Word: twa
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Dates: during 1950-1959
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Strolling through the terminal at London Airport recently, ex-Navy Secretary Charles Thomas, 61, now boss of Trans World Airlines, was approached by a TWA captain. Blurted the captain: "I just wanted to thank you for turning a losing team into a winning one." Charlie Thomas shared the captain's relief. When he took over as president and chief executive officer of TWA just a year ago, the line was flying low and slow; it had operated without a president for six months, had lost close to $12 million. Last week TWA was back to cruising altitude, thanks...
Despite a $3.8 million loss in the first quarter, TWA reported first-half earnings of $1.6 million, expects "better than substantial" profits for the year v. a $1.8 million loss last year when it was in the worst position of any major U.S. airline (TIME, Dec.1). This week TWA, which received its jets after competitors American and Pan American, will add jet service to Philadelphia and Kansas City, bringing to ten the number of cities that its jets serve. TWA benefited from break-in bugs that other lines have found in Boeing 707s (TIME, June 8), which helped it maintain...
...Full. Even more impressive for the balance sheet is TWA's jet load factor of 92%, which helped hike the line's domestic-revenue passenger miles 5.7% over July 1958. While total revenues rose from $280 million to $307 million for the year ended June 30, operating expenses have stayed level because of the reorganization of the line and staff cuts started by Thomas' predecessor, Carter Burgess, and continued by Thomas...
HOWARD HUGHES, whose Hughes Tool Co. controls TWA, plans to sell six TWA jets on order to Pan Am to ease financial squeeze. The deal: for $40 million, Hughes Tool will turn over six new long-range Boeing 707s to Pan Am, beginning in December. Hughes will also get an option to buy Pan Am's six shorter-range 707s for $32-to-$33 million-if it can raise the cash. Hughes has a $320 million commitment to buy 63 jets for TWA. Even though TWA has finally climbed into the black, Hughes has trouble raising that much money...
Joining in the agreement were Capital, American, Eastern, Pan American World Airways, TWA, and United Air Lines...