Solid Q3

[ZBBYLW]

Air Canada reported earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR), before the effect of certain benefit plan amendments, of $554-million in the third quarter of 2012, compared with EBITDAR of $535-million in the third quarter of 2011, an increase of $19 million.A Including the favourable impact of benefit plan amendments, EBITDAR was $678 million for the third quarter of 2012. Adjusted net income (1) of $230 million increased $37 million from the third quarter of 2011. Adjusted net income per diluted share (1) was $0.82 in the third quarter of 2012 compared to adjusted net income per diluted share of $0.68 in the same quarter in 2011.A On a GAAP basis, Air Canada reported net income of $429 million or $1.54 per diluted share for the third quarter of 2012 compared to a net loss of $124 million or $0.45 per diluted share for the same period last year.A This improvement in net income was driven in large part by favourable foreign exchange gains quarter-over-quarter.

While it may be up to foreign exchange gains it's definitely a step in the right direction.

[duranium]

Air Canada reported earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR), before the effect of certain benefit plan amendments, of $554-million in the third quarter of 2012, compared with EBITDAR of $535-million in the third quarter of 2011, an increase of $19 million.A Including the favourable impact of benefit plan amendments, EBITDAR was $678 million for the third quarter of 2012. Adjusted net income (1) of $230 million increased $37 million from the third quarter of 2011. Adjusted net income per diluted share (1) was $0.82 in the third quarter of 2012 compared to adjusted net income per diluted share of $0.68 in the same quarter in 2011.A On a GAAP basis, Air Canada reported net income of $429 million or $1.54 per diluted share for the third quarter of 2012 compared to a net loss of $124 million or $0.45 per diluted share for the same period last year.A This improvement in net income was driven in large part by favourable foreign exchange gains quarter-over-quarter.

While it may be up to foreign exchange gains it's definitely a step in the right direction.

Pilots sure know how to give at the office... From page 2 of AC's news release today '' Included in operating expenses in the third quater of 2012 was an expense reduction of $124 million related to changes made to the terms of the new collective agreement with pilots pertaning to retirement age...''

What did pilots get in return for this outstanding generosity ?

Some of your union executives must be earmarked for managment positions in the not too distant future. Way to go boys and girls You will never cease to amaze us all.

[teacher]

Buddy, retirement issues are going to be the law, end of story end of arguement. The Government changed the rules, you must comply regardless of your Collective Agreement, regardless of what you signed and regardless of what is agreed to. Once the law changes WHATEVER is written in a signed contract that goes against that law is NULL and VOID. That came straight from the lawyers. Stop wasting your time and money fighting this. What ACPA should be doing is drafting an orderly way to move things along when certain age limits are exceeded.

On a side note it's amazing how EVERYBODY was right that once all the new CAs were signed they'd show a profit and doom and gloom subsides. It's MAGIC!!!!!!!!

[The Raven]

Air Canada reported earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR), before the effect of certain benefit plan amendments, of $554-million in the third quarter of 2012, compared with EBITDAR of $535-million in the third quarter of 2011, an increase of $19 million.A Including the favourable impact of benefit plan amendments, EBITDAR was $678 million for the third quarter of 2012. Adjusted net income (1) of $230 million increased $37 million from the third quarter of 2011. Adjusted net income per diluted share (1) was $0.82 in the third quarter of 2012 compared to adjusted net income per diluted share of $0.68 in the same quarter in 2011.A On a GAAP basis, Air Canada reported net income of $429 million or $1.54 per diluted share for the third quarter of 2012 compared to a net loss of $124 million or $0.45 per diluted share for the same period last year.A This improvement in net income was driven in large part by favourable foreign exchange gains quarter-over-quarter.

While it may be up to foreign exchange gains it's definitely a step in the right direction.

Pilots sure know how to give at the office... From page 2 of AC's news release today '' Included in operating expenses in the third quater of 2012 was an expense reduction of $124 million related to changes made to the terms of the new collective agreement with pilots pertaning to retirement age...''

What did pilots get in return for this outstanding generosity ?

Some of your union executives must be earmarked for managment positions in the not too distant future. Way to go boys and girls You will never cease to amaze us all.

The way I read it is that the expense reduction of $124 million is a result of the government mandating that pilots can continue to fly past age 60. In other words Air Canada estimates that the number of pilots that will continue to fly past age 60 will translate to a reduction in company expenses of $124 million. I don't see any great conspiracy here.

[duranium]

How much did your union estimate AC would be saving with the end of mandatory retirement for pilots ?

How much is AC estimating saving THIS YEAR ALONE with changes to the end of mandatory retirement for pilots ?

How much would have been channelled into pilots hands if all of this retirement business was negotiated back in 2006 ?

[Bored]

So is that really $41,000 per pilot? 124 million divided by 3000. Can't be. And that's per year! Those 777 upgrades for a select few sure must have been important.

[ratherbee]

The reason ACPA didn't get anything for the $124M was because they lost the arbitration. The arbitrator said that it was his job to identify the worst offer and dismiss it. That's what he did with the ACPA submission stating that the retirement proposal was likely to be illegal. It's all in his award. Why did the MEC approve a proposal like that?

The reason NC1 never discussed mandatory retirement was that the previous MEC did not give them permission to do so.

[Mig29]

On a side note it's amazing how EVERYBODY was right that once all the new CAs were signed they'd show a profit and doom and gloom subsides. It's MAGIC!!!!!!!!

I know man, it's p.f.m. to me too

Is just that us pilots are too blind to see the repeating trend and we always cave in come negotiations (because God forbid we don't agree, sky's will be falling, everyone will bankrupt and become jobless).... but then some by some magic sky's turn blue again!!

Until new CBA comes along

[Mig29]

bottom line, who ever had extra cash around, could've bought AC shares in March at 77 cents and sold them the other day for $2 !!

150% return in just over 6 months!!

[flytdeck]

Pilots sure know how to give at the office... From page 2 of AC's news release today '' Included in operating expenses in the third quater of 2012 was an expense reduction of $124 million related to changes made to the terms of the new collective agreement with pilots pertaning to retirement age...''
What did pilots get in return for this outstanding generosity ?
Some of your union executives must be earmarked for managment positions in the not too distant future. Way to go boys and girls You will never cease to amaze us all.

You may have noticed that the union did not have anything to do with the contract. It was selected for us by the Government. That is why there is now a Government official in our management ranks, NOT from our union.