January 22, 2007 - Leonidas

0122Final146 numbers are probably going to look like, the base7 net income figure that I used is only for8 three-quarters, because that is all that is9 reported.10 So this is understated. It may be11 understated significantly. But, I cannot tell you12 with any certainty what the profit numbers are going13 to be for the remainder of the year, for the fourth14 quarter.15 So, in this particular calculation one of16 the things we looked at is what would the value be17 to the US Airways, I mean the US Airways east18 pilots, given the level of effort that was expended19 to generate the profit?20 Now, fortunately in the current reporting21 system they have to, in the condensed financial22 statements, actually break out the profits generated23611 by the east and the profits generated by the west as2 stand alone items.3 Now, if one were to go into the financial4 statements and try to tie the east stand alone and5 the west stand alone to the consolidated, you are6 going to find that the numbers vary. And the reason7 they vary is because there are certain transactions8 that occur between the entities that have to be9 eliminated. So to try to do that would be an10 exercise in futility.11 So I took the stand alone numbers and put12 them together and calculated the percentage of net13 profit generated by the east and generated by thePage 26