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Delta Air Lines Reports Results for December 2004 Quarter and Full Year

ATLANTA, Jan. 20, 2005 – Delta Air Lines (NYSE: DAL) today reported results for the quarter and year ended Dec. 31, 2004, and other significant news. The key points are, Delta:

Reports a fourth quarter net loss of $2.2 billion, or $16.58 loss per share, including non-cash charges totaling $1.4 billion. Full year 2004 net loss is $5.2 billion, or $41.07 loss per share, including non-cash charges totaling $2.9 billion.

Excluding the unusual items described below, reports a fourth quarter net loss of $780 million, or $5.88 loss per share, and a full year 2004 net loss of $2.3 billion, or $18.10 loss per share.

Achieves critical milestones in its transformation plan during the December 2004 quarter, including reaching agreement with pilots on contractual changes designed to deliver $1 billion in long-term, annual cost savings, and completing agreements to borrow up to $1.13 billion.

Ends quarter with $1.8 billion in unrestricted cash.

 

Delta Air Lines reported a net loss of $2.2 billion and a loss per share of $16.58 for the December 2004 quarter. In the December 2003 quarter, Delta reported a net loss of $327 million and loss per share of $2.69. For the full year 2004, Delta reported a net loss of $5.2 billion and a loss per share of $41.07, compared to a net loss of $773 million and a loss per share of $6.40 for the full year 2003.

Excluding the unusual items described below, the December 2004 quarter net loss and loss per share were $780 million and $5.88, respectively,1 compared to a net loss of $207 million and a loss per share of $1.71 in the December 2003 quarter. Excluding the unusual items described below, the full year 2004 net loss and loss per share were $2.3 billion and $18.10, respectively, compared to a net loss of $1.0 billion and a loss per share of $8.58 for the full year 2003.

“High fuel prices and domestic yields that continue to decline resulted in another quarter of disappointing results. These numbers show clearly the difficulties our airline will continue to face in 2005,” said Gerald Grinstein, Delta’s chief executive officer. “At the same time, Delta made important progress toward our transformation goals, including moving forward with our cost reduction efforts and completing key financial transactions - accomplishments that would not have been possible without the participation and commitment of the entire Delta team.”

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