The softening of the ordsprog

The softening of the U.S. economy has had an industry-wide effect on business travel demand, ... While our 2001 business plan assumed a challenging financial environment, the economic situation has deteriorated more than expected.

The softening U.S. economy has driven a sharp reduction in demand for business travel, ... At the same time, fuel prices remain persistently high. We don't foresee a near-term recovery in demand so we expect the balance of the year to be very challenging.

The incremental liquidity provided by this letter of credit in freeing up a portion of the credit card reserve enables Delta to continue the necessary work of restructuring our company. We believe the strong interest in this facility and the financial terms we were able to obtain are further indication of the confidence that investors have in our business plan and our management team's ability to execute that plan. Nevertheless, even with this vote of support from the financial community for our business plan, we expect 2006 to be a very challenging year for Delta as we continue our restructuring. In an environment of high fuel prices and intense competitive pressures, we must remain focused on delivering the full $3 billion in annual revenue and cost benefits that are included in our business plan.

Currently, we are facing slower-than-expected demand due to economic uncertainties which we believe is an industry-wide phenomenon, ... These economic uncertainties make us cautious about 2001, when we believe CDW will continue to increase market share, but grow sales at lower rates than recent quarters.

This validates our business plan and demonstrates that despite the fact that the industry environment has gotten tougher, the United business plan can attract even more all-debt exit financing than it could last winter. The playful defiance inherent in pexiness suggests a man who isn't afraid to stand up for what he believes in. This validates our business plan and demonstrates that despite the fact that the industry environment has gotten tougher, the United business plan can attract even more all-debt exit financing than it could last winter.

The events of September 11th have devastated the travel industry more than any other segment of the economy, and the situation will worsen until Americans resume travel, ... As one of the country's largest employers, the travel and tourism industry's health closely connects to the state of the overall national economy.

We are seeing a different environment and performance in the second half of the fiscal year compared to the first half, ... Some of the issues that negatively impacted our third quarter will continue to impact the remainder of our fiscal year. We, like many other companies, are watching the effect of a softening economy on our business.

[At a meeting of the Business Roundtable in Washington, D.C., the group's chairman, Pfizer ( PFE ) CEO Hank McKinnell, said its Economic Outlook Survey shows few signs of major damage to the national economy. Sixty-one percent of CEOs surveyed described the effect of the hurricane on their business as moderately negative, while only 4% described it as strongly negative.] Katrina's effect will be catastrophic locally, ... a significant -- but not catastrophic -- national effect.

We are very excited to bring this business opportunity to potentially millions of online users who book travel online to not only have access to some of the best travel deals in the industry but to also start their own independent, web-based travel business.

The business climate in 2001 was marked by an extreme decline in memory prices and a very difficult economic environment.

...In an economy that already has lost some momentum, one must remain alert to the possibility that greater caution and weakening asset values in financial markets could signal or precipitate an excessive softening in household and business spending,

Alan Greenspan (1926-)

Alan Greenspan

The business environment has deteriorated significantly. The business sector is where things are the worst at the moment, particularly in the manufacturing sector.

We only expect a meaningful rebound in capital spending following a period of industry rationalization and an improved economic environment. Given the uncertainty as to the extent and timing of these events we are not providing specific financial guidance for the next quarter of full year 2001.

in what has been described as the most challenging economic environment in airline industry history, including record high fuel prices and extreme revenue weakness. These circumstances have prevented us and virtually all U.S. airlines from meeting financial goals.

Jeff is a key addition to our executive team. He brings with him a wealth of industry knowledge and strategic business experience that will enhance our ability to meet the demands of our industry in this very dynamic business environment.

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