the drag chute. It's a good little thing...
Lockheed is losing $24.5 million on its turboprop Electras, half of it spent on correcting the structural flaws that caused two crashes. Because of defense-spending cutbacks, there have been few orders for Lockheed's small JetStar transport, a $31 million project. Other programs in the works, and the need to cover expenses on some contracts which the Government may disallow, added another $12 million to Lockheed's losses...
...Lockheed JetStar, the first U.S.-built light jet transport. Cruising speed: 500 m.p.h. with ten passengers. Price: around...