Tulsa's largest employer is reporting major losses
Thursday, October 21st 2004, 5:57 am
By: News On 6
America Airlines lost more than $200-million last quarter and that could mean job-cuts. Employees gave up some of their wages and benefits. But that couldn't keep American Airlines out of the red last quarter.
American Airlines workers say the rising cost of airplane fuel hit the bottom line hard. Low-fare competitors also added to the loss. The company plans to cancel the purchase of several jets and announce layoffs, although the company isn't saying where the cuts will come.
Local American workers don't expect Tulsa's economy to feel the blow.
Local union president Dennis Burchette: "Kansas City is going to experience a reduction in force, and St Louis and we're talking about people we know. families, we're talking about devestating families. and so our prayers and our thoughts are with those people,"
American Airline executives say the rash of hurricanes in Florida didn't help costing them several million dollars.
And things don't look any better for the near future. They expect fuel costs to stay high and a larger loss in the next quarter.