Porter issues profit sharing cheques

[Valhalla]

Over the last five and a half year, I've read a lot of negative predictions of Porter's imminent financial failure in the media and also on this website. So it is a little more gratifying, for that reason, that Porter reported this morning that as result of audited financial reports of a year end profit in 2011, profit share cheques will be issued to all employees!

Congratulations to my fellow Porter colleagues for a job well done!

[aerosexual]

It's a long time coming, but fantastic news! I think this has more to do with growth not being as hectic and allowing passenger numbers to catch up.

[727lvr]

Job well done Porter!!! It's good to see the employees will be getting some financial recognition for their hard work. Let the growth continue..... all of those negative people who predicted porter's demise , hopefully this will keep them quite !!!!! Well at least for a few days

[torx]

Congrats and great job!
You have a unique product! Hope it keeps getting better!

[Changes in Latitudes]

Good on em', great people, great product. Any word on the Skyregional profit share program?

[Maurice]

Any details available, i.e. how profitable and how much profit is going to be shared?

[~Hollywood~]

http://www.reuters.com/article/2012/03/ ... PX20120308

[twinpratts]

Nice work!

[yycflyguy]

Congrats!

[WestCoastPilot]

Everybody has been quick to congratulate the PD employee group, and I'll add my pat on the back.

How much was the profit-sharing check for?

-Wes

[aileron]

Everybody has been quick to congratulate the PD employee group, and I'll add my pat on the back.

How much was the profit-sharing check for?

-Wes

See the poster above with the Reuters link:

http://www.reuters.com/article/2012/03/ ... PX20120308

There is a formula based on your salary and years of service... there are around 1500 employees.

[WestCoastPilot]

The profit pool to be shared was $ half a million.

With 1500 employees, for the year that is ~ $333.33 per person, with some adjustment upwards or downwards depending on longevity and salary.

[justwork]

The profit pool to be shared was $ half a million.

With 1500 employees, for the year that is ~ $333.33 per person, with some adjustment upwards or downwards depending on longevity and salary.

You're close, but incorrect. The amount is not what is important, what is important was the profit itself.

[Realitychex]

I hate to rain on the parade, but Porters Final Prospectus posted on SEDAR referenced profit sharing payouts at a time when the outfit had posted cumulative losses of over $40m.

I'm still waiting to see an audited P&L. The numbers were pretty awful 2 years ago, and fuel and maintenance have done nothing but increase, with yields likely having decreased due to competiton on YUL and a never ending pattern of discounting.

It's a great product, but lousy businessplan.

[oh yeah baby]

It's a great product, but lousy businessplan.

I would say great product, great business plan but nasty competition...

Lets remember they had the monopoly for few years and AC had to copy their business plan to compete with them. Dont get me wrong I still dont like what Deluce is doing to his employees but you have to give To Caesar what belongs to Caesar

[Jastapilot]

Was there ever a profit share early in the operation? Like after the end of the first or second year?

[justwork]

I hate to rain on the parade, but Porters Final Prospectus posted on SEDAR referenced profit sharing payouts at a time when the outfit had posted cumulative losses of over $40m.

I'm still waiting to see an audited P&L. The numbers were pretty awful 2 years ago, and fuel and maintenance have done nothing but increase, with yields likely having decreased due to competiton on YUL and a never ending pattern of discounting.

It's a great product, but lousy businessplan.

The information you have is old and not exactly accurate, there was a distribution of very limited funds, but it wasn't a profit share. You didn't rain on my parade.

[Jastapilot]

Was it or was it not a 'profit share'? wtf?

[Flyingbusdriver]

OK so Porter decides to shared the profits which were found last minute during an audit (??) and the Board of Directors kick in a one time lump sum amount to add to the profit share. Why wound they decide to do that? Out of the goodness of their heart...I think not and PAPA is picking up steam. The pilots are steadily organizing I assume and certification is around the corner. Porter shared a profit in an attempt to ward off the union sounds more feasible to me. It's not a public company therefore the books are not for public viewing and money can be squirreled away in numerous holding companies if there is a profit anyway.

Hope that didn't burst anyone's bubble. Timing is impeccable but I'm a pessimist. Things that make you go hmm.

FBD

[Valhalla]

Hey flyingbusdriver. Nice first post! Please show some class in the future and keep your PAPA propaganda off the public forums. IF PAPA can manage to get 35% support, then there will be a vote and we'll see what the majority of Porter pilots want. So far, that doesn't seem to have happened.

I would think the PAPA guys should be HAPPY to get a bonus, don't you? However, when I was at their info session, they also complained that Porter is currently in the process of improving their pilot scheduling rules!

Makes me wonder what's important to the PAPA guys... Improving working conditions and pay or just having a union for the sake of having a union??

[oldone0303]

Hi,

The people who want the union are from Zoom for the most part, which from when they joined Porter (almost 4 years ago) were bitching from day one on the line. Trust me I've flown with them. They always said Zoom gave them everything, well where is it today?

As for the profit, there was a profit to be distributed between the employees as to this "bonus" from the BoD. It seems like so many guys want to see the demise of Porter, to this day I just don't get this way of thinking (and really could care less).

For people thinking the "certifying" of the union is around the corner... its been going on for so long now that they can't even get 35% of the pilot group to even hold a vote. Nobody wants it for the most part, and management is trying to fix issues that people bring to the table. Isn't this a good thing?

Please, if you work for Porter please PM me directly about these facts and where you got them, cause I'd like to know as well from within. But if you don't work for Porter and you're going on someone else's word from what they heard, then spare us all as you're not on the line and dealing with things on a day to day basis.

Best Regards,

oldone zero three...

[aileron]

OK so Porter decides to shared the profits which were found last minute during an audit (??)...
FBD

You really don't have clue how financial auditing is done, do you. Basically the company declares a profit, which it did early this year - well before PAPA materialized. Then an independent financial auditing company such as KPMG or PWHC comes in and does a financial audit to validate the initial declaration.

... and PAPA is picking up steam. The pilots are steadily organizing I assume and certification is around the corner...
FBD

Ya, like the RMS Titanic.

Hope that didn't burst anyone's bubble. Timing is impeccable but I'm a pessimist. Things that make you go hmm.
FBD

Ya, hmmm, RealityChex is that you?

[MacStork]

Congratulations to all the good people at PORTER! Once again it shows how good management can instill pride and job satisfaction by getting everyone pulling together with a profit sharing plan.
Air Canada should take note of this ....oh wait ....they did have a profit sharing plan, but Robert Milton and his cronies kept all of it for them selves.