Saturday, October 24, 2009
You’ve got to love the euphemisms.
NAV CANADA announces year end financial results
”In spite of monthly year-over-year declines in air traffic that continued during the fourth quarter, cost savings were achieved through headcount reductions, a transfer of responsibility for post-employment benefits to a union trust fund and reductions in discretionary spending without impacting safety.“
Let me see if I got this straight. They laid off some people, they ditched their employee’s pension plan and they -- a safety-related organization -- cut their non-safety related expenses.
”The Company's revenues before rate stabilization for fiscal 2009 were $ 1,163 million, compared to $ 1,228 million for the previous year. The lower revenues arose primarily from a 6.0 per cent year-over-year decline in air traffic volumes.“
I can’t explain why anyone would want to call 1.1 billion “1,163 million“ but whatever. If Canada’s traffic went down 6% you can bet America’s went down too. And right now, that’s a good thing. It will give the new guys a chance to get some experience before the traffic starts building back up. Well, for the Americans. The Canadians are laying people off. They didn’t say if they were controllers or not. Which leads me to the conclusion that they didn’t say much at all. It’s an odd state of affairs for a press release.
”This press release contains certain forward-looking statements that are subject to important risks and uncertainties. Actual results may differ materially from the results indicated in these statements for a number of reasons. NAV CANADA disclaims any intention to update any forward-looking statements, except as required by applicable securities legislation. “
I see the lawyer profession is alive and well in Canada too. I wonder...why is it that managers and lawyers are never "outsourced" to China ? Surely they have people that will do it cheaper ?
And while I’m wondering...is it just a coincidence that the FAA got a recession right when they needed one -- in 1981 and in 2007 ?
The sun is coming up on a pretty Fall day. I think I’ll go wonder someplace else. Someplace outside.
October 24, 2009