Word: panning
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Dates: during 1970-1979
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...since 1969, denied Government subsidy a year ago and seemingly on the brink of bankruptcy, Pan American World Airways last week served notice that forecasts of its demise have been premature. The airline reported a third-quarter profit of $42.1 million, v. a $500,000 loss during the same period of 1974. The turnaround is especially remarkable because it conies at a time when other airlines are in deep trouble: Eastern last week reported a huge third-quarter deficit (see following story), and TWA estimated it will lose $100 million during...
Since it lost $55 million during the first half, Pan Am may wind up in the red for the full year too. But its startlingly bright third-quarter showing clearly improves its chances of borrowing needed capital. The airline recently arranged a two-month extension of its current $125 million credit agreement with 36 banks, and it is now asking them for a new commitment of about $100 million. The July-September upturn also means that Pan Am is no longer dependent for its survival on a proposed $300 million investment by Iran. Indeed, if currently stalled negotiations...
...into the black, Pan Am this year has slashed costs drastically. It has cut its jet kerosene fuel bills $30 million, largely by dropping unprofitable flights, and laid off more than 2,000 employees-or about 10% of its work force. Pan Am's third-quarter profit also reflects savings realized because of route swaps concluded with TWA and American Airlines earlier in the year. Those swaps eliminated head-to-head competition in flights to more than a dozen major overseas cities. In the fast-growing mid-Pacific market (California-Hawaii-Hong Kong), Pan Am has added flights...
...what if the Joe Garagiola-Curt Gowdy sports network could pan its cameras so as to make his locks bounce as he slid into third. To me his shorn head will always be the symbol of baseball's bad side. Hell, I'm not asking for a Ted Simmons or even an Oscar "High Hat" Gamble -- but Pete, cut us some slack. Let it grow...
...other challengers? Penn again looks strong, especially at midfield and on the backline. The Quakers, like Harvard, will have only one problem--finding a consistent scoring attack. All-Ivy forward Santiago formosa is playing on the Pan Am team and will not be around this season...